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Bridgepoint Announces Painting Project, Improved Profits

Bridgepoint Education, the local and controversial operator of for-profit colleges that has drawn fire for its high-pressure enrollment tactics, having a marketing budget that exceeds its education budget, and basing enrollment on a prospective student’s maximum federal loan qualifications, had two announcements for the press this morning.

First, the company over the weekend gathered a handful of employee volunteers and, using materials donated by Bridgepoint, painted the exterior of John Marshall Elementary School in the southeastern San Diego neighborhood of Chollas Creek. The buildings on campus had not been painted in at least 20 years.

The United We Paint Coalition, a charity group which specializes in such endeavors, estimates that the job done would have cost about $90,000 if completed by professional painting contractors. The value of the materials donated by Bridgepoint was not disclosed, but the company says its employees and their families spent a collective 2,340 work hours on the project.

Bridgepoint also announced the third-quarter earnings from its education operations today.

Numbers across the board are looking good to Bridgepoint stockholders – over 90,000 students are enrolled, up more than 13,000 over a year ago. Revenue was up over $50 million, and net income was at $43.8 million, up from $36.1 million in the third quarter of 2010. The company now sits on a pile of cash and liquid assets exceeding $344 million.

The company’s stock was up 6% to $22.99 in regular trading after the announcements, and after-hours activity indicated it was another 33 cents higher as of 3:30 p.m. this afternoon.

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Bridgepoint Education, the local and controversial operator of for-profit colleges that has drawn fire for its high-pressure enrollment tactics, having a marketing budget that exceeds its education budget, and basing enrollment on a prospective student’s maximum federal loan qualifications, had two announcements for the press this morning.

First, the company over the weekend gathered a handful of employee volunteers and, using materials donated by Bridgepoint, painted the exterior of John Marshall Elementary School in the southeastern San Diego neighborhood of Chollas Creek. The buildings on campus had not been painted in at least 20 years.

The United We Paint Coalition, a charity group which specializes in such endeavors, estimates that the job done would have cost about $90,000 if completed by professional painting contractors. The value of the materials donated by Bridgepoint was not disclosed, but the company says its employees and their families spent a collective 2,340 work hours on the project.

Bridgepoint also announced the third-quarter earnings from its education operations today.

Numbers across the board are looking good to Bridgepoint stockholders – over 90,000 students are enrolled, up more than 13,000 over a year ago. Revenue was up over $50 million, and net income was at $43.8 million, up from $36.1 million in the third quarter of 2010. The company now sits on a pile of cash and liquid assets exceeding $344 million.

The company’s stock was up 6% to $22.99 in regular trading after the announcements, and after-hours activity indicated it was another 33 cents higher as of 3:30 p.m. this afternoon.

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Comments
2

Andrew Clark, CEO of Bridgepoint Education, is obviously part of the 1% that loves corporate welfare, since virtually all of its income derives from federal student grants and loans. Why hasn't this diploma mill operation been shut down?

Nov. 1, 2011

Bridgepoint's news release also contains "forward looking statements" including this one. "Revenue is expected to be between $920 million and $926 million" for the year.

Nov. 1, 2011

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