Exhibit 99.1
BRIDGEPOINT EDUCATION, INC.
Consolidated Statements of Income - Reclassified
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended |
| | | December 31,
2011 | | March 31,
2012 | | June 30,
2012 | | September 30,
2012 | | December 31,
2012 |
| Revenue | | $ | 221,266 |
| | $ | 250,437 |
| | $ | 256,302 |
| | $ | 252,076 |
| | $ | 209,356 |
|
| Costs and expenses: | | | | | | | | | | |
| Instructional costs and services (1) | | 83,494 |
| | 82,500 |
| | 78,525 |
| | 88,373 |
| | 105,875 |
|
| Admissions advisory and marketing (1) | | 86,593 |
| | 90,042 |
| | 87,194 |
| | 96,734 |
| | 65,239 |
|
| General and administrative (1) | | 15,866 |
| | 25,542 |
| | 15,047 |
| | 17,247 |
| | 13,139 |
|
| Total costs and expenses | | 185,953 |
| | 198,084 |
| | 180,766 |
| | 202,354 |
| | 184,253 |
|
| Operating income | | 35,313 |
| | 52,353 |
| | 75,536 |
| | 49,722 |
| | 25,103 |
|
| Other income, net | | 830 |
| | 683 |
| | 854 |
| | 955 |
| | 878 |
|
| Income before income taxes | | 36,143 |
| | 53,036 |
| | 76,390 |
| | 50,677 |
| | 25,981 |
|
| Income tax expense | | 13,258 |
| | 19,995 |
| | 28,932 |
| | 19,232 |
| | 9,962 |
|
| Net income | | $ | 22,885 |
| | $ | 33,041 |
| | $ | 47,458 |
| | $ | 31,445 |
| | $ | 16,019 |
|
(1) Effective in the fourth quarter of 2012, the Company made changes in the presentation of its operating expenses. The Company determined that these changes would better reflect industry practice and would provide more meaningful information as well as increased transparency to its operations. The Company also believes that the reclassification better represents the operational changes and the business initiatives that have been implemented. The Company has reclassified prior periods to conform to the new presentation. These reclassifications had no effect on previously reported total operating expenses or retained earnings.
