UPDATE: Bridgepoint Education Posts Downbeat Q1 Results

Bridgepoint Education Inc BPI posted a weaker-than-expected first-quarter profit. Bridgepoint Education's quarterly net income dropped to $33 million, or $0.59 per share, versus $53.9 million, or $0.92 per share, in the year-ago period. Excluding items, Bridgepoint Education earned $0.71 per share. Its revenue climbed 9% to $250.4 million. However, analysts were projecting earnings of $0.76 per share on revenue of $252.1 million. Bridgepoint Education reported that new enrollment declined around 12% to 24,275 students. Bridgepoint Education shares closed at $21.56 yesterday.