Lincoln Educational Services Corporation (Nasdaq:LINC) today
reported financial results for the second quarter ended June 30,
2017.
“The Company experienced a number of positive developments
during the second quarter which included a 2.7% increase in our
HOPS starts; a stable student retention rate and an increased
graduate placement rate; the initiation of the first Mini
automotive technician program with a fully enrolled class and the
roll out of a new collision repair program model which is shorter
in duration and 25% delivered online," said Scott Shaw, President
& CEO.
“In addition, we have made significant progress towards the
reaccreditation of our HOPS campuses impacted by the loss of
accreditation credentials by the Accrediting Council for
Independent Colleges and Schools (“ACICS”) and the sale of the West
Palm Beach, Florida properties is expected to close mid- August.
At the same time, we had an unexpected 9% decline in student
starts in our Transportation and Skilled Trades segment due to
lower than expected high school start rate. We have since
established an action plan to address this challenge,” concluded
Mr. Shaw.
SECOND QUARTER RESULTS:
- Revenue decreased by $6.2 million, or 9.1%, to $61.9 million
for the three months ended June 30, 2017 from $68.1 million for the
prior year comparable period. The decrease in revenue was
mainly attributable to the suspension of new student enrollments at
campuses in the Transitional segment, which accounted for
approximately 93% of the total revenue decline.
- Educational services and facilities expenses decreased by $3.2
million, or 8.9%, to $32.4 million from $35.6 million in the prior
year comparable period. The decrease was driven by the
Transitional segment which accounted for $3.1 million in cost
reductions from the teach-out of several campuses that are on
schedule to be fully taught-out by December 31, 2017.
- Selling, general and administrative expense decreased by $0.2
million, or 0.6%, to $35.6 million for the three months ended June
30, 2017 from $35.8 million in the comparable quarter of
2016. The decrease was primarily due to the Transitional
Segment, which accounted for approximately $3.2 million in cost
reductions as campuses in this segment prepare to close during this
fiscal year. Partially offsetting the cost reductions are
$2.0 million in increased administrative costs mainly due to bad
debt and medical expenses and $1.3 million in additional sales and
marketing expense.
- Interest expense for the quarter decreased by $0.8 million, or
55% to $0.7 million from $1.5 million in the prior year comparable
period. The cost reductions resulted from favorable
terms under our new Credit Facility with Sterling National Bank
effective on March 31, 2017.
- Other income decreased by $1.7 million from the prior year
comparable period. The $1.7 million in 2016 reflected the
amortization of a one-time gain from the modification of a lease at
three of Lincoln’s campuses which were previously accounted for as
finance obligations in the prior year.
- Net loss for the quarter was $6.8 million, or $0.28 per share,
compared to a net loss of $3.1 million, or $0.13 per share, in the
prior year comparable period.
SECOND QUARTER SEGMENT FINANCIAL
PERFORMANCE
Transportation and Skilled
Trades
Transportation and Skilled Trades segment
revenue increased slightly by $0.3 million, to $41.3 million for
the three months ended June 30, 2017 from $41.0 million in the
prior year comparable period. The increase in revenue was
primarily driven by higher carry in population compared to prior
year comparable period.
Student starts decreased by 9.0% for the three months ended June
30, 2017 as compared to the prior year comparable period. The
decline was the result of lower than expected high school start
rate. The majority of the Company’s high school shortfall
mainly occurred at three campuses and was directly attributable to
two factors including affordability and student engagement between
enrollment and start date. Keeping students engaged with the
school requires constant contact, especially when students are
enrolling months in advance. In addition, as the Company
strives to find the optimum affordability balance the Company
experienced a start decline in markets where we scaled back the
volume of scholarships. Certain external factors are also driving
the softer-than-expected start rate include low unemployment rates
and increased wages for both skilled and unskilled labor. The
Company believes such factors have caused many potential students
to postpone training and enter the workforce directly upon
graduation. Further, contributing to the decline in high
school student starts is the lead time between the initial
recruitment efforts and the actual start date, which could be up to
one year. High school students make up approximately 30% of
the segment’s population. In an effort to increase high
school enrollments, the Company made various changes to its
processes and organizational structure. As a result,
enrollments for the quarter remained essentially flat, however,
starts declined.
