1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies

AMERICAN PUBLIC EDUCATION, INC. Reports Operating Results (10-K)

February 18, 2011 | About:

AMERICAN PUBLIC EDUCATION, INC. (NASDAQ:APEI) filed Annual Report for the period ended 2010-12-31.

American Public Education Inc. has a market cap of $630.5 million; its shares were traded at around $35.09 with a P/E ratio of 23.3 and P/S ratio of 4.3. Hedge Fund Gurus that owns APEI: Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns APEI: RS Investment Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Mario Gabelli of GAMCO Investors.

Highlight of Business Operations:

From 2008 to 2010, our total revenue increased from $107.1 million to $198.2 million, which represents a compound annual growth rate (CAGR) of 36%. Our net course registrations increased 41% and 31% in 2009 and 2010, respectively, over the prior periods. We believe our growth is attributable to: (i) high student satisfaction and referral rates; (ii) regional accreditation; (iii) increasing acceptance of distance learning within our targeted markets; and (iv) variety and affordability of our programs. As our revenue base grows, we expect our growth rate percentages to continue to decline. However, we expect actual dollar revenue growth to increase. Net income improved to $29.9 million in 2010 from net income of $16.2 million in 2008.

Active duty and reserve component military personnel are eligible for tuition assistance through the Uniform Tuition Assistance Program of the DoD. DoD policy allows for payment of 100% of a military student s tuition costs, up to $250 per semester credit hour and a maximum benefit of $4,500 per fiscal year. Our undergraduate tuition per course is designed so that the tuition assistance paid by the service branches covers the cost of our courses for service members up to the annual maximum benefit. Military students who are eligible for the Veterans Administration s GI Bill Entitlement Program may apply those funds to pay for tuition costs above the DoD limits through the GI Bill s Top-Up feature. Most military veterans are also eligible to use their GI Bill entitlements in continuing their education after retirement or separation.

We believe our growth in student enrollment and revenue has consistently been driven by high student satisfaction and referral rates, and by increasing acceptance of distance learning within our targeted markets. Between 2008 and 2009, we grew our revenue 39% from $107.1 million to $149.0 million. Our revenues increased by 33% to $198.2 million for the year ended December 31, 2010. As our revenue base grows, we expect our growth rate percentages to continue to decline. However, we expect actual dollar revenue growth to increase. We plan to grow our business by employing the following primary strategies:

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 3.2/5 (6 votes)


Please leave your comment:

GuruFocus has detected 3 Warning Signs with American Public Education Inc $APEI.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.

Performances of the stocks mentioned by 10qk

User Generated Screeners

andrewgu999nick scali style
liuzishudeep value non-div
star1907Rule #1
star1907C3 20% Growth 5 yr
EhrlingerT. Rowe Price Group
NorvasP/S good growers
danaltstreamMPB EY
AxelSalonenGrowth & True Value
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat