American Public Education Inc. said its normalized net income for the fourth quarter came to 69 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS rose year over year from 67 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.2 million, a decline from $11.6 million in the prior-year period.

The normalized profit margin climbed to 13.1% from 12.7% in the year-earlier period.

Total revenue fell 5.9% year over year to $85.9 million from $91.3 million, and total operating expenses fell 6.3% from the prior-year period to $68.1 million from $72.7 million.

Reported net income fell 17.1% from the prior-year period to $9.8 million, or 61 cents per share, from $11.9 million, or 68 cents per share.

For the year, the company's normalized net income totaled $2.03 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.85.

EPS declined 13.8% from $2.36 in the prior year.

Normalized net income was $34.1 million, a decline of 17.5% from $41.3 million in the prior year.

Full-year total revenue decreased 6.3% year over year to $327.9 million from $350.0 million, and total operating expenses declined on an annual basis to $273.5 million from $284.1 million.

The company said reported net income declined 20.7% year over year to $32.4 million, or $1.93 per share, in the full year, from $40.9 million, or $2.33 per share.