Shelli DeRobertis 9:19 p.m., May 22
Bridgepoint Education revenue, profits fall
But company's profits top Wall Street expectations; stock rises
Controversial Bridgepoint Education, the for-profit university operation that is being probed by government bodies and is having trouble with accreditors, suffered a fourth quarter drop of 30 percent in net income, as enrollment dropped about the same percentage. For the period ended Dec. 31, the company earned $16 million, or 29 cents a share, down from $22.9 million or 41 cents in the same quarter a year ago. Analysts had expected earnings per share of 27 cents, and the stock is up 0.64% to $10.22 in trading this morning (March 12). Enrollment at Bridgepoint's Ashford University and University of the Rockies declines to 9,260 from 13,500 a year ago.