Bridgepoint Education, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the period, the company reported revenue was $118,031,000 compared to $129,490,000 a year ago. Operating income was $386,000 compared to $9,662,000 a year ago. Income before income taxes was $636,000 compared to $10,105,000 a year ago. Net income was $2,297,000 or $0.08 per basic and diluted share compared to $10,105,000 or $0.23 per basic and diluted share a year ago. Net cash used in operating activities was $15,069,000 compared to $11,519,000 a year ago. Capital expenditures were $809,000 compared to $1,293,000 a year ago. On Non-GAAP basis, operating income was $227,000 compared to $9,662,000 a year ago. Net income was $393,000 or $0.01 per basic and diluted share compared to $9,869,000 or $0.23 per basic and diluted share a year ago. The decrease is primarily due to lower average weekly enrollment. Revenue is negatively impacted by $0.3 million as a result of implementing the new revenue recognition standards in the first quarter of 2018.
Net income was positively impacted by implementing the new revenue recognition guidance during the first quarter of 2018 by approximately $0.7 million. The year-over-year increase of $3.6 million in the cash used in operating activities is primarily driven by a decrease in earnings as well as seasonality, partially offset by improvements in working capital. Capitalized costs for intangible assets was $265,000 against $114,000 a year ago.

Excluding this onetime discrete item, the company anticipates a nominal annual effective tax rate for the full year 2018. The company expects cash from operating activities to trend positive as the company move through the year.