Media Room

News Releases

<< [Back to News Releases]

Bridgepoint Education Reports First Quarter 2015 Results

SAN DIEGO, May 5, 2015 /PRNewswire/ -- Bridgepoint Education (NYSE:BPI), a provider of postsecondary education services, announced today its results for the three months ended March 31, 2015.

Bridgepoint Education logo

Highlights for the first quarter ended March 31, 2015, are as follows:

  • Total student enrollment at period end was 55,322.
  • Revenue was $142.5 million compared with revenue of $157.3 million for the same period in 2014.
  • Operating loss was $1.2 million compared with an operating loss of $7.9 million for the same period in 2014.
  • Net loss was $0.4 million compared with a net loss $4.3 million for the same period in 2014.
  • Fully diluted loss per share was $0.01 compared with fully diluted loss per share of $0.10 for the same period in 2014.

Student Enrollment

Total student enrollment at Bridgepoint Education's academic institutions, Ashford University and University of the Rockies, was 55,322 students at March 31, 2015, compared with 64,495 students at March 31, 2014.

For the first quarter of 2015, the 12-month retention for all Ashford students who were active on the last day of the first quarter of 2014 was 63.9%.  For the first quarter of 2014, the 12-month retention for all Ashford students who were active on the last day of the first quarter of 2013 was 64.6%.

Financial Results

Revenue for the first quarter of 2015 was $142.5 million, compared with revenue of $157.3 million for the same period in 2014.

Operating loss for the first quarter of 2015 was $1.2 million compared with an operating loss of $7.9 million for the same period in 2014.

Net loss for the first quarter of 2015 was $0.4 million compared with a net loss of $4.3 million for the same period in 2014.

Fully diluted loss per share for the first quarter of 2015 was $0.01 compared with fully diluted loss per share of $0.10 for the same period in 2014.

The Company recognized an income tax benefit for the first quarter of 2015 at an effective tax rate of 27.4%.

Balance Sheet and Cash Flow

As of March 31, 2015, the Company had cash, restricted cash, cash equivalents and marketable securities of $355.3 million, compared with $356.5 million as of December 31, 2014. 

The Company generated $7.4 million of cash from operating activities during the three months ended March 31, 2015, compared with $16.5 million of cash used in operating activities during the same period in 2014.

Earnings Conference Call and Webcast

Bridgepoint Education will host a conference call at 11:30 a.m. ET (8:30 a.m. PT) today to discuss its latest financial results and recent highlights.  The dial-in number for callers in the United States / Canada is 866-859-7412, and for other callers, 832-900-4623.  The access code for all callers is 37807845.  A live webcast will also be available on the Company's website at http://ir.bridgepointeducation.com.

A replay of the call will be available via telephone through June 5, 2015.  To access the replay, dial 855-859-2056 in the United States / Canada and for other callers, 404-537-3406; then enter the access code 37807845.

About Bridgepoint Education

Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest technology to reimagine the modern student experience. Bridgepoint owns two academic institutions – Ashford University and University of the Rockies. Ashford University offers associate's, bachelor's and master's degree programs while University of the Rockies offers master's and doctoral degree programs.  Both provide progressive online platforms as well as campuses in Iowa and Colorado.  Bridgepoint stands for greater access, social learning, and exposure to leading minds.

For more information, visit http://ir.bridgepointeducation.com/investor-relations/ or www.facebook.com/BridgepointEducation, or call Paul Goodson, Associate Vice President of Investor Relations, at (866) 475-0317 x2271.

Forward-Looking Statements

This news release may contain forward-looking statements, including, without limitation, statements regarding management's intentions, hopes, beliefs or expectations, and statements regarding the Company's 2015 outlook. These statements are subject to risks and uncertainties that could cause the Company's actual performance or results to differ materially from those expressed in or suggested by such statements. Such risks and uncertainties include, without limitation:

  • the failure to comply with the extensive regulatory framework applicable to the Company and its institutions, including Title IV of the Higher Education Act of 1965, as amended, and its regulations, state laws, regulatory requirements, and accrediting agency requirements;
  • adverse administrative, economic, legislative or regulatory changes affecting the Company and its institutions;
  • the imposition of fines or other corrective measures against the Company's institutions;
  • competition in the postsecondary education market and its potential impact on the Company's market share, recruiting costs and tuition rates;
  • reputational and other risks related to potential compliance audits, regulatory actions, negative publicity or service disruptions; and
  • the inability to recruit and retain students or develop new or expanded programs in a timely and cost-effective manner.

