bridgepoint education inc (BPI) Snapshot

Bridgepoint Education, Inc. restated earnings results for the first quarter ended March 31, 2013. The company announced that net income for the quarter as reported in the press release of May 6, 2013, included $5.6 million in pre-tax bad debt expense that should have been reflected in 2012. After revising for the out-of-period amount, bad debt expense recognized in the first quarter of 2013 was $18.3 million and net income for the quarter was $27.0 million or $0.49 per fully diluted share.

On 05/10/2013, Bridgepoint Education, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Bridgepoint Education, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, revenue was $222.0 million, compared with revenue of $250.4 million for the same period in 2012. Operating income was $37.8 million compared with operating income of $52.4 million for the same period in 2012. Net income was $23.5 million compared with net income of $33.0 million for the same period in 2012. Fully diluted earnings per share were $0.43 compared with fully diluted earnings per share of $0.59 for the same period in 2012. The company generated $15.6 million of cash from operating activities compared with $40.4 million for the same period in 2012. Income before income taxes was $38.60 million compared to $53.04 million a year ago. Capital expenditures were $3 million compared with $7.2 million for the same period last year.