American Public Education has reported third-quarter 2020 net income of $2.6 million, compared to a net loss of $1.6 million reported for Q3 2019.
Revenue for the quarter rose to $79.1 million, up from $67.9 million reported for the third quarter of 2019.
The Charles Town, Virginia-based company also announced its results for the first nine months of 2020. Its net income for the period was $11.75 million, up from net income of $4.3 million reported for the first nine months of 2019. Revenue for the nine-month period was £235.9 million, up from $211.9 million reported for the first nine 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).
Angela Selden, chief executive of American Public Education, said: The continued strong enrolment growth at both APUS and Hondros drove 11% growth in revenue for the first three quarters of the year. Even with increased investment in technology to improve the student experience and additional marketing spend to support the APUS brand, the strong enrolments at APUS combined with the turnaround at Hondros resulted in year-over-year margin expansion.
“Our results demonstrate that APEI’s value proposition of Higher Education Return on Investment or ‘HEROI’ is resonating with military professionals, veterans, and nurses. We are well-positioned to extend that message with the forthcoming acquisition of Rasmussen University, which shares a similar philosophy. APEI is quickly evolving into a dynamic platform for adult learners, particularly for those in professions with significant job opportunities, such as nursing.
“We look forward to welcoming Rasmussen into the APEI family by the middle of the third quarter next year. We intend to pay careful attention to integration planning in order to unlock new revenue and cost synergies, and accelerating shared growth initiatives. At the same time, we remain focused on maintaining our organic enrolment momentum and delivering on our various initiatives to enhance our offerings and expand our operating margins.”
Date published: 30 November 2020