San Diego Business Journal

Bridgepoint Education Reports Q2 Results

By Mike Allen Thursday, August 7, 2014

Bridgepoint Education, the for profit operator of two colleges, reported second quarter revenue of $171.5 million, down from $193.5 million for the like quarter of 2013.

Net income was $13 million, up from $12 million in the prior year’s second quarter.

Total student enrollment at the company’s two schools, Ashford University and University of the Rockies, was 61,117 as of June 30, compared with 71,685 at the end of the second quarter of 2013.

For the six months, revenue at Bridgepoint came in at $328.8 million, compared with $406.5 million for the first half of 2013.

Net income for the first half was $8.6 million, compared with 36.8 million for the like period of 2013.

The second quarter results included a pre-tax charge of $5.9 million for severance payments, Bridgepoint said.

Shares of Bridgepoint, traded on the New York Stock Exchange under BPI, closed Aug. 7 at $13.34, up $1.47 from the prior day’s closing price. The stock has ranged from $11.80 to $20.33 over the past 52 weeks.