Wish to save audio through Quicktime as 3pg before OS upgrade.

I've searched through the different support groups, but wasn't able to find this question. Apologies if I missed it. I've just recently upgraded to Mountain Lion because of some cloud issues. One of the things I used to do with Quicktime was record lectures and then to save space, save it as 3pg files as an option. This could take a file from 50 Mb down to 25Mb or more in size. The one reason was I was able to put it on my iPod. I now notice I can't do this through Quicktime, I either export to itunes or when I quit Quicktime after recording it will only give me a choice to save as audio file, that is again only providing the larger size file. How do I save my audio only recordings to 3pg? Please don't tell me they're not providing us that option anymore. Thanks