2013 Q4 Form 10-Q Financial Statement
#000115752313005298 Filed on November 05, 2013
Income Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| Revenue | $82.94M | $81.78M | $77.12M |
| YoY Change | -3.56% | 6.04% | 18.19% |
| Cost Of Revenue | $29.03M | $28.14M | $26.44M |
| YoY Change | -2.09% | 6.43% | 10.4% |
| Gross Profit | $53.90M | $53.64M | $50.69M |
| YoY Change | -4.35% | 5.82% | 22.74% |
| Gross Profit Margin | 64.99% | 65.59% | 65.73% |
| Selling, General & Admin | $35.77M | $32.76M | $30.41M |
| YoY Change | 12.1% | 7.72% | 27.42% |
| % of Gross Profit | 66.36% | 61.06% | 59.99% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $3.610M | $3.380M | $2.760M |
| YoY Change | 19.54% | 22.46% | 15.0% |
| % of Gross Profit | 6.7% | 6.3% | 5.44% |
| Operating Expenses | $39.39M | $32.76M | $30.41M |
| YoY Change | 12.77% | 7.72% | 27.42% |
| Operating Profit | $14.60M | $17.51M | $17.55M |
| YoY Change | -32.23% | -0.23% | 16.45% |
| Interest Expense | $80.00K | $77.00K | $30.00K |
| YoY Change | -33.33% | 156.67% | -25.0% |
| % of Operating Profit | 0.55% | 0.44% | 0.17% |
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | $14.60M | $17.58M | $17.55M |
| YoY Change | -32.23% | 0.21% | 16.45% |
| Income Tax | $5.640M | $6.612M | $6.724M |
| % Of Pretax Income | 38.64% | 37.6% | 38.32% |
| Net Earnings | $8.997M | $10.91M | $10.82M |
| YoY Change | -31.71% | 0.8% | -1.05% |
| Net Earnings / Revenue | 10.85% | 13.34% | 14.03% |
| Basic Earnings Per Share | $0.51 | $0.62 | $0.61 |
| Diluted Earnings Per Share | $0.51 | $0.61 | $0.60 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 17.52M shares | 17.66M shares | 17.71M shares |
| Diluted Shares Outstanding | 17.88M shares | 17.95M shares |
Balance Sheet
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $94.80M | $143.8M | $101.6M |
| YoY Change | -17.49% | 41.54% | -5.31% |
| Cash & Equivalents | $94.82M | $143.8M | $101.6M |
| Short-Term Investments | |||
| Other Short-Term Assets | $9.000M | $8.100M | $11.10M |
| YoY Change | -16.67% | -27.03% | 44.16% |
| Inventory | |||
| Prepaid Expenses | $5.598M | $4.131M | $3.997M |
| Receivables | $9.520M | $7.004M | $19.86M |
| Other Receivables | $3.200M | $1.900M | $3.300M |
| Total Short-Term Assets | $116.6M | $160.8M | $135.9M |
| YoY Change | -17.36% | 18.35% | 6.83% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $90.73M | $88.10M | $79.48M |
| YoY Change | 9.53% | 10.84% | 58.64% |
| Goodwill | $38.15M | ||
| YoY Change | |||
| Intangibles | $7.949M | ||
| YoY Change | |||
| Long-Term Investments | $10.60M | $10.56M | $6.750M |
| YoY Change | 59.02% | 56.4% | |
| Other Assets | $9.592M | $1.266M | $1.008M |
| YoY Change | 835.8% | 25.6% | -28.0% |
| Total Long-Term Assets | $155.1M | $105.9M | $93.24M |
| YoY Change | 60.65% | 13.6% | 81.04% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $116.6M | $160.8M | $135.9M |
| Total Long-Term Assets | $155.1M | $105.9M | $93.24M |
| Total Assets | $271.7M | $266.7M | $229.1M |
| YoY Change | 14.33% | 16.42% | 28.22% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $11.56M | $12.18M | $19.01M |
| YoY Change | -32.97% | -35.94% | 74.42% |
| Accrued Expenses | $17.87M | $14.19M | $16.20M |
| YoY Change | 48.36% | -12.4% | 35.02% |
| 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 | $54.26M | $55.13M | $63.83M |
| YoY Change | -1.47% | -13.63% | 27.66% |
| 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 | $54.26M | $55.13M | $63.83M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $64.59M | $65.50M | $73.50M |
| YoY Change | -2.81% | -10.88% | 25.2% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $41.98M | $39.17M | $15.75M |
| YoY Change | 210.37% | 148.69% | |
| Common Stock | $165.1M | $162.1M | $152.6M |
| YoY Change | 4.73% | 6.24% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | $12.67M | ||
| YoY Change | |||
| Treasury Stock Shares | 410.0K shares | ||
| Shareholders Equity | $207.1M | $201.2M | $155.6M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $271.7M | $266.7M | $229.1M |
| YoY Change | 14.33% | 16.42% | 28.22% |
Cashflow Statement
| Concept | 2013 Q4 | 2013 Q3 | 2012 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $8.997M | $10.91M | $10.82M |
| YoY Change | -31.71% | 0.8% | -1.05% |
| Depreciation, Depletion And Amortization | $3.610M | $3.380M | $2.760M |
| YoY Change | 19.54% | 22.46% | 15.0% |
| Cash From Operating Activities | $5.210M | $19.56M | $11.80M |
| YoY Change | -71.72% | 65.76% | -45.95% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$5.600M | $4.172M | -$9.660M |
| YoY Change | -13.31% | -143.19% | 36.44% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$44.36M | $0.00 | -$12.75M |
| YoY Change | -100.0% | ||
| Cash From Investing Activities | -$49.96M | -$4.210M | -$22.41M |
| YoY Change | 673.37% | -81.21% | 216.53% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -4.220M | 310.0K | -4.540M |
| YoY Change | -408.03% | -106.83% | 135.23% |
| NET CHANGE | |||
| Cash From Operating Activities | 5.210M | 19.56M | 11.80M |
| Cash From Investing Activities | -49.96M | -4.210M | -22.41M |
| Cash From Financing Activities | -4.220M | 310.0K | -4.540M |
| Net Change In Cash | -48.97M | 15.66M | -15.15M |
| YoY Change | -467.37% | -203.37% | -218.17% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $5.210M | $19.56M | $11.80M |
| Capital Expenditures | -$5.600M | $4.172M | -$9.660M |
| Free Cash Flow | $10.81M | $15.39M | $21.46M |
| YoY Change | -56.55% | -28.29% | -25.77% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2013Q1 | us-gaap |
Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
|
0.216 | pure |
| CY2013Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
17519893 | shares |
| CY2012Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
101561000 | |
| CY2013Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17679000 | shares |
| CY2013Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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shares | |
| CY2013Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
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Commitments And Contingencies
CommitmentsAndContingencies
|
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Preferred Stock Par Or Stated Value Per Share
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|
0.01 | |
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2013Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2013Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2013Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
55134000 | |
| CY2013Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
12179000 | |
| CY2013Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
201239000 | |
| CY2013Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
161891000 | |
| CY2013Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
39171000 | |
| CY2013Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
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| CY2013Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
14193000 | |
| CY2013Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
11497000 | |
| CY2013Q3 | us-gaap |
Liabilities
Liabilities
|
65498000 | |
| CY2013Q3 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
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| CY2013Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
177000 | |
| CY2013Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
266737000 | |
| CY2013Q3 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
10364000 | |
| CY2013Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1266000 | |
| CY2013Q3 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
