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Bridgepoint Education, Inc. (BPI) Message Board

  • lonesometrain lonesometrain Nov 9, 2012 6:03 PM Flag

    The Hits Just Keep On Coming

    My favorite (among many) highlight from the earnings call was the following:

    Jeffrey Y. Volshteyn - JP Morgan Chase & Co, Research Division: Okay. And one follow-up on bad debt expense, it came down in the quarter, it was coming down last quarter as well. What are you guys doing differently on the collections front?

    Daniel J. Devine - Chief Financial Officer and Executive Vice President: Well, we're putting a lot of effort into the collections. We continue to try to improve our processes, add some staffing there where required. We still expect it to be about 6% for the year.

    Really? BPI has a failure / drop out rate of 80% to 85% and they are ramping up collection efforts on those same students it failed to educate. And, it's doing so at the same time it's sitting on $471.4 million in cash it took from those students by charging full tuition and only spending $200 per student for academics. Class Act. That will play well with WASC and HLC.

 
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