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Stock Market & Financial Investment News

News Breaks
May 30, 2014
16:37 EDTBPIBridgepoint restates FY13 earnings results
On May 23, the management of Bridgepoint Education concluded that the company’s previously issued financial statements for the year ended December 31, 2013, as well as for the interim periods included in that fiscal year, should no longer be relied upon because of errors related to revenue recognition that resulted in material misstatements of revenue, bad debt expense and accounts receivable. Management has concluded that there are material weaknesses in internal control over financial reporting, as the company did not maintain effective controls over the selection and application of accounting principles generally accepted in the U.S. related to revenue recognition and restricted cash. The company expects its restated financial statements for the year ended December 31, 2013 included in the amended Form 10-K to differ from the amounts reported in the original filing. The restated amounts for the year ended December 31, 2013 are expected to be approximately as follows: Diluted EPS in a range of 81c-84c, as compared to 74c previously reported, and revenue in a range of $749.0M-$753.0M, as compared to $768.6M previously reported.
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