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Bridgepoint Education Inc (BPI) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Bridgepoint Education Inc

CIK: 1305323 Ticker: BPI

Exhibit 99.1

 

GRAPHIC

 

News Release

 

Contact: Paul Goodson, Associate Vice President, Investor Relations

858.848.3312

investorrelations@bridgepointeducation.com

 

Bridgepoint Education Reports Full Year and Fourth Quarter 2010 Results

Full Year 2010 Net Income Increased to $127.6 Million, or $2.14 per Diluted Share

 

SAN DIEGO, CA. (March 1, 2011)

— Bridgepoint Education (NYSE:BPI), a provider of postsecondary education services, announced today the results for its full year and fourth quarter ended December 31, 2010.

 

Highlights for the full year ended December 31, 2010:

 

·                  Total student enrollment increased to 77,892.

·                  Revenue increased to $713.2 million from $454.3 million for the same period in 2009.

·                  Operating income increased to $216.4 million from $81.7 million for the same period in 2009.

·                  Net income was $127.6 million, compared with net income of $47.1 million for the same period in 2009.

·                  Fully diluted earnings per common share increased to $2.14 from $0.74 for the same period in 2009.

 

Highlights for the fourth quarter ended December 31, 2010:

 

·                  Revenue increased to $192.4 million from $131.8 million for the same period in 2009.

·                  Operating income increased to $44.7 million from $33.9 million for the same period in 2009.

·                  Net income was $26.3 million, compared with net income of $19.6 million for the same period in 2009.

·                  Fully diluted earnings per common share increased to $0.45 from $0.33 for the same period in 2009.

 

“Our performance in 2010 reflects continued strong demand from working adults and the attractiveness of our value proposition,” said Andrew Clark, chief executive officer of Bridgepoint Education. “We are particularly pleased that quality initiatives introduced in 2010 had a positive impact on student retention during the past three quarters.”

 

Student Enrollment

 

Total student enrollment at the Company’s academic institutions, Ashford University and University of the Rockies, increased to 77,892 students at December 31, 2010, compared with 53,688 students at the end of the fourth quarter of 2009.

 

Combined new student enrollments for the fourth quarter of 2010 at both of the Company’s academic institutions were approximately 15,600, compared with combined new student enrollments of approximately 10,600 for the fourth quarter of 2009.

 

Financial Results

 

Revenue for the fourth quarter of 2010 was $192.4 million, compared with revenue of $131.8 million for the fourth quarter of 2009.  Revenue for the year ended December 31, 2010, was $713.2 million, compared with revenue of $454.3 million for the year ended December 31, 2009.

 

Operating income for the fourth quarter of 2010 was $44.7 million, compared with $33.9 million for the same period in 2009. Operating income for the year ended December 31, 2010, was $216.4 million, compared with $81.7 million for the year ended December 31, 2009. Operating income for 2009 included a $30.4 million charge related to the acceleration of certain exit options and also an $11.1 million charge related to the settlement of a stockholder claim.

 


The following information was filed by Bridgepoint Education Inc (BPI) on Tuesday, March 1, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: BPI
CIK: 1305323
Form Type: 10-K Annual Report
Accession Number: 0001047469-11-001646
Submitted to the SEC: Tue Mar 01 2011 9:50:21 PM EST
Accepted by the SEC: Wed Mar 02 2011
Period: Friday, December 31, 2010
Industry: Educational Services

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