Business
American Public Education Reports Fourth Quarter and Full Year 2019 Results
CHARLES TOWN, W.Va., March 10, 2020 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) – parent company of online learning provider American
About this update from American Public Education, Inc.
[{"type":"text","content":"CHARLES TOWN, W.Va., March 10, 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 and twelve months ended December 31, 2019.\n\n \n \n \n \n \n \n\n \nFourth Quarter Highlights: \nConsolidated revenue decreased 3% year-over-year to $74.4 million. Net income was $5.7 million, or $0.37 per diluted share, compared to net income of $9.1 million, or $0.55 per diluted share, in the fourth quarter of 2018. Net course registrations and net course registrations by new students at APUS increased by approximately 1% year-over-year.1 APUS student enrollment decreased 1% to 81,000 students, compared to the prior year.2 For the three months ended March 31, 2020 (Winter Term), new student enrollment at HCN increased approximately 31% year-over-year and total student enrollment decreased 9% year-over-year. \"Our recent value-creation study revealed several promising opportunities and further validated our belief that APEI's high ROI on student educational investment can drive sustained enrollment growth,\" said Angela Selden, chief executive officer of APEI. \"Our unique value proposition is not widely known, making it one of higher education's best kept secrets. But we intend to change that.\"\nSelden added, \"This year we will begin implementing a fresh new marketing approach intended to maximize our potential to reach a wider audience of learners who will discover that our affordability is matched (or exceeded) only by the ability of APUS to provide a flexible, relevant, high value education from the moment they enroll and throughout their lives.\"\nFinancial Results: \nTotal consolidated revenue for the fourth quarter of 2019 decreased by 3% to $74.4 million, compared to total revenue of $76.9 million in the fourth quarter of 2018. This decrease was driven by a $0.3 million, or 0.5%, decrease in APEI Segment revenue and a $2.2 million, or 21.7%, decrease in HCN Segment revenue.\nConsolidated income from operations before interest income and income taxes in the fourth quarter of 2019 was $8.6 million, compared to consolidated income from operations before interest income and income taxes of $11.4 million in the fourth quarter of 2018. HCN Segment l...