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American Public Education Reports Third 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 September 30, 2013.

Recent Highlights:

  • Third quarter 2013 revenues increased 6% to $81.8 million, compared to $77.1 million in the same period of 2012.
  • Income from operations before interest income and income taxes in the third quarter of 2013 was $17.5 million, compared to $17.5 million in the same period of 2012.
  • Net income for the third quarter of 2013 increased 1% to $10.9 million, or $0.61 per diluted share, compared to $10.8 million, or $0.60 per diluted share, in the same period of 2012.
  • Net course registrations increased to approximately 105,200 in the third quarter of 2013, a year-over-year increase of 2%.
  • Net course registrations by new students in the third quarter of 2013 were approximately 22,100, a decrease of approximately 8% over the same period of 2012.
  • American Public Education, Inc. announced completion of the previously disclosed transaction to acquire 100% ownership interest in National Education Seminars, Inc., operating as Hondros College, Nursing Programs, for an aggregate purchase price of approximately $45 million in cash.

Financial Results:

Total revenues for the third quarter of 2013 increased 6% to $81.8 million, compared to total revenues of $77.1 million in the third quarter of 2012. Income from operations before interest income and income taxes in the third quarter of 2013 was $17.5 million, which is the same as the prior year period. Stock-based compensation expense reduced operating income by approximately $1.0 million in the third quarter of 2013 and $0.9 million in the third quarter of 2012.

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