Lincoln Educational Services Reports First Quarter 2022 Results

About this update from Lincoln Educational Services Corporation

[{"type":"text","content":"Conference Call Today at 10 a.m. ET\nPARSIPPANY, N.J., May 09, 2022 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today, reported operating and financial results for the first quarter as well as recent business developments. First Quarter 2022 vs First Quarter 2021 Financial Highlights and Recent Operating Developments Revenue of $82.6 million, up 5.8% compared to prior yearAdjusted EBITDA* of $2.4 million, compared to $5.4 million in prior yearAverage student population up 4.4%Beginning period population up 6.0%Reiterating 2022 guidance for all metrics including student starts, revenue, Adjusted EBITDA, net income and capital expenditures *See Use of “Non-GAAP Financial Information” below. “Our first quarter performance reflects the strong demand for Lincoln’s programs despite an exceptionally tight labor market and significant wage inflation,” commented Scott Shaw, President & CEO. “While our number of enrolled students increased year over year, new student starts decreased slightly by less than 200 as compared to the year ago period, a shortfall that is expected to reverse in the second quarter. Our profitability for the quarter was consistent with our expectations as we increased marketing, program development and other investments to support our growth.” “Despite the continuing challenges that the labor market and wage inflation create, we remain confident that we will achieve our full year growth objectives in line with our guidance. Our confidence is based on the strong demand for our graduates by employers, a growing number of corporate partnerships, the ability to access the population of high school graduates as the pandemic restrictions ease, execution of our growth initiatives and the successful strategies Lincoln employed during the period of low unemployment prior to the pandemic.” “We expect to reach an even larger number of students upon effectuating current initiatives to make additional programs available at existing campuses and establish new campuses in markets that we have identified as being underserved. The closing of the sale of our existing Nashville campus, which we now expect to occur during Q3, will provide the opportunity to develop a purpose-built campus in Nashville that will service the needs of students, partners and employers for many years to come. We begin these i...

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