For-profit post-secondary education provider Bridgepoint Education (NYSE: BPI ) went to the head of the class this morning, posting first-quarter revenues and profits that beat analyst expectations on the top and bottom lines.
Despite markedly lower student enrollments, revenues of $222 million came in just above the Capital IQ analyst consensus view of $217.4 million, though they were below last year's $250.4 million effort. Profits of $0.43 per share were also below the year-ago period when it posted $0.59 per share, but beat by $0.02 what Wall Street was expecting.
Total student enrollment at the end of the quarter stood at 78,782, down 17% from 94,863, while new student enrollments were down 45% to 13,300 from 24,275.
Bridgepoint offers both online degree programs as well as traditional campus-style learning opportunities. Its Ashford University offers associate's, bachelor's, and master's degree programs while the University of the Rockies offers master's and doctoral degree programs. Both provide progressive online platforms with its traditional campuses located in Clinton, Iowa, (Ashford University) and Colorado Springs, Colo. (University of the Rockies).