Lincoln Educational Services Corporation Continues Student Start Growth on Same School Basis; Raises 2018 Guidance and Expects to Achieve Positive Net Income for 2019
- Fourth consecutive quarter of student start growth. Total student starts increased 4.7%; same school starts up 7.5%; Transportation and Skilled Trades segment student starts up 10.2%; Healthcare and Other Professions segment student starts up 0.7%.
- Total Revenue of $70.1 million; Transportation and Skilled Trades $51.0 million; Healthcare and Other Professions $18.3 million; Transitional segment $0.8 million. Revenue on a same school basis increased 7.1%, or $4.6 million.
- Company determines to teach-out and close the Lincoln College of New England campus at Southington, Connecticut. Expects to teach-out and close the campus by December 31, 2018. Financial Results for this Campus are now Included in the Transitional segment.
- Conference Call Today at 10 a.m. ET.
WEST ORANGE, N.J., Nov. 07, 2018 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (Nasdaq: LINC) today reported financial results for the third quarter ended September 30, 2018.
“Lincoln is achieving consistent student start growth through the combination of new programs, curriculum diversification and more efficient marketing,” said Scott Shaw, President & CEO. “Our Transportation and Skilled Trades segment drove our strong student growth during the quarter. The major factors contributing to the start growth was the success of our revised high school admissions process; improved marketing strategies with our adult students; and continued solid adult student starts. With our programs continuing to create high value opportunities for our students, we have achieved four consecutive quarters of overall start growth. This growth trend is leading to our improved financial performance and we now expect to be profitable for 2019.”