美國公立教育公司第二季收入增5.5%至1.717億美元 完成三大院校整合並上調全年指引

EX-99.1
2
tm2622572d1_ex99-1.htm
EXHIBIT 99.1

 

Exhibit 99.1

 

 

American Public Education Reports Second Quarter
2026 Financial Results

 

~
Completed Institutional Combination Subsequent to Quarter End, Creating a Single HLC-Accredited Institution ~

 

~
Raises Full Year 2026 Revenue, Net Income and Adjusted EBITDA Guidance ~

 

CHARLES
TOWN, W.V. – August 10, 2026 -- American Public Education, Inc. (the “Company”) (Nasdaq: APEI), a company
that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately
109,000 students, has reported financial and operational results for the second quarter ended June 30, 2026.

 

"I am pleased with the strong financial
results we delivered in the second quarter, reflecting continued demand across our businesses and disciplined execution against our strategic
priorities, including the opening of Health+’s new Orlando campus, part of our “Trailblazer” campus opening strategy.  Following
the end of the quarter, I am very pleased to announce that we completed the combination of American Public University System, Rasmussen
University, and Hondros College of Nursing into one Higher Learning Commission-accredited institution named American Public University
System,” said Angela Selden, President and Chief Executive Officer.

 

Selden concluded, "As we raise revenue,
net income and adjusted EBITDA guidance for 2026, we remain focused on disciplined execution and building on the momentum established
in the first half of the year."

 

Key Second Quarter 2026 Highlights (as Compared to Second Quarter
2025)

 

·Consolidated revenue
 of $171.7 million, a 5.5% year-over-year increase, compared to $162.8 million.

 

oExcluding
 revenue from Graduate School USA (GSUSA), which was sold in July 2025, consolidated revenue
 would have increased 7.8% when compared to the prior period.

 

oHealth+
 segment revenue growth of 11.0% year-over-year to $86.2 million, primarily driven by increased
 enrollments and modest tuition increases.

 

oMilitary+
 segment revenue growth of 4.7% year-over-year to $85.5 million, primarily driven by increased
 net course registrations.

 

·Net
 income available to common stockholders increased to $9.8 million, compared to a loss of
 ($0.3) million.

 

·Adjusted EBITDA increased
 36.8% to $20.7 million, compared to $15.1 million.

 

·Net income per diluted
 common share increased to $0.52, compared to a loss of ($0.02).

 

·Cash flows from operations
 were $12.1 million, compared to $14.8 million.

 

 

  

 

 

Balance Sheet and
Liquidity

 

·Total
 cash, cash equivalents, restricted cash and short-term investments were $222.8 million
 at June 30, 2026, compared to $176.5 million at December 31, 2025, representing an increase
 of $46.3 million, or 26.2%.

 

Repurchase Program

 

·As
 previously announced, on March 10, 2026, the Board approved a common stock repurchase program
 of up to $50 million in the aggregate, replacing our prior repurchase authorizations. During
 the three and six months ended June 30, 2026, the Company repurchased 70,365 and 88,205 shares
 of common stock, respectively. As of June 30, 2026, there remains $45.0 million available
 under our share repurchase authorization.

 

Registrations
and Enrollment 

 

 
 
 Q2 2026
 Q2 2025
 % Change

 
 Military+1
  
  
  

 
 For the three months ended June 30,
  
  
  

 
 Net Course Registrations
 98,300
 96,400
 2.0%

 
 Health+ 2
  
  
  

 
 For the three months ended June 30,
  
  
  

 
 Total Student Enrollment
 19,600
 18,300
 6.6%

 
 

1.Military+ Net Course Registrations represents the approximate aggregate
 number of courses for which students remain enrolled after the date by which they may drop
 a course without financial penalty. Excludes students in doctoral programs.

2.Health+ Total Student Enrollment represents students in an active
 status as of the full-term census or billing date.

 

Third Quarter and Full Year 2026 Outlook

 

The following statements are based on APEI's
current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to
update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation
for further details.

