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Stock to Watch: American Public Education Inc. (NASDAQ: APEI)

CHARLES TOWN, W.Va., July 25, 2019 – Shares of American Public Education Inc. (NASDAQ: APEI) gained 0.09% to $31.74. The stock grabbed the investor’s attention and traded 44.488K shares as compared to its average daily volume of 84.89K shares. The stock’s institutional ownership stands at 94.50%.

American Public Education Inc. (APEI) reported first-quarter profit of $1.0M. On a per-share basis, the Charles Town, West Virginia-based company said it had profit of 6 cents. Earnings, adjusted for one-time gains and costs, came to 32 cents per share. The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

Financial Results:    

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Total consolidated revenue for the first quarter of 2019 decreased by 2% to $73.40M, compared to total revenue of $75.00M in the first quarter of 2018.  Consolidated income from operations before interest income and income taxes in the first quarter of 2019 decreased to $1.40M, compared to consolidated income from operations before interest income and income taxes of $6.20M in the first quarter of 2018.

Consolidated income from operations before interest income and income taxes in the three months ended March 31, 2019 includes approximately $1.30M in pre-tax professional fees associated with the evaluation of an acquisition and the prior year period includes $1.70M in pre-tax expenses associated with the voluntary reduction in force program announced on March 12, 2018.

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Income from operations before interest income and income taxes in our APEI Segment increased 47% to $7.50M, compared to $5.10M in the first quarter of 2018. The loss from operations before interest income and income taxes in our HCN Segment was $6.10M during the three months ended March 31, 2019, compared to income of $1.00M in the same period of 2018, primarily as a result of the goodwill impairment and a decrease in revenue due to lower enrollment during the three months ended March 31, 2019.

GAAP net income for the first quarter of 2019 decreased to $1.00M, or $0.06 per diluted share, compared to net income of $4.60M, or $0.28 per diluted share, in the same period of 2018. The weighted average diluted shares outstanding for the first quarters of 2019 and 2018 were approximately 16.70M and 16.50M, respectively.

Adjusted net income for the first quarter of 2019 was $5.30M, or $0.32 per diluted share.  Adjusted net income for the first quarter of 2019 excludes a non-cash expense of $5.90M associated with a reduction in the carrying value of goodwill for the Company’s HCN Segment as well as the applicable tax effect of the adjustment. 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.

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Total cash and cash equivalents as of March 31, 2019 were approximately $215.90M, compared to $212.10M as of December 31, 2018. Capital expenditures were approximately $1.60M for the three months ended March 31, 2019, compared to $1.70M in the prior year period. Depreciation and amortization was $4.10M for the three months ended March 31, 2019, compared to $4.50M in the prior year period.

APEI has a market value of $531.14M while its EPS was booked as $1.33 in the last 12 months. The stock has 16.75M shares outstanding. In the profitability analysis, the company has gross profit margin of 61.70% while net profit margin was 7.40%. Beta value of the company was 0.84; beta is used to measure riskiness of the security.