2014 Q1 Form 10-Q Financial Statement
#000115752314002056 Filed on May 09, 2014
Income Statement
| Concept | 2014 Q1 | 2013 Q1 |
|---|---|---|
| Revenue | $88.55M | $83.84M |
| YoY Change | 5.62% | 10.57% |
| Cost Of Revenue | $31.35M | $28.41M |
| YoY Change | 10.35% | 2.01% |
| Gross Profit | $57.21M | $55.44M |
| YoY Change | 3.19% | 15.57% |
| Gross Profit Margin | 64.61% | 66.13% |
| Selling, General & Admin | $36.59M | $34.02M |
| YoY Change | 7.56% | 11.74% |
| % of Gross Profit | 63.96% | 61.36% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $3.890M | $3.210M |
| YoY Change | 21.18% | 20.68% |
| % of Gross Profit | 6.8% | 5.79% |
| Operating Expenses | $36.59M | $34.02M |
| YoY Change | 7.56% | 11.74% |
| Operating Profit | $16.73M | $18.21M |
| YoY Change | -8.15% | 22.29% |
| Interest Expense | $81.00K | $64.00K |
| YoY Change | 26.56% | 220.0% |
| % of Operating Profit | 0.48% | 0.35% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $16.81M | $18.27M |
| YoY Change | -8.03% | 22.72% |
| Income Tax | $6.327M | $6.850M |
| % Of Pretax Income | 37.65% | 37.48% |
| Net Earnings | $10.44M | $11.38M |
| YoY Change | -8.26% | 25.24% |
| Net Earnings / Revenue | 11.79% | 13.57% |
| Basic Earnings Per Share | $0.59 | $0.64 |
| Diluted Earnings Per Share | $0.59 | $0.63 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 17.60M shares | 17.76M shares |
| Diluted Shares Outstanding | 17.81M shares | 18.00M shares |
Balance Sheet
| Concept | 2014 Q1 | 2013 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $99.70M | $120.6M |
| YoY Change | -17.33% | -4.13% |
| Cash & Equivalents | $99.68M | $120.6M |
| Short-Term Investments | ||
| Other Short-Term Assets | $12.80M | $10.20M |
| YoY Change | 25.49% | 5.15% |
| Inventory | ||
| Prepaid Expenses | $6.627M | $5.056M |
| Receivables | $13.35M | $12.21M |
| Other Receivables | $0.00 | $400.0K |
| Total Short-Term Assets | $125.8M | $143.3M |
| YoY Change | -12.19% | -0.89% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $91.83M | $85.61M |
| YoY Change | 7.27% | 36.32% |
| Goodwill | $38.15M | |
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $10.67M | $10.62M |
| YoY Change | 0.55% | |
| Other Assets | $9.385M | $1.201M |
| YoY Change | 681.43% | -14.21% |
| Total Long-Term Assets | $156.4M | $103.4M |
| YoY Change | 51.24% | 61.1% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $125.8M | $143.3M |
| Total Long-Term Assets | $156.4M | $103.4M |
| Total Assets | $282.3M | $246.7M |
| YoY Change | 14.39% | 18.17% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $12.41M | $15.25M |
| YoY Change | -18.6% | 14.64% |
| Accrued Expenses | $11.53M | $11.66M |
| YoY Change | -1.12% | -21.24% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $52.34M | $55.98M |
| YoY Change | -6.49% | -1.45% |
| 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 | $52.34M | $55.98M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $65.93M | $68.09M |
| YoY Change | -3.17% | 2.85% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $51.01M | $19.91M |
| YoY Change | 156.15% | |
| Common Stock | $165.3M | $158.7M |
| YoY Change | 4.15% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $216.3M | $178.7M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $282.3M | $246.7M |
| YoY Change | 14.39% | 18.17% |
Cashflow Statement
| Concept | 2014 Q1 | 2013 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $10.44M | $11.38M |
| YoY Change | -8.26% | 25.24% |
| Depreciation, Depletion And Amortization | $3.890M | $3.210M |
| YoY Change | 21.18% | 20.68% |
| Cash From Operating Activities | $12.45M | $20.60M |
| YoY Change | -39.57% | 38.75% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $4.612M | $5.947M |
| YoY Change | -22.45% | -9.58% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $128.0K | $88.00K |
| YoY Change | 45.45% | -19.27% |
| Cash From Investing Activities | -$5.240M | -$10.04M |
| YoY Change | -47.78% | 50.09% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $2.647M | $5.770M |
| YoY Change | -54.12% | 49.6% |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -2.350M | -4.919M |
| YoY Change | -52.23% | 266.27% |
| NET CHANGE | ||
| Cash From Operating Activities | 12.45M | 20.60M |
| Cash From Investing Activities | -5.240M | -10.04M |
| Cash From Financing Activities | -2.350M | -4.919M |
| Net Change In Cash | 4.860M | 5.649M |
| YoY Change | -13.97% | -17.17% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $12.45M | $20.60M |
| Capital Expenditures | $4.612M | $5.947M |
| Free Cash Flow | $7.838M | $14.66M |
| YoY Change | -46.52% | 77.18% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
17476136 | shares |
| CY2013Q1 | us-gaap |
Assets
Assets
|
246740000 | |
| CY2013Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
120550000 | |
| CY2014Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17640000 | shares |
| CY2014Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
| CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2014Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2014Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17640000 | shares |
| CY2014Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2014Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
52344000 | |
| CY2014Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
12411000 | |
| CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
216324000 | |
| CY2014Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
165143000 | |
| CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
51005000 | |
| CY2014Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
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| CY2014Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
11526000 | |
| CY2014Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
15261000 | |
| CY2014Q1 | us-gaap |
Liabilities
Liabilities
|
65933000 | |
| CY2014Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
176000 | |
| CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
282257000 | |
| CY2014Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
13589000 | |
| CY2014Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
1928000 | |
| CY2014Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
9385000 | |
| CY2014Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
6627000 | |
| CY2014Q1 | us-gaap |
Goodwill
Goodwill
|
38148000 | |
| CY2014Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
13346000 | |
| CY2014Q1 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
10674000 | |
| CY2014Q1 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
