American Public Education Reports Fourth Quarter and Year End 2008 Results.Revenues Increase 49% in Fourth Quarter 2008 Compared to the Prior Year Period CHARLES Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by TOWN, W.V. -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Public Education, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : APEI APEI Association de Parents et Amis de Personnes Handicapées Mentales APEI Armor Piercing Explosive Incendiary ) - parent company of online learning provider American Public University System The American Public University System (APUS) is an online learning university that includes American Military University and American Public University. APUS maintains corporate and academic offices in Charles Town, West Virginia and administrative offices in Manassas, , which operates through American Military University American Military University (AMU) is a private, for profit online university and a member institution of the American Public University System. It is one of the oldest and largest online universities. and American Public University - announced strong financial results for the quarter and year ended December December: see month. 31, 2008. Recent Highlights: * The Company announced net course registrations of approximately 41,850 in the fourth quarter of 2008, a year-over-year increase of 50%. * Net course registrations from new students in the fourth quarter of 2008 increased to approximately 9,950, an increase of 44% over the same period of 2007. * As of December 31, 2008, a total of approximately 45,200 students were enrolled in American Public University System. * American Public Education reported fourth quarter 2008 revenues increased 49% to $31.5 million, compared to $21.2 million in the fourth quarter of 2007. * Income from operations before interest income and income tax in the fourth quarter of 2008 increased to $8.3 million, compared to $5.1 million in the same period of 2007. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the fourth quarter of 2008 increased to 26.3%, compared to 24.2% in the fourth quarter of 2007. * Net income for the fourth quarter of 2008 increased to $5.0 million or $0.27 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $3.0 million or $0.19 per diluted share in the same period of 2007. The weighted average diluted shares outstanding for the fourth quarter of 2008 and 2007 were approximately 18.9 million and 15.9 million, respectively. Wallace Wal·lace , Alfred Russel 1823-1913. British naturalist who developed a concept of evolution that paralleled the work of Charles Darwin. E. Boston, Jr., Chief Executive Officer of American Public Education, Inc., stated, "We are pleased with our continued strong financial results, especially in light of today's global financial challenges. Much of our success can be attributed to our providing affordable, high-quality degree programs to the military and public service communities." "Moreover, the high value of our degree programs, together with our open access and convenient semester se·mes·ter n. One of two divisions of 15 to 18 weeks each of an academic year. [German, from Latin (cursus) s starts, make the goal of becoming a college graduate more attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. for a broader population of students interested in everything from business, to information technology, to liberal arts liberal arts, term originally used to designate the arts or studies suited to freemen. It was applied in the Middle Ages to seven branches of learning, the trivium of grammar, logic, and rhetoric, and the quadrivium of arithmetic, geometry, astronomy, and music. . As a result, we are very excited about our prospects for continued growth in enrollments and quality programs offered. We believe we have the right business model, the right education model and the right strategy to meet the personal and professional needs of our students, and to achieve our stated long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth goals." Financial and Other Results: Total revenues for the fourth quarter of 2008 increased 49% to $31.5 million, compared to total revenues of $21.2 million in the fourth quarter of 2007. Income from operations before interest income and income tax in the fourth quarter of 2008 increased to $8.3 million, compared to $5.1 million in the same period of 2007. Operating margin in the fourth quarter of 2008 increased to 26.3%, compared to 24.2% in the fourth quarter of 2007. Stock-based compensation expense reduced operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. by $432,000 in the fourth quarter of 2008 and $279,000 in the fourth quarter of 2007. Net income for the fourth quarter of 2008 increased to $5.0 million or $0.27 per diluted share, which includes $282,000 or $0.01 per diluted share in stock-based compensation expense net of tax. This compares to net income of $3.0 million or $0.19 per diluted share for the fourth quarter of 2007, including $229,000 or $0.01 per diluted share in stock-based compensation expense net of tax. The weighted average diluted shares outstanding for the fourth quarter of 2008 and 2007 were approximately 18.9 million and 15.9 million, respectively. For the twelve months ended December 31, 2008, total revenues were $107.1 million, an increase of 55% compared to total revenues of $69.1 million in the same period of 2007. Income from operations before interest income and income tax for the twelve months ended December 31, 2008 increased to $25.7 million, compared to $14.7 million in the same period of 2007. Operating margin increased to 24.0% in the year 2008, compared to 