During the second quarter of 2013, the Company made operating cost reductions consisting of both labor and other expense savings across both Bridgepoint and its institutions to better align with reduced total enrollment. "We have determined that we can make meaningful cost adjustments in areas that will not sacrifice the commitments and investments we made to improve student learning, success and outcomes," said Clark. "When fully implemented we anticipate that the annualized labor and operational cost savings from these changes will be approximately $85 million dollars."
For the second quarter of 2013, the Company expects total ending enrollments for the quarter of between 71,000 and 72,000. Revenue for the quarter is expected to be between $195.5 million and $199.5 million dollars, and second quarter earnings per diluted share is expected to be between $0.16 and $0.20. The earnings for the second quarter include a charge of $6.2 million related to severance from the recent reduction in force. All of these estimates are preliminary and subject to final review. Bridgepoint Education will report its final second quarter 2013 results on August 6, 2013.
Conference Call and Webcast
The Company will host a conference call at 8:30 a.m. ET ( 5:30 a.m. PT) tomorrow, July 11, to discuss Ashford University's accreditation approval and to discuss Bridgepoint's 2013 second quarter outlook. The dial-in number for callers in the United States and Canada is 888.337.8169 and, for all other international callers, is 719.325.2491. The access code for all callers is 9382393. A live webcast will also be available on the Company's website at http://bridgepointeducation.com/investor_relations.htm.A replay of the call will be available via telephone through July 16, 2013. To access the replay, dial 888.203.1112 in the United States and Canada and 719.457.0820 outside the United States and Canada, and then enter the access code 9382393. Special Note Regarding Forward-Looking Statements This news release contains forward-looking statements including, without limitation, statements with respect to our second quarter outlook, cost adjustments and related annualized cost savings, enrollments, financial and related guidance. These statements involve risks and uncertainties, and actual results may differ materially from those expressed in or suggested by such statements. Such risks and uncertainties include, without limitation, the risk that the results of 2013 cost adjustments are different than currently anticipated. More information on potential factors that could affect our future results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our periodic reports filed with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 12, 2013, and amended on May 17, 2013, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, filed with the SEC on May 15, 2013. Forward-looking statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made, and Bridgepoint Education, Inc. assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates, except as required by law.