4131000 | |
| CY2013Q3 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
1891000 | |
| CY2013Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
7004000 | |
| CY2013Q3 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
10557000 | |
| CY2013Q3 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
4011000 | |
| CY2013Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
88097000 | |
| CY2013Q3 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6000000 | |
| CY2013Q3 | us-gaap |
Assets
Assets
|
266737000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
143780000 | |
| CY2013Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
5300000 | |
| CY2013Q3 | us-gaap |
Assets Current
AssetsCurrent
|
160817000 | |
| CY2013Q3 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
28762000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
119006000 | |
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Common Stock Shares Issued
CommonStockSharesIssued
|
17844000 | shares |
| CY2012Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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| CY2012Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2012Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
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| CY2012Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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10000000 | shares |
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Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17844000 | shares |
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Commitments And Contingencies
CommitmentsAndContingencies
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Liabilities Current
LiabilitiesCurrent
|
55070000 | |
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Accounts Payable Current
AccountsPayableCurrent
|
17251000 | |
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Stockholders Equity
StockholdersEquity
|
171153000 | |
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Additional Paid In Capital Common Stock
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157449000 | |
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Retained Earnings Accumulated Deficit
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Preferred Stock Value
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Accrued Liabilities Current
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Allowance For Doubtful Accounts Receivable Current
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11106000 | |
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Liabilities
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Taxes Payable Current
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237603000 | |
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Deferred Tax Liabilities Noncurrent
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Other Assets Noncurrent
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1025000 | |
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Prepaid Expense Current
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|
4290000 | |
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Income Taxes Receivable
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4953000 | |
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Accounts Receivable Net Current
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10428000 | |
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Equity Method Investments
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6664000 | |
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Deferred Tax Assets Net Current
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6502000 | |
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
82840000 | |
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Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6000000 | |
| CY2012Q4 | us-gaap |
Assets
Assets
|
237603000 | |
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
114901000 | |
| CY2012Q4 | us-gaap |
Assets Current
AssetsCurrent
|
141074000 | |
| CY2012Q4 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
25777000 | |
| dei |
Trading Symbol
TradingSymbol
|
APEI | ||
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Entity Registrant Name
EntityRegistrantName
|
AMERICAN PUBLIC EDUCATION INC | ||
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Large Accelerated Filer | ||
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2013 | ||
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Document Type
DocumentType
|
10-Q | ||
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Document Period End Date
DocumentPeriodEndDate
|
2013-09-30 | ||
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Entity Central Index Key
EntityCentralIndexKey
|
0001201792 | ||
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Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
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Document Fiscal Period Focus
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|
Q3 | ||
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> 2. Basis of Presentation</font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"> Use of Estimates</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"> Recent Accounting Pronouncements</font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There have been no applicable pronouncements since our last filing.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"> Investments</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 that will 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></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"> Note Receivable</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic"> Commitments and</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Contingencies</font></font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">    </font></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"> Concentration</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately 36%  and 37% of the Company’s revenues for the three- and nine-month periods ended September 30, 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 37% and 39% of the Company’s revenues for the three- and nine-month periods ended September 30, 2012.  Approximately 16% of the Company’s revenues for each of the three- and nine-month periods ended September 30, 2013 was derived from students who were eligible for veterans benefits, compared to approximately 14% and 13% of the Company’s revenues for the three- and nine-month periods ended September 30, 2012. Approximately 37% and 36% of the Company’s revenues for the three and nine-months ended September 30, 2013, were from students using financial aid under the Title IV programs compared to 37% and 35% for the three- and nine-month periods ended September 30, 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> | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.87 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.84 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17942798 | shares | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
54199000 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17689055 | shares | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
15093000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
14985000 | ||
| us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-3062000 | ||
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
195000 | ||
| us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
4000000 | ||
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
