Bridgepoint Education, Inc. (BPI) saw its loss widen to $13.79 million, or $0.30 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.69 million, or $0.15 a share. On an adjusted basis, net loss for the quarter stood at $0.68 million, or $0.01 a share compared with a net profit of $1.96 million, or $0.04 a share in the last year period.
Revenue during the quarter dropped 9.02 percent to $119.54 million from $131.39 million in the previous year period. Gross margin for the quarter contracted 324 basis points over the previous year period to 46.65 percent. Operating margin for the quarter stood at negative 15.44 percent as compared to a negative 4.65 percent for the previous year period.
Operating loss for the quarter was $18.46 million, compared with an operating loss of $6.10 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $1.78 million compared to operating profit of $2.93 million in prior year period.
Operating cash flow drops significantly
Bridgepoint Education, Inc. has generated cash of $11.08 million from operating activities during the year, down 41.05 percent or $7.72 million, when compared with the last year.
Cash flow from investing activities was $14.74 million for the year, down 71.26 percent or $36.55 million, when compared with the last year.
The company has spent $0.32 million cash to carry out financing activities during the year as against cash inflow of $3.80 million in the last year period.
Cash and cash equivalents stood at $332.34 million as on Dec. 31, 2016, up 8.31 percent or $25.50 million from $306.83 million on Dec. 31, 2015.
Working capital increases
Bridgepoint Education, Inc. has recorded an increase in the working capital over the last year. It stood at $279.16 million as at Dec. 31, 2016, up 18.63 percent or $43.84 million from $235.32 million on Dec. 31, 2015. Current ratio was at 2.83 as on Dec. 31, 2016, up from 2.40 on Dec. 31, 2015.
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