UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 9, 2016
(Date of earliest event reported)
American Public Education, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 001-33810 | 01-0724376 | ||||
(State or other jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
111 W. Congress Street Charles Town, West Virginia |
25414 | 304-724-3700 | ||
(Address of principal executive offices) | (Zip Code) | (Registrant's telephone number including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 2 – Financial Information
Item 2.02 | Results of Operations and Financial Condition. |
On August 9, 2016, American Public Education, Inc. issued a press release reporting financial results for the three and six months ended June 30, 2016. A copy of American Public Education’s press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference. American Public Education has scheduled a conference call and webcast for 5:00 p.m. Eastern time on August 9, 2016 to discuss its financial results, and slides for that call are attached to this report as Exhibit 99.2 and are incorporated in this report by reference. A copy of the investor fact sheet is attached to this report as Exhibit 99.3 and is incorporated in this report by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 | American Public Education, Inc. press release dated August 9, 2016, reporting financial results for the three and six months ended June 30, 2016. |
99.2 | American Public Education, Inc. slides for August 9, 2016 conference call and webcast for the three and six months ended June 30, 2016. |
99.3 | American Public Education, Inc. fact sheet posted to its investor relations website on August 9, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
American Public Education, Inc. | |||||
Date: | August 9, 2016 | By: | /s/ Richard W. Sunderland, Jr. | ||
Richard W. Sunderland, Jr., Executive Vice President and Chief Financial Officer |
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EXHIBIT INDEX
99.1 | American Public Education, Inc. press release dated August 9, 2016, reporting financial results for the three and six months ended June 30, 2016. |
99.2 | American Public Education, Inc. slides for August 9, 2016 conference call and webcast for the three and six months ended June 30, 2016. |
99.3 | American Public Education, Inc. fact sheet posted to its investor relations website on August 9, 2016. |
American Public Education Reports Second Quarter 2016 Results
CHARLES TOWN, W.Va., Aug. 9, 2016 /PRNewswire/ -- American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS) and campus-based Hondros College of Nursing (HCON) – announced financial results for the quarter ended June 30, 2016.
Recent Results:
Financial Results:
Total consolidated revenue for the second quarter of 2016 decreased 4.5% to $76.7 million, compared to total revenue of $80.3 million in the second quarter of 2015. Consolidated income from operations before interest income and income taxes in the second quarter of 2016 decreased 7.8% to $10.7 million, compared to $11.6 million in the second quarter of 2015. Net income for the second quarter of 2016 was $6.6 million, or $0.41 per diluted share, compared to net income of $7.1 million, or $0.42 per diluted share for the second quarter of 2015. The weighted average diluted shares outstanding for the second quarter of 2016 and 2015 were approximately 16.2 million and 16.9 million, respectively.
For the six months ended June 30, 2016, total consolidated revenue decreased 3.0% to $160.7 million, compared to $165.7 million in the prior year period. Consolidated income from operations before interest income and income taxes for the six months ended June 30, 2016 was $26.6 million, compared to $26.0 million in the prior year period. Net income for the six months ended June 30, 2016 was $16.9 million, or $1.05 per diluted share, compared to net income of $15.9 million, or $0.93 per diluted share in the prior year period. The weighted average diluted shares outstanding for the six months ended June 30, 2016 and 2015 were approximately 16.2 million and 17.1 million, respectively.
Total cash and cash equivalents as of June 30, 2016 were approximately $124.1 million with no long-term debt. Capital expenditures were approximately $6.9 million for the six months ended June 30, 2016, compared to $12.8 million in the prior year period. Depreciation and amortization was $9.7 million for the six months ended June 30, 2016, compared to $9.3 million for the same period of 2015.
Registrations and Enrollment:
American Public University System1 | ||||
For the three months ended June 30, | 2016 | 2015 | % Change | |
| Net Course Registrations by New Students | 10,500 | 13,500 | -22% |
| Net Course Registrations | 82,000 | 89,000 | -8% |
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For the six months ended June 30, | 2016 | 2015 | % Change | |
| Net Course Registrations by New Students | 23,100 | 28,300 | -18% |
| Net Course Registrations | 177,800 | 188,600 | -6% |
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As of June 30, |
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| Active Student Enrollment2 | 91,800 | 104,400 | -12% |
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Hondros College of Nursing3 |
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For the three months ended June 30, | 2016 | 2015 | % Change | |
| New Student Enrollment | 350 | 400 | -13% |
| Total Student Enrollment | 1,770 | 1,930 | -8% |
1APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. |
2APUS Active StudentEnrollment represents the number of unique students who remain enrolled in a course past the first week of class or who have completed at least one course for which a grade was received within the last 12 months. |
3HCONStudent Enrollment represents the total number of students enrolled in a course immediately after the quarter's add/drop period. |
Third Quarter 2016 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 third quarter 2016 consolidated revenues to decrease between approximately 6% and 3% year-over-year, compared to the prior year period of 2015. The Company expects consolidated net income of between $0.26 and $0.31 per diluted share in the third quarter of 2016.
