American Public Education has reported second-quarter 2020 net income of $6.7 million, up from net income of $4.9 million reported for Q2 2019.
Revenue for the quarter rose to $82.1 million, up from $70.6 million reported for the second quarter of 2019.
The Charles Town, Virginia-based company also announced its results for the first six months of 2020. Its net income for the period was $9.1 million, up from net income of $5.9 million reported for the first six months of 2019. Revenue for the six-month period was £156.7 million, up from $144 million reported for the first six months of 2019.
The company operates through two segments – American Public Education Inc (APEI) and Hondros College Nursing (HCN) Programs. APEI primarily includes operations of American Military University and American Public University. Together, they are referred to as American Public University System (APUS).
The company reported that during the second quarter: net course registrations by new students at APUS increased 30% year-over-year; total net course registrations increased 18% year-over-year to 89,600; and new student enrolment at HCN increased 56% year-over-year and total student enrolment increased 14% year-over-year to 1,750.
Angela Selden (pictured), chief executive of American Public Education, said: “We are incredibly grateful that a growing number of adult learners seeking affordable, safe and uninterrupted access to high-quality higher education experiences recognise the value of our learning platforms. Our institutions were built on the belief that quality education should be accessible to all, not reserved for the few, and this is especially true during this period of great disruption in our economy and in higher education.
“The growth in enrolments in the second quarter as compared to a year ago reflects the ongoing transformation that has been taking place at APEI over the past year. At HCN, we have improved curriculum and made pre-licensure degrees more readily available to individuals interested in the nursing field. At APUS, students looking to improve their future career prospects chose APUS for its affordability and high-quality academic programmes.
“Moving forward, we will continue to emphasise helping more adult learners maximise their higher education return on investment with highly relevant programmes of study at affordable prices. We believe this approach, combined with the investments we are making in our business operations and in our ongoing technology transformation, will further strengthen our ability to serve learners of all backgrounds with great distinction.”
Date published: 11 August 2020