6190000 | |
| CY2014Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
91827000 | |
| CY2014Q1 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6380000 | |
| CY2014Q1 | us-gaap |
Assets
Assets
|
282257000 | |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
99680000 | |
| CY2014Q1 | us-gaap |
Assets Current
AssetsCurrent
|
125843000 | |
| CY2014Q1 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
26479000 | |
| CY2012Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
114901000 | |
| CY2013Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17578000 | shares |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
| CY2013Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
| CY2013Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2013Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2013Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17578000 | shares |
| CY2013Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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| CY2013Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
54258000 | |
| CY2013Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
11563000 | |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
207069000 | |
| CY2013Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
164913000 | |
| CY2013Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
41980000 | |
| CY2013Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
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| CY2013Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
17866000 | |
| CY2013Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
13175000 | |
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Liabilities
Liabilities
|
64586000 | |
| CY2013Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
176000 | |
| CY2013Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
271655000 | |
| CY2013Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
10328000 | |
| CY2013Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
9592000 | |
| CY2013Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
5598000 | |
| CY2013Q4 | us-gaap |
Goodwill
Goodwill
|
38148000 | |
| CY2013Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
3215000 | |
| CY2013Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
9520000 | |
| CY2013Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
10597000 | |
| CY2013Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
3432000 | |
| CY2013Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
90733000 | |
| CY2013Q4 | us-gaap |
Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
|
6000000 | |
| CY2013Q4 | us-gaap |
Assets
Assets
|
271655000 | |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
94820000 | |
| CY2013Q4 | us-gaap |
Assets Current
AssetsCurrent
|
116585000 | |
| CY2013Q4 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
24829000 | |
| CY2013Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.64 | |
| CY2013Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.63 | |
| CY2013Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17999961 | shares |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
20603000 | |
| CY2013Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17764330 | shares |
| CY2013Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-48000 | |
| CY2013Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5947000 | |
| CY2013Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
79000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-4567000 | |
| CY2013Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
88000 | |
| CY2013Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
64000 | |
| CY2013Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
83840000 | |
| 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 |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1783000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
940000 | |
| CY2013Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
4000000 | |
| CY2013Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
18210000 | |
| CY2013Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
5770000 | |
| CY2013Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
11376000 | |
| CY2013Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
402000 | |
| CY2013Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
84000 | |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-4919000 | |
| CY2013Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
2122000 | |
| CY2013Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
65630000 | |
| CY2013Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
17479000 | |
| CY2013Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1015000 | |
| CY2013Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3207000 | |
| CY2013Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
5649000 | |
| CY2013Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
16539000 | |
| CY2013Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-10035000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
3296000 | |
| CY2013Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6850000 | |
| CY2013Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
613000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-385000 | |
| CY2013Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2004000 | |
| CY2013Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
769000 | |
| CY2013Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
82000 | |
| CY2013Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1015000 | |
| CY2013Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
28405000 | |
| CY2014Q1 | dei |
Trading Symbol
TradingSymbol
|
APEI | |
| CY2014Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
AMERICAN PUBLIC EDUCATION INC | |
| CY2014Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2014Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2014Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2014 | |
| CY2014Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2014Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-03-31 | |
| CY2014Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001201792 | |
