Lincoln Educational Services Reports Double Digit Growth in Revenue and Student Starts During Second Quarter 2024

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[{"type":"text","content":"Conference Call Today at 10 a.m. ET\nPARSIPPANY, N.J., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today announced financial and operating results for the second quarter ended June 30, 2024, as well as recent business developments. Second Quarter 2024 Financial Highlights* Revenue grew 16.1% to $102.9 millionStudent starts increased 12.3%; 11.4% increase in quarter-end student populationNet loss of $700,000 and Adjusted EBITDA of $6.2 millionTotal liquidity of more than $100 million; no debt outstandingNew East Point, Georgia campus student starts to date exceeds full-year planRaised outlook for full year Revenue; raised lower end of adjusted EBITDA, adjusted net income and student starts; reduced 2024 capital expenditures due to timing *Note: The highlighted financial results exclude the Transitional segment results of the prior year. A reconciliation of GAAP / non-GAAP measures is included in this release. “We continued our strong performance during the second quarter with revenue growing 16.1%, student starts increasing 12.3% and adjusted EBITDA more than doubling compared to last year,“ commented Scott Shaw, President & CEO. “The transformational growth strategies we have set in place are enabling Lincoln to capitalize on the American public’s increased interest in educational alternatives to a traditional four-year college degree while employers continue to face a workforce skills gap, which is driving demand for our graduates.” “We remain focused on improving our efficiency as we grow, while always striving to improve our student experience and outcomes. The rollout of our hybrid teaching platform, Lincoln 10.0, which is nearing completion, supports these objectives and plays a critical role in the key components of our growth strategy, new campus development and program replication at existing campuses. The first new campus in East Point, Georgia opened in March is off to an exceptionally strong start with student starts during its first four months exceeding our original forecast for the full year.” “During the second quarter, we continued the buildouts of our campus relocations in Nashville, Tennessee and Levittown, Pennsylvania, which are both expected to open in the first half of 2025. We are also continuing work on our new campus in Houston, Texas, which is now anticipate...

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