Lincoln Educational Services Corporation (Nasdaq: LINC) today
reported financial results for the second quarter ended June 30,
2018.
“The sales and marketing initiatives and investments we made
beginning in the third quarter of last year have generated
substantial returns during 2018 especially in student starts,” said
Scott Shaw, President & CEO. “As a result of our 11.6% start
growth during the second quarter, and our 6.8% start growth for the
first half of the year on a same school basis, we are ahead of our
internal plan for 2018. Given our six month performance and
excluding our Transitional segment, we expect to generate full year
student start growth and finish with higher student population than
we started the year with for the first time in approximately 10
years.
“Our team is continuing to fill a critical need
for trained employees due to our track record for preparing our
students for careers in dynamic industries,” Mr. Shaw continued.
“Our skilled trades programs continue to have high demand, and we
are continuing to rollout our new corporate partnerships with
Hussmann, Johnson Control and Bridgestone Retail Operations. While
the high rate of employment continues to provide us with a
significant headwind, the opportunities we create through our
programs for our students, and our new marketing strategies, are
enabling us to return to growth.”
As of January 1, 2018, for the first time in
several years, the Company did not have any closing campus
operations, which would otherwise have been reported under the
Transitional segment. GAAP results include Transitional
segment results for the comparable period of 2017.
SECOND QUARTER FINANCIAL RESULTS
HIGHLIGHTS:
- Total student starts increased by 11.6%. Transportation
and Skilled Trades segment starts were up 7.5% and Healthcare and
Other Professions segment starts were up 21.1%. The improved
start growth is primarily due to strong results from the Company’s
sales team combined with results from marketing investments and
initiatives to improve the students’ enrollment experience.
The increase in student starts has eliminated the carry in
population deficit and the Company is now ahead of prior year
by about 350 students.
- Total revenue for the second quarter was $61.1 million compared
to $61.9 million in the prior year comparable quarter.
Revenue on a same school basis increased by 3.2%, or $1.9
million.
- Educational Services and facilities expense decreased by $2.2
million, or 6.9% to $30.2 million for the three months ended June
30, 2018 from $32.4 million in the prior year comparable
period. The expense reductions were primarily due to the
Transitional segment, which accounted for $2.1 million in the prior
year and cost savings in facilities expense resulting from a
reduction in square footage at one of the Company’s campuses.
These cost savings were partially offset by an increase in spending
on books and tools expense resulting from higher student population
quarter over quarter.
- Selling, general and administrative expenses decreased by $1.1
million, or 3.0%, to $34.5 million for the three months ended June
30, 2018 from $35.6 million in the prior year comparable
period. The expense reductions were due to the Transitional
segment, which accounted for $1.3 million in the prior
year.
- Net loss for the quarter decreased by $2.7 million to $4.1
million, or $0.17 per share, from $6.8 million, or $0.28 per share,
in the prior year comparable quarter.
SECOND QUARTER SEGMENT FINANCIAL
PERFORMANCE
Transportation and Skilled Trades Segment
Transportation and Skilled Trades segment revenue was $42.1
million for the three months ended June 30, 2018, as compared to
$42.3 million in the prior year comparable period. The slight
decrease in revenue was a result of a 2.2% decrease in average
student population primarily driven by a lower carry-in
population. Partially offsetting this reduction was a 1.6%
increase in average revenue per student as a result of tuition
increases.
Student starts for the quarter increased by 7.5% compared to the
prior year comparable period, eliminating the majority of the
carry-in population deficit.
Operating income increased by $1.0 million to $1.7 million for
the three months ended June 30, 2018 as compared to $0.7 million in
the prior year comparable period.
Educational services and facilities expense decreased by $0.8
million, or 3.9%, to $20.2 million for the three months ended June
30, 2018 from $21.0 million in the prior year comparable
period. The decrease was mainly attributable to a $0.4
million decrease in facilities expense resulting from a reduction
in square footage at one campus.
Selling, general and administrative expenses decreased by $0.4
million, or 2.1%, to $20.1 million for the three months ended June
30, 2018 from $20.6 million in the prior year comparable
period.