American Public Education also expects the following results from its subsidiaries in the third quarter of 2016:
Webcast:
A live webcast of the Company's second quarter 2016 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 and National Education Seminars Inc., which we refer to in this press release as Hondros College of Nursing. Together, these institutions serve more than 90,000 adult learners worldwide and offer approximately 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, 2015, Quarterly Report on Form 10-Q for the period ended June 30, 2016 and other filings 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.
American Public Education, Inc. | |||||||
Consolidated Statement of Income | |||||||
(In thousands, except per share data) | |||||||
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| Three Months Ended |
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| June 30, |
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| 2016 |
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| 2015 |
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| (Unaudited) |
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Revenues | $ | 76,745 |
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| $ | 80,263 |
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Costs and expenses: |
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Instructional costs and services |
| 29,186 |
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| 29,696 |
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Selling and promotional |
| 14,984 |
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| 16,152 |
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General and administrative |
| 17,090 |
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| 18,141 |
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Depreciation and amortization |
| 4,825 |
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| 4,698 |
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Total costs and expenses |
| 66,085 |
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| 68,687 |
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Income from operations before |
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interest income and income taxes |
| 10,660 |
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| 11,576 |
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Interest income, net |
| 37 |
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| 31 |
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Income before income taxes |
| 10,697 |
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| 11,607 |
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Income tax expense |
| 4,172 |
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| 4,548 |
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Equity investment income/(loss) |
| 71 |
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| 14 |
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Net income | $ | 6,596 |
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| $ | 7,073 |
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Net Income per common share: |
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Basic | $ | 0.41 |
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| $ | 0.42 |
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Diluted | $ | 0.41 |
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| $ | 0.42 |
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Weighted average number of |
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common shares: |
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Basic |
| 16,059 |
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| 16,820 |
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Diluted |
| 16,196 |
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| 16,923 |
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| Three Months Ended |
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Segment Information: | June 30, |
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| 2016 |
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| 2015 |
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Revenues: |
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American Public Education, Inc. | $ | 69,529 |
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| $ | 72,578 |
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Hondros College of Nursing | $ | 7,216 |
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| $ | 7,685 |
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Income from continuing operations before |
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interest income and income taxes: |
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American Public Education, Inc. | $ | 10,315 |
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| $ | 10,815 |
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Hondros College of Nursing | $ | 345 |
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| $ | 761 |
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| Six Months Ended |
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| June 30, |
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| 2016 |
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| 2015 |
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| (Unaudited) |
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Revenues | $ | 160,711 |
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| $ | 165,707 |
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Costs and expenses: |
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Instructional costs and services |
| 58,894 |
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| 59,956 |
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Selling and promotional |
| 31,453 |
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| 33,171 |
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General and administrative |
| 34,020 |
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| 37,246 |
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Depreciation and amortization |
| 9,714 |
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| 9,287 |
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Total costs and expenses |
| 134,081 |
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| 139,660 |
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Income from operations before |
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interest income and income taxes |
| 26,630 |
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| 26,047 |
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Interest income, net |
| 74 |
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| 41 |
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Income before income taxes |
| 26,704 |
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| 26,088 |
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Income tax expense |
| 10,439 |
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| 10,198 |
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Equity investment income/(loss) |
| 671 |
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| (24) |
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Net income | $ | 16,936 |
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| $ | 15,866 |
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Net Income per common share: |
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Basic | $ | 1.06 |
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| $ | 0.93 |
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Diluted | $ | 1.05 |
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| $ | 0.93 |
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Weighted average number of |
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common shares: |
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Basic |
| 16,049 |
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| 16,972 |
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Diluted |
| 16,155 |
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| 17,102 |
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| Six Months Ended |
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Segment Information: | June 30, |
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| 2016 |
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| 2015 |
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Revenues: |
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American Public Education, Inc. | $ | 145,794 |
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| $ | 150,030 |
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Hondros College of Nursing | $ | 14,917 |
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| $ | 15,677 |
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Income from continuing operations before |
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interest income and income taxes: |
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American Public Education, Inc. | $ | 25,552 |
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| $ | 24,131 |
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Hondros College of Nursing | $ | 1,078 |
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| $ | 1,916 |
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Logo - http://photos.prnewswire.com/prnh/20160324/347796LOGO
CONTACT: Richard W. Sunderland, Jr., CPA, Executive Vice President and Chief Financial Officer, 304.885.5371, or Christopher L. Symanoskie, IRC, Vice President, Investor Relations, 703.334.3880
Exhibit 99.2
August 9, 2016 Recent Results and Developments Second Quarter 2016
Statements made in this presentation 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 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”, “plan”, “should”, “will” and “would” . These forward - looking statements include, without limitation, statements regarding expected growth, expected registrations 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 American Public Education ’ s Annual Report on Form 10 - K for the year ended December 31 , 2015 , Quarterly Report on Form 10 - Q for the three months ended June 30 , 2016 and in the American Public Education’s other filings with the SEC . American Public Education undertakes no obligation to update publicly any forward - looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future . 2 Advancing the Learning Experience | Exploring New Opportunities SAFE HARBOR STATEMENT American Public Education, Inc.
