American Public Education Reports Second Quarter 2008 Results.Net Course Registrations from New Students Increase 60% in Second 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. Va. -- 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 financial results for the quarter ended June June: see month. 30, 2008. Recent Highlights: * The Company announced net course registrations of approximately 33,300 in the second quarter of 2008, a year-over-year increase of 59%. * Net course registrations from new students in the second quarter of 2008 increased to approximately 8,800, an increase of 60% over the same period of 2007. * As of June 30, 2008, a total of approximately 35,900 students were enrolled in American Public University System. * American Public Education reported second quarter 2008 revenues increased 55% to $25.0 million, compared to $16.2 million in the second quarter of 2007. * Income from operations before interest income and income tax expense in the second quarter of 2008 increased to $5.8 million, compared to $3.3 million in the same period of 2007. * Net income for the second quarter of 2008 increased 93% to $3.9 million or $0.21 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 $2.0 million or $0.17 per diluted share in the same period of 2007. The weighted average diluted shares outstanding for the second quarter of 2008 and 2007 were approximately 18.8 million and 12.1 million, respectively. * American Public Education introduces third quarter 2008 earnings outlook of between $0.17 and $0.18 per diluted share. * The Company also increased its full year 2008 earnings outlook to between $0.76 and $0.80 per diluted share. Financial and Other Results: Total revenues for the second quarter of 2008 increased 55% to $25.0 million, compared to total revenues of $16.2 million in the second quarter of 2007. Income from operations before interest income and income tax expense in the second quarter of 2008 increased to $5.8 million, compared to $3.3 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 second quarter of 2008 increased to 23.0%, compared to 20.4% in the second 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 $469,000 and $116,000 in the second quarter of 2008 and 2007, respectively. Net income for the second quarter of 2008 increased to $3.9 million or $0.21 per diluted share, which includes $307,000 or $0.02 per diluted share in stock-based compensation expense net of tax. This compares to net income of $2.0 million or $0.17 per diluted share for the second quarter of 2007, including $126,000 or $0.01 per diluted share in stock-based compensation expense net of tax. The weighted average diluted shares outstanding for the second quarter of 2008 and 2007 were approximately 18.8 million and 12.1 million, respectively. For the six months ended June 30, 2008 total revenues were $48.2 million, an increase of 59% compared to total revenues of $30.3 million in the same period of 2007. Income from operations before interest income and income tax for the six months ended June 30, 2008 increased to $11.2 million, compared to $6.0 million in the same period of 2007. Stock-based compensation expense reduced each period's operating income by $846,000 and $618,000, respectively. Net income for the six months ended June 30, 2008 increased 105% to $7.3 million or $0.39 per diluted share, which includes $556,000 or $0.03 per diluted share in stock-based compensation expense net of tax. This compares to net income of $3.6 million or $0.30 per diluted share in the same period of 2007, including $493,000 or $0.04 per diluted share in stock-based compensation expense net of tax. Total cash and cash equivalents at June 30, 2008 were $34.9 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 six months ended June 30, 2008 was $12.0 million, compared to $9.9 million in the same period of 2007. Capital expenditures were $4.6 million for the six months ended June 30, 2008, which compares to $1.8 million in capital expenditures in the same period of 2007. Depreciation and amortization was $1.9 million for the six months ended June 30, 2008 and $1.3 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 se·mes·ter n. One of two divisions of 15 to 18 weeks each of an academic year. [German, from Latin (cursus) s . Third Quarter 2008 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 9,100 and net course registrations of approximately 36,250 in the quarter ending September 30, 2008. * The Company's third quarter 2008 revenue is expected to be between $25.5 million and $26.2 million. * The Company estimates that third quarter 2008 net income, including stock-based compensation expense, will be between $3.1 million and $3.4 million or between $0.17 and $0.18 per diluted share. The weighted average number of diluted shares outstanding is expected to be between 18.9 and 19.0 million shares in the three month period ending September 30, 2008. Full Year 2008 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 approximately 34,500 and total net course registrations of 141,000 or more in the twelve month period ending December 31, 2008. * The Company expects full year 2008 revenues to be between $103.0 million and $105.5 million. * The Company estimates that full year 2008 net income, including stock-based compensation expense, will be approximately $14.5 million to $15.1 million or between $0.76 and $0.80 per diluted share. The weighted average number of diluted shares outstanding is expected to be between 18.9 and 19.1 million shares in the twelve month period ending December 31, 2008. Webcast: A live webcast of the Company's second 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 35,000 part-time students who live and work in all 50 states and more than 100 countries; and offers 73 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 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. . 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 2008 Outlook" and "Third Quarter 2008 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, 2007 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] |
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