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
February
27, 2014
(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 |
25414 |
304-724-3700 |
||
(Address
of principal |
(Zip Code) |
(Registrant's telephone |
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 February 27, 2014, American Public Education, Inc. issued a press release reporting financial results for the three and twelve months ended December 31, 2013. 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 February 27, 2014 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 February 27, 2014, reporting financial results for the three and twelve months ended December 31, 2013. |
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99.2 |
American Public Education, Inc. slides for February 27, 2014 conference call and webcast for the three and twelve months ended December 31, 2013. |
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99.3 |
American Public Education, Inc. fact sheet posted to its investor relations website on February 27, 2014. |
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. |
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|
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Date: | February 27, 2014 | By: |
/s/ Richard W. Sunderland, Jr. |
|
Richard W. Sunderland, Jr., Executive Vice |
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President and Chief Financial Officer |
EXHIBIT INDEX
99.1 |
American Public Education, Inc. press release dated February 27, 2014, reporting financial results for the three and twelve months ended December 31, 2013. |
|
99.2 |
American Public Education, Inc. slides for February 27, 2014 conference call and webcast for the three and twelve months ended December 31, 2013. |
|
99.3 |
American Public Education, Inc. fact sheet posted to its investor relations website on February 27, 2014. |
Exhibit 99.1
American Public Education Reports Fourth Quarter and Full-Year 2013 Results
CHARLES TOWN, W.Va.--(BUSINESS WIRE)--February 27, 2014--American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS) and campus-based Hondros College, Nursing Programs – announced financial results for the quarter ended December 31, 2013.
Recent Results:
Financial Results:
Total revenues for the fourth quarter of 2013 decreased 4% to $82.9 million, compared to total revenues of $86.0 million in the fourth quarter of 2012. Income from operations before interest income and income taxes in the fourth quarter of 2013 was $14.5 million, compared to $21.4 million in the prior year period. Stock-based compensation expense reduced operating income by approximately $1.0 million in the fourth quarter of 2013 and $0.9 million in the fourth quarter of 2012.
Net income for the fourth quarter of 2013 was $9.0 million, or $0.51 per diluted share, which includes $0.03 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $13.2 million, or $0.74 per diluted share for the fourth quarter of 2012, including $0.03 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the fourth quarter of 2013 and for the fourth quarter of 2012 were approximately 17.8 million in both periods.
For the twelve months ended December 31, 2013, total revenues were $329.5 million, an increase of 5% compared to total revenues of $313.5 million in the same period of 2012. Income from operations before interest income and income tax for the twelve months ended December 31, 2013 decreased to $67.4 million, compared to $68.8 million in the same period of 2012. Stock-based compensation expense reduced each period's operating income by $4.0 million and $3.8 million, respectively.
Net income for the twelve months ended December 31, 2013 was $42.0 million, or $2.35 per diluted share, which includes $0.14 per diluted share in stock-based compensation expense, net of tax. This compares to net income of $42.3 million, or $2.35 per diluted share, in the same period of 2012, including $0.13 per diluted share in stock-based compensation expense, net of tax. The weighted average diluted shares outstanding for the twelve months ended December 31, 2013 and 2012 were approximately 17.9 million and 18.0 million, respectively.
Total cash and cash equivalents as of December 31, 2013 were approximately $94.8 million with no long-term debt. Cash from operations for the twelve months ended December 31, 2013 was approximately $59.4 million, compared to $52.9 million in the same period of 2012. Capital expenditures were approximately $20.6 million for the twelve months ended December 31, 2013, compared to $35.0 million in the prior year period. Depreciation and amortization was $13.5 million for the twelve months ended December 31, 2013 and $11.1 million for the same period of 2012.
