SAN DIEGO, March 7, 2019
/PRNewswire/ -- Bridgepoint Education, Inc. (NYSE:BPI), a
provider of postsecondary education services will release its
fourth quarter and full year 2018 financial results after market
close on Tuesday, March 12, 2019. The
Company will host a conference call and webcast for investors and
analysts to discuss these results the same day at 5:00 pm ET / 2:00 pm
PST.
Participants can attend a live broadcast of the call at
http://ir.bridgepointeducation.com. Call participants can also dial
(877) 395-6119, or (647) 689-5537 internationally, and provide the
conference ID 2798689. The broadcast of the call will be archived
and available for one year.
Decision to Restate Prior Period Financial Statements for
Third Quarter 2018
The Company filed a Current Report on Form 8-K with the
Securities and Exchange Commission (SEC) noting that on
March 6, 2019, the Audit Committee of
the Company, based on the recommendation and in consultation with
management, determined to restate the Company's previously issued
unaudited condensed consolidated financial statements, and advised
that those financial statements should not be relied upon, for the
three and nine months ended September 30,
2018. Investors are encouraged to review that report. The
restatement primarily relates to the revenue for the Full Tuition
Grant program portion of our student contracts.
Preliminary Financial Results for the Fourth Quarter and Full
Year Ended December 31, 2018
Bridgepoint Education, Inc. is providing preliminary results for
the fourth quarter and full year ended December 31, 2018.
These preliminary results include and reflect the changes we are
estimating as a result of the restatement noted above.
The Company anticipates reporting the following financial
results for the fourth quarter ended December 31, 2018:
- Revenue in the range of $93.7
million to $94.7 million.
- Operating loss in the range of $13.6
million to $14.0 million.
- Net loss in the range of $13.4
million to $13.8 million.
- Diluted loss per share in the range of $0.49 to $0.51.
- Non-GAAP net loss in the range of $6.2
million to $6.6 million.
- Non-GAAP diluted loss per share in the range of $0.23 to $0.25.
The Company anticipates reporting the following financial
results for the year ended December 31,
2018:
- Revenue in the range of $441.4
million to $443.4
million.
- Operating loss in the range of $4.0
million to $4.5 million.
- Net income in the range the $4.1
million to $4.6 million.
- Diluted income per share in the range of $0.15 to $0.17.
- Non-GAAP net income in the range of $12.5 million to $13.0
million.
- Non-GAAP diluted income per share in the range of $0.46 to $0.48.
New enrollment for the fourth quarter of 2018 was down, as a
percentage, by low single-digits, when compared to the fourth
quarter of 2017.
As of December 31, 2018,
Ashford University's cohort retention
rate was 58.9%, as compared to 58.7% for the same period in the
prior year.
As of December 31, 2018, total student enrollment was
38,153, compared to 40,730 as of December 31, 2017.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures for
non-GAAP net income (loss), non-GAAP diluted income (loss) per
share, which exclude a legal settlement expense, restructuring and
impairment charges, separation transaction costs, as well as
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.
About Bridgepoint Education
Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest
technology to reimagine the modern student experience through
programs, technologies, and resources representing 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 www.bridgepointeducation.com or
www.facebook.com/BridgepointEducation.
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 results for 2018. These forward-looking
statements are based on current information and expectations and
are subject to various risks and uncertainties. The Company's
actual performance or results may differ materially from those
expressed in or suggested by such statements due to various
factors, including without limitation: our expectations regarding
our financial results for the quarter and year ended December 31, 2018, including revenue, operating
loss, net income (loss), diluted income (loss) per share, non-GAAP
net income (loss) and non-GAAP diluted income (loss) per share.
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 SEC, including, but not limited to,
the Company's annual report on Form 10-K for the year ended
December 31, 2017 filed with the SEC
and for the year ended December 31, 2018 to be filed with the
SEC, the Company's quarterly reports on Form 10-Q, including the
Form 10-Q/A for September 30, 2018,
as well as 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.
Contact: Dori Abel, Investor
Relations
866.475.0317 x11611
investorrelations@bridgepointeducation.com
BRIDGEPOINT
EDUCATION, INC.
|
|
Reconciliation of
Anticipated GAAP to Non-GAAP Financial Measures
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
December 31, 2018
|
|
Year Ended
December 31, 2018
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Anticipated Net
Income (Loss) Reconciliation:
|
|
|
|
|
|
|
|
Anticipated GAAP net
income (loss)
|
$
|
(13,800)
|
|
|
$
|
(13,400)
|
|
|
$
|
4,100
|
|
|
$
|
4,600
|
|
Legal settlement
expense
|
—
|
|
|
—
|
|
|
100
|
|
|
100
|
|
Restructuring and
impairment charges
|
4,000
|
|
|
4,000
|
|
|
7,900
|
|
|
7,900
|
|
Separation
transaction costs
|
3,300
|
|
|
3,300
|
|
|
8,000
|
|
|
8,000
|
|
Income tax impact,
non-GAAP
|
(100)
|
|
|
(100)
|
|
|
(7,600)
|
|
|
(7,600)
|
|
Anticipated Non-GAAP
net income (loss)
|
$
|
(6,600)
|
|
|
$
|
(6,200)
|
|
|
$
|
12,500
|
|
|
$
|
13,000
|
|
|
|
|
|
|
|
|
|
Anticipated
Diluted Income (Loss) Per Share Reconciliation:
|
|
|
|
|
|
|
|
Anticipated GAAP
diluted income (loss) per share
|
$
|
(0.51)
|
|
|
$
|
(0.49)
|
|
|
$
|
0.15
|
|
|
$
|
0.17
|
|
Legal settlement
expense
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
Restructuring and
impairment charges
|
0.15
|
|
|
0.15
|
|
|
0.28
|
|
|
0.28
|
|
Separation
transaction costs
|
0.12
|
|
|
0.12
|
|
|
0.29
|
|
|
0.29
|
|
Income tax impact,
non-GAAP
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.27)
|
|
|
(0.27)
|
|
Anticipated Non-GAAP
diluted income (loss) per share
|
$
|
(0.25)
|
|
|
$
|
(0.23)
|
|
|
$
|
0.46
|
|
|
$
|
0.48
|
|
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SOURCE Bridgepoint Education