CHARLES TOWN, W. Va.--(BUSINESS WIRE)--

American Public Education, Inc. (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, 2012.

Recent Highlights:

Financial and Other Results:

Total revenues for the third quarter of 2012 increased 18% to $77.1 million, compared to total revenues of $65.3 million in the third quarter of 2011. Income from operations before interest income and income taxes in the third quarter of 2012 increased 17% to $17.5 million, compared to $15.0 million in the same period of 2011. Stock-based compensation expense reduced operating income by $940,000 in the third quarter of 2012 and $812,000 in the third quarter of 2011.

Net income for the third quarter of 2012 was $10.8 million, or $0.60 per diluted share, which includes $0.03 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $10.9 million, or $0.60 per diluted share for the third quarter of 2011, including $0.03 per diluted share in stock-based compensation expense, net of tax. The third quarter of 2011 included a tax benefit of approximately $1.8 million, or $0.10 per diluted share, resulting from state tax, and research and development tax credits recorded during the third quarter of 2011. The weighted average diluted shares outstanding for the third quarter of 2012 and 2011 were approximately 18.0 million and 18.3 million, respectively.

For the nine months ended September 30, 2012, total revenues were $227.5 million, an increase of 23% compared to total revenues of $184.7 million in the same period of 2011. Income from operations before interest income and income tax for the nine months ended September 30, 2012 increased to $47.4 million, compared to $43.0 million in the same period of 2011. Stock-based compensation expense reduced each period's operating income by $2.9 million and $2.4 million, respectively.

Net income for the nine months ended September 30, 2012 to $29.1 million, or $1.61 per diluted share, which includes $0.10 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $27.8 million, or $1.52 per diluted share, in the same period of 2011, including $0.08 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the nine months ended September 30, 2012 and 2011 were approximately 18.1 million and 18.3 million, respectively.

Total cash and cash equivalents as of September 30, 2012 were approximately $101.6 million with no long-term debt. Cash from operations for the nine months ended September 30, 2012 was approximately $34.5 million, compared to $47.5 million in the same period of 2011. Capital expenditures were approximately $28.5 million for the nine months ended September 30, 2012, compared to $13.8 million in the prior year period. Depreciation and amortization was $8.1 million for the nine months ended September 30, 2012 and $6.7 million for the same period of 2011.

During the third quarter of 2012, APEI made a $6.75 million, or 19.9% minority investment, in NWHW Holdings, Inc., which was formed to acquire New Horizons Worldwide, Inc., a global, independent IT-training company. In connection with that investment, APEI also extended $6.0 million in credit to New Horizons Worldwide in exchange for a subordinated note.

See original here:
American Public Education Reports Third Quarter 2012 Results