American Public Education Inc. said its normalized net income for the first quarter was 64 cents per share, compared with the S&P Capital IQ consensus estimate of 51 cents per share.

EPS increased 23.4% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $10.4 million, a gain of 15.0% from $9.0 million in the prior-year period.

The normalized profit margin climbed to 12.6% from 10.6% in the year-earlier period.

Total revenue decreased year over year to $84.0 million from $85.4 million, and total operating expenses decreased on an annual basis to $68.0 million from $71.0 million.

Reported net income increased 16.9% from the prior-year period to $10.3 million, or 64 cents per share, from $8.9 million, or 51 cents per share.