$APEI
AMERICAN PUBLIC EDUCATION INC

2011 Q4 Form 10-K Financial Statement

#000115752313001136 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2011 Q2
Revenue $75.67M $65.25M $60.80M
YoY Change 34.38% 35.1% 31.45%
Cost Of Revenue $26.15M $23.95M $23.01M
YoY Change 28.0% 22.95% 32.39%
Gross Profit $49.52M $41.30M $37.78M
YoY Change 37.98% 43.35% 30.82%
Gross Profit Margin 65.44% 63.29% 62.14%
Selling, General & Admin $27.17M $23.87M $20.63M
YoY Change 49.2% 33.92% 32.5%
% of Gross Profit 54.87% 57.78% 54.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.500M $2.400M $2.250M
YoY Change 35.87% 42.86% 43.31%
% of Gross Profit 5.05% 5.81% 5.96%
Operating Expenses $29.67M $23.87M $20.63M
YoY Change 47.98% 22.38% 20.37%
Operating Profit $19.87M $15.07M $14.94M
YoY Change 25.41% 61.86% 27.22%
Interest Expense $20.00K $40.00K $30.00K
YoY Change -33.33% 33.33% -25.0%
% of Operating Profit 0.1% 0.27% 0.2%
Other Income/Expense, Net
YoY Change
Pretax Income $19.87M $15.07M $14.94M
YoY Change 25.28% 61.34% 26.9%
Income Tax $6.880M $4.130M $5.960M
% Of Pretax Income 34.63% 27.41% 39.9%
Net Earnings $12.99M $10.94M $8.976M
YoY Change 35.12% 95.69% 27.68%
Net Earnings / Revenue 17.16% 16.76% 14.76%
Basic Earnings Per Share $0.73 $0.61 $0.50
Diluted Earnings Per Share $0.71 $0.60 $0.49
COMMON SHARES
Basic Shares Outstanding 17.84M shares 17.89M shares
Diluted Shares Outstanding 18.25M shares 18.35M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0M $107.3M $94.50M
YoY Change 46.19% 23.9% 9.63%
Cash & Equivalents $119.0M $107.3M $94.50M
Short-Term Investments
Other Short-Term Assets $8.700M $7.700M $6.600M
YoY Change 55.36% 40.0% 43.48%
Inventory
Prepaid Expenses $4.961M
Receivables $9.499M $9.200M $10.10M
Other Receivables $1.600M $3.100M $500.0K
Total Short-Term Assets $138.7M $127.2M $111.7M
YoY Change 41.55% 23.98% 10.05%
LONG-TERM ASSETS
Property, Plant & Equipment $58.76M $50.10M $45.20M
YoY Change 38.58% 41.13% 43.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $1.410M $1.400M $1.700M
YoY Change 0.71% -17.65% 13.33%
Total Long-Term Assets $60.17M $51.50M $46.80M
YoY Change 37.37% 38.44% 40.96%
TOTAL ASSETS
Total Short-Term Assets $138.7M $127.2M $111.7M
Total Long-Term Assets $60.17M $51.50M $46.80M
Total Assets $198.9M $178.7M $158.5M
YoY Change 40.26% 27.83% 17.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.32M $10.90M $8.800M
YoY Change 73.6% 65.15% 62.96%
Accrued Expenses $14.49M $12.00M $9.600M
YoY Change 55.76% 18.81% 28.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.69M $50.00M $41.00M
YoY Change 50.77% 38.12% 41.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $56.69M $50.00M $41.00M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $65.06M $58.70M $48.40M
YoY Change 46.2% 39.76% 40.29%
SHAREHOLDERS EQUITY
Retained Earnings -$13.40M
YoY Change
Common Stock $147.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.8M $120.1M $110.2M
YoY Change
Total Liabilities & Shareholders Equity $198.9M $178.7M $158.5M
YoY Change 40.26% 27.83% 17.67%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $12.99M $10.94M $8.976M
YoY Change 35.12% 95.69% 27.68%
Depreciation, Depletion And Amortization $2.500M $2.400M $2.250M
YoY Change 35.87% 42.86% 43.31%
Cash From Operating Activities $22.94M $21.83M $5.790M
YoY Change 61.1% 48.6% 46.21%
INVESTING ACTIVITIES
Capital Expenditures -$11.24M -$7.080M -$3.250M
YoY Change 29.49% 26.2% -33.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$11.24M -$7.080M -$3.250M
YoY Change 29.49% 26.2% -33.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.930M -4.580M
YoY Change -100.0% -77.66% -395.48%
NET CHANGE
Cash From Operating Activities 22.94M 21.83M 5.790M
Cash From Investing Activities -11.24M -7.080M -3.250M
Cash From Financing Activities 0.000 -1.930M -4.580M
Net Change In Cash 11.70M 12.82M -2.040M
YoY Change -322.86% 2813.64% -434.43%
FREE CASH FLOW
Cash From Operating Activities $22.94M $21.83M $5.790M
Capital Expenditures -$11.24M -$7.080M -$3.250M
Free Cash Flow $34.18M $28.91M $9.040M
YoY Change 49.13% 42.41% 2.03%

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CY2012 dei Trading Symbol
TradingSymbol
APEI
CY2012 dei Entity Registrant Name
EntityRegistrantName
AMERICAN PUBLIC EDUCATION INC
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EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001201792
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
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--12-31
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SalesRevenueServicesNet
74572000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
9241000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
15069000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2011Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
65251000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
10939000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
17548000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
77122000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
10824000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
19865000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2011Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
75667000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
12985000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
21540000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2012Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
86000000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
13175000

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