American Public Education Inc. said its normalized net income for the third quarter was 40 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

In the prior-year period, the per-share result came in at a profit of 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.4 million, a decrease from $6.6 million in the prior-year period.

The normalized profit margin increased to 8.7% from 8.7% in the year-earlier period.

Total revenue declined on an annual basis to $73.8 million from $76.3 million, and total operating expenses fell on an annual basis to $63.5 million from $65.7 million.

Reported net income fell 95.2% year over year to $324,670, or 2 cents per share, from $6.8 million, or 41 cents per share.