American Public Education Q2 revenue down 5%; EPS $0.03 vs $0.45; APUS registrations drop 8%

AMERICAN PUBLIC EDUCATION INC

2021-Q2 EPS reported $0.49 revenue$166,555,000

Consolidated revenue $78.0M (-5% YoY); net income $0.5M ($0.03 diluted EPS) vs $6.7M ($0.45) in Q2 2020.
Adjusted EBITDA $9.9M, down 36% from $15.5M; cash & equivalents $317.0M (includes $86.2M from public offering).
APUS net course registrations fell 8% to 82,600; HCN enrollment rose 36% to record 2,380.
CEO cites Army IgnitED portal outage as key headwind for APUS; Rasmussen acquisition on track to close in Q3.
Diluted share count increased to 18.8M from 14.9M due to March 2021 public offering of 3.68M shares.

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