 

 
 In
 millions, except enrollment, net
 registrations and per share data
 Third
 Quarter 2026
 Third
 Quarter 2025

 
 Military+
 Net Registrations 
 101,000-103,000
 +1.0%-3.0% y/y
 100,000

 
 Health+
 Enrollment
 19,100
 +2.5% y/y
 18,600

 
 Revenue
 $164.5
 - $167.0
 $163.2

 
 Net
 Income Available to Common Stockholders
 $3.4
 - $5.4
 $5.6

 
 Adjusted
 EBITDA
 $14.0
 - $17.0
 $20.7

 
 Diluted
 Earnings per Share
 $0.18
 - $0.29
 $0.30

 
 

 

  

 

 

 
 In
 millions, except per share data
 Full
 Year 2026
 Full
 Year 2025

 
 Revenue
 $690.0
 - $698.0
 $648.9

 Includes $8.0 of GSUSA Revenue

 
 Net
 Income Available to Common Stockholders
 $46.5
 - $52.5
 $25.3

 
 Adjusted
 EBITDA
 $96.0
 - $104.0
 $85.7

 
 Diluted
 Earnings per Share
 $2.48
 - $2.79 per share
 $1.36
 per share

 
 Capital
 Expenditures
 $25.0
 - $28.0
 $15.9

 
 

Second Quarter 2026 Earnings Call

 

The Company will hold a conference call on Monday,
August 10, 2026, at 5:00 PM Eastern Time to discuss its financial results for the second quarter ended June 30, 2026.

 

Date:
Monday, August 10, 2026

Time:
5:00 PM Eastern Time (2:00 PM Pacific Time)

USA
– Toll-Free Dial-in: (833) 461-5787

Conference
ID: 397456726

Webcast:
2Q26 Webcast Link

 

The
Company will also provide a link on its website at https://www.apei.com/overview/default.aspx for those who wish to stream
the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time.

 

A replay of the conference call will also be
available through the Company’s website through August 24, 2026.

 

Non-GAAP Financial Measures

 

This press release contains the non-GAAP financial
measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses
such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. APEI believes
that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation
capabilities.

 

Adjusted EBITDA for the three months ended June
30, 2026, and 2025, excludes stock compensation, loss on disposals of long-lived assets, other professional fees, and in the three months
ended June 30, 2025, loss on sale of subsidiary.

 

These non-GAAP measures should not be considered
in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States
(GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In
addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses
are excluded.

 

 

  

 

 

APEI is presenting EBITDA and adjusted EBITDA
in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable
GAAP financial measures that are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted
EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and “Education Unit Profile – Segment Summary”)
and not to rely on any single financial measure to evaluate its business.

 

About American Public Education

 

American
Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education
that transforms lives, advances careers, and improves communities.

 

Military+ provides online postsecondary
education to approximately 89,400 adult learners, directed primarily at the needs of military, veterans, extended military and veteran
families, and other public service and service-minded communities through American Public University System, which includes: American
Military University and American Public University.

 

Health+ provides nursing- and health sciences-focused
postsecondary education to approximately 19,600 students at 27 campuses in eight states and online through Rasmussen University and Hondros
College of Nursing.

 

American
Public University System, which includes American Military University, American Public University, Rasmussen University, and Hondros
College of Nursing, is a consolidated institution institutionally accredited by the Higher Learning Commission (HLC),
an institutional accreditation agency recognized by the U.S. Department of Education.

 

Forward Looking Statements

 

Statements made in this press release regarding
American Public Education, Inc. ("APEI" or the "Company") that are not historical facts are forward-looking statements
based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements include,
without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per
share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, the growth and profitability of APEI, and related growth strategies, and plans
with respect to and future impacts of recent, current and future initiatives, including the recently completed combination of American
Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution and the expected benefits
and future impacts thereof.

 

 

  

 

 

Forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks
and uncertainties include, among others, risks related to: APEI's failure to comply with, or adverse actions relating to, regulatory
and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts
of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a
result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations
of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices;
potential or actual government shutdowns and uncertainties in the estimated impacts of any such shutdowns on APEI and Military+ and its
prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty;
the combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution;
APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market
demands;  declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's
inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students;
the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension
of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll
students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing
new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and
market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing
thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party
vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's
ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere
in APEI's Annual Report on Form 10-K for the year ended December 31, 2025, and in other filings with the SEC. You should not place undue
reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason,
unless required by law, even if new information becomes available or other events occur in the future.

