Bridgepoint Education Inc. said its normalized net income for the fourth quarter came to 6 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

EPS declined 41.9% year over year from 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, a decrease of 41.4% from $4.3 million in the year-earlier period.

The normalized profit margin declined to 1.9% from 2.9% in the year-earlier period.

Total revenue fell 10.8% on an annual basis to $131.4 million from $147.3 million, and total operating expenses declined 9.1% on an annual basis to $128.5 million from $141.3 million.

Reported net income totaled a loss of $6.5 million, or a loss of 15 cents per share, compared to a loss of $5.1 million, or a loss of 12 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 39 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 cents.

EPS declined 14.4% from 46 cents in the prior year.

Normalized net income was $18.0 million, a fall of 16.0% from $21.4 million in the prior year.

Full-year total revenue fell 12.1% from the prior-year period to $561.7 million from $638.7 million, and total operating expenses fell 11.8% year over year to $535.7 million from $607.6 million.

The company said reported net income came to a loss of $70.3 million, or a loss of $1.54 per share, in the full year, compared with income of $9.8 million, or 21 cents per share, the prior year.