Lincoln Reports Fourth Quarter and Full Year 2019 Financial Results

About this update from Lincoln Educational Services Corporation

[{"type":"text","content":"Conference call today at 10 a.m. ET\n WEST ORANGE, N.J., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today reported operating and financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 vs Fourth Quarter 2018 Highlights Total revenue increased 5.4%; same school revenue up 7.1%Same school average student population rose 6.2%Student starts increased 9.7%EBITDA of $12.2 million increased 55%Net income of $9.2 million up 83%Completed financing transactions that increased liquidity by over $30 million and are expected to result in annualized interest savings of approximately $1.0 million Full Year 2019 Financial Results achieved and exceeded guidance Total revenue grew 3.9%; same school revenue up 6.2%Same school student starts increased 5.0%Net Income of $2.0 millionEBITDA of $13.4 million Introducing 2020 outlook for continued growth in student starts, revenue, EBITDA and operating income “The fourth quarter was a strong finish to a very successful year for Lincoln. Key metrics such as revenue, student start growth, student graduation and placement rates and overall financial performance continued to demonstrate consistent growth. Our student starts and revenue have now grown for nine consecutive quarters,” commented Scott Shaw, President and Chief Executive Officer. “Our fourth quarter’s performance, which added an exclamation point to the year, has enabled the Company to enter the new-year with plenty of momentum and we are today introducing 2020 guidance. We believe our significantly strengthened balance sheet and liquidity give us the resources to pursue strategies to accelerate growth and drive even greater performance over the next few years. Our marketing initiatives are achieving substantial results in what has been traditionally a difficult operating environment for our industry, and our corporate partners are increasing their reliance on Lincoln to help them meet their workforce needs.” FOURTH QUARTER 2019 COMPARED TO FOURTH QUARTER 2018 FINANCIAL PERFORMANCE: Total revenue for the fourth quarter increased to $73.9 million, or 5.4%. Revenue on a same school basis increased by 7.1%.Total student starts rose 9.7%. Transportation and Skilled Trades segment starts were up approximately 14.3% and Healthcare and Other Professions segment s...

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