2013 Q1 Form 10-Q Financial Statement
#000115752313002558 Filed on May 09, 2013
Income Statement
| Concept | 2013 Q1 | 2012 Q1 |
|---|---|---|
| Revenue | $83.84M | $75.82M |
| YoY Change | 10.57% | 29.25% |
| Cost Of Revenue | $28.41M | $27.85M |
| YoY Change | 2.01% | 25.96% |
| Gross Profit | $55.44M | $47.97M |
| YoY Change | 15.57% | 31.21% |
| Gross Profit Margin | 66.13% | 63.27% |
| Selling, General & Admin | $34.02M | $30.44M |
| YoY Change | 11.74% | 42.26% |
| % of Gross Profit | 61.36% | 63.46% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $3.210M | $2.660M |
| YoY Change | 20.68% | 27.27% |
| % of Gross Profit | 5.79% | 5.55% |
| Operating Expenses | $34.02M | $30.44M |
| YoY Change | 11.74% | 29.66% |
| Operating Profit | $18.21M | $14.89M |
| YoY Change | 22.29% | 13.69% |
| Interest Expense | $64.00K | $20.00K |
| YoY Change | 220.0% | -33.33% |
| % of Operating Profit | 0.35% | 0.13% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $18.27M | $14.89M |
| YoY Change | 22.72% | 13.67% |
| Income Tax | $6.850M | $5.808M |
| % Of Pretax Income | 37.48% | 39.0% |
| Net Earnings | $11.38M | $9.083M |
| YoY Change | 25.24% | 15.6% |
| Net Earnings / Revenue | 13.57% | 11.98% |
| Basic Earnings Per Share | $0.64 | $0.51 |
| Diluted Earnings Per Share | $0.63 | $0.50 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 17.76M shares | 17.85M shares |
| Diluted Shares Outstanding | 18.00M shares | 18.23M shares |
Balance Sheet
| Concept | 2013 Q1 | 2012 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $120.6M | $125.8M |
| YoY Change | -4.13% | 30.36% |
| Cash & Equivalents | $120.6M | $125.8M |
| Short-Term Investments | ||
| Other Short-Term Assets | $10.20M | $9.700M |
| YoY Change | 5.15% | 53.97% |
| Inventory | ||
| Prepaid Expenses | $5.056M | |
| Receivables | $12.21M | $9.100M |
| Other Receivables | $400.0K | $0.00 |
| Total Short-Term Assets | $143.3M | $144.6M |
| YoY Change | -0.89% | 28.42% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $85.61M | $62.80M |
| YoY Change | 36.32% | 42.08% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $10.62M | |
| YoY Change | ||
| Other Assets | $1.201M | $1.400M |
| YoY Change | -14.21% | -12.5% |
| Total Long-Term Assets | $103.4M | $64.20M |
| YoY Change | 61.1% | 40.17% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $143.3M | $144.6M |
| Total Long-Term Assets | $103.4M | $64.20M |
| Total Assets | $246.7M | $208.8M |
| YoY Change | 18.17% | 31.82% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $15.25M | $13.30M |
| YoY Change | 14.64% | 30.39% |
| Accrued Expenses | $11.66M | $14.80M |
| YoY Change | -21.24% | 57.45% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $55.98M | $56.80M |
| YoY Change | -1.45% | 22.15% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $55.98M | $56.80M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $68.09M | $66.20M |
| YoY Change | 2.85% | 23.97% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $19.91M | |
| YoY Change | ||
| Common Stock | $158.7M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $178.7M | $142.6M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $246.7M | $208.8M |
| YoY Change | 18.17% | 31.82% |
Cashflow Statement
| Concept | 2013 Q1 | 2012 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $11.38M | $9.083M |
| YoY Change | 25.24% | 15.6% |
| Depreciation, Depletion And Amortization | $3.210M | $2.660M |
| YoY Change | 20.68% | 27.27% |
| Cash From Operating Activities | $20.60M | $14.85M |
| YoY Change | 38.75% | -25.31% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $5.947M | $6.577M |
| YoY Change | -9.58% | -279.7% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $88.00K | $109.0K |
| YoY Change | -19.27% | |
| Cash From Investing Activities | -$10.04M | -$6.686M |
| YoY Change | 50.09% | 82.68% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $5.770M | $3.857M |
| YoY Change | 49.6% | |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -4.919M | -1.343M |
| YoY Change | 266.27% | 29.13% |
| NET CHANGE | ||
| Cash From Operating Activities | 20.60M | 14.85M |
| Cash From Investing Activities | -10.04M | -6.686M |
| Cash From Financing Activities | -4.919M | -1.343M |
| Net Change In Cash | 5.649M | 6.820M |
| YoY Change | -17.17% | -55.07% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $20.60M | $14.85M |
| Capital Expenditures | $5.947M | $6.577M |
| Free Cash Flow | $14.66M | $8.272M |
| YoY Change | 77.18% | -64.86% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2013Q1 | us-gaap |
Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
|
0.216 | pure |
| CY2013Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
17605132 | shares |
| CY2012Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
125826000 | |
| CY2013Q1 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
10616000 | |
| CY2013Q1 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
5113000 | |
| CY2013Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
158561000 | |
| CY2013Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1201000 | |
| CY2013Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
178650000 | |
| CY2013Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2013Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
7200000 | |
| CY2013Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2013Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17667000 | shares |
| CY2013Q1 | us-gaap |
Liabilities
Liabilities
|
68090000 | |
| CY2013Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
15247000 | |
| CY2013Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
5056000 | |
| CY2013Q1 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6000000 | |
| CY2013Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2013Q1 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
386000 | |
| CY2013Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
19912000 | |
| CY2013Q1 | us-gaap |
Assets
Assets
|
246740000 | |
| CY2013Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
12113000 | |
| CY2013Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
12211000 | |
| CY2013Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
246740000 | |
| CY2013Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
120550000 | |
| CY2013Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17667000 | shares |
| CY2013Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
11657000 | |
| CY2013Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
55977000 | |
| CY2013Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
9425000 | |
| CY2013Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
177000 | |
| CY2013Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q1 | us-gaap |
Assets Current
AssetsCurrent
|
143316000 | |
| CY2013Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
| CY2013Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2013Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2013Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
85607000 | |
| CY2013Q1 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
29073000 | |
| CY2011Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
