Bridgepoint Education Inc. said its first-quarter normalized net income was a loss of $319,380, compared with a loss of $4.7 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to negative 0.2% from negative 3.0% in the year-earlier period.
Total revenue declined 9.4% on an annual basis to $142.5 million from $157.3 million, and total operating expenses declined 13.0% on an annual basis to $143.7 million from $165.1 million.
Reported net income came to a loss of $454,280, or a loss of 1 cents per share, compared to a loss of $4.5 million, or a loss of 10 cents per share, in the year-earlier period.