Additional information on factors that could affect the Company's performance or results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on March 10, 2015, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, to be filed with the SEC.

You should not place undue reliance on any forward-looking statements.  Forward-looking statements are made on the basis of management's good faith beliefs and assumptions regarding future events based on information available at the time the statements are made.  Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.

Contact: Paul Goodson, Associate Vice President of Investor Relations
866.475.0317 x2271
investorrelations@bridgepointeducation.com

 

BRIDGEPOINT EDUCATION, INC.

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)



Three Months Ended
March 31,


2015


2014

Revenue

$

142,518


$

157,270

Costs and expenses:




Instructional costs and services

75,049


83,081

Admissions advisory and marketing

52,347


65,778

General and administrative

16,322


16,269

Total costs and expenses

143,718


165,128

Operating loss

(1,200)


(7,858)

Other income, net

689


367

Loss before income taxes

(511)


(7,491)

Income tax benefit

(140)


(3,161)

Net loss

$

(371)


$

(4,330)

Earnings (loss) per share:




Basic

$

(0.01)


$

(0.10)

Diluted

(0.01)


(0.10)

Weighted average number of common shares outstanding used in computing earnings per share:




Basic

45,428


44,897

Diluted

45,428


44,897

 

BRIDGEPOINT EDUCATION, INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)



March 31, 2015


December 31, 2014

ASSETS




Current assets:




Cash and cash equivalents

$

241,277


$

207,003

Restricted cash

20,206


25,934

Investments

12,177


12,051

Accounts receivable, net

30,918


21,274

Student loans receivable, net

859


1,003

Deferred income taxes

21,295


21,301

Prepaid expenses and other current assets

22,321


22,818

Total current assets

349,053


311,384

Property and equipment, net

75,728


78,219

Investments

81,593


111,557

Student loans receivable, net

9,146


9,510

Goodwill and intangibles, net

23,901


24,775

Deferred income taxes

20,043


20,175

Other long-term assets

2,661


2,475

Total assets

$

562,125


$

558,095

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

6,894


$

1,013

Accrued liabilities

55,986


51,403

Deferred revenue and student deposits

102,688


108,048

Total current liabilities

165,568


160,464

Rent liability

20,275


22,098

Other long-term liabilities

9,728


9,652

Total liabilities

195,571


192,214

Total stockholders' equity

366,554


365,881

Total liabilities and stockholders' equity

$

562,125


$

558,095

 

BRIDGEPOINT EDUCATION, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



Three Months Ended March 31,


2015


2014

Cash flows from operating activities




Net loss

$

(371)


$

(4,330)

Adjustments to reconcile net loss to net cash provided by operating activities:




Provision for bad debts

8,396


7,560

Depreciation and amortization

5,345


6,029

Amortization of premium/discount

19


(19)

Stock-based compensation

2,245


1,893

Excess tax benefit of option exercises

(231)


(793)

Loss on impairment of student loans receivable

359


265

Net loss on marketable securities

34


Loss on disposal of fixed assets

163


80

Changes in operating assets and liabilities:




Restricted cash

5,716


8,208

Accounts receivable

(17,931)


(14,092)

Prepaid expenses and other current assets

360


(6,297)

Student loans receivable

260


198

Other long-term assets

(185)


(240)

Accounts payable and accrued liabilities

10,270


9,526

Deferred revenue and student deposits

(5,313)


(24,084)

Other liabilities

(1,748)


(403)

Net cash provided by (used in) operating activities

7,388


(16,499)

Cash flows from investing activities




Capital expenditures

(1,626)


(3,054)

Purchases of investments

(142)


(23,111)

Non-operating restricted cash

12


Capitalized costs for intangible assets

(592)


(1,121)

Sales and maturities of investments

30,101


20,000

Net cash provided by (used in) investing activities

27,753


(7,286)

Cash flows from financing activities




Proceeds from exercise of stock options

127


2,361

Excess tax benefit of option exercises

231


793

Tax withholdings on issuance of stock awards

(1,225)


(1,204)

Net cash provided by (used in) financing activities

(867)


1,950

Net increase (decrease) in cash and cash equivalents

34,274


(21,835)

Cash and cash equivalents at beginning of period

207,003


212,526

Cash and cash equivalents at end of period

$

241,277


$

190,691

 

Logo - http://photos.prnewswire.com/prnh/20140912/145861

 

SOURCE Bridgepoint Education

Click here for more news >


email Email Page   print Print