AMERICAN PUBLIC EDUCATION, INC. (APEI, Financial) filed Quarterly Report for the period ended 2010-03-31.
American Public Education, Inc. has a market cap of $786.2 million; its shares were traded at around $42.96 with a P/E ratio of 33.9 and P/S ratio of 5.3. APEI is in the portfolios of Lee Ainslie of Maverick Capital, Ron Baron of Baron Funds, RS Investment Management, Jim Simons of Renaissance Technologies LLC.
Costs and Expenses. Costs and expenses for the three months ended March 31, 2010 were $34.2 million, an increase of $9.8 million, or 40%, compared to $24.4 million for the three months ended March 31, 2009. Costs and expenses as a percentage of revenues decreased to 72.2% for the three months ended March 31, 2010 from 73.7% for the three months ended March 31, 2009. This percentage decrease resulted from the factors described below.
Interest income, net. Our interest income, net increased by $11,000 for the three months ended March 31, 2010 to $22,000 from $11,000 for the three months ended March 31, 2009, representing an increase of 100%. This increase was principally due to a 61% increase in cash on hand, or $32.6 million, compared to the same period last year.
Net income. Our net income was $7.6 million for the three months ended March 31, 2010, compared to net income of $5.2 million for the three months ended March 31, 2009, an increase of $2.4 million, or 46%. This increase was related to the factors discussed above.
The Company financed operating activities and capital expenditures during the three months ended March 31, 2010 and 2009 primarily through cash provided by operating income and proceeds received from the exercise of stock options. Cash and cash equivalents were $85.5 million and $53.0 million at March 31, 2010 and March 31, 2009, respectively, representing an increase of $32.6 million, or 61%.
Net cash provided by operating activities was $14.2 million and $6.3 million for the three months ended March 31, 2010 and 2009, respectively. As revenue and profits have grown, cash has increased. Cash and cash equivalents were $85.5 million and $74.9 million at March 31, 2010 and December 31, 2009, respectively.
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American Public Education, Inc. has a market cap of $786.2 million; its shares were traded at around $42.96 with a P/E ratio of 33.9 and P/S ratio of 5.3. APEI is in the portfolios of Lee Ainslie of Maverick Capital, Ron Baron of Baron Funds, RS Investment Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Revenues. Our revenues for the three months ended March 31, 2010 were $47.3 million, an increase of $14.1 million, or 43%, compared to $33.2 million for the three months ended March 31, 2009. The increase was primarily a result of an increase in the number of net course registrations from new civilian students.Costs and Expenses. Costs and expenses for the three months ended March 31, 2010 were $34.2 million, an increase of $9.8 million, or 40%, compared to $24.4 million for the three months ended March 31, 2009. Costs and expenses as a percentage of revenues decreased to 72.2% for the three months ended March 31, 2010 from 73.7% for the three months ended March 31, 2009. This percentage decrease resulted from the factors described below.
Interest income, net. Our interest income, net increased by $11,000 for the three months ended March 31, 2010 to $22,000 from $11,000 for the three months ended March 31, 2009, representing an increase of 100%. This increase was principally due to a 61% increase in cash on hand, or $32.6 million, compared to the same period last year.
Net income. Our net income was $7.6 million for the three months ended March 31, 2010, compared to net income of $5.2 million for the three months ended March 31, 2009, an increase of $2.4 million, or 46%. This increase was related to the factors discussed above.
The Company financed operating activities and capital expenditures during the three months ended March 31, 2010 and 2009 primarily through cash provided by operating income and proceeds received from the exercise of stock options. Cash and cash equivalents were $85.5 million and $53.0 million at March 31, 2010 and March 31, 2009, respectively, representing an increase of $32.6 million, or 61%.
Net cash provided by operating activities was $14.2 million and $6.3 million for the three months ended March 31, 2010 and 2009, respectively. As revenue and profits have grown, cash has increased. Cash and cash equivalents were $85.5 million and $74.9 million at March 31, 2010 and December 31, 2009, respectively.
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