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CORRECTING and REPLACING American Public Education Reports Fourth Quarter and Full-Year 2013 Results

Stocks in this article: APEI

Seventh bullet point, under Recent Results, should read: ...increased 13% to 1,330 students... (sted ...increased 9% to 1,290 students...).

The corrected release reads:

AMERICAN PUBLIC EDUCATION REPORTS FOURTH QUARTER AND FULL-YEAR 2013 RESULTS

American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS) and campus-based Hondros College, Nursing Programs – announced financial results for the quarter ended December 31, 2013.

Recent Results:

  • Fourth quarter 2013 revenues decreased 4% to $82.9 million, compared to $86.0 million in the same period of 2012.
  • Income from operations before interest income and income taxes in the fourth quarter of 2013 was $14.5 million, compared to $21.4 million in the same period of 2012.
  • Net income for the fourth quarter of 2013 decreased to $9.0 million, or $0.51 per diluted share, compared to $13.2 million, or $0.74 per diluted share, in the same period of 2012.
  • At American Public University System, net course registrations by new students in the fourth quarter of 2013 decreased approximately 10% over the same period of 2012. As previously disclosed, the Company believes that the temporary suspension of Department of Defense tuition assistance programs in October 2013 resulted in fewer enrollments from active duty service members than otherwise would have been expected.
  • As of December 31, 2013, active student enrollment at American Public University System increased 2% to 112,400 students, compared to 110,300 students at December 31, 2012.
  • American Public University System undergraduate programs recently named to U.S. News & World Report’s annual qualitative ranking of top online degree programs for the second consecutive year. APUS ranked #34 nationally out of 283 schools offering online bachelor’s degree programs, or in the top 12 percent overall.
  • As of December 31, 2013, student enrollment at Hondros College, Nursing Programs (acquired by APEI on November 1, 2013) increased 13% to 1,330 students, compared to 1,180 students at December 31, 2012.
  • American Public Education announced the hiring of Paul Humphries to lead its international expansion and relationship with New Horizons as the Vice President of International Development. Mr. Humphries is a business leader with expertise in managing education projects and companies in the Middle East, Canada, South Africa and the UK.

Financial Results:

Total revenues for the fourth quarter of 2013 decreased 4% to $82.9 million, compared to total revenues of $86.0 million in the fourth quarter of 2012. Income from operations before interest income and income taxes in the fourth quarter of 2013 was $14.5 million, compared to $21.4 million in the prior year period. Stock-based compensation expense reduced operating income by approximately $1.0 million in the fourth quarter of 2013 and $0.9 million in the fourth quarter of 2012.

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