Bridgepoint Education Reports Higher Quarterly Profits, RevenueWednesday, November 2, 2011
Bridgepoint Education Inc., an online college course provider, reported third-quarter net income of $43.8 million, compared with $36.1 million in the like quarter of 2010, the company announced Nov. 1.
Revenue for the quarter was $242.8 million, compared with $190.9 million in the like quarter of 2010.
Student enrollment as of Sept. 30 was 90,597, compared with 77,179 for the like period in the prior year.
But that is expected to drop to 83,000 to 85,000 by Dec. 31, the San Diego-based company said.
In its 2012 forecast, Bridgepoint said expected annual revenue is $920 million to $926 million; and net income will finish between $168.5 million and $170.3 million.
The company repurchased 1.7 million shares of its stock in the past quarter, but it was still sitting on a cash stockpile of about $345 million as of Sept. 30, compared with $299 million for the same period last year.
— Mike Allen