July 26, 2012 / 11:43 AM / 5 years ago

ITT Educational 2nd-qtr profit slides

July 26 (Reuters) - ITT Educational Services Inc’s quarterly profit fell sharply as new student sign-ups at the for-profit college chain dropped 9.5 percent.

Net income fell to $46 million, or $1.96 per share for the second-quarter, from $79 million, or $2.85 per share, a year earlier.

Revenue fell 15 percent to $329.8 million as the company, which runs the ITT Technical Institutes and Daniel Webster College, enrolled only 15,698 new students during the quarter.

Shares on the company closed at $50.43 on Wednesday on the New York Stock Exchange.

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