San Diego Business Journal

Enrollment and Earnings Rise for Bridgepoint Education

Tuesday, May 3, 2011

Bridgepoint Education, the San Diego provider of online college classes through two universities, reported on May 3 that it had first-quarter net income of $53.9 million, compared with net income of $29.8 million for the like period of 2010.

Revenue for the quarter rose to $229.4 million from $156.1 million in the prior year first quarter.

Total student enrollment increased to 88,252 compared with 65,788 at the end of the first quarter of 2010.

Bridgepoint said enrollment by the end of this year will be between 82,000 to 83,500. Revenue this year was forecast to come in from $886.5 million to $901.5 million, and net income will be between $145.5 million and $151.4 million.

Shares of Bridgepoint, traded on the New York Stock Exchange under BPI, closed May 3 at $19.87, up 8 percent from the prior day’s closing price. As of May 3, their 52-week range was $12.75 to $27.18.

— Mike Allen