Net course registrations increased to approximately 105,300
in the fourth quarter of 2012, a year-over-year increase of 10%.
Net course registrations by new students in the fourth quarter of 2012
were approximately 22,600, a decrease of approximately 8% over the
same period of 2011.
Fourth quarter 2012 revenues increased 14% to $86.0 million, compared
to $75.7 million in the fourth quarter of 2011.
Income from operations before interest income and income taxes in the
fourth quarter of 2012 increased 8% to $21.4 million, compared to
$19.8 million in the same period of 2011.
Net income for the fourth quarter of 2012 was $13.2 million, or $0.74
per diluted share, compared to $13.0 million, or $0.71 per diluted
share, in the same period of 2011.
American Public University System received approval from The Higher
Learning Commission to offer a Bachelor of Science in Electrical
Engineering.
Financial and Other Results:
Total revenues for the fourth quarter of 2012 increased 14% to $86.0
million, compared to total revenues of $75.7 million in the fourth
quarter of 2011. Income from operations before interest income and
income taxes in the fourth quarter of 2012 increased 8% to $21.4
million, compared to $19.8 million in the same period of 2011.
Stock-based compensation expense reduced operating income by $947,000 in
the fourth quarter of 2012, and $769,000 in the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $13.2 million, or $0.74
per diluted share, which includes $0.03 per diluted share in stock-based
compensation expense, net of tax. This compares to net income of $13.0
million, or $0.71 per diluted share for the fourth quarter of 2011,
including $0.03 per diluted share in stock-based compensation expense,
net of tax. The weighted average diluted shares outstanding for the
fourth quarter of 2012 and 2011 were approximately 17.8 million and 18.2
million, respectively.
For the twelve months ended December 31, 2012, total revenues were
$313.5 million, an increase of 20% compared to total revenues of $260.4
million in the same period of 2011. Income from operations before
interest income and income tax for the twelve months ended December 31,
2012 increased to $68.8 million, compared to $62.9 million in the same
period of 2011. Stock-based compensation expense reduced each period's
operating income by $3.8 million and $3.2 million, respectively.
Net income for the twelve months ended December 31, 2012 increased to
$42.3 million, or $2.35 per diluted share, which includes $0.13 per
diluted share in stock-based compensation expense, net of tax. This
compares to net income of $40.8 million, or $2.23 per diluted share in
the same period of 2011, including $0.11 per diluted share in
stock-based compensation expense, net of tax. Net income for the full
year 2011 included a tax benefit of approximately $1.8 million, or $0.10
per diluted share, resulting from state tax, and research and
development tax credits recorded during the third quarter of 2011. The
weighted average diluted shares outstanding for the twelve months ended
December 31, 2012 and 2011 were approximately 18.0 million and 18.3
million, respectively.
Total cash and cash equivalents as of December 31, 2012 were
approximately $114.9 million with no long-term debt. Cash from
operations for the twelve months ended December 31, 2012 was
approximately $52.9 million, compared to $70.4 million in the same
period of 2011. Capital expenditures were approximately $35.0 million
for the twelve months ended December 31, 2012, compared to $24.9 million
in the prior year period. Depreciation and amortization was $11.1
million for the twelve months ended December 31, 2012 and $9.2 million
for the same period of 2011.
Net Course Registrations:
For the three months ended December 31,
2012
2011
% Change
Net Course Registrations by New Students
22,600
24,600
-8%
Net Course Registrations
105,300
95,800
10%
For the twelve months ended December 31,
2012
2011
% Change
Net Course Registrations by New Students
86,700
85,200
2%
Net Course Registrations
402,200
343,700
17%
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. Net course registrations and net
course registration growth rates include registrations for certain
one-credit courses (non-lab courses) and other non-credit registrations
in the current and prior year periods.
First Quarter 2013 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 first quarter 2013 net course
registrations by new students to decline between -7% and -5%
year-over-year; net course registrations to increase between
approximately 7% and 10% year-over-year; revenues to increase between
approximately 9% and 13% over the prior year period; and net income to
be between $0.55 and $0.58 per diluted share.
Webcast:
A live webcast of the Company’s fourth quarter and full-year earnings
conference call will be broadcast today at 5:00 p.m. Eastern time. 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 approximately 127,000 adult
learners worldwide and offers 87 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 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 (www.ncahlc.org).
For more information about APUS graduation rates, median debt of
students who completed programs, and other important information, visit www.apus.edu/disclosure.
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, 2012 and other filings 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.
