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Summary Box: University of Phoenix trims locations

LOWER PROFIT: Apollo Group Inc. reported that its net income fell 60 percent in its fiscal fourth quarter, as the for-profit education company's revenue declined 11 percent amid a sharp drop in student enrollment at University of Phoenix.

ENROLLMENT DOWN: Enrollment by students in degreed programs at University of Phoenix fell on an annual basis by 13.8 percent to 328,400 in the June-to-August quarter. Enrollment by new students in degreed programs declined 13.7 percent.

CLOSURES: To cope with shrinking enrollment, Apollo plans to close 115 of the university's mostly smaller locations, a move that will affect roughly 4 percent of its students.