Enrollments and Registrations:
American Public University System |
|||||||||||||||
For the three months ended December 31, |
2013 |
2012 |
% Change |
||||||||||||
Net Course Registrations by New Students | 20,300 | 22,600 | -10% | ||||||||||||
Net Course Registrations | 95,400 | 105,300 | -9% | ||||||||||||
For the twelve months ended December 31, | |||||||||||||||
Net Course Registrations by New Students | 79,300 | 86,700 | -9% | ||||||||||||
Net Course Registrations | 409,700 | 402,200 | 2% | ||||||||||||
As of December 31, | |||||||||||||||
Active Student Enrollment | 112,400 |
110,300 |
2% |
||||||||||||
Hondros College, Nursing Programs1 |
|||||||||||||||
As of December 31, |
2013 |
2012 |
% Change |
||||||||||||
Total Student Enrollment | 1,330 | 1,180 | 13% |
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. Active student enrollment represents the number of students with an academic status of Active or Program Hold and who are currently in a course or completed a course in the last 12 months. 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, Nursing Programs was acquired by APEI, effective November 1, 2013.
As previously disclosed, APEI believes that net course registrations and revenues in the second quarter and fourth quarter of 2013 were adversely impacted by the temporary suspension of Department of Defense tuition assistance programs in March and October 2013, which resulted in fewer enrollments from active duty service members than otherwise would have been expected.
While the tuition assistance programs were reinstated, budgetary pressures remain, and we do not know what future action will be taken with respect to the tuition assistance programs administered by the Department of Defense, which could include elimination of the programs, reduction of the funds and/or benefits available or new restrictions on participation. Any such changes, or any other reduction in the funding for these programs, could have a material adverse effect on our operations. Moreover, ongoing confusion about eligibility requirements and general uncertainty regarding the availability of the tuition assistance benefits may have a material adverse effect on our operations.
First Quarter 2014 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 2014 consolidated revenues to increase between approximately 0% and 3% over the prior year period. The Company expects consolidated net income of between $0.43 and $0.48 per diluted share in the first quarter of 2014.
American Public Education also expects the following results from its subsidiaries in the first quarter of 2014:
Webcast:
A live webcast of the Company’s fourth quarter and year-end 2013 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 Hondros College, Nursing Programs. Together, these institutions serve over 100,000 adult learners worldwide and offer more than 95 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", "could", "estimate", "expect", "intend", "may", "should", "will" and "would". These forward-looking statements include, without limitation, statements regarding expected growth, 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, 2013 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) | ||||||||
Three Months Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Audited) | ||||||||
Revenues | $ | 82,937 | $ | 86,000 | ||||
Costs and expenses: | ||||||||
Instructional costs and services | 29,033 | 29,654 | ||||||
Selling and promotional | 17,114 | 16,485 | ||||||
General and administrative | 18,660 | 15,424 | ||||||
Depreciation and amortization | 3,613 | 3,015 | ||||||
Total costs and expenses | 68,420 | 64,578 | ||||||
Income from operations before | ||||||||
interest income and income taxes | 14,517 | 21,422 | ||||||
Interest income, net | 80 | 118 | ||||||
Income before income taxes | 14,597 | 21,540 | ||||||
Income tax expense | 5,640 | 8,279 | ||||||
Equity investment income (loss), net of taxes | 40 | (86 | ) | |||||
Net income | $ | 8,997 | $ | 13,175 | ||||
Net Income per common share: | ||||||||
Basic | 0.51 | 0.73 | ||||||
Diluted | 0.51 | 0.74 | ||||||
Weighted average number of | ||||||||
common shares: | ||||||||
Basic | 17,557 | 17,582 | ||||||
Diluted |
17,799 | 17,836 | ||||||
American Public Education, Inc. |
Three Months Ended | |||||||
Segment Information: | December 31, | |||||||
2013 | 2012 | |||||||
Revenues: | ||||||||
American Public Education, Inc. | $ | 79,136 | $ | 86,000 | ||||
Hondros College, Nursing Programs | $ | 3,801 | $ | NA | ||||
Income from operations before | ||||||||
