American Public Education Inc. said its normalized net income for the second quarter came to 43 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS fell 24.9% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $7.3 million, a decrease of 27.3% from $10.0 million in the prior-year period.

The normalized profit margin fell to 9.0% from 11.7% in the year-earlier period.

Total revenue fell 6.1% on an annual basis to $80.3 million from $85.5 million, and total operating expenses fell year over year to $68.7 million from $69.6 million.

Reported net income decreased 27.4% on an annual basis to $7.1 million, or 42 cents per share, from $9.8 million, or 56 cents per share.