Lincoln Educational Services Reports Strong Third Quarter Results; Third Quarter Net Income More than Doubles as Revenue Rises 8.5%; 15.3% Student Start Growth

About this update from Lincoln Educational Services Corporation

[{"type":"text","content":"Conference call today at 10 a.m. ET\nWEST ORANGE, N.J., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today reported operating and financial results for the third quarter ended September 30, 2020 as well as recent business developments.\n Operational and Financial Highlights for the Third Quarter Ended September 30, 2020(as compared to quarter ending September 30, 2019) 8.5% revenue growth with 10.1% and 7.9% growth for Healthcare and Other Professions Segment and Transportation and Skilled Trades Segments, respectively15.3% increase in student starts with 10.6% and 17.2% increases for Healthcare and Other Professions Segment and Transportation and Skilled Trades Segment, respectively9.6% increase in ending student population36.3% increase in EBITDA to $5.6 millionNet Income of $3.5 million is more than double that of the prior year of $1.3 millionCash provided by operating activities of $3.8 million; $6.8 million on an adjusted basisPaid initial Series A preferred stock dividends of $1.1 million for the period from November 14, 2019 through September 30, 2020All campuses are currently open with in-person instruction undertaken in accordance with CDC and local authority safety guidelines “Despite the continued challenges presented by the COVID-19 pandemic, Lincoln’s performance is beginning to demonstrate our growth potential as well as our operating leverage as we help a growing number of students acquire new skills for in-demand essential careers,” said Scott Shaw, President and Chief Executive Officer. “During the quarter, we grew student starts more than 15 percent, our second consecutive quarter of double-digit student start growth – a significant accomplishment in the current environment. In addition, we increased our student population, substantially reduced the number of students on leave of absence, increased graduation rates and began to implement program replications at several campuses that are expected to contribute to our results beginning in the summer of 2021. Financially, we increased cash flow from operations, significantly reduced our debt and more than doubled our net income. The quarter’s performance and the early momentum we are experiencing in the current fourth quarter puts us in an excellent position to exceed our original, pre-COVID objectives for 2020, which ...

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