American Public Education, Inc. (APEI) has reported a 95.18 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.33 million, or $0.02 a share in the quarter, compared with $6.76 million, or $0.41 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.72 million, or $0.35 a share compared with $6.76 million or $0.41 a share, a year ago.
Revenue during the quarter dropped 3.26 percent to $73.80 million from $76.29 million in the previous year period. Gross margin for the quarter contracted 19 basis points over the previous year period to 61.58 percent. Total expenses were 99.47 percent of quarterly revenues, up from 86.22 percent for the same period last year. That has resulted in a contraction of 1325 basis points in operating margin to 0.53 percent.
Operating income for the quarter was $0.39 million, compared with $10.51 million in the previous year period.
For the fourth-quarter 2016, American Public Education expects revenue to decline in the range of 6 percent to 3 percent. The company projects diluted earnings per share to be in the range of $0.38 to $0.43 for the fourth-quarter.
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