UPDATE: Bridgepoint Posts Better-Than-Expected Q4 Results, Issues Downbeat Earnings Forecast

Bridgepoint Education Inc BPI reported stronger-than-expected fourth-quarter results, but issued downbeat 2012 earnings forecast. Bridgepoint projects 2012 earnings of $2.45 to $2.55 per share, on revenue of $1.01 billion to $1.03 billion. However, analysts were projecting earning of $2.84 per share on revenue of $966.8 million. Bridgepoint's quarterly net income dropped to $22.9 million, or $0.41 per share, from $26.3 million, or $0.45 per share, in the year-ago period. Its revenue climbed 15% to $221.3 million. Analysts had expected earnings of $0.38 per share on revenue of 216.8 million. Bridgepoint reported that total enrollment surged 11% in the quarter, versus a growth of 45% last year. Bridgepoint shares closed at $23.49 yesterday.