American Public Education Reports Fourth Quarter And Full-Year 2011 Results

American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS), which operates through American Military University (AMU) and American Public University (APU) – announced financial results for the quarter and year ended December 31, 2011.

Recent Highlights:

• Net course registrations ¹ increased to approximately 95,400 in the fourth quarter of 2011, a year-over-year increase of 36%.
• Net course registrations by new students ¹ in the fourth quarter of 2011 increased to approximately 24,600, an increase of approximately 53% over the same period of 2010.
• As of December 31, 2011, there were a total of approximately 110,000 active students at American Public University System, a year-over-year increase of 31%.
• Fourth quarter 2011 revenues increased 34% to $75.7 million, compared to $56.3 million in the fourth quarter of 2010.
• Income from operations before interest income and income taxes in the fourth quarter of 2011 increased 25% to $19.8 million, compared to $15.8 million in the same period of 2010.
• Net income for the fourth quarter of 2011 increased 35% to $13.0 million, or $0.71 per diluted share, compared to $9.6 million, or $0.52 per diluted share, in the same period of 2010.
• Walmart is proud to add a family benefit to its Lifelong Learning Program in partnership with APU whereby spouses and dependents of eligible Walmart and Sam’s Club associates in the United States can access the program’s Lifelong Learning Grant.

Financial and Other Results:

Total revenues for the fourth quarter of 2011 increased 34% to $75.7 million, compared to total revenues of $56.3 million in the fourth quarter of 2010. Income from operations before interest income and income taxes in the fourth quarter of 2011 increased 25% to $19.8 million, compared to $15.8 million in the same period of 2010. Stock-based compensation expense reduced operating income by $769,000 in the fourth quarter of 2011 and $624,000 in the fourth quarter of 2010.

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