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Bridgepoint -2.6% AH on accounting restatement

  • Following a review, Bridgepoint Education (BPI) has concluded its 2013 financial statements "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." (8-K)
  • The company now believes its 2013 revenue  was in a range of $749M-$753M, down from a previously-reported $768.6M. At the same time, it thinks EPS was in a range of $0.81-$0.84 (above a prior $0.74), and operating cash flow in a range of $84M-$87M (above a prior $75.5M).
  • Bridgepoint will officially restate its numbers in an amended 10-K.
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