San Diego-based Bridgepoint Education said its revenue for the first quarter, which ended on March 31, came in at $118 million, down from last year’s first quarter revenue of $129.5 million.

Bridgepoint, which provides postsecondary education services announced first quarter financial results May 1.

Student enrollment at the company’s combined academic institutions was 41,523 students, a drop from 46,383 students at the same time last year.

Net income for the first quarter was $2.3 million; diluted income per share for the three months was 8 cents.

On March 13, Bridgepoint Education announced plans to separate the company from its academic institutions, Ashford University and University of the Rockies, in order to become an Online Program Management (OPM) company. The move would allow Bridgepoint the ability to offer management services to other higher education institutions.

The actions, which would see Ashford University returning to nonprofit status and merge with the University of the Rockies, still needs several regulatory approvals, including from the U.S. State Department of Education, the Internal Revenue Service and WASC (Western Association of Schools and Colleges).

Among other results:

Operating income – $0.4 million

Net income – $2.3 million

Income tax benefit recognized – $1.7 million

Combined cash, cash equivalents and investments – and $173.3 million

Cash used in operating activities – $15.1

Non-GAAP operating income – $0.2 million (excludes a credit to restructuring and impairment of $0.2 million)

Non-GAAP net income – $0.4 million (excludes a credit to restructuring and impairment of $0.2 million)

Non-GAAP diluted income per share – 1 cent