Bridgepoint Education Inc (NYSE:BPI) gained 26 percent AH on Wednesday, following the initial accreditation to Ashford University by WASC. The WASC Commission Action Letter stated “The Commission found that the University has responded to Commission concerns and judges that it is now in substantial compliance with Commission standards.”
WASC praised the transformation
Ashford University of Bridgepoint Education Inc (NYSE:BPI) received the accreditation for five years by the Western Association of Schools and Colleges (WASC), the body concerned with Accrediting Senior Colleges and Universities. The WASC review process incorporates a precise reporting and visiting various sites. It gave the initial five year accredition to Ashford after the university fulfilled all the norms.
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The visiting team from WASC mentioned in their final report that the institution has “fundamentally transformed” and culture has also changed significantly. Earlier, the institution was driven by market approach but now the focus has shifted to commitment towards student retention and success, backed by the Board of Trustees, the new President, administration, faculty and staff.
Chief Executive officer of Bridgepoint Education Andrew Clark, said that the honor given to Ashford reflects the collective commitment made by Bridgepoint students and alumni, faculty and staff, trustees and shareholders. He added that the university is committed towards better education and positive difference. He further said that WASC has rightly recognized Ashford, which will help the students through current and new programs to be implemented under the process.
Bridgepoint Q2 Estimates
Bridgepoint Education Inc (NYSE:BPI) cut down on its operating cost in the second quarter triggering the savings in labor and other expenses. Chief Executive Clark said that the company is committed towards cutting the costs without putting any negative effect on the investment in the field of student learning, success and outcomes. He further added that the savings from labor and operational cost will total approximately to $85 million dollars on annual basis after the cost reduction program is implemented full fledged.
Bridgepoint Education Inc (NYSE:BPI) estimates total ending enrollments for the second quarter 2013 to be in the range of 71,000 to 72,000. Second quarter revenue is estimated to come between $195.5 million and $199.5 million. Earnings per share are expected to be around $0.16 and $0.20 per share. The earnings in the second quarter incorporate charges of $6.2 million related to severance from the current decline in force. The company will report its second Quarter 2013 results on August 6, 2013.