Healthcare and Other Professions Segment
The Healthcare and Other Professions segment revenue increased
by $2.1 million, or 12.6% to $19.0 million for the three months
ended June 30, 2018, as compared to $16.9 million in the prior year
comparable period. The increase in revenue was mainly from
the considerable start growth experienced during the quarter
driving average student population up by 7.6%, as well as a 4.4%
increase in average revenue per student primarily from tuition
increases.
Student starts increased by 21.1% for the three months ended
June 30, 2018 from the prior year comparable period. Ending
population as of June 30, 2018 was approximately 400 students
higher than the prior year comparable period.
Operating income for the three months ended June 30, 2018
increased by $1.2 million to $0.6 million compared to an operating
loss of $0.6 million in the prior year comparable period. The
improvement was mainly attributable to the $2.1 million of
additional revenue earned during the quarter, offset by
approximately half in direct student expenses such as instructional
and book and tools expense.
Educational services and facilities expense increased by $0.7
million, or 7.6% to $10.0 million for the three months ended June
30, 2018, from $9.3 million in the prior year comparable
period. The increase in expense was primarily driven by
increased instructional expense and books and tools expense due to
a 7.6% increase in average student population quarter over
quarter.
Selling general and administrative expenses increased by $0.2
million, or 2.5%, to $8.4 million for the three months ended June
30, 2018 from $8.2 million in the prior year comparable
period. This increase was primarily driven by additional
investments in marketing.
Transitional Segment
There was no revenue for the Transitional segment for the three
months ended June 30, 2018 as all of the campuses classified in
this segment were closed as of December 31, 2017. Revenue in
the prior year comparable period was $2.6 million.
There was no operating income or loss for the Transitional
segment for the three months ended June 30, 2018. Operating
loss in the prior year comparable period was $0.8 million.
Corporate and Other
This category includes unallocated expenses incurred on behalf
of the entire Company. Corporate and other expenses increased
by $0.5 million, or 9.1%, to $5.9 million for the three months
ended June 30, 2018 from $5.4 million in the prior year comparable
period. The increase in costs were driven by increased
administrative costs resulting from new marketing initiatives
implemented in 2018.
SIX MONTH FINANCIAL RESULTS
Revenue was $123.0 million for the six months ended June 30,
2018 versus $127.1 million in the comparable six month period of
2017. Operating loss for the six months ended June 30, 2018
decreased by $2.0 million when compared against the comparable six
month period of 2017. Educational services and facilities
expense decreased by $4.4 million, or 6.8%, to $60.7 million for
the six months ended June 30, 2018 from $65.1 million in the
comparable six month period of 2016. Selling, general and
administrative expense decreased by $1.9 million, or 2.5%, to $72.0
million for the six months ended June 30, 2018 from $73.9 million
in the comparable six month period of 2017.
Transportation and Skilled Trades segment revenue was $84.8
million for the six months ended June 30, 2018, versus $85.5
million in the comparable six month period of 2017.
Healthcare and Other Professions segment revenue was $38.2
million for the six months ended June 30, 2018, versus $34.8
million in the comparable six month period of 2017.
There was no revenue for the Transitional segment for the six
months ended June 30, 2018 as all of the campuses classified in
this segment were closed as of December 31, 2017. Revenue in
the prior year comparable period was $6.9 million.
On July 27, 2018, the Lincoln College of New England campus at
Southington, Connecticut received notification from the New England
Association of Schools and Colleges (“NEASC”), the college’s
institutional accreditor, that the Commission on Institutions of
Higher Education has placed the campus on academic probation.
The Company is currently evaluating various options to address the
accreditor's decision.
Revenue, net loss and ending population as of December 31, 2017
was $8.4 million, $1.6 million, and 397 respectively.
2018 OUTLOOK
The Company is updating its outlook for 2018 as
follows:
- Management continues to expect that student starts for 2018 are
expected to increase by low single digits compared to prior year
and excluding the 2017 Transitional segment.
- Management continues to expect revenue to increase by low
single digits, compared to prior year and excluding the 2017
Transitional segment.
