Bridgepoint Income Slips, Revenue Rises 7 PercentThursday, August 9, 2012
Bridgepoint Education, the San Diego for-profit provider of online college courses, reported second quarter net income of $47.5 million, down from the like quarter in 2011 when it had $52.1 million in net profit.
Revenue for the past quarter was $256.3 million, up 7 percent from the second quarter of last year.
For the half, Bridgepoint reported net income of $80.5 million, down 24 percent from the $106 million in net income in the first half of 2011.
Revenue for the half was $506.7 million, up from $469.3 million in the first half of 2011.
Total student enrollment at June 30 was 92,620, up from 84,545 enrolled at June 2011.
The company said it suspended giving full-year financial and operating guidance “due to reduced visibility arising from recent regulatory developments.”
Bridgepoint’s main college, Ashford University, was denied accreditation from the Western Association of Schools and Colleges in July, but retains accreditation from another agency, the Higher Learning Commission of the North Central Region.
However, HLC has notified Ashford that it must comply with requirements involving maintaining a substantial part of its operations in the region it has accreditation — in the Midwest.
Shares of Bridgepoint, which trade on the New York Stock Exchange under the symbol BPI, closed at $10.98. The stock's 52-week range is $8.11 to $27.26.