 

Company
Contact
Frank Tutalo
Director, Public Relations
American Public Education, Inc.
[email protected]

 

Investor
Relations
Shannon Devine

MZ North America

Direct: 203-858-1945
[email protected]

 

 

  

 

 

American Public Education,
Inc. 
Consolidated Statement of Income 
(In thousands, except per share data)

 

 
   
 Three Months
 Ended 

 
   
 June 30, 

 
   
 2026  
 2025 

 
   
 (unaudited) 

 
 Revenue 
 $171,731  
 $162,766 

 
 Costs and expenses: 
     
    

 
 Instructional costs
 and services 
  76,640  
  78,423 

 
 Selling and promotional 
  40,115  
  35,048 

 
 General and administrative 
  37,492  
  38,147 

 
 Depreciation and amortization 
  3,953  
  4,088 

 
 Loss
 on disposals of long-lived assets 
  5  
  35 

 
     Total
 costs and expenses 
  158,205  
  155,741 

 
 Income from operations
 before interest and income taxes 
  13,526  
  7,025 

 
 Interest
 income (expense), net 
  634  
  (1,108)

 
 Income before income
 taxes 
  14,160  
  5,917 

 
 Income
 tax expense 
  4,387  
  1,421 

 
 Net income 
 $9,773  
 $4,496 

 
 Preferred stock dividends 
  -  
  1,319 

 
 Loss
 on redemption of preferred stock 
  -  
  3,501 

 
 Net
 income available to common stockholders 
 $9,773  
 $(324)

 
   
     
    

 
 Income (loss) per common share: 
     
    

 
 Basic 
 $0.53  
 $(0.02)

 
 Diluted 
 $0.52  
 $(0.02)

 
   
     
    

 
 Weighted average number of common shares: 
     
    

 
 Basic 
  18,362  
  18,034 

 
 Diluted 
  18,810  
  18,597 

 

 

 
   
 Three Months
 Ended 

 
 Segment Information: 
 June 30, 

 
   
 2026  
 2025 

 
 Revenue: 
     
    

 
 Military+
 Segment 
 $85,538  
 $81,731 

 
 Health+ Segment 
 $86,216  
 $77,655 

 
   Corporate
 and other1 
 $(23) 
 $3,380 

 
 Income (loss) from
 operations before 
     
    

 
 interest and income
 taxes: 
     
    

 
 Military+ Segment 
 $23,723  
 $21,442 

 
 Health+ Segment 
 $308  
 $(2,378)

 
   Corporate
 and other 
 $(10,505) 
 $(12,039)

 

 

 

  

 

 

 
   
 Six Months
 Ended 

 
   
 June 30, 

 
   
 2026  
 2025 

 
   
 (unaudited) 

 
 Revenue 
 $346,469  
 $327,317 

 
 Costs and expenses: 
     
    

 
 Instructional costs
 and services 
  151,270  
  153,367 

 
 Selling and promotional 
  77,982  
  70,253 

 
 General and administrative 
  73,782  
  74,554 

 
 Depreciation and amortization 
  8,107  
  8,080 

 
 Loss on assets held
 for sale 
  -  
  1,527 

 
 Loss
 on disposals of long-lived assets 
  159  
  265 

 
     Total
 costs and expenses 
  311,300  
  308,046 

 
 Income from operations
 before interest and income taxes 
  35,169  
  19,271 

 
 Loss on extinguishment
 of debt 
  (1,672) 
  - 

 
 Interest
 expense, net 
  (91) 
  (1,995)

 
 Income before income
 taxes 
  33,406  
  17,276 

 
 Income
 tax expense 
  5,902  
  3,887 

 
 Net income 
 $27,504  
 $13,389 

 
 Preferred stock dividends 
  -  
  2,751 

 
 Loss
 on redemption of preferred stock 
  -  
  3,501 

 
 Net
 income available to common stockholders 
 $27,504  
 $7,137 

 
   
     
    

 
 Income per common share: 
     
    

 
 Basic 
 $1.50  
 $0.40 

 
 Diluted 
 $1.46  
 $0.39 

 
   
     
    

 
 Weighted average number of common
 shares: 
     
    

 
 Basic 
  18,322  
  17,937 

 
 Diluted 
  18,808  
  18,496 

 

 

 
   
 Six Months
 Ended 

 
 Segment Information: 
 June 30, 

 
   
 2026  
 2025 

 
 Revenue: 
     
    

 
 Military+
 Segment 
 $174,981  
 $165,677 

 
 Health+ Segment 
 $171,572  
 $154,582 

 
   Corporate
 and other1 
 $(84) 
 $7,058 

 
 Income (loss) from
 operations before 
     
    

 
 interest and income
 taxes: 
     
    

 
 Military+ Segment 
 $54,441  
 $45,568 

 
 Health+ Segment 
 $825  
 $(3,196)

 
   Corporate
 and other 
 $(20,097) 
 $(23,101)

 

 

1.Corporate and Other includes
 tuition and contract training revenue earned by GSUSA and the elimination of intersegment
 revenue for courses taken by employees of one segment at other segments.

 

 

  

 

 

American
Public Education, Inc.

