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Lincoln Educational Services Corporation Reports First Quarter 2013 Results

WEST ORANGE, N.J., May 2, 2013 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) ("Lincoln") today reported first quarter 2013 revenue of $90.1 million and reaffirmed guidance for 2013.

Highlights:

  • Revenue from continuing operations of $90.1 million for the first quarter of 2013, representing a decrease of 10.9% from $101.2 million for the first quarter of 2012.
  • Adjusted EBITDA for the first quarter of 2013 of ($3.4 million) compared to Adjusted EBITDA of $4.0 million in the prior-year quarter. Diluted loss per share from continuing operations of $0.33 for the first quarter of 2013 as compared to diluted loss per share of $0.10 for the first quarter of 2012. Loss per share for the first quarter of 2013 includes long-lived asset non-cash impairment charges of $0.05. Excluding these charges, diluted loss per share for the first quarter was $0.29.

2013 Guidance –

  • We are reaffirming our 2013 guidance issued on March 6, 2013 of revenue of $395 to $405 million and a diluted loss per share of ($0.05) to diluted earnings per share of $0.05.
  • For the second quarter of 2013, we expect revenue of $86.0 million to $90.0 million, representing a decrease of approximately 9% over the second quarter of 2012, and a loss per share of $0.30 to $0.35. Guidance for the second quarter of 2013 is based on a decrease in starts of 8% to 12% as compared to the second quarter of 2012. We expect the reduction in starts in the second quarter as a result of the continued loss of ability to benefit (ATB) students and our elimination of our fully online program in the first half of 2012. Excluding the impact of these items, student starts from continuing operations are expected to increase by 7% as compared to the second quarter of 2012.

The Board of Directors has set the record and payment dates for the dividend for the second quarter of 2013. The cash dividend of $0.07 per share will be payable on June 28, 2013 to shareholders of record as of June 14, 2013.

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