Bridgepoint Education Profit Plunges On Weak Enrollments - Update

(RTTNews) - Bridgepoint Education Inc (BPI) Wednesday reported a sharp decline in third-quarter profit, hurt by lower revenues as student enrollments waned at its Ashford University and University of the Rockies, with both earnings and revenue short of Wall Street estimates.

Bridgepoint shares slid about 4 percent in morning trade on the New York Stock Exchange, following the announcement.

Bridgepoint, which provides post secondary education services, posted quarterly net income of $6.3 million or $0.14 per share, compared with $14.2 million or $0.25 per share last year.

On average, five analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter declined to $162.7 million from $182.8 million a year ago. Analysts estimated revenues of $169.8 million for the quarter.

At the end of the quarter, total student enrollment at Bridgepoint academic institutions, Ashford University and University of the Rockies, was 59,552 students, down from 68,566 students last year.

Bridgepoint stock is trading at $11.98, down $0.48 or 3.85%, on a volume of 179k shares.