119006000 | |
| CY2012Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
6664000 | |
| CY2012Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
6502000 | |
| CY2012Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
157449000 | |
| CY2012Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1025000 | |
| CY2012Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
171153000 | |
| CY2012Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2012Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2012Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17752000 | shares |
| CY2012Q4 | us-gaap |
Liabilities
Liabilities
|
66450000 | |
| CY2012Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
17251000 | |
| CY2012Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
4290000 | |
| CY2012Q4 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6000000 | |
| CY2012Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2012Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
4953000 | |
| CY2012Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
13526000 | |
| CY2012Q4 | us-gaap |
Assets
Assets
|
237603000 | |
| CY2012Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
11380000 | |
| CY2012Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
10428000 | |
| CY2012Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2012Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
237603000 | |
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
114901000 | |
| CY2012Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17752000 | shares |
| CY2012Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
12042000 | |
| CY2012Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
55070000 | |
| CY2012Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
11106000 | |
| CY2012Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
178000 | |
| CY2012Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2012Q4 | us-gaap |
Assets Current
AssetsCurrent
|
141074000 | |
| CY2012Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
| CY2012Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2012Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2012Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
82840000 | |
| CY2012Q4 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
25777000 | |
| CY2013Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
4000000 | |
| CY2013Q1 | dei |
Trading Symbol
TradingSymbol
|
APEI | |
| CY2013Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
AMERICAN PUBLIC EDUCATION INC | |
| CY2013Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2013Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2013Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2013Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2013 | |
| CY2013Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2013Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2013-03-31 | |
| CY2013Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001201792 | |
| CY2013Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2013Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
65630000 | |
| CY2013Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
4000000 | |
| CY2013Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
18210000 | |
| CY2013Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
402000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2004000 | |
| CY2013Q1 | us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
-59000 | |
| CY2013Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-48000 | |
| CY2013Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.63 | |
| CY2013Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
-48000 | |
| CY2013Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2. Basis of Presentation</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  All intercompany transactions have been eliminated in consolidation.  The financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes in its audited financial statements included in its Annual Report, on Form 10-K, for the year ended December 31, 2012.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Use of Estimates</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Recent Accounting Pronouncements</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> There have been no applicable pronouncements since our last filing.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Investments</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> On September 30, 2012, the Company made a $6.8 million or approximately 19.9% investment in preferred stock of NWHW Holdings, Inc. (“NWHW Holdings”), which in turn acquired New Horizons Worldwide, Inc. ("New Horizons"). New Horizons is a global IT training company operating in approximately 260 locations around the world through franchise arrangements in 41 states and 63 countries. In connection with the investment, APEI is entitled to certain rights, including right to representation on the Board of Directors of NWHW Holdings. The Company recorded the investment at cost and will recognize its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> On February 20, 2013, the Company made a $4.0 million investment in preferred stock of Fidelis Education,  Inc. (“Fidelis Education”), representing approximately 21.6% of its fully diluted equity. Fidelis Education is developing a technology platform to assist working adult students with education advising and career mentoring services as they pursue college degrees.  In connection with the investment, APEI is entitled to certain rights, including right to representation on the Board of Directors. The Company recorded the investment at cost and will recognize its share of earnings or losses in the investee in the periods for which they are reported with a corresponding adjustment in the carrying amount of the investment.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Note Receivable</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br /> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> In connection with the Company's minority investment in NWHW Holdings, the Company extended $6.0 million in credit to New Horizons in exchange for a subordinated note. The note matures on September 28, 2018, with monthly interest payments of 5.0% per annum during the first five years of the note and interest payments of 6.0% per annum in the sixth year. We evaluate the loan receivable by analyzing the borrower's creditworthiness, cash flows and financial status, and the condition and estimated value of the collateral. We consider a loan to be impaired when, based upon current information and events, we believe it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement.</font></font></div>  </div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"> Commitments and</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Contingencies</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accrues for costs associated with contingencies including, but not limited to, regulatory compliance and legal matters when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate cost and expenses associated with any such contingency.