- Operating Income for 2018 is now expected to range between
income of $1.0 million and a loss of $2.0 million.
- Year-end population is expected to be greater than that of the
prior year.
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.lincolntech.edu. To access
the live webcast of the conference call, please go to the investor
relations section of Lincoln’s website
at http://www.lincolntech.edu. Participants can also listen to
the conference call by dialing 844-413-0946 (domestic) or
216-562-0456 (international) and providing access code 2174849.
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.lincolntech.edu. 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
2174849.
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.lincolntech.edu.
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 Form 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)(In Thousands)
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June
30, |
|
June
30, |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
REVENUE |
$ |
61,120 |
|
|
$ |
61,865 |
|
|
$ |
123,009 |
|
|
$ |
127,144 |
|
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
Educational services and facilities |
|
30,179 |
|
|
|
32,405 |
|
|
|
60,682 |
|
|
|
65,113 |
|
|
Selling,
general and administrative |
|
34,471 |
|
|
|
35,554 |
|
|
|
72,002 |
|
|
|
73,879 |
|
|
(Gain)
loss on sale of assets |
|
(7 |
) |
|
|
(63 |
) |
|
|
110 |
|
|
|
(89 |
) |
|
Total
costs & expenses |
|
64,643 |
|
|
|
67,896 |
|
|
|
132,794 |
|
|
|
138,903 |
|
|
OPERATING LOSS |
|
(3,523 |
) |
|
|
(6,031 |
) |
|
|
(9,785 |
) |
|
|
(11,759 |
) |
|
OTHER: |
|
|
|
|
|
|
|
|
Interest
income |
|
8 |
|
|
|
9 |
|
|
|
19 |
|
|
|
40 |
|
|
Interest
expense |
|
(539 |
) |
|
|
(699 |
) |
|
|
(1,112 |
) |
|
|
(5,881 |
) |
|
LOSS
BEFORE INCOME TAXES |
|
(4,054 |
) |
|
|
(6,721 |
) |
|
|
(10,878 |
) |
|
|
(17,600 |
) |
|
PROVISION FOR INCOME
TAXES |
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
|
NET LOSS |
$ |
(4,104 |
) |
|
$ |
(6,771 |
) |
|
$ |
(10,978 |
) |
|
$ |
(17,700 |
) |
|
Basic |
|
|
|
|
|
|
|
|
Net loss per
share |
$ |
(0.17 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.74 |
) |
|
Diluted |
|
|
|
|
|
|
|
|
Net loss per
share |
$ |
(0.17 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.74 |
) |
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
24,486 |
|
|
|
23,962 |
|
|
|
24,313 |
|
|
|
23,787 |
|
|
Diluted |
|
24,486 |
|
|
|
23,962 |
|
|
|
24,313 |
|
|
|
23,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
$ |
(1,435 |
) |
|
$ |
(3,907 |
) |
|
$ |
(5,597 |
) |
|
$ |
(7,484 |
) |
|
Depreciation and
amortization |
$ |
2,088 |
|
|
$ |
2,124 |
|
|
$ |
4,188 |
|
|
$ |
4,275 |
|
|
Number of campuses |
|
23 |
|
|
|
28 |
|
|
|
23 |
|
|
|
28 |
|
|
Average enrollment |
|
10,103 |
|
|
|
10,582 |
|
|
|
10,158 |
|
|
|
10,836 |
|
|
Stock-based
compensation |
$ |
52 |
|
|
$ |
294 |
|
|
$ |
481 |
|
|
$ |
654 |
|
|
Net cash used in
operating activities |
$ |
(2,292 |
) |
|
$ |
(8,037 |
) |
|
$ |
(12,334 |
) |
|
$ |
(19,511 |
) |
|
Net cash used in
investing activities |
$ |
(1,328 |
) |
|
$ |
(1,170 |
) |
|
$ |
(1,796 |
) |
|
$ |
(1,976 |
) |
|
Net cash provided by
(used in) financing activities |
$ |
1,838 |
|
|
$ |
2,710 |
|
|
$ |
(28,853 |
) |
|
$ |
(12,829 |
) |
|
|
|
|
|
|
|
|
|
|
Selected
Consolidated Balance Sheet Data: |
June 30, 2018 |
|
(Unaudited) |
|
|
Cash and
cash equivalents |
$ |
3,081 |
|
Current
assets |
|
36,655 |
|
Working
capital |
|
(11,076 |
) |
Total
assets |
|
115,795 |
|
Current
liabilities |
|
47,731 |
|
Long-term debt obligations, including current portion |
|
24,292 |
|
Total
stockholders' equity |
|
35,268 |
|
|
|
(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 same school
basis revenue are 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) before interest expense (net of
interest income), provision for income taxes, depreciation, and
amortization. We define same school basis revenue as Total Company
revenue less the Transitional segment revenue. EBITDA and
same school revenue 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. However, it is not 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
same school basis revenue are not necessarily comparable to
similarly titled measures used by other companies.
