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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.
News For BPI From The Last 14 Days
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October 15, 2014
07:07 EDTBPIFor profit education positive catalysts outweigh negative, says Wells Fargo
Wells Fargo expects for-profit education stocks to benefit from improved hiring trends and a sale by Corinthian of its assets that, according t othe firm ,would set a valuation floor for the sector. The firm continues to believe that the final gainful employment rule will be neutral to positive for the group. Wells favors the option value on the long side for the sector. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
October 9, 2014
12:46 EDTBPIDoE policy changes a negative for select Education stocks, says Deutsche Bank
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