(MENAFNEditorial) SAN DIEGO, Feb. 21, 2018 /PRNewswire/ --Bridgepoint Education, Inc. (NYSE: BPI), a provider of postsecondary education services, today announced the results for its fourth quarter and full year ended December31, 2017.
Financial Results for the Three Months Ended December31, 2017
Revenue for the three months ended December31, 2017 was $105.0 million, compared with revenue of $119.5 million for the three months ended December31, 2016.
Operating loss for the three months ended December31, 2017 was $6.5 million, compared with operating loss of $18.5 million for the three months ended December31, 2016.
The Company recognized an income tax benefit of $0.5 million for the three months ended December31, 2017, compared with income tax benefit of $4.3 million for the three months ended December31, 2016.
Net loss for the three months ended December31, 2017 was $5.7 million, compared with net loss of $13.8 million for the three months ended December31, 2016.
Diluted loss per share for the three months ended December31, 2017 was $0.20, compared with diluted loss per share of $0.30 for the three months ended December31, 2016.
Non-GAAP Financial Results for the Three Months Ended December31, 2017
Non-GAAP operating loss for the three months ended December31, 2017 was $4.8 million, compared with non-GAAP operating loss of $1.8 million for the three months ended December31, 2016. Non-GAAP operating loss for the three months ended December31, 2017 excludes a legal settlement expense of $1.8 million and a reversal of restructuring and impairment charges of $0.1 million. Non-GAAP operating loss for the three months ended December31, 2016 excludes a legal settlement expense of $0.2 million and restructuring and impairment charges of $16.5 million.
Non-GAAP net loss for the three months ended December31, 2017 was $4.4 million, compared with non-GAAP net loss of $0.7 million for the three months ended December31, 2016. Non-GAAP net loss for the three months ended December31, 2017 excludes a legal settlement expense of $1.8 million, as well as a reversal of restructuring and impairment charges of $0.1 million and the related tax effect. Non-GAAP net loss for the three months ended December31, 2016 excludes a legal settlement expense of $0.2 million and restructuring and impairment charges of $16.5 million and the related tax effect.
Non-GAAP diluted loss per share for the three months ended December31, 2017 was $0.16, compared with non-GAAP diluted loss per share of $0.01 for the three months ended December31, 2016.
Financial Results for the Year Ended December31, 2017
Revenue for the year ended December31, 2017 was $478.4 million, compared with revenue of $527.1 million for the year ended December31, 2016.
Operating income for the year ended December31, 2017 was $7.9 million, compared with operating loss of $40.2 million for the year ended December31, 2016.
The Company recognized an income tax benefit of $1.2 million for the year ended December31, 2017, compared with income tax benefit of $7.9 million for the year ended December31, 2016.
Net income for the year ended December31, 2017 was $10.5 million, compared with net loss of $30.0 million for the year ended December31, 2016.
Diluted income per share for the year ended December31, 2017 was $0.32, compared with diluted loss per share of $0.65 for the year ended December31, 2016.
Non-GAAP Financial Results for the Year Ended December31, 2017
Non-GAAP operating income for the year ended December31, 2017 was $17.6 million, compared with non-GAAP operating income of $12.1 million for the year ended December 31, 2016. Non-GAAP operating income for the year ended December31, 2017 excludes a legal settlement expense of $1.8 million and restructuring and impairment charges of $7.9 million. Non-GAAP operating income for the year ended December31, 2016 excludes a legal settlement expense of $33.1 million and restructuring and impairment charges of $19.3 million.
Non-GAAP net income for the year ended December31, 2017 was $19.2 million, compared with non-GAAP net income of $8.4 million for the year ended December 31, 2016. Non-GAAP net income for the year ended December31, 2017 excludes a legal settlement expense of $1.8 million, as well as restructuring and impairment charges of $7.9 million and the related tax effect. Non-GAAP net income for the year ended December31, 2016 excludes a legal settlement expense of $33.1 million and restructuring and impairment charges of $19.3 million and the related tax effect.
Non-GAAP diluted income per share for the year ended December31, 2017 was $0.59, compared with non-GAAP diluted income per share of $0.18 for the year ended December 31, 2016.
Balance Sheet and Cash Flow
As of December31, 2017, the Company had combined cash, cash equivalents and investments of $187.2 million, compared with cash, cash equivalents and investments of $357.2 million as of December31, 2016.
The Company used $4.1 million of cash in operating activities during the year ended December31, 2017, compared with $11.1 million of cash provided by operating activities during the year ended December31, 2016.
Student Enrollment
Total student enrollment at the Company's academic institutions, Ashford University and University of the Rockies, was 40,730 at December31, 2017, compared with total student enrollment of 45,087 at December31, 2016.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures for non-GAAP operating income, non-GAAP net income and non-GAAP diluted income per share, which exclude a legal settlement expense, restructuring and impairment charges, and certain income tax adjustments, as applicable. These non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and are not based on a comprehensive set of accounting rules. Management believes non-GAAP financial measures are useful in providing investors with an understanding of how specific line items in the consolidated statements of income are affected by items that may not be indicative of the operating results of the Company's core business. To the extent that other companies use similar methods in calculating and reporting non-GAAP operating results, the Company believes provision of supplemental non-GAAP financial information allows for a meaningful comparison of the Company's performance against the performance of other companies. The Company further believes that these non-GAAP financial measures provide useful information regarding its ongoing operating activities and business trends related to its results of operations, as well as a meaningful comparison with historical financial results. The Company's management and board of directors utilize these non-GAAP financial measures, together with the Company's financial statements prepared in accordance with GAAP, in developing operating budgets and evaluating the Company's performance. These non-GAAP financial measures are intended to supplement GAAP financial information, and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Refer to the accompanying tables for a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Earnings Conference Call and Webcast
Bridgepoint Education will host a conference call and webcast at 5:00 p.m. ET (2:00 p.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 the dial-in number for other callers is (832) 900-4623. The access code for all callers is 8098438. A live broadcast of the call will also be available on the Company's website at .
A replay of the call will be available via telephone through March 23, 2018. To access the replay, callers in the United States and Canada should dial (855) 859-2056 and other callers should dial (404) 537-3406. The access code for all callers is 8098438.
About Bridgepoint Education
Bridgepoint Education, Inc. (NYSE: ) harnesses the latest technology to reimagine the modern student experience. Bridgepoint owns two academic institutions - Ashford University and University of the Rockies. Together, these programs, technologies, and resources represent a unique model for advancing education in the 21st century. Bridgepoint stands for greater access, social learning, and exposure to leading minds. For more information, visit or
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 outlook for 2018 and beyond. These forward-looking 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, 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 or legal 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 Company's filings with the Securities and Exchange Commission (SEC), including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December31, 2017 to be filed with the SEC, the Company's quarterly reports on Form 10-Q and the Company's current reports on Form 8-K. 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, expectations and assumptions regarding future events based on information available at the time such statements are made. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update or revise any forward-looking statements to reflect actual results or any changes in assumptions, expectations or other factors affecting such forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.
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