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American Public Education Reports First Quarter 2014 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 (referred to in this press release as Hondros College of Nursing) – announced financial results for the quarter ended March 31, 2014.

Recent Results:

  • First quarter 2014 revenues increased 6% to $88.6 million, compared to $83.8 million in the same period of 2013.
  • Income from operations before interest income and income taxes in the first quarter of 2014 was $16.7 million, compared to $18.2 million in the same period of 2013.
  • Net income for the first quarter of 2014 decreased to $10.4 million, or $0.59 per diluted share, compared to $11.4 million, or $0.63 per diluted share, in the same period of 2013.
  • At American Public University System, net course registrations by new students in the first quarter of 2014 decreased approximately 8% year-over-year, driven by a 21% decrease in net course registrations by new students using U.S. Department of Defense tuition assistance programs.
  • At American Public University System, net course registrations in the first quarter of 2014 decreased approximately 4% year-over-year, driven by a 10% decrease in net course registrations by students using U.S. Department of Defense tuition assistance programs.
  • As of March 31, 2014, student enrollment at Hondros College of Nursing increased 14% to 1,290 students, compared to 1,130 students at March 31, 2013.
  • On April 2, 2014, American Public Education, Inc. made a minority investment in a game-based learning company.

Financial Results:

Total revenues for the first quarter of 2014 increased 6% to $88.6 million, compared to total revenues of $83.8 million in the first quarter of 2013. Income from operations before interest income and income taxes in the first quarter of 2014 was $16.7 million, compared to $18.2 million in the prior year period. Stock-based compensation expense reduced operating income by approximately $1.2 million in the first quarter of 2014 and $1.0 million in the first quarter of 2013.

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