246542000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
53150000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-3033000 | ||
| us-gaap |
Investment Income Net
InvestmentIncomeNet
|
-107000 | ||
| us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
230000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
6000 | ||
| us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-107000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
52920000 | ||
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
-60000 | ||
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
8233000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
33037000 | ||
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
1190000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
1475000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
193622000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
51403000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-6032000 | ||
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
9895000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
28879000 | ||
| us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
48573000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
2985000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
20006000 | ||
| us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
1814000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
2151000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-5072000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1718000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
483000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3004000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-19288000 | ||
| apei |
Share Based Compensation Excluding Director Incentive Shares
ShareBasedCompensationExcludingDirectorIncentiveShares
|
3004000 | ||
| apei |
Other Stock Based Compensation Expense
OtherStockBasedCompensationExpense
|
77000 | ||
| apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
83751000 | ||
| apei |
Increase Decrease In Allowance For Doubtful Accounts
IncreaseDecreaseInAllowanceForDoubtfulAccounts
|
391000 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.64 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.61 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
18103996 | shares | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
34496000 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17823508 | shares | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
28510000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
10401000 | ||
| us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
1764000 | ||
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
372000 | ||
| us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
6750000 | ||
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
227516000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
47397000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
17278000 | ||
| us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
17000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-1398000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
47380000 | ||
| us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
6000000 | ||
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
13128000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
29148000 | ||
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
1136000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-2157000 | ||
| us-gaap |
Costs And Expenses
CostsAndExpenses
|
180136000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
48191000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-10309000 | ||
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
8131000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-17445000 | ||
| us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
43276000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
2734000 | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
18249000 | ||
| us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
1734000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
1716000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
2694000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
934000 | ||
| us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
1885000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2870000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-41632000 | ||
| apei |
Share Based Compensation Excluding Director Incentive Shares
ShareBasedCompensationExcludingDirectorIncentiveShares
|
2870000 | ||
| apei |
Other Stock Based Compensation Expense
OtherStockBasedCompensationExpense
|
87000 | ||
| apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
80538000 | ||
| apei |
Increase Decrease In Allowance For Doubtful Accounts
IncreaseDecreaseInAllowanceForDoubtfulAccounts
|
6917000 | ||
| CY2013Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
4000000 | |
| CY2012Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.61 | |
| CY2012Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.60 | |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17950524 | shares |
| CY2012Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17706088 | shares |
| CY2012Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
77122000 | |
| CY2012Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
17548000 | |
| CY2012Q3 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
30000 | |
| CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
17518000 | |
| CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
10824000 | |
| CY2012Q3 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
372000 | |
| CY2012Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
59604000 | |
| CY2012Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
15978000 | |
| CY2012Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
2760000 | |
| CY2012Q3 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
14430000 | |
| CY2012Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6724000 | |
| CY2012Q3 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
568000 | |
| CY2012Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
940000 | |
| CY2012Q3 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
26436000 | |
| CY2013Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.62 | |
| CY2013Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.61 | |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17876747 | shares |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17658317 | shares |
| CY2013Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
81777000 | |
| CY2013Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
17584000 | |
| CY2013Q3 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
-61000 | |
| CY2013Q3 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
77000 | |
| CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
17507000 | |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
10911000 | |
| CY2013Q3 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
404000 | |
| CY2013Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
64270000 | |
| CY2013Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
16766000 | |
| CY2013Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3376000 | |
| CY2013Q3 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
15989000 | |
| CY2013Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6612000 | |
| CY2013Q3 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
618000 | |
| CY2013Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1022000 | |
| CY2013Q3 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
28139000 |
