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American Public Education Reports Second Quarter 2013 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, 2013.

Recent Highlights:
  • Net income for the second quarter of 2013 increased 17% to $10.8 million, or $0.60 per diluted share, compared to $9.2 million, or $0.51 per diluted share, in the same period of 2012.
  • Income from operations before interest income and income taxes in the second quarter of 2013 increased 15% to $17.2 million, compared to $15.0 million in the same period of 2012.
  • Second quarter 2013 revenues increased 9% to $80.9 million, compared to $74.5 million in the second quarter of 2012.
  • Net course registrations increased to approximately 99,500 in the second quarter of 2013, a year-over-year increase of 7%.
  • Net course registrations by new students in the second quarter of 2013 were approximately 17,900, a decrease of approximately -9% over the same period of 2012.

Financial Results:

Total revenues for the second quarter of 2013 increased 9% to $80.9 million, compared to total revenues of $74.5 million in the second quarter of 2012. Income from operations before interest income and income taxes in the second quarter of 2013 increased 15% to $17.2 million, compared to $15.0 million in the same period of 2012. Stock-based compensation expense reduced operating income by approximately $1.0 million in the second quarter of 2013 and $0.9 million in the second quarter of 2012.

Net income for the second quarter of 2013 was $10.8 million, or $0.60 per diluted share, which includes $0.03 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $9.2 million, or $0.51 per diluted share for the second quarter of 2012, including $0.03 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the second quarter of 2013 and for the second quarter of 2012 were approximately 17.8 million and 18.2 million, respectively.

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