Bridgepoint Education, the San Diego provider of online college courses, reported first quarter net income of $33 million, down from $54 million in the like quarter of 2011, the company said May 1.

Bridgepoint said its operating income in the past quarter reflects a $10.8 million expense accrued in connection with a pending legal settlement it entered into last month to settle three lawsuits consolidated under Stevens v. Bridgepoint Education. The settlement needs the approval of a judge.

Revenue increased to $250.4 million, up from $229.4 million in the like period of 2011.

Total student enrollment at Bridgepoint’s two colleges, Ashford University and University of the Rockies, increased to 94,863 at March 31, compared with 88,252 students enrolled at the same time in 2011.

The company forecast its total 2012 revenue to finish between $1 billion and $1.03 billion, while its net income should finish from $131.5 million and $136.9 million.

Total enrollment is expected to grow in a range from 94,500 to 96,200 by the end of 2012.

Shares of Bridgepoint, traded under BPI on the New York Stock Exchange, closed at $20.74 on May 2, up 59 cents from the prior day’s closing price. Its 52 week range is $16.01 to $30.62.