21.3% in the same period of 2007. Stock-based compensation expense reduced each period's operating income by $1.7 million and $1.0, respectively. Net income for the twelve months ended December 31, 2008 increased to $16.2 million or $0.86 per diluted share, which includes $1.1 million or $0.06 per diluted share in stock-based compensation expense net of tax. This compares to net income of $8.8 million or $0.64 per diluted share for the full year 2007, including $835,000 or $0.06 per diluted share in stock-based compensation expense net of tax. The weighted average diluted shares outstanding for the twelve months ended December 31, 2008 and 2007 were approximately 18.8 million and 13.6 million, respectively. Total cash and cash equivalents at December 31, 2008 were $47.7 million with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Cash from operations for the twelve months ended December 31, 2008 was $29.8 million, compared to $17.5 million in the same period of 2007. Capital expenditures were $10.0 million for the twelve months ended December 31, 2008, which compares to $6.8 million in capital expenditures in the same period of 2007. Depreciation and amortization was $4.2 million for the twelve months ended December 31, 2008 and $2.8 million for the same period of 2007. [TABLE OMITTED] Note: Net course registrations represent the aggregate number of classes in which students remain enrolled after the date by which they may drop the course without financial penalty. Total student enrollment is the number of students who have completed at least one course in the last 12 months or are in the start of the second week of class for the most current semester. First Quarter 2009 Outlook: The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. * The Company expects net course registrations from new students of approximately 10,500 and net course registrations of approximately 46,300 in the quarter ending March 31, 2009. * The Company's first quarter 2009 revenue is expected to be between $31.8 million and $32.5 million. * The Company estimates that first quarter 2009 net income, including stock-based compensation expense, will be between $4.6 million and $4.8 million or between $0.24 and $0.26 per diluted share. The weighted average number of diluted shares outstanding is expected to be approximately 19.0 million shares in the three month period ending March 31, 2009. Full Year 2009 Outlook: The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. * The Company anticipates net course registrations from new students of 50,700 or more and total net course registrations of 202,500 or more in the twelve month period ending December 31, 2009. * The Company expects full year 2009 revenues to be between $146 million and $150 million. * The Company estimates that full year 2009 net income, including stock-based compensation expense, will be between $22.2 million and $22.8 million or between $1.16 and $1.20 per diluted share. The weighted average number of diluted shares outstanding is expected to be between 19.0 and 19.2 million shares in the twelve month period ending December 31, 2009. Webcast: A live webcast of the Company's fourth quarter earnings conference call will be broadcast at 5:00 p.m. Eastern time today. This call will be open to listeners who log in through the Company's investor relations Investor relations The process by which the corporation communicates with its investors. website, www.AmericanPublicEducation.com. A replay of the live webcast will also be available starting approximately one hour after the conclusion of the live conference call. The replay will be archived and available to listeners for one year. About American Public Education, Inc. American Public Education, Inc. (NASDAQ: APEI) is an online provider of higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. focused primarily on serving the military and public service communities. American Public University System (APUS), wholly owned by APEI, comprises two universities - American Military University (AMU amu atomic mass unit. amu abbr. atomic mass unit ) and American Public University (APU APU Azusa Pacific University APU Auxiliary Power Unit APU Alaska Pacific University APU Asia Pacific University (Japan) APU American Public University APU Anglia Polytechnic University (Chelmsford) ). Regionally and nationally accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. , APUS serves more than 45,200 part-time students who live and work in all 50 states and more than 100 countries; and offers 74 degree programs in fields ranging from homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States , military studies, intelligence, and criminal justice to technology, business administration, public health, and liberal arts. Forward Looking Statements Statements made in this press release regarding American Public Education, or its subsidiaries, that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on current expectations, assumptions, estimates and projections about American Public Education and the industry. These forward-looking statements are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "should", "will" and "would". These forward-looking statements include, without limitation, statements under the heading "Full Year 2009 Outlook" and "First Quarter 2009 Outlook" above and statements regarding expected growth. Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the various risks described in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2008 as filed with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. [TABLE OMITTED] [TABLE OMITTED] |
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