Business
Lincoln Educational Services Reports Solid Third Quarter Results
Conference call today at 10 a.m. ET PARSIPPANY, N.J., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today,
About this update from Lincoln Educational Services Corporation
[{"type":"text","content":"Conference call today at 10 a.m. ET\nPARSIPPANY, N.J., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today, reported operating and financial results for the third quarter ended September 30, 2021 as well as recent business developments. Third Quarter 2021 Financial Highlights and Recent Operating Developments Revenue of $89.1 million, a 13.0% increase compared to prior year quarterOperating income of $5.7 million, up 49.6% compared to prior year quarterAdjusted EBITDA* of $8.4 million compared to $6.3 million for the prior year quarterStudent starts of 5,430 compared to 5,510 for the prior year quarter despite limited access to high schools over the past 18 months due to COVID restrictionsEnding student population of 14,000, up 6.4% compared to prior year quarterNet cash of $31.3 million at quarter end, compared net debt of $1.5 million last yearRecently announced fourth quarter closing of the $46.5 million sale-leaseback transaction involving Denver, CO and Grand Prairie, TX properties further strengthens balance sheet *See Use of “Non-GAAP Financial Information” below. “Our team performed well during the third quarter as we generated better than expected high school starts, driving revenue growth into the fourth quarter,” said Scott Shaw, President & CEO. “ We also achieved continued enrollment strength, ending the quarter with a student population 6.4% higher than last year. Employers remain extremely challenged at finding skilled employees, which is increasing the already strong demand for Lincoln graduates and leading to additional opportunities with existing and potential corporate partners.” “The real estate transactions announced in September have been moving forward and we recently closed on the first of these, the sale-leaseback of our Denver and Grand Prairie properties. The net cash proceeds from this transaction have been used to retire all of our outstanding debt and provide approximately $28.5 million in net proceeds, which will be recorded in the fourth quarter. With our significantly increased financial resources, we believe that we are well positioned to execute our growth strategies for the foreseeable future while continuing to invest in our core programs and operations. The combination of our third quarter performance and continued operational and financial momentu...