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UPDATE 1-Bridgepoint Q3 tops market; sees strong 2009 results

Wed Nov 4, 2009 8:20am EST

Stocks

   

* Q3 EPS, exl items, $0.38 vs. est. $0.26

* Sees 2009 results above market expectations

* Total student population up about 80 pct

Nov 4 (Reuters) - Bridgepoint Education Inc (BPI.N) posted better-than-expected quarterly results, helped by about 80 percent growth in total student enrollment, and forecast 2009 profit above market expectations.

For the third quarter, the company posted a profit of $22.4 million, or 37 cents a share, compared with $8.3 million, or 7 cents a share, a year earlier.

Excluding certain charges, net income was $22.5 million, or 38 cents a share.

Revenue rose 111 percent to $127.4 million.

Analysts on average were expecting earnings of 26 cents a share on revenue of $115.3 million, according to Thomson Reuters I/B/E/S.

Bridgepoint, which went public in April, also forecast 2009 profit of 65 cents to 67 cents a share on revenue of $443 million to $448 million.

Excluding certain charges, profit is expected to be $1.15 a share to $1.17 a share for the period.

Analysts were expecting a full-year profit of $1.01 a share, on revenue of $428.7 million.

Shares of the company were up 7 percent at $15.60 in trade before the bell. They closed at $14.59 Tuesday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)



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