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American Public Education Reports Second 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 of Nursing – announced financial results for the quarter ended June 30, 2014.

Recent Results:
  • Second quarter 2014 revenues increased 6% to $85.5 million, compared to $80.9 million in the same period of 2013.
  • Income from operations before interest income and income taxes in the second quarter of 2014 was $15.8 million, compared to $17.2 million in the same period of 2013.
  • Net income for the second quarter of 2014 decreased to $9.8 million, or $0.56 per diluted share, compared to $10.8 million, or $0.61 per diluted share, in the same period of 2013.
  • At American Public University System, net course registrations in the second quarter of 2014 decreased approximately 3% year-over-year and net course registrations by new students in the second quarter of 2014 decreased approximately 7% year-over-year.
  • As of June 30, 2014, student enrollment at Hondros College of Nursing increased approximately 17% to 1,410 students, compared to 1,210 students as of June 30, 2013.
  • Hondros College of Nursing announced plans to begin offering evening and weekend classes at its Columbus and Cleveland campuses for courses starting in October. In addition, the institution completed a move of its Cleveland campus to a larger, more visible and accessible nearby facility.

Financial Results:

Total revenues for the second quarter of 2014 increased 6% to $85.5 million, compared to total revenues of $80.9 million in the second quarter of 2013. Income from operations before interest income and income taxes in the second quarter of 2014 was $15.8 million, compared to $17.2 million in the second quarter of 2013. Stock-based compensation expense reduced operating income by approximately $1.3 million in the second quarter of 2014 and $1.0 million in the second quarter of 2013.

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