| CY2014Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2014Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2014Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> <div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"> 2. Basis of Presentation</font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> </font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States, or 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 the Company's 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, 2014. 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, 2013.</font></font></font></font> <div style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 13px 'Times New Roman'; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">  </font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Use of Estimates</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> 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></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Recent Accounting Pronouncements</font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">  </font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> There have been no applicable pronouncements since the Company's Annual Report  on Form 10-K for the year ended December 31, 2013.</font></font></font></font></div> </div> <div style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 13px 'Times New Roman'; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> </font></font></font></div> <div style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 13px 'Times New Roman'; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Investments</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On February 20, 2013, the Company made a $4.0 million investment in preferred stock of Fidelis Education,  Inc.  or 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, the Company is entitled to certain rights, including right to representation on the Board of Directors. The Company recorded the investment at cost and records 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></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Notes Receivable</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 45pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> The Company evaluates loans receivables by analyzing the borrower's creditworthiness, cash flows and financial status, and the condition and estimated value of the collateral. The Company considers a loan to be impaired when, based upon current information and events, the Company believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Commitments and</font> <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Contingencies</font></font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">  </font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> 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></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">  </font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> 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 the resolution of which, in the opinion of management, will have a material adverse effect on the Company’s business, operations, financial condition or cash flows.</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> On or about November 18, 2013, a putative class action styled Tabatha Vickery, Bryan Lynn, on behalf of themselves and a similarly situated class v. Hondros College, Inc. and John G. Hondros, was filed in the Court of Common Pleas, Cuyahoga County, Ohio, case no. CV 13 817299. National Education Seminars, Inc., which operates as Hondros College, Nursing Programs, or HCON, was not named in the lawsuit, but a member of HCON’s board of directors, John Hondros, was named in the lawsuit, and the allegations made in the complaint relate to HCON’s operations and not the operations of the entity named in the lawsuit. The lawsuit asserts claims for fraud and fraudulent inducement, negligent misrepresentation, breach of implied-in-fact contract, promissory estoppel, unjust enrichment, and violation of the Ohio Consumer Sales Practices Act, for, among other things, the alleged provision of false or misleading information to the named plaintiffs and other putative class members in 2011 and 2012 regarding the status of accreditation by National League for Nursing Accrediting Commission of HCON’s Associate Degree in Nursing, or ADN, program offered at its Independence, Ohio campus. The plaintiffs allege that the putative class consists of more than 60 former students who in the summer or fall quarters of 2011 enrolled in the ADN or the licensed practical nursing, or LPN, program at the Independence campus with the intention of pursuing a degree in nursing, but who withdrew from the ADN or LPN program. On February 11, 2014, the plaintiffs filed their First Amended Complaint, which removed Hondros College, Inc. as a defendant and added HCON as a defendant. On February 24, 2014, the defendants filed a motion to dismiss with prejudice the plaintiffs’ First Amended Complaint. On April 1, 2014, the plaintiffs filed their opposition to the motion to dismiss. On April 10, 2014, the defendants filed their reply brief in support of the motion to dismiss. The Company is currently unable to estimate the likelihood or range of reasonably probable loss, if any, for this matter. The Company does not believe, based on currently available information, that the outcome of this proceeding, if adverse to HCON, would have a material adverse effect on the Company’s financial condition.</font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline">     </font></font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Concentration</font></font></font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><br /> </font></font></font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; DISPLAY: inline"> Approximately 36% of the Company’s revenues for the three-month period ended March 31, 2014 were derived from students who received tuition assistance from tuition assistance programs sponsored by the United States Department of Defense, or DoD, compared to approximately 39% of the Company’s revenues for the three-month period ended March 31, 2013.  Approximately 17% of the Company’s revenues for the three-month period ended March 31, 2014 was derived from students who were eligible for veterans benefits, compared to approximately 15% of the Company’s revenues for the three-month period ended March 31, 2013. Approximately 35% of the Company’s revenues for the three-month period ended March 31, 2014 was derived from students using financial aid under the Title IV programs, compared to 35% for the three-month period ended March 31, 2013. A reduction in any of these programs or a change in the benefits allowed to students thereunder could have a significant impact on the Company’s operations.</font></font></font></font></div> </div> </div> </div> </div> | |
| CY2014Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.59 | |
