Business
Lincoln Reports Strong Start to 2020 with 10.7% First Quarter Revenue Growth
Conference call today at 10 a.m. ET WEST ORANGE, N.J., May 13, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today reported
About this update from Lincoln Educational Services Corporation
[{"type":"text","content":"Conference call today at 10 a.m. ET\nWEST ORANGE, N.J., May 13, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today reported operating and financial results for the first quarter ended March 31, 2020 as well as recent business developments.\n Operational and Financial Highlights for the Quarter Ended March 31, 2020 vs. March 31, 2019 Revenue increased 10.7%Average student population rose 6.6%Student starts grew by double-digits pre-COVID-19 impact in March resulting in a decline of 5.0% for the quarterApril student starts rose by approximately 850 or 30% compared to April 2019EBITDA improved by $3.4 million; positive first quarter EBITDA for first time in five yearsNet loss decreased to $0.08 per share, compared to $0.22 per share last yearSuccessfully transitioned to distance learning delivery platformSeven campuses set to re-open by June 1 pursuant to current State guidelinesLincoln’s graduates join front-line essential employees combatting the COVID-19 virus; campuses support the medical community through donations of PPEFull year 2020 guidance withdrawn due to uncertainty created by COVID-19 “We began 2020 on pace for an outstanding year and despite the business disruption from COVID-19, which for Lincoln included rapidly transitioning to distance learning delivery across its 22 campuses, we delivered a strong first quarter,” said Scott Shaw, President and Chief Executive Officer. “For the first two months of the quarter we were well ahead of our expectations across key metrics and despite experiencing a setback in March due to COVID-19, we still achieved double-digit revenue growth and sharply improved profitability. Our ability to deliver strong results in this challenging environment is a testament to our instructors who have embraced distance education.” “Since the end of the first quarter, our team has made tremendous progress and we have set into place a re-opening schedule for seven of our campuses by June 1. During April, approximately 850 students started their education using our distance learning delivery, which marked a 30 percent increase in student starts from April of last year. In addition, many of our accrediting bodies have provided temporary solutions enabling currently enrolled students in most Lincoln programs to continue their studies and graduate on time. However, due...