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American Public Education Reports Second Quarter 2012 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 ended June 30, 2012.

Recent Highlights:
  • Net course registrations increased to approximately 92,900 in the second quarter of 2012, a year-over-year increase of 18%.
  • Net course registrations by new students in the second quarter of 2012 increased to approximately 19,600, an increase of approximately 4% over the same period of 2011.
  • Second quarter 2012 revenues increased 23% to $74.6 million, compared to $60.8 million in the second quarter of 2011.
  • Income from operations before interest income and income taxes in the second quarter of 2012 increased to $15.0 million, compared to $14.9 million in the same period of 2011.
  • Net income for the second quarter of 2012 increased to $9.2 million, or $0.51 per diluted share, compared to $9.0 million, or $0.49 per diluted share, in the same period of 2011.

Financial and Other Results:

Total revenues for the second quarter of 2012 increased 23% to $74.6 million, compared to total revenues of $60.8 million in the second quarter of 2011. Income from operations before interest income and income taxes in the second quarter of 2012 increased to $15.0 million, compared to $14.9 million in the same period of 2011. Stock-based compensation expense reduced operating income by $917,000 in the second quarter of 2012 and $746,000 in the second quarter of 2011.

Net income for the second quarter of 2012 increased to $9.2 million, or $0.51 per diluted share, which includes $0.03 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $9.0 million, or $0.49 per diluted share for the second quarter of 2011, including $0.02 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the second quarter of 2012 and 2011 were approximately 18.2 million and 18.3 million, respectively.

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