American Public Education, Inc. (NASDAQ: APEI) filed to sell just over 4.2 million shares of common stock after the close yesterday after earnings and it is taking its toll on shares this morning.
Affiliates of backer ABS Capital Partners are selling out what appearsto be the entire 23.4% stake in the company.
The company is a provider of online post-secondaryeducation directed at the needs of the military and public servicecommunities. It operates American MilitaryUniversity and American Public University.
The company also gave earnings after the close. Net courseregistrations of approximately 38,900 in the third quarter of 2008, ayear-over-year increase of 54%. Net income for the third quarter of2008 increased approximately 72% to $3.8 million, or $0.20 per share, compared with $2.2 million,or $0.18 per share, in the sameperiod of 2007. Its third quarter 2008 revenue increased 56% to $27.4million, compared with $17.6 million in the third quarter of 2007.
Shares are trading down almost 7% at $40.11 on over 200,000 shares this morning. Its 52-week trading range is $27.56 to $53.24.
JON C. OGG
NOVEMBER 13, 2008