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 September 30, 2012.
- Net course registrations increased to approximately 103,000 in the third quarter of 2012, a year-over-year increase of 17%.
- Net course registrations by new students in the third quarter of 2012 increased to approximately 24,000, a slight increase over the same period of 2011.
- Third quarter 2012 revenues increased 18% to $77.1 million, compared to $65.3 million in the third quarter of 2011.
- Income from operations before interest income and income taxes in the third quarter of 2012 increased 17% to $17.5 million, compared to $15.0 million in the same period of 2011.
- Net income for the third quarter of 2012 was $10.8 million, or $0.60 per diluted share, compared to $10.9 million, or $0.60 per diluted share, in the same period of 2011.
- American Public University announced that it renewed its multi-year partnership agreement with Walmart Stores, Inc. to offer academic courses and degree programs to its associates through the Lifelong Learning Partnership.
- American Public Education announced a focus on international students, including a new investment in, and relationship with, New Horizons Worldwide, Inc., a global independent I.T. training company.
Financial and Other Results:
Total revenues for the third quarter of 2012 increased 18% to $77.1 million, compared to total revenues of $65.3 million in the third quarter of 2011. Income from operations before interest income and income taxes in the third quarter of 2012 increased 17% to $17.5 million, compared to $15.0 million in the same period of 2011. Stock-based compensation expense reduced operating income by $940,000 in the third quarter of 2012 and $812,000 in the third quarter of 2011.
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