Last $9.89 USD
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bridgepoint education inc (BPI) Key Developments

Bridgepoint Education Lays Off 223 Workers in Three States

Bridgepoint Education and its subsidiary for-profit universities laid off a total of 223 workers in three states to bring the company’s employee head count in line with its student enrollment. According to the company 93 employees were laid off from Ashford University, while 123 were let go from parent company Bridgepoint. The rest came from other operations.

Bridgepoint Education, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditure Guidance for Fiscal 2014; Provides Financial Guidance for Fiscal 2015

Bridgepoint Education, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $6,291,000 or $0.14 per basic and diluted share on revenue of $162,654,000 against net income of $14,211,000 or $0.26 per basic share and $0.25 per diluted share on revenue of $182,768,000 a year ago. Operating income was $10,581,000 compared to $19,524,000 a year ago. Income before income taxes was $11,661,000 compared to $20,310,000 a year ago. The decrease in revenue is primarily due to lower total student enrollment, which was 59,552 as of September 30, 2014 compared with 68,566 in the same period last year. Additionally, the company reminds that fourth quarter is traditionally a shorter revenue quarter than third quarter, and in the fourth quarter, it will have 83 revenue days, 9 fewer than in the current quarter. The fewer revenue days will result in lower revenues as compared to third quarter, and the lower revenue will be reflected in lower earnings as compared to the current quarter. For the nine months, the company reported net income of $14,916,000 or $0.33 per basic share and $0.32 per diluted share on revenue of $491,446,000 against net income of $50,992,000 or $0.94 per basic share and $0.91 per diluted share on revenue of $589,224,000 a year ago. Operating income was $25,137,000 compared to $78,333,000 a year ago. Income before income taxes was $27,296,000 compared to $80,704,000 a year ago. Net cash provided by operating activities was $24,584,000 compared to $61,808,000 a year ago. Capital expenditures were $9,644,000 compared to $11,737,000 a year ago. The company anticipates new enrollments will be positive throughout 2015, and total enrollments will turn positive in the second half of the year. The company currently view 2014 earnings as the bottom. With these positive student outcomes and a continued focus on operational efficiencies, it is focused on improving operating margins in 2015, and longer-term goal of EBITDA margin remains in the mid-teens. Throughout 2015, it will continue to review uses of cash balances and auctions for enhancing shareholder value, including acquisitions that would meaningfully diversify Bridgepoint Education, share repurchases and other value-creating opportunities. For fiscal 2014, the company expects capital expenditure should be in a 3% to 3.5% range. For the fourth quarter of 2014, the company expects, tax rate is going to be higher within the quarter. The company expects annualized target of 46 3% for 2014.

Bridgepoint Education, Inc. to Report Q3, 2014 Results on Nov 05, 2014

Bridgepoint Education, Inc. announced that they will report Q3, 2014 results at 11:30 AM, US Eastern Standard Time on Nov 05, 2014

Bridgepoint Education, Inc., Q3 2014 Earnings Call, Nov 05, 2014

Bridgepoint Education, Inc., Q3 2014 Earnings Call, Nov 05, 2014

Bridgepoint Education, Inc. Announces Directorate Appointment

On September 3, 2014, the Board of Directors of Bridgepoint Education, Inc. upon the recommendation of the Nominating and Governance Committee, elected Victor K. Nichols to the Board, effective as of September 3, 2014. Nichols will serve as a Class I director, with a term expiring at the annual meeting of stockholders to be held in 2016. In addition, as of the Effective Date, the Board appointed Mr. Nichols to serve as a member of the audit committee of the Board. Nichols, age 57, has worked at Experian, a leading global information services company, in various positions since 2007, including Chief Executive Officer, North America and Managing Director, Global Consumer Services, Chief Executive Officer, United Kingdom and Europe, Middle East, and Africa, and Group President.

 

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