American Public Education Inc. said its second-quarter normalized net income was 27 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.
EPS decreased 38.0% year over year from 43 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.4 million, a decrease of 37.4% from $7.0 million in the prior-year period.
The normalized profit margin dropped to 6.1% from 9.1% in the year-earlier period.
Total revenue declined 5.9% on an annual basis to $72.2 million from $76.7 million, and total operating expenses came to $65.2 million, compared with $65.6 million in the year-earlier period.
Reported net income fell 43.3% on an annual basis to $3.8 million, or 23 cents per share, from $6.6 million, or 41 cents per share.