Operating income for the three months ended June 30, 2017
declined to $0.9 million from $2.4 million in the prior year
comparable period primarily as a result of selling, general and
administrative expenses, which increased by $1.8 million. The
increase in selling, general and administrative expenses was
largely due to $0.9 million of additional bad debt expense mainly
driven by higher student accounts receivable balance, higher
account write-offs and timing of Title IV funds receipts.
Additionally, sales and marketing expenses increased by $0.7
million resulting from strategic marketing initiatives intended to
reach more students. These initiatives resulted in a slight
improvement in starts in the adult demographic quarter over
quarter.
Healthcare and Other
Professions
Healthcare and Other Professions segment revenue
was $17.9 million for the three months ended June 30, 2017, as
compared to $18.7 million in the prior year comparable
period. The decrease in revenue is mainly attributable to a
3.4% decline in average revenue per student due to shifts in
program mix combined with tuition rate decreases in various
programs. Slightly offsetting the decline in revenue was a
2.7% increase in student starts for the quarter compared to the
prior year comparable period.
Operating loss for the three months ended June
30, 2017 was $0.6 million, compared to operating income of $0.9
million in the prior year comparable period. The decline of
$1.5 million was mainly the result of a $0.7 million decrease in
revenue which was mainly attributable to a 3.4% decline in average
revenue per student, a $0.6 million increase in sales and marketing
expense which has driven student starts up 2.7% quarter over
quarter and a $0.3 million increase in administrative expense
resulting from increased bad debt expense mainly due to higher
student accounts receivable balance, higher write-offs and timing
of Title IV fund receipts.
Transitional
Revenue was $2.6 million for the three months ended June 30,
2017 as compared to $8.4 million in the prior year comparable
period mainly attributable to the closing of campuses within this
segment.
Operating loss decreased by $0.6 million to $0.8 million for the
three months ended June 30, 2017 from $1.5 million in the prior
year comparable period. The decrease is primarily
attributable to a reduction in personnel salaries and benefits as
the campuses prepare to close.
Corporate and Other
This category includes unallocated expenses incurred on behalf
of the entire Company. Corporate and Other costs increased by
$0.3 million, or 5.7%, to $5.4 million from $5.1 million, for the
prior year. The increase in Corporate and Other expenses was
driven in part by a $1.0 million increase in medical costs as
compared to prior year. In 2016, the Company had historically
low medical claims as compared to this year resulting in the
significant increase quarter over quarter. Partially
offsetting the increase was a reduction in salaries and benefits of
$0.7 million.
Included in the Corporate and Other costs for the three months
ended June 30, 2017 are approximately $0.3 million of additional
dormitory costs directly relating to the closure of the Hartford,
Connecticut campus on December 31, 2016.
SIX MONTH FINANCIAL RESULTS
Revenue was $127.1 million for the six months ended June 30,
2017 versus $138.7 million in the comparable six month period of
2016. Operating loss for the six months ended June 30, 2017
increased by $2.3 million when compared against the comparable six
month period of 2016. Educational services and facilities
expense decreased by $7.6 million, or 10.4%, to $65.1 million for
the six months ended June 30, 2017 from $72.7 million in the
comparable six month period of 2016. Selling, general and
administrative expense decreased by $2.0 million, or 2.7%, to $73.9
million for the six months ended June 30, 2017 from $75.9 million
in the comparable six month period of 2016.
Transportation and Skilled Trades segment revenue was $83.5
million for the six months ended June 30, 2017, versus $83.3
million in the comparable six month period of 2016.
Healthcare and Other Professions segment revenue was $36.8
million for the six months ended June 30, 2017, versus $38.5
million in the comparable six month period of 2016.
BALANCE SHEET INFORMATION
As of June 30, 2017, the Company had a net debt balance of $19.6
million compared to a net cash balance of $3.4 million as of
December 31, 2016. The increase in our net debt was mainly the
result of the net loss during the six months ended June 30, 2017
and the seasonality of the business.
2017 OUTLOOK
The Company is modifying the guidance provided
for 2017 due to lower than expected high school starts in the
Transportation and Skilled Trades segment which resulted in a
decrease in this segment’s student population. The modified
guidance is as follows:
- For the full year, the Company expects revenue to range from
essentially flat to a low single digit decline in the
Transportation and Skilled Trades segment.
- The Company expects revenue to range from essentially flat to
low single digit decline for Healthcare and Other Professions
segment.
- For the full year, the Company expects to breakeven or incur a
slight operating loss, excluding the impact of closed
campuses.
