American Public Education Inc. said its normalized net income for the first quarter amounted to 52 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.
EPS declined 11.6% year over year from 59 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.0 million, a decline of 13.8% from $10.5 million in the year-earlier period.
The normalized profit margin declined to 10.6% from 11.8% in the year-earlier period.
Total revenue fell on an annual basis to $85.4 million from $88.6 million, and total operating expenses fell from the prior-year period to $71.0 million from $71.8 million.
Reported net income fell 15.8% from the prior-year period to $8.9 million, or 51 cents per share, from $10.5 million, or 59 cents per share.