Following is a reconciliation of net loss to EBITDA and same
school basis revenue:
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(4,104 |
) |
|
$ |
(6,771 |
) |
|
$ |
(10,978 |
) |
|
$ |
(17,700 |
) |
Interest
expense, net |
|
531 |
|
|
|
690 |
|
|
|
1,093 |
|
|
|
5,841 |
|
Provision
for income taxes |
|
50 |
|
|
|
50 |
|
|
|
100 |
|
|
|
100 |
|
Depreciation and amortization |
|
2,088 |
|
|
|
2,124 |
|
|
|
4,188 |
|
|
|
4,275 |
|
EBITDA |
$ |
(1,435 |
) |
|
$ |
(3,907 |
) |
|
$ |
(5,597 |
) |
|
$ |
(7,484 |
) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
(Unaudited) |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
Transportation and Skilled Trades |
|
Healthcare and Other Professions |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
1,740 |
|
$ |
786 |
|
|
$ |
644 |
|
|
$ |
(571 |
) |
|
$ |
2,416 |
|
$ |
2,703 |
|
|
$ |
887 |
|
|
$ |
(258 |
) |
Interest
expense, net |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(18 |
) |
|
|
- |
|
|
|
- |
|
Provision
for income taxes |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Depreciation and amortization |
|
1,867 |
|
|
1,986 |
|
|
|
64 |
|
|
|
10 |
|
|
|
3,750 |
|
|
3,951 |
|
|
|
119 |
|
|
|
11 |
|
EBITDA |
$ |
3,607 |
|
$ |
2,772 |
|
|
$ |
708 |
|
|
$ |
(561 |
) |
|
$ |
6,166 |
|
$ |
6,636 |
|
|
$ |
1,006 |
|
|
$ |
(247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
(Unaudited) |
|
(Unaudited) |
|
Transitional |
|
Corporate |
|
Transitional |
|
Corporate |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
- |
|
$ |
(833 |
) |
|
$ |
(6,488 |
) |
|
$ |
(6,153 |
) |
|
$ |
- |
|
$ |
(1,401 |
) |
|
$ |
(14,281 |
) |
|
$ |
(18,744 |
) |
Interest
expense, net |
|
- |
|
|
- |
|
|
|
531 |
|
|
|
690 |
|
|
|
- |
|
|
- |
|
|
|
1,093 |
|
|
|
5,859 |
|
Provision
for income taxes |
|
- |
|
|
- |
|
|
|
50 |
|
|
|
50 |
|
|
|
- |
|
|
- |
|
|
|
100 |
|
|
|
100 |
|
Depreciation and amortization |
|
- |
|
|
2 |
|
|
|
157 |
|
|
|
126 |
|
|
|
- |
|
|
29 |
|
|
|
319 |
|
|
|
284 |
|
EBITDA |
$ |
- |
|
$ |
(831 |
) |
|
$ |
(5,750 |
) |
|
$ |
(5,287 |
) |
|
$ |
- |
|
$ |
(1,372 |
) |
|
$ |
(12,769 |
) |
|
$ |
(12,501 |
) |
|
|
Three Months Ended June
30, |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Total |
|
Total |
|
%
Change |
|
|
Company |
|
Company |
|
Same School
Basis |
|
|
2018 |
|
2017 |
|
|
2018 |
|
Total
Company Revenue |
$ |
61,120 |
|
$ |
61,865 |
|
|
|
|
Less:
Transitional Revenue |
|
|
|
(2,623 |
) |
|
|
|
Revenue
on Same School Basis |
$ |
61,120 |
|
$ |
