Press release
American Public Education Reports Second Quarter 2021 Results
CHARLES TOWN, W.V., Aug. 9, 2021 /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.V., Aug. 9, 2021 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) – parent company of online learning provider American Public University System (APUS) and on-ground pre-licensure Hondros College of Nursing (HCN or Hondros) – announced financial results for the second quarter ended June 30, 2021. \n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights: \nConsolidated revenue decreased 5% year-over-year to $78.0 million Net income decreased to $0.5 million, or $0.03 per diluted share, compared to net income of $6.7 million, or $0.45 per diluted share, in the second quarter of 2020. Adjusted EBITDA decreased 36% year-over-year to $9.9 million Total net course registrations at APUS decreased 8% year-over-year to 82,600 Total student enrollment at HCN increased 36% year-over-year to 2,380 – the highest in school history. Angela Selden, APEI's Chief Executive Officer, said, \"Second quarter financial results reflected the challenging enrollment environment at APUS due predominantly to the outage of the Army's new tuition assistance registration portal, Army IgnitED, for the entirety of the quarter. This was offset in part by the continued strong enrollment and financial performance at Hondros, which once again recorded record student enrollments and continued profitability this quarter. While Army IgnitED started to process Tuition Assistance in the third week of July and we have begun to enroll students through that portal, the system does not yet appear to be operating at full capacity and the enrollment ramp has been slow. Despite this, we have taken several steps to shore up enrollment momentum and improve financial performance in the back half of 2021.\" \nFinancial Results:Total consolidated revenue for the second quarter of 2021 decreased by 5% to $78.0 million, compared to total revenue of $82.1 million in the second quarter of 2020. The decrease was driven by a $6.7 million, or 9%, decrease in APEI Segment revenue, offset by a $2.5 million, or 29%, increase in HCN Segment revenue resulting from increases in student enrollment. \nConsolidated income from operations before interest income and income taxes in the second quarter of 2021 decreased to $2.0 million, compared to $9.0 million in the prior year period. APEI Segment income from operations before interest income and income taxes decreased to $...