Bridgepoint Education (BPI) to Restate Prior Period Financial Statements for Q3, Prelim. Q4 Results Miss Views

• Bridgepoint Education Announces Decision to Restate Prior Period Financial Statements for Third Quarter 2018 and Provides Fourth Quarter and Full Year 2018 Preliminary Financial Results

Bridgepoint Education, Inc. (NYSE: BPI), a provider of postsecondary education services will release its fourth quarter and full year 2018 financial results after market close on Tuesday, March 12, 2019. The Company will host a conference call and webcast for investors and analysts to discuss these results the same day at 5:00 pm ET / 2:00 pm PST.

Participants can attend a live broadcast of the call at http://ir.bridgepointeducation.com. Call participants can also dial (877) 395-6119, or (647) 689-5537 internationally, and provide the conference ID 2798689. The broadcast of the call will be archived and available for one year.

Decision to Restate Prior Period Financial Statements for Third Quarter 2018

The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission (SEC) noting that on March 6, 2019, the Audit Committee of the Company, based on the recommendation and in consultation with management, determined to restate the Company's previously issued unaudited condensed consolidated financial statements, and advised that those financial statements should not be relied upon, for the three and nine months ended September 30, 2018. Investors are encouraged to review that report. The restatement primarily relates to the revenue for the Full Tuition Grant program portion of our student contracts.

Preliminary Financial Results for the Fourth Quarter and Full Year Ended December 31, 2018

Bridgepoint Education, Inc. is providing preliminary results for the fourth quarter and full year ended December 31, 2018. These preliminary results include and reflect the changes we are estimating as a result of the restatement noted above.

The Company anticipates reporting the following financial results for the fourth quarter ended December 31, 2018:

• Revenue in the range of $93.7 million to $94.7 million.
• Operating loss in the range of $13.6 million to $14.0 million.
• Net loss in the range of $13.4 million to $13.8 million.
• Diluted loss per share in the range of $0.49 to $0.51.
• Non-GAAP net loss in the range of $6.2 million to $6.6 million.
• Non-GAAP diluted loss per share in the range of $0.23 to $0.25.

(**Analysts sees Q4 loss per share of 12 cents on revenue of $102.2 million)

The Company anticipates reporting the following financial results for the year ended December 31, 2018:

• Revenue in the range of $441.4 million to $443.4 million.
• Operating loss in the range of $4.0 million to $4.5 million.
• Net income in the range the $4.1 million to $4.6 million.
• Diluted income per share in the range of $0.15 to $0.17.
• Non-GAAP net income in the range of $12.5 million to $13.0 million.
• Non-GAAP diluted income per share in the range of $0.46 to $0.48.

New enrollment for the fourth quarter of 2018 was down, as a percentage, by low single-digits, when compared to the fourth quarter of 2017.

As of December 31, 2018, Ashford University's cohort retention rate was 58.9%, as compared to 58.7% for the same period in the prior year.

As of December 31, 2018, total student enrollment was 38,153, compared to 40,730 as of December 31, 2017.

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