American Public Education Inc. said its normalized net income for the first quarter came to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.
EPS decreased 48.0% year over year from 65 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.5 million, a decline of 47.5% from $10.5 million in the prior-year period.
The normalized profit margin dropped to 7.3% from 12.6% in the year-earlier period.
Total revenue fell 9.9% year over year to $75.7 million from $84.0 million, and total operating expenses decreased year over year to $66.9 million from $67.7 million.
Reported net income fell 55.8% on an annual basis to $4.6 million, or 28 cents per share, from $10.3 million, or 64 cents per share.