Mar. 13 at 12:07 PM
$ASPU Aspen Group reports Q3 EPS (4c) vs. (15c) last year
Reports Q3 revenue
$10.9M vs.
$12.1M last year. Michael Mathews, Chairman and CEO of AGI, stated: "The third quarter showcased strong internal performance. First, we have experienced stabilization in sequential revenue levels at both Aspen University and United States University over the past four quarters with only a maintenance marketing spend rate. Second, management's commitment to effective cost management and operational efficiency resulted in the year-over-year improvement in gross margin and the reduction in operating expenses.
These factors worked together to yield positive operating income and operating cash flow of
$0.7 million. The third quarter net loss was entirely attributed to a non-cash expense of
$935,000 due to the fair value adjustment of put warrants, attributed to gains in AGI's share price during the quarter. Moreover, we are pleased to report Adjusted EBITDA of
$1.7 million.
We are particularly encouraged by the recent renewal of Aspen University's accreditation by the Distance Education Accrediting Commission through January 2029. The demand for Aspen University's online post-licensure nursing degree programs and the United States University's family nurse practitioner program remains steady, despite our limited marketing spend rate."