American Public Education, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
Three Months Ended
December 31,
2012
2011
(Unaudited)
Revenues
$
86,000
$
75,667
Costs and expenses:
Instructional costs and services
29,654
26,152
Selling and promotional
16,485
12,403
General and administrative
15,424
14,769
Depreciation and amortization
3,015
2,500
Total costs and expenses
64,578
55,824
Income from operations before interest income and income taxes
21,422
19,843
Interest income, net
118
22
Income before income taxes
21,540
19,865
Income tax expense
8,279
6,880
Investment, net of taxes
(86
)
-
Net income
$
13,175
$
12,985
Net Income per common share:
Basic
0.73
$
0.73
Diluted
0.74
$
0.71
Weighted average number of common shares:
Basic
18,019
17,844
Diluted
17,836
18,226
American Public Education, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
Twelve Months Ended
December 31,
2012
2011
(Unaudited)
Revenues
$
313,516
$
260,377
Costs and expenses:
Instructional costs and services
110,192
95,216
Selling and promotional
59,761
44,713
General and administrative
63,615
48,350
Depreciation and amortization
11,146
9,239
Total costs and expenses
244,714
197,518
Income from operations before interest income and income taxes
68,802
62,859
Interest income, net
135
109
Income before income taxes
68,937
62,968
Income tax expense
26,528
22,211
Investment, net of taxes
(86
)
-
Net income
$
42,323
$
40,757
Net Income per common share:
Basic
$
2.38
$
2.28
Diluted
$
2.35
$
2.23
Weighted average number of common shares:
Basic
17,772
17,877
Diluted
18,041
18,295
American Public Education, Inc. Harry T. Wilkins, CPA Executive
Vice President and Chief Financial Officer 304-724-3722 or Christopher
L. Symanoskie Vice President, Investor Relations 703-334-3880
Press Release $APEI American Public Education, Inc.
CHARLES TOWN, W.Va.--(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 and year ended December 31, 2012.
Recent Highlights:
Financial and Other Results:
Total revenues for the fourth quarter of 2012 increased 14% to $86.0 million, compared to total revenues of $75.7 million in the fourth quarter of 2011. Income from operations before interest income and income taxes in the fourth quarter of 2012 increased 8% to $21.4 million, compared to $19.8 million in the same period of 2011. Stock-based compensation expense reduced operating income by $947,000 in the fourth quarter of 2012, and $769,000 in the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $13.2 million, or $0.74 per diluted share, which includes $0.03 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $13.0 million, or $0.71 per diluted share for the fourth quarter of 2011, including $0.03 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the fourth quarter of 2012 and 2011 were approximately 17.8 million and 18.2 million, respectively.
For the twelve months ended December 31, 2012, total revenues were $313.5 million, an increase of 20% compared to total revenues of $260.4 million in the same period of 2011. Income from operations before interest income and income tax for the twelve months ended December 31, 2012 increased to $68.8 million, compared to $62.9 million in the same period of 2011. Stock-based compensation expense reduced each period's operating income by $3.8 million and $3.2 million, respectively.
Net income for the twelve months ended December 31, 2012 increased to $42.3 million, or $2.35 per diluted share, which includes $0.13 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $40.8 million, or $2.23 per diluted share in the same period of 2011, including $0.11 per diluted share in stock-based compensation expense, net of tax. Net income for the full year 2011 included a tax benefit of approximately $1.8 million, or $0.10 per diluted share, resulting from state tax, and research and development tax credits recorded during the third quarter of 2011. The weighted average diluted shares outstanding for the twelve months ended December 31, 2012 and 2011 were approximately 18.0 million and 18.3 million, respectively.
Total cash and cash equivalents as of December 31, 2012 were approximately $114.9 million with no long-term debt. Cash from operations for the twelve months ended December 31, 2012 was approximately $52.9 million, compared to $70.4 million in the same period of 2011. Capital expenditures were approximately $35.0 million for the twelve months ended December 31, 2012, compared to $24.9 million in the prior year period. Depreciation and amortization was $11.1 million for the twelve months ended December 31, 2012 and $9.2 million for the same period of 2011.
Net Course Registrations:
2012
2011
% Change
2012
2011
% Change
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. Net course registrations and net course registration growth rates include registrations for certain one-credit courses (non-lab courses) and other non-credit registrations in the current and prior year periods.
First Quarter 2013 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 first quarter 2013 net course registrations by new students to decline between -7% and -5% year-over-year; net course registrations to increase between approximately 7% and 10% year-over-year; revenues to increase between approximately 9% and 13% over the prior year period; and net income to be between $0.55 and $0.58 per diluted share.
Webcast:
A live webcast of the Company’s fourth quarter and full-year earnings conference call will be broadcast today at 5:00 p.m. Eastern time. 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 approximately 127,000 adult learners worldwide and offers 87 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 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 (www.ncahlc.org). For more information about APUS graduation rates, median debt of students who completed programs, and other important information, visit www.apus.edu/disclosure.
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, 2012 and other filings 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.
Income from operations before interest income and income taxes
Weighted average number of common shares:
Income from operations before interest income and income taxes
Weighted average number of common shares:
American Public Education, Inc.
Harry T. Wilkins, CPA
Executive Vice President and Chief Financial Officer
304-724-3722
or
Christopher L. Symanoskie
Vice President, Investor Relations
703-334-3880
Source: American Public Education, Inc.