Lincoln Educational Services Corporation Reports Third Quarter 2016 Financial Results

  • Revenue from Continuing Operations of $49.8 Million; Total Revenue of $74.3 million
  • Net Income from Continuing Operations of $1.3 Million or $0.05 Per Share; Net Loss of $0.5 Million, or $0.02 Per Share
  • Outlook for Transportation and Skilled Trades Full Year Revenue, Net Income, Year End Student Population and Total Company Cash Position Reiterated   
  • Company Expands Corporate Training Partnerships 
  • Conference Call Today at 10 a.m. ET

WEST ORANGE, N.J., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) today reported financial results for the third quarter ended September 30, 2016.  

"Our financial performance through the first nine months of 2016 is slightly ahead of our expectations as we have managed our assets to maximize returns and lower our fixed costs, all the while striving to enhance the student experience," commented Scott Shaw, President and Chief Executive Officer.  "Our student population through the first nine months is slightly below where we want to be at year end, but we believe by implementing programs to retain students currently enrolled, bringing back previously enrolled students and encouraging graduating students to enroll in advanced degree programs Lincoln will be positioned to achieve this milestone objective."

"Unique programs with corporate partners are another key factor in our strategy and we continued to expand these valuable relationships during the past three months," continued Mr. Shaw.  "We expanded our partnership with Fiat Chrysler Automobiles US to provide higher level training to students which, upon graduation, will result in expanded opportunities with this automotive industry leader.  In addition, our successful relationship with BMW North America, which is offered at our Grand Prairie campus, has been renewed for another three years and has expanded to include BMW's MINI STEP training."    

"During the third quarter, our Transportation and Skilled Trades segment student starts were slightly down about 2.2% as compared to the prior year comparable period, due to the shortfall at one campus.  We have taken steps to improve operations at this campus.  In addition, in September 2016, the Department of Education released our final default rates for the federal fiscal year 2013 and we experienced an average default rate of 12.2%, which for the education industry is an exceptional accomplishment." 

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