interest income and income taxes: | ||||||||
American Public Education, Inc. | $ | 14,241 | $ | 21,422 | ||||
Hondros College, Nursing Programs | $ | 276 | $ | NA | ||||
Net Income: | ||||||||
American Public Education, Inc. | $ | 8,731 | $ | 13,175 | ||||
Hondros College, Nursing Programs | $ | 266 | $ | NA |
American Public Education, Inc. | |||||||||
Consolidated Statement of Income | |||||||||
(In thousands, except per share data) | |||||||||
Twelve Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Audited) | |||||||||
Revenues | $ | 329,479 | $ | 313,516 | |||||
Costs and expenses: | |||||||||
Instructional costs and services | 112,784 | 110,192 | |||||||
Selling and promotional | 65,687 | 59,761 | |||||||
General and administrative | 70,063 | 63,615 | |||||||
Depreciation and amortization | 13,508 | 11,146 | |||||||
Total costs and expenses | 262,042 | 244,714 | |||||||
Income from operations before | |||||||||
interest income and income taxes | 67,437 | 68,802 | |||||||
Interest income, net | 309 | 135 | |||||||
Income before income taxes | 67,746 | 68,937 | |||||||
Income tax expense | 25,645 | 26,528 | |||||||
Equity investment income (loss), net of taxes | (67 | ) | (86 | ) | |||||
Net income | $ | 42,034 | $ | 42,323 | |||||
Net Income per common share: | |||||||||
Basic | $ | 2.38 | $ | 2.38 | |||||
Diluted | $ | 2.35 | $ | 2.35 | |||||
Weighted average number of | |||||||||
common shares: | |||||||||
Basic | 17,656 | 17,772 | |||||||
Diluted | 17,921 | 18,041 | |||||||
American Public Education, Inc. | Twelve Months Ended | ||||||||
Segment Information: | December 31, | ||||||||
2013 | 2012 | ||||||||
Revenues: | |||||||||
American Public Education, Inc. | $ | 325,678 | $ | 313,516 | |||||
Hondros College, Nursing Programs | $ | 3,801 | $ | NA | |||||
Income from operations before | |||||||||
interest income and income taxes: | |||||||||
American Public Education, Inc. | $ | 67,161 | $ | 68,802 | |||||
Hondros College, Nursing Programs | $ | 276 | $ | NA | |||||
Net Income: | |||||||||
American Public Education, Inc. | $ | 41,768 | $ | 42,323 | |||||
Hondros College, Nursing Programs | $ | 266 | $ | NA |
CONTACT:
American Public Education, Inc.
Richard W. Sunderland,
Jr., CPA
Executive Vice President and Chief Financial Officer
304-885-5371
or
Christopher
L. Symanoskie
Vice President, Investor Relations
703-334-3880
Exhibit 99.2
Title: Fourth Quarter 2013Conference CallFebruary 27, 2014
Safe Harbor Statement LEARN. ADVANCE. LEAD. 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 are sometimes identified by words such as “anticipate”, “believe”, “could", “estimate”, “expect”, “intend”, “may”, “should“, “will” and “would”. These forward-looking statements include, without limitation, statements on slide “First Quarter 2013 Outlook”, as well as 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 for the year ended December 31, 2013 as filed with the SEC and in the Company’s 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.
Fourth Quarter 2013 Highlights Continued Execution of LT Strategic Plan Net course registrations by non-military students increased year-over-year; active duty military adversely impacted by temporary suspension of tuition assistance Recent New Degree Programs:Master of Public Policy BS and MS in Cybersecurity BS Natural Sciences AAS in Health SciencesRecent hires expand strategic relationships and further differentiate programsPaul Humphreys, a senior management professional with 25 years experience, hired to lead our New Horizons partnership efforts and international outreachCompleted acquisition of Hondros College, Nursing Programs For twelve months ending December 31, 2013 Net Course Registrations by Primary Funding Source Cash & Other12% FSA/Title IV38% Military/TA34% VA16%
APEI’s Core Strengths Support “Quality Growth” Strategy and Growing Recognition APUS receives 2013 Sloan-C Effective Practice Award for creating an adaptive model to calculate contact hours of online courses.APUS ranked #34 (top 12%) by U.S. News & World Report for leading online undergraduate program.Joined the first cohort of HLC’s Persistence Academy and launched a persistence/completion task force to further improve student outcomes. Faculty submitted or published more than 400 books and articles, and earned nearly 400 awards for their professional practice, research and community service in 2013.Faculty presented at more than 1,700 conferences, workshops and panels during the year 2013.Launching competency-based learning model in specific disciplines.
