Bridgepoint Education (BPI) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $9.87 million, or $ 0.23 a share in the quarter, against a net loss of $10.11 million, or $0.22 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $9.87 million, or $0.23 a share compared with a net loss of $0.94 million, or $0.02 a share in the last year period. Revenue during the quarter went down marginally by 2.64 percent to $129.49 million from $133 million in the previous year period. Gross margin for the quarter expanded 364 basis points over the previous year period to 51.32 percent. Operating margin for the quarter period stood at positive 7.46 percent as compared to a negative 12.25 percent for the previous year period.
Operating income for the quarter was $9.66 million, compared with an operating loss of $16.30 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $9.66 million compared to operating loss of $1.72 million in prior year period.
Operating cash flow remains negative
Bridgepoint Education has spent $11.52 million cash to meet operating activities during the quarter as against cash outgo of $20.47 million in the last year period. Cash flow from investing activities was $16.28 million for the quarter as against cash outgo of $20.67 million in the last year period.
The company has spent $152.18 million cash to carry out financing activities during the quarter as against cash outgo of $1.13 million in the last year period.
Cash and cash equivalents stood at $164.73 million as on Mar. 31, 2017, down 37.73 percent or $99.83 million from $264.56 million on Mar. 31, 2016.
Working capital drops significantly
Bridgepoint Education has witnessed a decline in the working capital over the last year. It stood at $134.03 million as at Mar. 31, 2017, down 40.57 percent or $91.51 million from $225.54 million on Mar. 31, 2016. Current ratio was at 1.96 as on Mar. 31, 2017, down from 2.47 on Mar. 31, 2016.
Days sales outstanding were almost stable at 20 days for the quarter, when compared with the last year period.
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