Consolidated
Balance Sheet

(In
thousands)

 

 
   
 As of June
 30, 2026  
 As of December
 31, 2025 

 
   
 (Unaudited)  
   

 
 ASSETS 
     
    

 
 Current assets: 
     
    

 
 Cash, cash equivalents,
 and restricted cash 
 $146,548  
 $176,499 

 
 Short-term Investments 
  76,256  
    

 
 Accounts receivable, net of allowance
 of $21,754 in 2026 and $21,113 in 2025 
  35,512  
  65,662 

 
 Prepaid expenses 
  20,068  
  14,197 

 
 Income tax receivable 
  4,136  
  3,458 

 
 Total current assets 
  282,520  
  259,816 

 
 Property and equipment, net 
  69,534  
  70,598 

 
 Operating lease assets, net 
  55,390  
  57,686 

 
 Deferred income taxes 
  36,613  
  39,176 

 
 Intangible assets, net 
  28,221  
  28,221 

 
 Goodwill 
  59,593  
  59,593 

 
 Other assets, net 
  5,875  
  6,328 

 
 Total assets 
 $537,746  
 $521,418 

 
 LIABILITIES AND STOCKHOLDERS’ EQUITY 
     
    

 
 Current liabilities: 
     
    

 
 Accounts payable 
 $5,148  
 $4,822 

 
 Accrued compensation and benefits 
  20,797  
  22,463 

 
 Accrued liabilities 
  20,349  
  13,375 

 
 Deferred revenue and student deposits 
  23,928  
  23,016 

 
 Lease liabilities, current 
  11,109  
  11,374 

 
 Long-term debt,
 current 
  5,625  
  - 

 
 Total current liabilities 
  86,956  
  75,050 

 
 Lease liabilities, long-term 
  55,098  
  56,921 

 
 Long-term debt, net 
  81,635  
  94,665 

 
 Total liabilities 
 $223,689  
 $226,636 

 
   
     
    

 
 Stockholders’ equity: 
     
    

 
 Common stock, $.01 par value; 100,000,000 shares authorized;
 18,367,887 issued and outstanding in 2026; 18,125,860 issued and outstanding in 2025 
  183  
  181 

 
 Additional paid-in capital 
  307,878  
  311,119 

 
 Accumulated other comprehensive loss 
  (7) 
  (18)

 
 Retained earnings (accumulated deficit) 
  6,003  
  (16,500)

 
 Total stockholders’ equity 
  314,057  
  294,782 

 
 Total liabilities and stockholders’
 equity 
 $537,746  
 $521,418 

 

 

 

  

 

 

GAAP Net Income to Adjusted EBITDA:

The following table sets forth the reconciliation of the Company’s reported GAAP net
income to the calculation of adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:

 

 
   
 Three Months
 Ended  
 Six Months
 Ended 

 
   
 June 30,  
 June 30, 

 
 (in thousands) 
 2026  
 2025  
 2026  
 2025 

 
 Net income (loss) available to common stockholders 
 $9,773  
 $(324) 
 $27,504  
 $7,137 

 
 Preferred dividends 
  -  
  1,319  
  -  
  2,751 

 
 Loss on redemption of preferred stock 
  -  
  3,501  
  -  
  3,501 

 
 Net income 
 $9,773  
 $4,496  
 $27,504  
 $13,389 

 
 Income tax expense 
  4,387  
  1,421  
  5,902  
  3,887 

 
 Interest (income) expense, net 
  (634) 
  1,108  
  91  
  1,995 

 
 Loss on extinguishment of debt 
  -  
  -  
  1,672  
  - 

 
 Depreciation and amortization 
  3,953  
  4,088  
  8,107  
  8,080 

 
 EBITDA 
  17,479  
  11,113  
  43,276  
  27,351 

 
   
     
     
     
    

 
 Loss on assets held for sale 
  -  
  -  
  -  
  1,527 

 
 Other professional fees 
  938  
  1,715  
  1,881  
  2,704 

 
 Stock compensation 
  2,232  
  2,238  
  4,559  
  4,501 

 
 Loss on disposals of long-lived assets 
  5  
  35  
  159  
  265 

 
 Adjusted EBITDA 
 $20,654  
 $15,101  
 $49,875  
 $36,348 

 

 

 

  

 

 

Segment
Summary

($
in millions)

 

 
  
  
  
  
 2Q26
  
  
  
 2Q25
  

 
  

  

  

 

  

 Revenue
  
 $
 85.5
  
  
 $
 81.7
  

 
 Operating Income1
  
  
 23.7
  
  
  
