Business
Lincoln Educational Services Reports 28.8% Revenue Growth and Significant Operating and Net Income Improvement for the Second Quarter
Previously Provided Guidance for Revenue, Adjusted EBITDA and Income Before Taxes are Refined Due to Better-than-Expected First Half Results Conference call
About this update from Lincoln Educational Services Corporation
[{"type":"text","content":"Previously Provided Guidance for Revenue, Adjusted EBITDA and Income Before Taxes are Refined Due to Better-than-Expected First Half Results Conference call today at 10 a.m. ET PARSIPPANY, N.J., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today, reported operating and financial results for the second quarter as well as recent business developments. Second Quarter 2021 vs Second Quarter 2020 Operating and Financial Highlights Revenue increased 28.8% to $80.5 million.Student starts increased 8.0% including approximately 300 students impacted by COVID-19 with delayed start dates from Q1 to Q2 2020. After adjustment for these students, student starts increased 19.1%. Year-to-date student starts up, 18.0%.Operating income of $3.5 million versus $1.2 million.Net income of $2.4 million versus $0.8 million; EPS per diluted share of $0.06 versus $0.02.Adjusted EBITDA* of $6.1 million versus $3.4 million.Cash provided by operations of $9.4 million.Ending student population up 11.0% to 12,860. *See Use of “Non-GAAP Financial Information” below. “Our second quarter generated solid financial performance across each of our campuses as we continue to adjust our operations in light of fluid local and regional pandemic regulations to meet the training and educational needs of our students, protect our staff, and help our corporate partners close their skills gap,” commented Scott Shaw, President & CEO. “Employer demand for Lincoln graduates, which has always been high, continues to increase as the economy reopens and our programs provide qualified candidates that can quickly step in and contribute to a corporation’s objectives. The addition of a new corporate partnership at our Denver campus, expansion of the number of corporate partnerships available at other campuses, and the launch of new programs, position us to achieve our upwardly revised full year operating objectives and build long term growth opportunities.” 2021 SECOND QUARTER FINANCIAL RESULTS(Quarter ended June 30, 2021 compared to quarter ending June 30, 2020) Revenue increased $18.0 million, or 28.8% to $80.5 million from $62.5 million in the prior year comparable quarter. The increase in revenue was driven by several factors including a 16.3% increase in average student population, driven by a higher beginning student population and co...