Bridgepoint Education, the controversial for-profit education institution, enjoyed a stock gain of 8.1% to $19.87 today (May 3) as first quarter profits leaped 81% to 92 cents a share. Sales climbed 47% to $229.4 million. Earnings per share will be $2.47 to $2.57 this year. Analysts had predicted $2.26. Bridgepoint has been under Department of Education investigation for possible violations of recruiting rules, among many things. The company makes almost all its money from federal grants and loans, but has a staggering dropout rate.
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