UPDATE 1-Bridgepoint Q1 beats Street, reaffirms 2010 view

Mon May 3, 2010 8:19am EDT

* Q1 EPS $0.49 vs est $0.34

* Revenue up 85 pct, beats est

* Keeps 2010 EPS view $1.86-$1.88, rev $688.2-$691.2 mln

* Shares rise 4 pct in pre-market trade

May 3 (Reuters) - Bridgepoint Education Inc (BPI.N), a provider of post-secondary education services, posted better-than-expected quarterly results, helped by a sharp rise in total student enrollment, sending its shares up 4 percent in pre-market trade.

For the first quarter, Bridgepoint earned $29.8 million, or 49 cents a share, compared with $3.9 million, or 3 cents a share, a year earlier.

Revenue rose 85 percent to $156.1 million.

Analysts on an average were expecting earnings of 34 cents per share, on revenue of $143.8 million, according to Thomson Reuters I/B/E/S.

Total student enrollment for the quarter increased 57 percent to 65,788 students. New student enrollments rose 45 percent to 24,300 students, the company said.

Bridgepoint also reaffirmed its 2010 outlook. [ID:nASA00ATF]

Shares of the company were up at $26.72 in trading before the bell. They closed at $25.71 Friday on the New York Stock Exchange. (Reporting by Megha Mandavia in Bangalore; Editing by Anne Pallivathuckal)

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