Advancing Strategic
GoalsLeveraging Unique Strengths & Expanding Opportunities APEI
Strategic Goals:Expand Academic Excellence Build Strategic
RelationshipsIncrease
Programmatic
DiversificationDevelop Innovative Processes Advance Learning
Technologies Enter New Markets & Segments Recent Developments: Completed
Hondros College
Nursing
Programs acquisition; Harry Wilkins to lead nursing school as CEO, as
well as guide strategic investments;Hiring Paul Humphrey to lead our New
Horizons and
international relationship
efforts;Key academic and strategic new hires; Innovation in course
interaction and design/simulations in courses; Advanced initiatives to
build
relationships
and improve persistence; and Launching new degree programs in growth
fieldsAPEI’s Foundation of Excellence in Higher Education: Value Access
Success APEI
Financial Results SummaryFourth Quarter 2013 Revenues decreased 4% to $82.9 million, compared to the prior year periodIncome from operations before interest income and income taxes was $14.5 million Overall operating margins declined in the fourth quarter of 2013: Instructional costs as a percentage of revenue increased to 35% in the three months ended December 31, 2013 primarily due to lower-than-expected revenues.Selling and promotional expenses increased as a percent of revenue to 21% due in part to higher costs associated with online advertising, an increase in staff focused on strategic relationships and lower-than-expected revenue.General and administrative expenses as a percentage of revenues increased to 23% as a result of lower revenue, higher costs and additional investment in information technology. In addition, bad debt expense increased to 4.6% of revenue, compared to 3.6% in the prior year period on lower than expected revenues.Net income increased to $9.0 million or approximately $0.51 per diluted share, compared to the prior year periodCash and cash equivalents of $94.8 million with no long-term debt
First Quarter 2014 Outlook The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Approximate Growth (y/y) APUS Net course registration growth by new students -9% to -7%APUS Net course registration growth -7% to -5%HCON New student enrollment +40% to +45%Total revenue growth 0% to 3%Total net income per diluted share $0.43 to $0.48 Additional ConsiderationsAPEI believes APUS net course registrations by active duty military students in the first quarter 2014 will continue to be adversely impacted by ongoing budgetary constraints and uncertainty regarding possible future changes to the Department of Defense Tuition Assistance (TA) program.However, APUS net course registrations by non-military students are expected to increase in the first quarter of 2014, compared to the prior year period of 2013. First Quarter 2014
Fourth Quarter 2013 Conference Call February 27, 2014
Exhibit 99.3
TICKER: APEI EXCHANGE: NASDAQ FACT SHEET: December 31, 2013 American Public Education, Inc. (NASDAQ: APEI) is a leading education services provider founded to prepare adult learners for service and leadership in a diverse global economy. The Company offers respected, innovative and affordable educational programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System (APUS) and Hondros College, Nursing Programs. These institutions serve over 110,000 adult learners worldwide and offer more than 95 degree programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts.American Public University System is accredited by the Higher Learning Commission (HLC) and a member of the North Central Association of Colleges and Schools (www.ncahlc.org, 312-263-0456). Hondros College, Nursing Programs is accredited by the Accrediting Council for Independent Colleges and Schools (ACICS), 750 First Street, NE Suite 980, Washington, DC 20002 (www.acics.org, 202-3
