American Public Education To Cut 48 Jobs Through Voluntary Early Retirement

(RTTNews) - American Public Education, Inc. (APEI) disclosed in a regulatory filing that it has initiated a reduction in force through voluntary early retirement program for employees with more than eight years of service with the company.

This program will result in a reduction of 48 employees, representing approximately 5% of its non-faculty workforce in its APEI Segment. The company expects the workforce reduction to be substantially complete by April 1, 2018.

American Public Education expects to record expenses for termination benefits related to the workforce reduction in the first quarter of 2018 and estimates to incur an aggregate of approximately $1.7 million of pre-tax cash expenses associated with employee severance benefits.

The company expects the reduction in force to result in pre-tax labor and benefits cost savings in 2018 to be in the range of approximately $1.7 million to $2.1 million, and in the range of approximately $2.1 million to $2.8 million on an annualized basis.

APEI closed the Friday's trading session at $42.65.