- The Company expects to breakeven or incur a slight net loss for
the last nine months of the year.
- The Company anticipates completing the previously disclosed
teach-out of the Northeast Philadelphia, Center City Philadelphia
and West Palm Beach campuses, as well as the Brockton and Lowell
campuses which were new to the Transitional segment in the first
quarter of 2017.
CONFERENCE CALL INFO
Lincoln will host a conference call today at
10:00 a.m. Eastern Daylight Time. The conference call can be
accessed by going to the IR portion of our website at
www.lincolnedu.com. To access the live webcast of the conference
call, please go to the investor relations section of Lincoln’s
website at http://www.lincolnedu.com. Participants can also
listen to the conference call by dialing 844-413-0946 (domestic) or
216-562-0456 (international) and providing access code 54599977.
Please log in or dial into the call at least 10 minutes prior to
the start time.
An archived version of the webcast will be
accessible for 90 days at http://www.lincolnedu.com. A replay
of the call will also be available for seven days by calling
855-859-2056 (domestic) or 404-537-3406 (international) and
providing access code 54599977.
ABOUT LINCOLN EDUCATIONAL SERVICES
CORPORATION
Lincoln Educational Services Corporation is a
provider of diversified career-oriented post-secondary education
and helping to provide solutions to America’s skills gap. Lincoln
offers recent high school graduates and working adults degree and
diploma programs. The Company operates under three reportable
segments: Transportation and Skilled Trades, Healthcare and Other
Professions and Transitional. Lincoln has provided the nation’s
workforce with skilled technicians since its inception in 1946. For
more information, go to www.lincolnedu.com.
SAFE HARBOR
Statements in this press release and in oral
statements made from time to time by representatives of Lincoln
Educational Services Corporation regarding Lincoln’s business that
are not historical facts may be “forward-looking statements” as
that term is defined in the federal securities law. The words
“may,” “will,” “expect,” “believe,” “anticipate,” “project,”
“plan,” “intend,” “estimate,” and “continue,” and their opposites
and similar expressions are intended to identify forward-looking
statements. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved, if at all.
Generally, these statements relate to business plans or
strategies, projected or anticipated benefits from acquisitions or
dispositions to be made by the Company or projections involving
anticipated revenues, earnings or other aspects of the Company’s
operating results. The Company cautions you that these
statements concern current expectations about the Company’s future
performance or events and are subject to a number of uncertainties,
risks and other influences many of which are beyond the Company’s
control, that may influence the accuracy of the statements and the
projects upon which the statements are based. The events described
in forward-looking statements may not occur at all. Factors which
may affect the Company’s results include, but are not limited to,
the risks and uncertainties discussed in the Company’s Annual
Report on Form 10-K, Quarterly Reports on From 10-Q and Current
Reports on Form 8-K filed with the Securities and Exchange
commission. Any one or more of these uncertainties, risks and
other influences could materially affect the Company’s results of
operations and financial condition and whether forward-looking
statements made by the Company ultimately prove to be accurate and,
as such, the Company’s actual results, performance and achievements
could materially differ from those expressed or implied in these
forward-looking statements. Forward-looking statements are based on
information available at the time those statements are made and/or
management’s good faith belief as of that time with respect to
future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but
are not limited to, our failure to comply with the extensive
regulatory framework applicable to our industry or our failure to
obtain timely regulatory approvals in connection with a change of
control of our Company or acquisitions; our success in updating and
expanding the content of existing programs and developing new
programs for our students in a cost-effective manner or on a timely
basis; risks associated with changes in applicable federal laws and
regulations; uncertainties regarding our ability to comply with
federal laws and regulations regarding the 90/10 rule and cohort
default rates; risks associated with the opening of new campuses;
risks associated with integration of acquired schools; industry
competition; our ability to execute our growth strategies;
conditions and trends in our industry; general economic conditions;
and other factors discussed in the “Risk Factors” section of our
annual and quarterly reports. All forward-looking statements are
qualified in their entirety by this cautionary statement, and
Lincoln undertakes no obligation to publicly revise or update any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date hereof.
