PHOENIX (AP) _ Grand Canyon Education Inc. (LOPE) on Thursday reported first-quarter net income of $71.4 million.

On a per-share basis, the Phoenix-based company said it had net income of $1.49. Earnings, adjusted for amortization costs, were $1.53 per share.

The for-profit education company posted revenue of $221.7 million in the period.

For the current quarter ending in July, Grand Canyon Education expects its per-share earnings to be 89 cents.

The company said it expects revenue in the range of $179.7 million for the fiscal second quarter.

Grand Canyon Education shares have dropped 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $88.10, a decline of 26% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOPE at https://www.zacks.com/ap/LOPE

Automated Insights, source Associated Press News