Bridgepoint Education, Inc. (BPI: Quote) posted first-quarter net income of $33 million compared to $53.9 million last year. Earnings per share fell to $0.59 from $0.92 in the prior year. Adjusted net income for the first quarter decreased to $39.8 million from $53.9 million in the previous year.
Revenue increased to $250.4 million from $229.4 million in the comparable quarter a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share on revenues of $252.10 million for the quarter. Analysts' estimates typically exclude special items.
Going ahead, for 2012, the company still expects net income to be between $131.5 million and $136.9 million and adjusted net income to be between $138.2 million and $143.7 million. Earnings per share is still expected to be between $2.33 and $2.43 and adjusted earnings per share to be between $2.45 and $2.55. Also, the company continues to expect revenue to be between $1.01 billion and $1.03 billion. Analysts expect the company to earn $2.56 per share on revenues of $1.02 billion for the year.
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by RTT Staff Writer
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