Bridgepoint Education, the San Diego for-profit provider of postsecondary courses primarily through its online channels, reported first quarter net income of $23.5 million, compared with net income of $33 million for the like quarter of 2012.
Revenue was $222 million compared with revenue of $250 million for the like quarter of last year.
Total student enrollment at the end of March was 78,782, down from March 2012 when it was 94,863, the company said.
New student enrollment during the past quarter was 13,300, compared with new student enrollment of 24,275 during the like period of 2012.
Over the past year, Bridgepoint has been working with accrediting agencies to resolve problems raised over the concentration of its operations. The company acquired Ashford University in Iowa in 2005 but its biggest presence remains in San Diego. To comply with the issues raised by the Higher Learning Commission of the North Central Region, Bridgepoint has been moving staff and leasing out more space in Colorado, where the company also operates its other college, the University of the Rockies.
Traded under BPI on the New York Stock Exchange, shares were at $10.78 at midday May 6. Its 52-week range is $8.11 to $22.19.
— Mike Allen