(Tables to Follow)
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
June
30, |
|
June
30, |
|
(Unaudited) |
|
(Unaudited) |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
REVENUE |
$ |
61,865 |
|
|
$ |
68,080 |
|
|
$ |
127,144 |
|
|
$ |
138,724 |
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
Educational services and facilities |
|
32,405 |
|
|
|
35,569 |
|
|
|
65,113 |
|
|
|
72,691 |
|
Selling,
general and administrative |
|
35,554 |
|
|
|
35,750 |
|
|
|
73,879 |
|
|
|
75,905 |
|
Gain on
sale of assets |
|
(63 |
) |
|
|
(6 |
) |
|
|
(89 |
) |
|
|
(395 |
) |
Total
costs & expenses |
|
67,896 |
|
|
|
71,313 |
|
|
|
138,903 |
|
|
|
148,201 |
|
OPERATING LOSS |
|
(6,031 |
) |
|
|
(3,233 |
) |
|
|
(11,759 |
) |
|
|
(9,477 |
) |
OTHER: |
|
|
|
|
|
|
|
Interest
income |
|
9 |
|
|
|
8 |
|
|
|
40 |
|
|
|
72 |
|
Interest
expense |
|
(699 |
) |
|
|
(1,541 |
) |
|
|
(5,881 |
) |
|
|
(3,132 |
) |
Other
income |
|
- |
|
|
|
1,678 |
|
|
|
- |
|
|
|
3,431 |
|
LOSS
BEFORE INCOME TAXES |
|
(6,721 |
) |
|
|
(3,088 |
) |
|
|
(17,600 |
) |
|
|
(9,106 |
) |
PROVISION FOR INCOME
TAXES |
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
NET LOSS |
$ |
(6,771 |
) |
|
$ |
(3,138 |
) |
|
$ |
(17,700 |
) |
|
$ |
(9,206 |
) |
Basic |
|
|
|
|
|
|
|
Net loss
per share |
$ |
(0.28 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.39 |
) |
Diluted |
|
|
|
|
|
|
|
Net loss
per share |
$ |
(0.28 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.39 |
) |
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
23,962 |
|
|
|
23,448 |
|
|
|
23,787 |
|
|
|
23,400 |
|
Diluted |
|
23,962 |
|
|
|
23,448 |
|
|
|
23,787 |
|
|
|
23,400 |
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
(3,907 |
) |
|
$ |
1,112 |
|
|
$ |
(7,484 |
) |
|
$ |
48 |
|
Depreciation and
amortization |
$ |
2,124 |
|
|
$ |
2,667 |
|
|
$ |
4,275 |
|
|
$ |
6,094 |
|
Number of
campuses/training sites |
|
28 |
|
|
|
30 |
|
|
|
28 |
|
|
|
30 |
|
Average enrollment |
|
10,582 |
|
|
|
11,517 |
|
|
|
10,836 |
|
|
|
11,703 |
|
Stock-based
compensation |
$ |
294 |
|
|
$ |
304 |
|
|
$ |
654 |
|
|
$ |
676 |
|
Net cash used in
operating activities |
$ |
(8,037 |
) |
|
$ |
(8,969 |
) |
|
$ |
(19,511 |
) |
|
$ |
(18,138 |
) |
Net cash used in
investing activities |
$ |
(1,170 |
) |
|
$ |
(234 |
) |
|
$ |
(1,766 |
) |
|
$ |
(307 |
) |
Net cash provided by
(used in) financing activities |
$ |
7,710 |
|
|
$ |
(13 |
) |
|
$ |
7,423 |
|
|
$ |
(9,025 |
) |
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet Data: |
June 30, 2017 |
(In
thousands) |
|
|
|
Cash and
cash equivalents |
$ |
13,399 |
|
Current
assets |
|
52,827 |
|
Working
capital |
|
(4,107 |
) |
Total
assets |
|
130,231 |
|
Current
liabilities |
|
56,934 |
|
Long-term debt obligations, including current portion |
|
25,000 |
|
Total
stockholders' equity |
|
37,892 |
|
|
|
(1) Reconciliation of Non-GAAP Financial
Measures
The Company believes it is useful to present
non-GAAP financial measures that exclude certain significant items
as a means to understand the performance of its business.
EBITDA and Net debt (cash) measurements not recognized in financial
statements presented in accordance with accounting principles
generally accepted in the United States of America (“GAAP”).
We define EBITDA as income (loss) from continuing operations before
interest expense (net of interest income), provision for income
taxes and depreciation and amortization. We define net debt
as long term debt including current portion plus deferred finance
fees less cash, cash equivalents and restricted cash. EBITDA
and net debt are presented because we believe they are a useful
indicator of our performance and our ability to make strategic
acquisitions and meet capital expenditure and debt service
requirements. It is not, however, intended to represent cash
flows from operations as defined by GAAP and should not be used as
an alternative to net income (loss) as an indicator of operating
performance or to cash flow as a measure of liquidity. EBITDA
and net debt are not necessarily comparable to similarly titled
measures used by other companies.
