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On March 5, 2009, Lincoln Educational Services ( LINC) reported that its Q4 FY08 earnings surged 32.7% on higher revenue. Net income for the latest fourth quarter rose to $12.76 million or $0.49 per share from $9.62 million or $0.37 per share in Q4 FY07. The latest quarterly earnings beat the most recent consensus estimate of $0.44 per share.

Revenue increased 18.9% to $107.32 million from $90.29 million, driven by an increase in average student population. New student enrollments grew 17.1% to 5,200 from 4,440, while average student population increased 16.7% to 22,361 students from 19,167 students a year ago. At the end of the quarter, the company had a total student population of 21,667 students, up 20.3% from 18,013 students in the prior year's quarter.

Net income more than doubled to $20.20 million or $0.78 per share from $8.34 million or $0.32 per share, as the prior year's quarter included $5.49 million or $0.21 per share loss from discontinued operations. Annual revenue rose 15.0% to $376.91 million from $327.77 million a year earlier.

During the quarter under review, Lincoln Educational acquired Briarwood College for approximately $11.40 million in cash. The company also completed the acquisition of Baran Institute of Technology for approximately $25.30 million in cash. Recently, Shaun E. McAlmont has been appointed as President and Chief Executive Officer. LINC also announced a public offering of 5.50 million shares at a price of $14.00 per share.

Looking forward to Q1 FY09, Lincoln Educational Services expects EPS to be in the range of $0.05 to $0.07 on revenue of $112.00 million to $114.00 million. For FY09, the company expects earnings per share in the range of $0.90 to $0.95 and revenue between $476.00 million to $486.00 million.