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 ended September 30, 2010.
- Net course registrations increased to approximately 69,200 in the third quarter of 2010, a year-over-year increase of 25%.
- Net course registrations from new students in the third quarter of 2010 increased to approximately 16,000, an increase of approximately 9% over the same period of 2009.
- As of September 30, 2010, a total of approximately 77,700 students were enrolled in American Public University System, a year-over-year increase of 31%.
- American Public Education reported third quarter 2010 revenues increased 32% to $48.3 million, compared to $36.5 million in the third quarter of 2009.
- Income from operations before interest income and income tax in the third quarter of 2010 increased 11% to $9.3 million, compared to $8.4 million in the same period of 2009.
- Net income for the third quarter of 2010 increased 11% to $5.6 million or $0.30 per diluted share, compared to $5.0 million or $0.27 per diluted share in the same period of 2009.
- As of September 30, 2010, the Company repurchased 340,000 shares under its repurchase program for an aggregate amount of $9.2 million.
- American Public Education anticipates fourth quarter 2010 net course registrations to increase between 26% and 29%; net course registrations from new students to increase between 18% and 20%; revenues to increase between 27% and 30% over the prior year period; and net income to be between $0.45 and $0.47 per diluted share.