Business
American Public Education Reports Second Quarter 2019 Results
CHARLES TOWN, W.Va., Aug. 6, 2019 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) – parent company of online learning provider American Public
About this update from American Public Education, Inc.
[{"type":"text","content":"CHARLES TOWN, W.Va., Aug. 6, 2019 /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 quarter ended June 30, 2019.\n\n \nRecent Highlights: \nConsolidated revenue decreased 3% to $70.6 million, compared to $72.8 million in the second quarter of 2018. Net income decreased to $4.9 million, or $0.30 per diluted share, compared to net income of $6.5 million, or $0.39 per diluted share, in the second quarter of 2018. Net course registrations at APUS decreased 1% year-over-year in the second quarter of 2019. Net course registrations by new students decreased by approximately 2% year-over-year in the second quarter of 2019.1 As of June 30, 2019, APUS student enrollment decreased 1% to 80,300 students, compared to the prior year. 2 For the three months ended June 30, 2019, total student enrollment at HCN declined by 24% year-over-year and new student enrollment decreased by approximately 35% year-over-year.3\"While the quarter met our expectations, we are by no means satisfied with the results and remain focused on aggressively pursuing our improvement initiatives,\" said Dr. Wallace Boston, president of APUS and chief executive officer of APEI. \"We are moving forward with conviction that the successful execution of our improvement initiatives will deliver enhanced value for all our stakeholders, both in the near- and long-term. Based on the continued strength in our core business at APUS, and early indicators around our rebuilding efforts at HCN, we are optimistic about our efforts to maximize the inherent value in our existing assets and the improvement opportunities ahead.\"\nFinancial Results: \nTotal consolidated revenue for the second quarter of 2019 decreased by 3% to $70.6 million, compared to total revenue of $72.8 million in the second quarter of 2018. This decrease was driven by a $2.0 million, or 21.6%, decrease in HCN Segment revenue due to a decrease in student enrollment. APEI Segment revenue decreased $0.2 million, or 0.4%, compared to the prior year period. \nConsolidated income from operations before interest income and income taxes in the second quarter of 2019 decreased to $5.7 million, compared to $8.0 million in the second quarter o...