| CY2014Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"> 1. Nature of the Business</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company”, is a provider of online and campus-based postsecondary education to approximately 115,000 students through the operations of two subsidiaries:</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 18pt"> <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> </font></div> </td> <td style="WIDTH: 18pt"> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline"> ●</font></font></div> </td> <td> <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">American Public University System, Inc., or APUS, provides exclusively online postsecondary education directed primarily at the needs of the military and public safety communities through American Military University, or AMU, and American Public University, or APU.  APUS is regionally accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 18pt"> <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> </font></div> </td> <td style="WIDTH: 18pt"> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline"> ●</font></font></div> </td> <td> <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">National Education Seminars, Inc., or NES, which is referred to in these financial statements as Hondros College, Nursing Programs, or HCON,  provides on-campus nursing education to students at four campuses in Ohio as well as online to serve the needs of the nursing and healthcare community.  HCON is nationally accredited by the Accrediting Council of Independent Colleges and Schools. HCON was acquired by APEI on November 1, 2013.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Company’s institutions are licensed or otherwise authorized to offer postsecondary education programs by state authorities to the extent the Company believes such authorizations are required and are certified by the Department of Education, or ED, to participate in student financial aid programs authorized under Title IV of the Higher Education Act of 1965, as amended, or Title IV programs.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Our operations are organized into two reportable segments:</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 18pt"> <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> </font></div> </td> <td style="WIDTH: 18pt"> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline"> ●</font></font></div> </td> <td> <div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-STYLE: italic; DISPLAY: inline"> American Public Education Segment, or APEI Segment.</font> <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> </font>This segment reflects the historical operations of APEI prior to the acquisition of HCON and reflects operational activities at APUS, other corporate activities, and minority investments.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 18pt"> <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> </font></div> </td> <td style="WIDTH: 18pt"> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline"> ●</font></font></div> </td> <td> <div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-STYLE: italic; DISPLAY: inline"> Hondros College, Nursing Programs Segment, or HCON Segment.</font>   This segment reflects the operational activities of HCON.  The Company acquired HCON on November 1, 2013, and therefore the consolidated results for periods prior to November 1, 2013 do not include any results from HCON.</font></div> </td> </tr> </table> </div> </div> | |
| CY2014Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.59 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17805473 | shares |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
12449000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
4612000 | |
| CY2014Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
412000 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17599199 | shares |
| CY2014Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | Segment |
| CY2014Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | Segment |
| CY2014Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-43000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-3215000 | |
| CY2014Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
128000 | |
| CY2014Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
81000 | |
| CY2014Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
88553000 | |
| CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
16806000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3826000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1071000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
120000 | |
| CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
16725000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
380000 | |
| CY2014Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
2647000 | |
| CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
10436000 | |
| CY2014Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
458000 | |
| CY2014Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
35000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-2349000 | |
| CY2014Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
486000 | |
| CY2014Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
71828000 | |
| CY2014Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
19524000 | |
| CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1156000 | |
| CY2014Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3889000 | |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
4860000 | |
| CY2014Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
17067000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-5240000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
1650000 | |
| CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6327000 | |
| CY2014Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
698000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-6340000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
1928000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
848000 | |
| CY2014Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
45000 | |
| CY2014Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
253000 | |
| CY2014Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1156000 | |
| CY2014Q1 | apei |
Number Of Students
NumberOfStudents
|
115000 | Person |
| CY2014Q1 | apei |
Number Of Subsidiaries
NumberOfSubsidiaries
|
2 | Subsidiary |
| CY2014Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
31348000 |
