Business
American Public Education Reports First Quarter 2020 Results
Highlights Expected Increases in New Student Enrollment and Strong Financial Position CHARLES TOWN, W.Va., May 11, 2020 /PRNewswire/ -- American Public
About this update from American Public Education, Inc.
[{"type":"text","content":"Highlights Expected Increases in New Student Enrollment and Strong Financial Position\n\n\nCHARLES TOWN, W.Va., May 11, 2020 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) – parent company of online learning provider American Public University System (APUS) and campus-based Hondros College of Nursing (HCN) – announced financial results for the three months ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights: \nConsolidated revenue increased 1.6% year-over-year to $74.6 million. Net income was $2.4 million, or $0.16 per diluted share, compared to net income of $1.0 million, or $0.06 per diluted share, in the first quarter of 2019. Net course registrations at APUS increased by approximately 1% year-over-year.1 APUS student enrollment increased 2% to 82,800 students, compared to the prior year.2,3 Additional Highlights:\nFor second quarter 2020, at APUS, net course registrations by new students are expected to increase between 8% and 12% year-over-year. For the three months ended June 30, 2020 (Spring Term), new student enrollment at HCN increased 56% year-over-year - a spring-term record for new student enrollment - and total student enrollment increased 14% year-over-year.4 American Public Education anticipates second quarter 2020 consolidated revenue to increase between 8% and 12%, compared to the prior year period. The Company expects diluted earnings per share to be between $0.20 and $0.25 in the second quarter of 2020.In response to COVID-19 pandemic, APEI has successfully implemented its business continuity plan, which includes moving nearly all employees to remote work and supporting learners so that they may continue with their studies at APUS and HCN without significant interruption.\"We are grateful that our operations have not suffered negative impacts from pandemic-related issues thus far, ensuring that our students' higher education journey can continue on schedule. I am incredibly inspired by our faculty and staff who have managed to move all operations – Hondros, APUS and APEI - to remote working. Certainly our primary concern has been and continues to be the health and safety of all employees and students.\" said Angela Selden, Chief Executive Officer of APEI.\n\"In these challenging times, we could not be more pleased with momentum across all of our business units. Our institut...