CHARLES TOWN, W.V., May 10, 2011 (BUSINESS WIRE) --
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 March 31, 2011.
Recent Highlights:
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Net course registrations from new students1 in the first
quarter of 2011 increased to approximately 17,800, an increase of
approximately 37% over the same period of 2010.
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Net course registrations1 increased to approximately 81,100
in the first quarter of 2011, a year-over-year increase of 31%.
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As of March 31, 2011, a total of approximately 90,600 students were
enrolled in American Public University System, a year-over-year
increase of 33%.
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First quarter 2011 revenues increased 24% to $58.7 million, compared
to $47.3 million in the first quarter of 2010.
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Net income for the first quarter of 2011 increased to $7.9 million or
$0.43 per diluted share, compared to $7.6 million or $0.40 per diluted
share in the same period of 2010.
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American Public Education anticipates second quarter 2011 net course
registrations from new students to increase approximately 27%1;
net course registrations to increase approximately 25%1;
revenues to increase approximately 28%; and net income to be between
$0.43 and $0.46 per diluted share.
Financial and Other Results:
Total revenues for the first quarter of 2011 increased 24% to $58.7
million, compared to total revenues of $47.3 million in the first
quarter of 2010. Income from operations before interest income and
income tax was $13.1 million in the first quarter of 2011, which was the
same as in the prior year period. Stock-based compensation expense
reduced operating income by $862,000 in the first quarter of 2011 and
$755,000 in the first quarter of 2010.
Net income for the first quarter of 2011 increased to $7.9 million or
$0.43 per diluted share, which includes $528,000 or $0.03 per diluted
share in stock-based compensation expense net of tax. This compares to
net income of $7.6 million or $0.40 per diluted share for the first
quarter of 2010, including $475,000 or $0.03 per diluted share in
stock-based compensation expense net of tax. The weighted average
diluted shares outstanding for the first quarter of 2011 and 2010 were
approximately 18.4 million and 19.0 million, respectively.
Total cash and cash equivalents as of March 31, 2011 were $96.5 million
with no long-term debt. Cash from operations for the three months ended
March 31, 2011 was $19.9 million, compared to $14.2 million in the same
period of 2010. Capital expenditures were $3.6 million for the three
months ended March 31, 2011, compared to $3.7 million in the prior year
period. Depreciation and amortization was $2.1 million for the three
months ended March 31, 2011 and $1.4 million for the same period of 2010.
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Net Course Registrations:
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For the three months ended March 31,
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2010
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2011
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% Change
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Net Course Registrations from New Students1 |
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13,000
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17,800
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37%
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Net Course Registrations1 |
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62,000
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81,100
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31%
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Note: Net course registrations represent the aggregate number of classes
in which students remain enrolled after the date by which they may drop
the course without financial penalty.
1 On January 3, 2011, APUS combined each one-credit lab
course with its related three-credit class resulting in one four-credit
course. Net course registrations and net course registration growth
rates exclude other non-credit registrations and are presented
throughout this press release as if labs and classes were combined in
the prior year period.
Second Quarter 2011 Outlook:
The following statements are based on current expectations. These
statements are forward-looking and actual results may differ materially.
The Company undertakes no obligation to update publicly any
forward-looking statements for any reason.
American Public Education anticipates second quarter 2011 net course
registrations from new students to increase approximately 27%1 year-over-year;
net course registrations to increase approximately 25%1
year-over-year; revenues to increase approximately 28% over the prior
year period; and net income to be between $0.43 and $0.46 per diluted
share.
1 As noted under Net Course Registrations above, net course
registration growth rates exclude other non-credit registrations and are
presented as if labs and classes were combined in the prior year period.
Webcast:
A live webcast of the Company's first quarter earnings conference call
will be broadcast at 5:00 p.m. EDT today. This call will be open to
listeners who log in through the Company's investor relations website, www.AmericanPublicEducation.com.
A replay of the live webcast will also be available starting
approximately one hour after the conclusion of the live conference call.
The replay will be archived and available to listeners for one year.
American Public Education, Inc.
American Public Education, Inc. (NASDAQ: APEI) is an online provider of
higher education focused primarily on serving the military and public
service communities. American
Public University System (APUS), wholly owned by APEI, operates
through American
Military University (AMU) and American
Public University (APU). APUS serves more than 90,000 adult
learners worldwide and offers 79 degree programs in fields ranging from
homeland security, military studies, intelligence, and criminal justice
to technology, business administration, public health, and liberal arts.
Nationally recognized for its best practices in online higher education,
APUS provides an affordable education through classes taught by
experienced faculty who are leaders in their fields and committed to the
academic achievement of their students.
American Public University System is accredited by The Higher Learning
Commission and is a member of the North Central Association of Colleges
and Schools (NCA), www.ncahlc.org.
For more information on American Public Education, Inc., visitwww.americanpubliceducation.com.
For more information on APUS, visitwww.apus.edu.
Forward Looking Statements
Statements made in this press release regarding American Public
Education, Inc. or its subsidiaries, that are not historical facts are
forward-looking statements based on current expectations, assumptions,
estimates and projections about American Public Education, Inc. and the
industry. These forward-looking statements are subject to risks and
uncertainties that could cause actual future events or results to differ
materially from such statements. Forward-looking statements can be
identified by words such as "anticipate", "believe", "could",
"estimate", "expect", "intend", "may", "should", "will" and "would".
These forward-looking statements include, without limitation, statements
regarding expected growth, expected revenues and expected earnings.
Actual results could differ materially from those expressed or implied
by these forward-looking statements as a result of various factors,
including the various risks described in the "Risk Factors" section and
elsewhere in the Company's Annual Report on Form 10-K for the year ended
December 31, 2010 as filed with the SEC. The Company undertakes no
obligation to update publicly any forward-looking statements for any
reason, even if new information becomes available or other events occur
in the future.
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| American Public Education, Inc. |
| Consolidated Statement of Income |
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Three Months Ended |
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March 31, |
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2011 |
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2010 |
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(Unaudited) |
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Revenues
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$
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58,664
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$
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47,311
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Costs and expenses:
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Instructional costs and services
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22,105
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18,025
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Selling and promotional
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10,884
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7,109
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General and administrative
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10,511
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7,632
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Depreciation and amortization
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2,093
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1,408
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Total costs and expenses
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45,593
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34,174
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Income from operations before interest income and income taxes
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13,071
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13,137
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Interest income, net
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27
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22
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Income before income taxes
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13,098
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13,159
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Income tax expense
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5,241
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5,511
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Net income
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$
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7,857
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$
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7,648
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Net Income per common share:
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Basic
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$
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0.44
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$
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0.42
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Diluted
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$
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0.43
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$
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0.40
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Weighted average number of
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common shares:
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Basic
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17,934,794
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18,322,090
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Diluted
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18,382,313
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18,979,621
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SOURCE: American Public Education, Inc.
American Public Education, Inc.
Harry T. Wilkins, CPA
Executive Vice President and Chief Financial Officer
304.724.3722
or
Christopher L. Symanoskie
Associate Vice President, Corporate Communications
703.334.3880