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American Public Education Q4 consolidated revenue $76.9 million

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Staff Writer | Wednesday March 13, 2019 6:30AM ET
American Public Education
American Public Education   Net income for the fourth quarter of 2018 increased to $9.1 million

American Public Education announced financial results for the quarter and twelve months ended December 31, 2018.


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Total consolidated revenue for the fourth quarter of 2018 decreased by 1% to $76.9 million, compared to total revenue of $78.1 million in the fourth quarter of 2017.

Consolidated income from operations before interest income and income taxes in the fourth quarter of 2018 decreased to $11.4 million, compared to consolidated income from operations before interest income and income taxes of $12.6 million in the fourth quarter of 2017.

Net income for the fourth quarter of 2018 increased to $9.1 million, or $0.55 per diluted share, compared to net income of $8.4 million, or $0.51 per diluted share for the fourth quarter of 2017.

The weighted average diluted shares outstanding for the fourth quarters of 2018 and 2017 were approximately 16.7 million and 16.5 million, respectively.

For the twelve months ended December 31, 2018, total consolidated revenue was approximately $297.7 million, compared to $299.2 million in the prior year period.

Consolidated income from operations before interest income and income taxes for the twelve months ended December 31, 2018 was $32.5 million, compared to $34.9 million in the prior year period.

Net income for the twelve months ended December 31, 2018 was $25.6 million, or $1.54 per diluted share, compared to net income of $21.1 million, or $1.29 per diluted share, in the prior year period.

The weighted average diluted shares outstanding for the twelve months ended December 31, 2018 and 2017 were approximately 16.6 million and 16.4 million, respectively.

Adjusted net income for the twelve months ended December 31, 2018 was $26.9 million, or $1.62 per diluted share.

Adjusted net income for the twelve months ended December 31, 2018 excludes approximately $1.7 million in pre-tax expenses associated with the voluntary reduction in force program announced on March 12, 2018 as well as the applicable tax effect of the adjustment.

The workforce reduction was substantially completed on April 1, 2018.

For additional information regarding adjusted net income (a non-GAAP measure), please refer to "GAAP to Adjusted Net Income Reconciliation" in the financial tables that follow.

Total cash and cash equivalents as of December 31, 2018 were approximately $212.1 million, compared to $179.2 million as of December 31, 2017.

Capital expenditures were approximately $9.4 million for the twelve months ended December 31, 2018, compared to $14.8 million in the prior year period.

Depreciation and amortization was $17.5 million for the twelve months ended December 31, 2018, compared to $18.8 million in the prior year period.

 

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