Lincoln Educational Services Corporation Meets Financial Standards Set By U.S. Department of Education
September 27 2016 - 8:30AM
Lincoln Educational Services Corporation (NASDAQ:LINC), a leader in
hands-on technical training, announced today that the U.S.
Department of Education (DOE), through their Multi-Regional and
Foreign School Participation Division, has completed their review
of Lincoln’s audited financial statements for the fiscal
year-ending December 31, 2015. As a result of improved
financial strength and compliance within prescribed DOE guidelines,
Lincoln will no longer be required to comply with the Zone
Alternative restrictions, including heightened cash monitoring,
previously imposed on them by the DOE in the third quarter of 2014.
“Our entire organization has been focused on moving Lincoln to
sustained profitability while continuing our efforts in providing
our students with the most comprehensive skills training required
by today’s employers,” said Scott Shaw, President and Chief
Executive Officer of Lincoln Educational Services. “Being
released from the Zone Alternative Restriction proves that we are
making steady progress towards our goals.”
The DOE’s review of financial statements during the review
period yielded a composite score of 1.9 out of a possible 3.0.
About Lincoln Educational Services
CorporationLincoln Educational Services Corporation is a
provider of diversified career-oriented post-secondary
education. Lincoln offers recent high school graduates and
working adults degree and diploma programs. The Company
operates under two reportable segments: Transportation and Skilled
Trades, and Transitional. Lincoln has provided the country’s
workforce with skilled technicians since its inception in 1946.
CONTACT:
Lincoln Educational Services Corporation
Brian Meyers, CFO
973-736-9340
EVC Group, Inc.
Doug Sherk, dsherk@evcgroup.com; 415-652-9100
Dave Schemelia, dave@evcgroup.com; 646-201-5431
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