SECOND QUARTER 2016 RESULTS Quality Mix of Students Continued to Improve • APUS continued to focus on improving student persistence and on attracting new students with greater college readiness. • Net course registrations by returning students at APUS declined 5.2%, compared to the prior year period . • The first course pass and completion rate for APUS undergraduate students using Federal Student Aid increased 28% for the three months ended May 31, 2016, compared to the same period of 2015. • Bad debt expense as a percentage of revenue decreased to 2.3%, compared to 4.9% in the second quarter of 2015. • Hondros College of Nursing received approval to open a new campus in suburban Toledo, OH. For the six months ended June 30, 2016 APUS Net Course Registrations by Primary Funding Source Other 13% FSA/Title IV 29% Military/TA 36% VA 22% 3 Advancing the Learning Experience | Exploring New Opportunities FSA -15.3% TA -5.2% VA -2.4% OTHER -5.6% Total: -7.8% 2Q2016 Change (y/y) APUS Net Course Registrations by Primary Funding Source
APUS INSTITUTIONAL GOALS Stabilizing Enrollment & Improving Persistence 4 Advancing the Learning Experience | Exploring New Opportunities Increase Student Persistence Enroll College - Ready Students Key Initiatives: • Geographic Targeted Marketing • Brand Positioning • Emphasis on Differentiated Programs • Optimizing Assessments • Enhancing Application Processes Anticipated Benefits: • Increased Lifetime Value/ROI • Lower Bad Debt Expense • Improved Student Experience • Increased Referrals
FINANCIAL RESULTS SUMMARY Second Quarter 2016 Advancing the Learning Experience | Exploring New Opportunities 5 • Consolidated revenue decreased 4.5% to $76.7 million, compared to $80.3 million in the same period of 2015. • Operating margins decreased to 13.9%, compared to 14.4% in the same period of 2015. • Instructional costs and services increased as a percentage of revenue to 38.0%, compared to 37.0% in the prior year period. • Selling and promotional expenses decreased as a percentage of revenue to 19.5%, compared to 20.1% in the prior year period. • General and administrative expenses as a percentage of revenue decreased to 22.3% compared to 22.6% in the prior year period. • Net income decreased to $6.6 million or approximately $0.41 per diluted share, compared to $7.1 million or approximately $0.42 per diluted share in the prior year period. • Cash and cash equivalents increased to $124.1 million, compared to $105.7 million at December 31, 2015.
FINANCIAL/OPERATIONAL OUTLOOK Third Quarter 2016 Advancing the Learning Experience | Exploring New Opportunities 6 The following statements are based on current expectations. These statements are forward - looking and actual results may differ materially. Approximate Change (y/y) APUS Net course registrations 1 by new students - 27% to - 23% APUS Net course registrations 1 - 13% to - 10% HCON New student enrollment 2 Approx. - 20% HCON Total student enrollment 2 Approx. - 11% Total consolidated revenue - 6% to - 3% Total net income per diluted share $0.26 to $0.31 Third Quarter 2016 1 APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty . 2 HCON Student Enrollment represents the total number of students enrolled in a course immediately after the quarter’s add/drop period .
Second Quarter 2016 Financial Results Conference Call August 9, 2016
Exhibit 99.3
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