WEST ORANGE, N.J., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) (Lincoln), a leading provider of diversified career-oriented post-secondary education, today reported third quarter results. Third Quarter 2010 Highlights
- Revenue grew 12.7 percent to $167.2 million from $148.4 million in the prior-year quarter.
- Operating income rose 34.1 percent; operating profit margin improved to 19.4 percent from 16.3 percent in the prior-year quarter.
- Diluted earnings per share grew 52.0 percent to $0.76. Diluted earnings per share included $0.05 from stock repurchases during the quarter.
- Average student population rose 10.6 percent.
- Student starts were down 8.8 percent in part impacted by actions to raise outcomes.
- We are managing the business in order to reduce the number of Ability to Benefit students ("ATB"), so that they account for no more than 10 percent of our overall population in order to improve overall graduation, default and repayment rates.
- We are making adjustments to some of our programs in order to reduce student debt and improve related debt to income ratios.
- We will be implementing programs designed to improve student graduation rates over the coming quarters. In addition, overall company goals and accountability for all layers of management will be further tied directly to our students' outcomes.
- We will continue to pursue our growth initiatives, including online programs, program expansions, new campuses, and attractive acquisition opportunities.