Lincoln Generates Double-Digit Student Start Growth, Higher Earnings and Positive Cash Flow from Operations During Second Quarter of 2020

About this update from Lincoln Educational Services Corporation

[{"type":"text","content":"Conference call today at 10 a.m. ET\nWEST ORANGE, N.J., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today reported operating and financial results for the second quarter ended June 30, 2020 as well as recent business developments.\n Operational and Financial Highlights for the Quarter Ended June 30, 2020 vs. June 30, 2019 Student starts up 15.2%; Transportation and Skilled Trades segment rose by 13.5% and Healthcare and Other Professions segment grew 18.8%.Ending population increase of 7.5% or 800 students, excluding approximately 700 students who are on a leave of absence.EBITDA of $3.0 million delivered through cost management actions to address COVID-19, net income of $800,000.Cash-flow from operations of $18.4 million and adjusted cash-flow from operations of $3.9 million excluding CARES Act impact.Lower operating expenses resulting from cost management efforts and the impact of COVID-19.Revenues of $62.5 million declined by only 1.7% due to success in maintaining a higher enrolled population through successful transition to remote learning.All campuses reopened in the second quarter except for the New Jersey campuses which reopened in July and the New York campus which reopened in early August after the quarter end. “Our second quarter results continue to demonstrate that Lincoln is successfully managing through many of the challenges presented by the COVID-19 pandemic,” said Scott Shaw, President and Chief Executive Officer. “The team’s effective execution of our plan as we first transitioned to distance learning and then re-opened our campuses for on-site instruction allowed us to achieve another strong quarter. We grew student starts at a double-digit rate, have continued to keep our students engaged while increasing graduation rates. The uncertainty of the current economic landscape has also led to an alarmingly high unemployment rate, unlike any other period in modern times, due to its rapid onset. I believe our past success during periods of higher unemployment positions Lincoln to help a growing number of students acquire new skills for in-demand essential careers. As of today, each of our 22 campuses are open for limited in person instruction and more than 11,000 students are progressing towards a new career. Despite the challenges presented by the pandemic, we are excit...

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