American Public Education Reports Fourth Quarter And Full-Year 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 and year ended December 31, 2012.

Recent Highlights:

• Net course registrations increased to approximately 105,300 in the fourth quarter of 2012, a year-over-year increase of 10%.
• Net course registrations by new students in the fourth quarter of 2012 were approximately 22,600, a decrease of approximately 8% over the same period of 2011.
• Fourth quarter 2012 revenues increased 14% to $86.0 million, compared to $75.7 million in the fourth quarter of 2011.
• Income from operations before interest income and income taxes in the fourth quarter of 2012 increased 8% to $21.4 million, compared to $19.8 million in the same period of 2011.
• Net income for the fourth quarter of 2012 was $13.2 million, or $0.74 per diluted share, compared to $13.0 million, or $0.71 per diluted share, in the same period of 2011.
• American Public University System received approval from The Higher Learning Commission to offer a Bachelor of Science in Electrical Engineering.

Financial and Other Results:

Total revenues for the fourth quarter of 2012 increased 14% to $86.0 million, compared to total revenues of $75.7 million in the fourth quarter of 2011. Income from operations before interest income and income taxes in the fourth quarter of 2012 increased 8% to $21.4 million, compared to $19.8 million in the same period of 2011. Stock-based compensation expense reduced operating income by $947,000 in the fourth quarter of 2012, and $769,000 in the fourth quarter of 2011.

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