 21.4
  

 
 Margin
  
  
 28
 %
  
  
 26
 %

 
 + Depreciation and Amortization
  
  
 1.1
  
  
  
 1.0
  

 
 EBITDA
  
 $
 24.8
  
  
 $
 22.4
  

 
 EBITDA Margin
  
  
 29
 %
  
  
 27
 %

 
  
  
  
  
  
  
  
  
  
  

 
  

  

 Revenue
  
 $
 86.2
  
  
 $
 77.7
  

 
 Operating Income1
  
  
 0.3
  
  
  
 (2.4
 )

 
 Margin
  
  
 0
 %
  
  
 -3
 %

 
 + Depreciation and Amortization
  
  
 2.4
  
  
  
 2.7
  

 
 EBITDA
  
 $
 2.7
  
  
 $
 0.3
  

 
 EBITDA Margin
  
  
 3
 %
  
  
 0
 %

 
  
  
  
  
  
  
  
  
  
  

 
  

 Revenue
  
 $
 -
  
  
 $
 3.4
  

 
 Operating Income1
  
  
 -
  
  
  
 (2.6
 )

 
 + Depreciation and Amortization
  
  
 -
  
  
  
 0.1
  

 
 EBITDA
  
 $
 -
  
  
 $
 (2.5
 )

 
  
  
  
  
  
  
  
  
  
  

 
 Corporate

  

 Operating Income1
  
 $
 (10.5
 )
  
 $
 (9.4
 )

 
 + Depreciation and Amortization
  
  
 0.4
  
  
  
 0.3
  

 
 EBITDA3
  
 $
 (10.0
 )
  
 $
 (9.1
 )

 
  
  
  
  
  
  
  
  
  
  

 
  

  

  

  

  

  

 

 Consolidated Revenue
  
 $
 171.7
  
  
 $
 162.8
  

 
  
  
  
  
  
  
  
  
  

 
 Operating Income1
  
  
 13.5
  
  
  
 7.0
  

 
 Net income (loss) available to common stockholders
  
  
 9.8
  
  
  
 (0.3
 )

 
 Margin
  
  
 8
 %
  
  
 4
 %

 
 + Depreciation and Amortization
  
  
 4.0
  
  
  
 4.1
  

 
 Consolidated EBITDA
  
  
 17.5
  
  
  
 11.1
  

 
 + Adjustments2
  
  
 3.2
  
  
  
 4.0
  

 
 Consolidated Adjusted
 EBITDA4
  
 $
 20.7
  
  
 $
 15.1
  

 
 Adjusted EBITDA Margin
  
  
 12
 %
  
  
 9
 %

 

 

1Operating Income reflects income (loss) from operations before
interest and income taxes as disclosed in our Q2 2026 10-Q.

2Adjustments include stock compensation expense, loss on disposals
of long-lived assets, loss on assets held for sale, and other professional fees.

3Corporate
results include unallocated corporate activity and eliminations.

4.Please
refer to the "GAAP Net Income to Adjusted EBITDA" table for a reconciliation of net income to consolidated adjusted EBITDA.

 

 

  

 

 

 
 GAAP
 Net Income to Adjusted EBITDA:
  
  
  
  
  

 
 The
 following table sets forth the reconciliation of the Company’s outlook GAAP net income to the calculation of outlook adjusted
 EBITDA for the three months ending September 30, 2026 and twelve months ending December 31, 2026:

 
 

 
   
 Three Months Ending  
 Twelve Months Ending 

 
   
 September 30, 2026  
 December 31, 2026 

 
 (in thousands) 
 Low  
 High  
 Low  
 High 

 
 Net Income 
 $3,385  
 $5,380  
 $46,540  
 $52,467 

 
 Income tax expense 
  1,705  
  2,710  
  16,863  
  18,936 

 
 Interest (income) expense, net 
  -300  
  -300  
  -500  
  -500 

 
 Loss on extinguishment of debt 
  -  
  -  
  1,672  
  1,672 

 
 Depreciation and amortization 
  4,660  
  4,660  
  17,600  
  17,600 

 
 EBITDA 
  9,450  
  12,450  
  82,175  
  90,175 

 
 Stock compensation 
  2,125  
  2,125  
  8,850  
  8,850 

 
 Other professional fees 
  900  
  900  
  3,250  
  3,250 

 
 Severance 
  1,525  
  1,525  
  1,525  
  1,525 

 
 Other 
  -  
  -  
  200  
  200 

 
 Adjusted EBITDA 
 $14,000  
 $17,000  
 $96,000  
 $104,000