Following is a reconciliation of net loss to
EBITDA and net debt:
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(6,771 |
) |
|
$ |
(3,138 |
) |
|
$ |
(17,700 |
) |
|
$ |
(9,206 |
) |
Interest
expense, net |
|
690 |
|
|
|
1,533 |
|
|
|
5,841 |
|
|
|
3,060 |
|
Provision
for income taxes |
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
Depreciation and amortization |
|
2,124 |
|
|
|
2,667 |
|
|
|
4,275 |
|
|
|
6,094 |
|
EBITDA |
$ |
(3,907 |
) |
|
$ |
1,112 |
|
|
$ |
(7,484 |
) |
|
$ |
48 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net income |
$ |
850 |
|
|
$ |
2,380 |
|
|
$ |
(635 |
) |
|
$ |
897 |
|
Interest
expense, net |
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
20 |
|
Provision
for income taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Depreciation and amortization |
|
1,981 |
|
|
|
2,502 |
|
|
|
15 |
|
|
|
3 |
|
EBITDA |
$ |
2,831 |
|
|
$ |
4,932 |
|
|
$ |
(620 |
) |
|
$ |
920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
(Unaudited) |
|
Transitional |
|
Corporate |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(833 |
) |
|
$ |
(1,470 |
) |
|
$ |
(6,153 |
) |
|
$ |
(4,945 |
) |
Interest
expense, net |
|
- |
|
|
|
12 |
|
|
|
690 |
|
|
|
1,451 |
|
Provision
for income taxes |
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
50 |
|
Depreciation and amortization |
|
2 |
|
|
|
13 |
|
|
|
126 |
|
|
|
149 |
|
EBITDA |
$ |
(831 |
) |
|
$ |
(1,445 |
) |
|
$ |
(5,287 |
) |
|
$ |
(3,295 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net income |
$ |
2,916 |
|
|
$ |
5,749 |
|
|
$ |
(470 |
) |
|
$ |
2,637 |
|
Interest
expense, net |
|
(18) |
|
|
|
47 |
|
|
|
- |
|
|
|
39 |
|
Provision
for income taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Depreciation and amortization |
|
3,947 |
|
|
|
5,036 |
|
|
|
15 |
|
|
|
5 |
|
EBITDA |
$ |
6,845 |
|
|
$ |
10,832 |
|
|
$ |
(455 |
) |
|
$ |
2,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, |
|
(Unaudited) |
|
Transitional |
|
Corporate |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,401 |
) |
|
$ |
(5,115 |
) |
|
$ |
(18,745 |
) |
|
$ |
(12,477 |
) |
Interest
expense, net |
|
- |
|
|
|
89 |
|
|
|
5,859 |
|
|
|
2,885 |
|
Provision
for income taxes |
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
100 |
|
Depreciation and amortization |
|
29 |
|
|
|
719 |
|
|
|
284 |
|
|
|
334 |
|
EBITDA |
$ |
(1,372 |
) |
|
$ |
(4,307 |
) |
|
$ |
(12,502 |
) |
|
$ |
(9,158 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
2017 |
|
2016 |
|
(Unaudited) |
Current
portion of credit agreement and term loan |
$ |
8,000 |
|
|
$ |
11,713 |
|
Long-term
credit agreement and term loan |
|
24,023 |
|
|
|
30,244 |
|
Deferred
finance fees |
|
977 |
|
|
|
2,310 |
|
Cash and
cash equivalents |
|
(7,210 |
) |
|
|
(21,064 |
) |
Restricted cash |
|
(6,189 |
) |
|
|
(6,399 |
) |
Noncurrent restricted cash |
|
- |
|
|
|
(20,252 |
) |
Net debt (cash) |
$ |
19,601 |
|
|
$ |
(3,448 |
) |
|
|
|
|
|
|
|
|
|
Three Months Months Ended June 30,
2017 |
|
2017 |
|
2016 |
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
41,310 |
|
|
$ |
