Bridgepoint Education, the San Diego provider of college courses mainly through online channels, reported second quarter net income of $10.4 million compared with $43.3 million for the like quarter of 2012.
Revenue was $197.6 million, compared with $256.3 million in the second quarter of 2012.
For the six months, Bridgepoint (NYSE: BPI) reported net income of $37.3 million on revenue of $419.5 million, compared with net income of $75.2 million on revenue of $506.7 million for the first six months of 2012.
Total student enrollment as of June 30 was 71,685 compared with 92,620 at the midpoint of last year.
About a year ago, Bridgepoint overhauled its operations, including cutting staff by about 500 employees and conducting voluntary resignations, following denial of accreditation from one accrediting agency and notification from its current accreditor that it had to implement changes.
Last month, the company’s Ashford University unit was granted accreditation from the Western Association of Schools and Colleges for five years.
Bridgepoint, which is 64 percent owned by investment bank Warburg Pincus LLC, saw its shares fall 41 cents Aug. 6 to $16.35. Its 52-week range is $8.51 to $17.04.
— Mike Allen