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American Public Education Reports Fourth Quarter and Full Year 2014 ResultsAmerican Public Education, Inc. (NASDAQ:APEI) - parent company of online learning provider American Public University System (APUS) and campus-based Hondros College of Nursing - announced financial results for the quarter and year ended December 31, 2014. Recent Results:
Financial Results: Total revenues for the fourth quarter of 2014 increased 10% to $91.3 million, compared to total revenues of $82.9 million in the fourth quarter of 2013. Income from operations before interest income and income taxes in the fourth quarter of 2014 was $18.6 million, compared to $14.5 million in the fourth quarter of 2013. Net income for the fourth quarter of 2014 was $11.8 million, or $0.68 per diluted share, compared to net income of $9.0 million, or $0.51 per diluted share for the fourth quarter of 2013. The weighted average diluted shares outstanding for the fourth quarter of 2014 and 2013 were approximately 17.4 million and 17.8 million, respectively. For the twelve months ended December 31, 2014, total revenues increased 6% to $350.0 million, compared to total revenues of $329.5 million in the prior year period. Income from operations before interest income and income taxes for the twelve months ended December 31, 2014 was $65.8 million, compared to $67.4 million in the prior year period. Net income for the twelve months ended December 31, 2014 was $40.9 million, or $2.33 per diluted share, compared to net income of $42.0 million, or $2.35 per diluted share in the prior year period. The weighted average diluted shares outstanding for the twelve months ended December 31, 2014 and 2013 were approximately 17.5 million and 17.9 million, respectively. On November 1, 2013, APEI acquired National Education Seminars, Inc. (referred to as Hondros College of Nursing); therefore, the consolidated results for the months and periods prior to November 1, 2013 do not include any results from the Hondros College of Nursing Segment. Total cash and cash equivalents as of December 31, 2014 were approximately $115.6 million with no long-term debt. Capital expenditures were approximately $24.6 million for the twelve months ended December 31, 2014, compared to $20.6 million in the prior year period. Depreciation and amortization was $16.1 million for the twelve months ended December 31, 2014, compared to $13.5 million for the same period of 2013. Enrollments and Registrations:
Net course registrations represent the aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. Student enrollment represents the number of students enrolled in one or more courses after the date by which they may drop the course without financial penalty. 1 Hondros College of Nursing was acquired by APEI, effective November 1, 2013. First Quarter 2015 Outlook: The following statements are based on American Public Education's current expectations. These statements are forward-looking and actual results may differ materially. The Company undertakes no obligation to update publicly any forward-looking statements for any reason. American Public Education anticipates first quarter 2015 consolidated revenues to decrease between approximately 5% and 3% year-over-year, compared to the prior year period of 2014. The Company expects consolidated net income of between $0.46 and $0.50 per diluted share in the first quarter of 2015. American Public Education also expects the following results from its subsidiaries in the first quarter of 2015:
Webcast: A live webcast of the Company's fourth quarter and full year 2014 earnings conference call will be broadcast today at 5:00 p.m. Eastern time. This call will be open to listeners who log in through the Company's investor relations 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 American Public Education, Inc. (NASDAQ: APEI) is a leading provider of higher learning dedicated to preparing students all over the world for excellence in service, leadership and achievement. The Company offers respected, innovative and affordable academic programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System (APUS) and National Education Seminars Inc., which we refer to in this press release as Hondros College of Nursing. Together, these institutions serve more than 112,000 adult learners worldwide and offer more than 100 degree programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts. For additional information, please visit http://AmericanPublicEducation.com. Forward Looking Statements Statements made in this press release regarding American Public Education, Inc., or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc. 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," "seek," "could," "estimate," "expect," "intend," "may," "should," "will" and "would." These forward-looking statements include, without limitation, statements regarding expected growth, expected registration and enrollments, expected revenues, and expected earnings. 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 for the year ended December 31, 2014 and other filings with the SEC (News - Alert). 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.
On November 1, 2013, APEI acquired National Education Seminars, Inc. (referred to as Hondros College of Nursing); therefore, the consolidated results for the months and periods prior to November 1, 2013 do not include any results from the Hondros College of Nursing Segment.
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