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time, the Company may be involved in litigation in the normal course of its business.  The Company is not aware of any pending or threatened litigation matters that, in the opinion of management, will have a material adverse effect on the Company’s business, operations, financial condition or cash flows.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">    </font></div> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Concentration</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Approximately 39%  of the Company’s revenues for the three-month period ended March 31, 2013 were derived from students who received tuition assistance from tuition assistance programs sponsored by the United States Department of Defense (“DoD”) compared to approximately 40% of the Company’s revenues for the three months ended March 31, 2012. Approximately 15% of the Company’s revenues for the three-month period ended March 31, 2013 were derived from students who were eligible for veterans benefits compared to approximately 12% of the Company’s revenues for the three months ended March 31, 2012. Approximately 35% of the Company’s revenues for the three months ended March 31, 2013, were from students using financial aid under the Title IV programs compared to 34% for the three months ended March 31, 2012. A reduction in any of these programs or a change in maximum benefits allowed to students thereunder could have a significant impact on the Company’s operations.</font></div> </div> | |
| CY2013Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
5770000 | |
| CY2013Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
79000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-4567000 | |
| CY2013Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3207000 | |
| CY2013Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
769000 | |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
20603000 | |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-10035000 | |
| CY2013Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5947000 | |
| CY2013Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
5649000 | |
| CY2013Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
17479000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
3296000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
940000 | |
| CY2013Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17999961 | shares |
| CY2013Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
102000 | |
| CY2013Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
18274000 | |
| CY2013Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
16539000 | |
| CY2013Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.64 | |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-4919000 | |
| CY2013Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
64000 | |
| CY2013Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
613000 | |
| CY2013Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17764330 | shares |
| CY2012Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
3857000 | |
| CY2013Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
83840000 | |
| CY2013Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
88000 | |
| CY2013Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1015000 | |
| CY2013Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
2122000 | |
| CY2013Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
11376000 | |
| CY2013Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
82000 | |
| CY2013Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6850000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-385000 | |
| CY2013Q1 | apei |
Other Stock Based Compensation Expense
OtherStockBasedCompensationExpense
|
25000 | |
| CY2013Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
28405000 | |
| CY2013Q1 | apei |
Share Based Compensation Excluding Director Incentive Shares
ShareBasedCompensationExcludingDirectorIncentiveShares
|
1015000 | |
| CY2013Q1 | apei |
Increase Decrease In Allowance For Doubtful Accounts
IncreaseDecreaseInAllowanceForDoubtfulAccounts
|
-1681000 | |
| CY2012Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
60952000 | |
| CY2012Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
14870000 | |
| CY2012Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
401000 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-3063000 | |
| CY2012Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.50 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-1603000 | |
| CY2012Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
2656000 | |
| CY2012Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
767000 | |
| CY2012Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
14849000 | |
| CY2012Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-6686000 | |
| CY2012Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
257000 | |
| CY2012Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6577000 | |
| CY2012Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
6820000 | |
| CY2012Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
16072000 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
1194000 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
571000 | |
| CY2012Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
18233669 | shares |
| CY2012Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1601000 | |
| CY2012Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
14891000 | |
| CY2012Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
14371000 | |
| CY2012Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.51 | |
| CY2012Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1343000 | |
| CY2012Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
21000 | |
| CY2012Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
613000 | |
| CY2012Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17854114 | shares |
| CY2012Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
75822000 | |
| CY2012Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
109000 | |
| CY2012Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1014000 | |
| CY2012Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
512000 | |
| CY2012Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
9083000 | |
| CY2012Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
1747000 | |
| CY2012Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
5808000 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
294000 | |
| CY2012Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
1688000 | |
| CY2012Q1 | apei |
Other Stock Based Compensation Expense
OtherStockBasedCompensationExpense
|
33000 | |
| CY2012Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
27853000 | |
| CY2012Q1 | apei |
Share Based Compensation Excluding Director Incentive Shares
ShareBasedCompensationExcludingDirectorIncentiveShares
|
1014000 | |
| CY2012Q1 | apei |
Increase Decrease In Allowance For Doubtful Accounts
IncreaseDecreaseInAllowanceForDoubtfulAccounts
|
2007000 |
