Bridgepoint Education Inc (BPI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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Bridgepoint Education Inc
Ticker: BPI CIK: 1305323

News Release

Contact: Paul Goodson, Associate Vice President, Investor Relations

(866) 475-0317 x2271

investorrelations@bridgepointeducation.com

Bridgepoint Education Reports Full Year 2013 Results

SAN DIEGO (March 11, 2014)

- Bridgepoint Education, Inc. (NYSE:BPI), a provider of postsecondary education services, announced the results for its fourth quarter and full year ended December 31, 2013.

Highlights for the fourth quarter ended December 31, 2013:


•	Revenue of $163.5 million compared to $209.4 million for the same period in 2012.


•	Operating loss of $11.9 million compared to operating income of $28.9 million for the same period in 2012.


•	Net loss of $6.5 million compared to net income of $18.4 million for the same period in 2012.


•	Fully diluted loss per common share of $0.12 compared to earnings per common share of $0.33 for the same period in 2012.


•	A legal accrual of $9.0 million increased general and administrative expenses and had an after-tax impact of $0.10 on fully diluted earnings.

Highlights for the full year ended December 31, 2013:


•	Total student enrollment was 63,624 compared to 81,810 at December 31, 2012.


•	Revenue of $768.6 million compared to $968.2 million for 2012.


•	Operating income of $60.4 million compared to $195.5 million for 2012.


•	Net income of $41.0 million compared to net income of $123.4 million for 2012.


•	Fully diluted earnings per common share of $0.74 compared to $2.21 for 2012.

“Throughout 2013, our institutions focused on delivering a relevant and high-quality education to their students,” said Andrew Clark, CEO of Bridgepoint Education. “We are pleased with the positive response we have attracted from prospective students and plan to continue this focus in 2014 and beyond.”

Student Enrollment

Total student enrollment at the Company’s academic institutions, Ashford University and University of the Rockies, was 63,624 at December 31, 2013, compared with 81,810 students at the end of the fourth quarter of 2012. Combined new student enrollments for the fourth quarter of 2013 at both of the Company’s academic institutions increased to approximately 10,200, compared with combined new student enrollments of approximately 9,260 for the fourth quarter of 2012.

Financial Results

Revenue for the fourth quarter of 2013 was $163.5 million, compared with revenue of $209.4 million for the fourth quarter of 2012. Revenue for the year ended December 31, 2013, was $768.6 million, compared with revenue of $968.2 million for the year ended December 31, 2012.

Operating loss for the fourth quarter of 2013 was $11.9 million compared with operating income of $28.9 million for the same period in 2012. Operating income for the year ended December 31, 2013, was $60.4 million, compared with $195.5 million for the year ended December 31, 2012.

The following information was filed by Bridgepoint Education Inc (BPI) on Tuesday, March 11, 2014 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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