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American Public Education, Inc. reports developments across its online and campus-based postsecondary education institutions, including American Public University System, Rasmussen University and Hondros College of Nursing. The company operates through APU Global, which serves military, veteran, extended military-family and public-service communities through American Military University and American Public University, and RU Health+, which focuses on nursing and health sciences education through campus and online programs.
Recurring news includes quarterly and annual financial results, enrollment and course-registration updates, nursing program launches, education-technology platform changes, tuition partnerships, academic recognition programs and regulatory developments affecting program growth or student funding.
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Rasmussen University, part of American Public Education, Inc. (NASDAQ: APEI), has appointed Paula Singer as acting president and board member, effective immediately. Ms. Singer succeeds Javier Miyares, who served for 11 months. With extensive experience in higher education, Ms. Singer aims to enhance educational access and outcomes, particularly for underserved populations. The university serves over 14,000 students across 22 campuses and online, focusing on career-oriented programs, especially in nursing, with more than half of students enrolled in pre-licensure nursing programs. Ms. Singer expresses excitement about her new role and commitment to innovation in education.
American Public Education, Inc. (Nasdaq: APEI) issued a correction to its first quarter 2023 revenue guidance due to a clerical error. The updated revenue range is now $148.1 million to $150.1 million, down from $155.1 million to $157.1 million. Despite this adjustment, APEI anticipates exceeding the high end of its Adjusted EBITDA guidance of $2.4 million to $4.1 million.
The company will report its first quarter results on May 9, 2023, and the earnings conference call will be held at 5:00 p.m. Eastern on the same day. The preliminary outlook remains subject to final closing procedures, and adjustments may occur.
Rasmussen University has reopened its North Orlando campus after extensive renovations that increased academic space by nearly 50%. This marks the first time students have returned since Hurricane Ian in September 2022. The renovations included updates to existing Nursing Skills Labs and the addition of a high-tech Nursing Simulation Center, featuring four simulation rooms, control rooms, and nursing charting stations. These improvements aim to address the growing need for healthcare professionals in the region and enhance educational facilities for students. The campus, which opened in 2018, offers over 50 career-focused programs.
Rasmussen University celebrates its 10th anniversary in Topeka with the grand opening of a new campus on April 19, 2023. The relocated facility features advanced educational resources, including a state-of-the-art Nursing Skills laboratory and Simulation Center for students pursuing the Associate Degree in Nursing and Bachelor of Science in Nursing. This campus aims to reinforce the university's commitment to workforce development within the community, easily accessible from surrounding areas. The event includes local officials and a ribbon-cutting ceremony.
Thirteen master's degree students from American Military University (AMU) have been named Presidential Management Fellowship (PMF) Finalists for 2023, marking a significant achievement for the American Public University System (APUS). Since 2011, over 75 APUS students and alumni have reached this prestigious status. The PMF Program, aimed at developing future government leaders, selected 850 finalists from over 10,000 applicants globally. Each finalist will receive valuable mentoring and coaching support through APUS Career Services, enhancing their professional development.
Rasmussen University announced the Medical Assisting Wellness Grant on March 21, 2023, aimed at addressing the increasing demand for medical assistants in the U.S. The grant offers up to $2,250 in tuition assistance, helping students save approximately 16% on tuition costs. The program is available for new students enrolling in the Medical Assisting Diploma program starting in April, May, or July 2023. The Bureau of Labor Statistics projects a 16% growth in medical assistant employment by 2031, with around 123,000 annual job openings expected.
American Public Education, Inc. (Nasdaq: APEI) has appointed Michael D. Braner, a Managing Partner of 325 Capital, to its Board of Directors, effective March 28, 2023. Braner brings extensive investment experience and is an existing shareholder with a 4.9% stake in APEI. His addition is expected to enhance the company's long-term value creation. Both APEI's management and Braner expressed enthusiasm for this collaboration, aiming to improve shareholder value. The appointment follows a Cooperation Agreement between APEI and 325 Capital, which includes a standstill provision.
American Public Education reported financial results for Q4 2022, revealing a 1.0% decrease in consolidated revenue to $152.4 million. Notably, the net loss available to common stockholders was $6.6 million, a stark decline from the $9.4 million net income in Q4 2021. Adjusted EBITDA fell 48% year-over-year to $15.4 million. Unrestricted cash and equivalents totaled $102.6 million, marking a $20 million decrease from the previous year. The report highlights a 9% drop in total enrollment at Rasmussen University, although American Public University System saw a 1% increase in net course registrations.