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 ended March 31, 2012.
- Net course registrations increased to approximately 101,000 in the first quarter of 2012, a year-over-year increase of 24%.
- Net course registrations by new students in the first quarter of 2012 increased to approximately 20,500, an increase of approximately 15% over the same period of 2011.
- As of March 31, 2012, there were a total of approximately 119,200 active students at American Public University System, a year-over-year increase of 32%.
- First quarter 2012 revenues increased 29% to $75.8 million, compared to $58.7 million in the first quarter of 2011.
- Income from operations before interest income and income taxes in the first quarter of 2012 increased 14% to $14.9 million, compared to $13.1 million in the same period of 2011.
- Net income for the first quarter of 2012 increased 15% to $9.1 million, or $0.50 per diluted share, compared to $7.9 million, or $0.43 per diluted share, in the same period of 2011.
Financial and Other Results:
Total revenues for the first quarter of 2012 increased 29% to $75.8 million, compared to total revenues of $58.7 million in the first quarter of 2011. Income from operations before interest income and income taxes in the first quarter of 2012 increased 14% to $14.9 million, compared to $13.1 million in the same period of 2011. Stock-based compensation expense reduced operating income by $1.0 million in the first quarter of 2012 and $862,000 in the first quarter of 2011.
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