41,032 |
|
|
0.7 |
% |
Healthcare and Other
Professions |
|
17,932 |
|
|
|
18,661 |
|
|
-3.9 |
% |
Transitional |
|
2,623 |
|
|
|
8,387 |
|
|
-68.7 |
% |
Total |
$ |
61,865 |
|
|
$ |
68,080 |
|
|
-9.1 |
% |
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
850 |
|
|
$ |
2,430 |
|
|
-65.0 |
% |
Healthcare and Other
Professions |
|
(634 |
) |
|
|
918 |
|
|
-169.1 |
% |
Transitional |
|
(833 |
) |
|
|
(1,458 |
) |
|
42.9 |
% |
Corporate |
|
(5,414 |
) |
|
|
(5,123 |
) |
|
-5.7 |
% |
Total |
$ |
(6,031 |
) |
|
$ |
(3,233 |
) |
|
-86.5 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
1,762 |
|
|
|
1,936 |
|
|
-9.0 |
% |
Healthcare and Other
Professions |
|
842 |
|
|
|
820 |
|
|
2.7 |
% |
Transitional |
|
- |
|
|
|
348 |
|
|
-100.0 |
% |
Total |
|
2,604 |
|
|
|
3,104 |
|
|
-16.1 |
% |
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,532 |
|
|
|
6,490 |
|
|
0.6 |
% |
Healthcare and Other
Professions |
|
3,471 |
|
|
|
3,492 |
|
|
-0.6 |
% |
Transitional |
|
579 |
|
|
|
1,535 |
|
|
-62.3 |
% |
Total |
|
10,582 |
|
|
|
11,517 |
|
|
-8.1 |
% |
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,809 |
|
|
|
6,950 |
|
|
-2.0 |
% |
Healthcare and Other
Professions |
|
3,219 |
|
|
|
3,160 |
|
|
1.9 |
% |
Transitional |
|
372 |
|
|
|
1,398 |
|
|
-73.4 |
% |
Total |
|
10,400 |
|
|
|
11,508 |
|
|
-9.6 |
% |
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
2017 |
|
2016 |
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
83,477 |
|
|
$ |
83,304 |
|
|
0.2 |
% |
Healthcare and Other
Professions |
|
36,769 |
|
|
|
38,470 |
|
|
-4.4 |
% |
Transitional |
|
6,898 |
|
|
|
16,950 |
|
|
-59.3 |
% |
Total |
$ |
127,144 |
|
|
$ |
138,724 |
|
|
-8.3 |
% |
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
2,898 |
|
|
$ |
5,796 |
|
|
-50.0 |
% |
Healthcare and Other
Professions |
|
(474 |
) |
|
|
2,673 |
|
|
-117.7 |
% |
Transitional |
|
(1,401 |
) |
|
|
(5,101 |
) |
|
72.5 |
% |
Corporate |
|
(12,782 |
) |
|
|
(12,845 |
) |
|
0.5 |
% |
Total |
$ |
(11,759 |
) |
|
$ |
(9,477 |
) |
|
-24.1 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
3,486 |
|
|
|
3,596 |
|
|
-3.1 |
% |
Healthcare and Other
Professions |
|
1,843 |
|
|
|
1,933 |
|
|
-4.7 |
% |
Transitional |
|
132 |
|
|
|
806 |
|
|
-83.6 |
% |
Total |
|
5,461 |
|
|
|
6,335 |
|
|
-13.8 |
% |
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,553 |
|
|
|
6,521 |
|
|
0.5 |
% |
Healthcare and Other
Professions |
|
3,552 |
|
|
|
3,618 |
|
|
-1.8 |
% |
Transitional |
|
731 |
|
|
|
1,564 |
|
|
-53.3 |
% |
Total |
|
10,836 |
|
|
|
11,703 |
|
|
-7.4 |
% |
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,809 |
|
|
|
6,950 |
|
|
-2.0 |
% |
Healthcare and Other
Professions |
|
3,219 |
|
|
|
3,160 |
|
|
1.9 |
% |
Transitional |
|
372 |
|
|
|
1,398 |
|
|
-73.4 |
% |
Total |
|
10,400 |
|
|
|
11,508 |
|
|
-9.6 |
% |
|
|
|
|
|
|
LINCOLN EDUCATIONAL SERVICES CORPORATION
Brian Meyers, CFO
973-736-9340
EVC GROUP, INVESTOR RELATIONS:
Doug Sherk, dsherk@evcgroup.com; 415-652-9100
Amanda Prior, aprior@evcgroup.com; 646-445-4800
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