36-6780). HLC and ACICS are accrediting agencies recognized by the U.S. Department of Education and the Council for Higher Education Accreditation.APEI STRATEGY Our strategy builds on the core strengths of quality, affordability and innovation, which have helped establish our reputation for leadership and innovation. Moving forward, our plan is to continue expanding our presence in military, public service and civilian communities primarily through building relationships and referrals. As the higher education landscape changes, we will promote the success of our students through technological innovation, expand our program offerings, especially in high-demand fields, and we will actively pursue promising new frontiers in education through strategic partnerships, investments and acquisitions.NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS REVENUES $329,479 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 $313,516 $42,323 $42,034 $40,757 $260,377 $29,868 $198,
174 $23,943 $148,998 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 NET CASH PROVIDED BY OPERATING ACTIVITIES TOTAL ASSETS $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 $80,000 $60,000 $40,000 $20,000 $0 $271,656 $70,438 $237,603 $59,414 $52,838 $198,891 $47,078 $141,839 $36,756 $115,753 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Contact Chris Symanoskie Vice President, Investor Relations 703-334-3880 or csymanoskie@apus.edu NOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in the company’s filings with the U.S. Securities and Exchange Commission, www.sec.gov. AMERICAN PUBLIC UNIVERSITY SYSTEM An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU). ENROLLMENT AND REGISTRATIONS As of December 31, 2013 2012 % Change Active Student Enrollment 112,400 110,300 2% For the three months ended December 31, 2013 2012 % Change Net Course Registrations by New Students 20,300 22,600 -10% Net Course Re
gistrations 95,400 105,300 -9% For the twelve months ended December 31, 2013 2012 % Change Net Course Registrations by New Students 79,300 86,700 -9% Net Course Registrations 409,700 402,200 2% 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. Active student enrollment represents the number of students with an academic status of Active or Program Hold and who are currently in a course or completed a course in the last 12 months. AT-A-GLANCE AS OF DECEMBER 31, 2013 Avg. Age of Students: 32 years Avg. Undergraduate Class Size: 16 students Gender Ratio: 63% male/37% female Avg. Courses Per Year: 3 Military/4 Civilian Faculty: 430 Full-Time/1,820 Adjunct Staff: 1,000 Full-Time/20 Part-Time Tuition: Combined tuition, fees, and books are roughly 19% less for undergraduate, and 33% less for graduate students than the average in-state rates at a public university.1 AMU & APU GRADUATES 37,000+ Alumni 45%+ of APUS undergraduate alumni return for second degree2 45%+ of APUS students referred by others Enrollment by degree level 18% ¦ Associates ¦ Bachelors ¦ Masters 24% 58% REGISTRATIONS BY PRIMARY FUNDING SOURCE For the twelve months ended December 31, 2013 Enrollment by school 4% ¦ Business ¦ Public Service & Health ¦ Arts & Humanities ¦ Security & Global Studies ¦ Science & Technology ¦ Education 12% 12% ¦ Federal Student Aid (Title IV) ¦ Department of Defense Tuition Assistance (TA) ¦ Veteran’s Benefits (VA) ¦ Cash & Other Sources 25% 38% 16% 14% 26% 34% 19% HONDROS COLLEGE, NURSING PROGRAMS3 Serving the needs of nurses and the healthcare community through campus locations in Cincinnati, Dayton, Columbus and Cleveland, Ohio. ENROLLMENT As of December 31, 2013 2012 % Change Total Student Enroll
ment 1,330 1,180 13% 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. AT-A-GLANCE AS OF DECEMBER 31, 2013 Avg. Age of Students: 30 years Gender Ratio: 92% female/8% male Faculty: 108 Full-Time/50 Part-Time Staff: 65 Full-Time/1 Part-Time 800+ Alumni Enrollment by Program 11% ¦ Licensed Practical Nurse ¦ Associate Degree in Nursing ¦ Bachelors Science of Nursing 50% 39% Tuition Per Credit Hour Licensed Practical Nurse $240 Associate Degree in Nursing $260 Bachelors Science of Nursing $200 Four campus locations in Ohio 1. For additional details, visit www.amu.apus.edu/tuition-and-finance/tuition-and-fees/ 2. Represents returning undergraduate students from 2012 conferrals. 3. Hondros College, Nursing Programs was acquired by APEI, effective November 1, 2013.