59,242 |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Months Ended June
30, |
|
(Unaudited) |
|
2018 |
|
2017 |
|
% Change |
Revenue: |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
42,085 |
|
|
$ |
42,331 |
|
|
-0.6 |
% |
Healthcare and Other
Professions |
|
19,035 |
|
|
|
16,911 |
|
|
12.6 |
% |
Transitional |
|
- |
|
|
|
2,623 |
|
|
-100.0 |
% |
Total |
$ |
61,120 |
|
|
$ |
61,865 |
|
|
-1.2 |
% |
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
1,740 |
|
|
$ |
786 |
|
|
121.4 |
% |
Healthcare and Other
Professions |
|
644 |
|
|
|
(571 |
) |
|
-212.8 |
% |
Transitional |
|
- |
|
|
|
(833 |
) |
|
100.0 |
% |
Corporate |
|
(5,907 |
) |
|
|
(5,413 |
) |
|
-9.1 |
% |
Total |
$ |
(3,523 |
) |
|
$ |
(6,031 |
) |
|
41.6 |
% |
|
|
|
|
|
|
Starts: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
1,959 |
|
|
|
1,823 |
|
|
7.5 |
% |
Healthcare and Other
Professions |
|
946 |
|
|
|
781 |
|
|
21.1 |
% |
Transitional |
|
- |
|
|
|
- |
|
|
0.0 |
% |
Total |
|
2,905 |
|
|
|
2,604 |
|
|
11.6 |
% |
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,592 |
|
|
|
6,740 |
|
|
-2.2 |
% |
Healthcare and Other
Professions |
|
3,511 |
|
|
|
3,263 |
|
|
7.6 |
% |
Transitional |
|
- |
|
|
|
579 |
|
|
-100.0 |
% |
Total |
|
10,103 |
|
|
|
10,582 |
|
|
-4.5 |
% |
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
Transportation and
Skilled Trades |
|
6,975 |
|
|
|
7,028 |
|
|
-0.8 |
% |
Healthcare and Other
Professions |
|
3,396 |
|
|
|
3,000 |
|
|
13.2 |
% |
Transitional |
|
- |
|
|
|
372 |
|
|
-100.0 |
% |
Total |
|
10,371 |
|
|
|
10,400 |
|
|
-0.3 |
% |
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
(Unaudited) |
|
|
2018 |
|
2017 |
|
% Change |
Revenue: |
|
|
|
|
|
|
Transportation and
Skilled Trades |
|
$ |
84,832 |
|
|
$ |
85,490 |
|
|
-0.8 |
% |
Healthcare and Other
Professions |
|
|
38,177 |
|
|
|
34,756 |
|
|
9.8 |
% |
Transitional |
|
|
- |
|
|
|
6,898 |
|
|
-100.0 |
% |
Total |
|
$ |
123,009 |
|
|
$ |
127,144 |
|
|
-3.3 |
% |
|
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
|
Transportation and
Skilled Trades |
|
$ |
2,416 |
|
|
$ |
2,685 |
|
|
-10.0 |
% |
Healthcare and Other
Professions |
|
|
887 |
|
|
|
(258 |
) |
|
-443.8 |
% |
Transitional |
|
|
- |
|
|
|
(1,401 |
) |
|
100.0 |
% |
Corporate |
|
|
(13,088 |
) |
|
|
(12,785 |
) |
|
-2.4 |
% |
Total |
|
$ |
(9,785 |
) |
|
$ |
(11,759 |
) |
|
16.8 |
% |
|
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
Transportation and
Skilled Trades |
|
|
3,765 |
|
|
|
3,619 |
|
|
4.0 |
% |
Healthcare and Other
Professions |
|
|
1,926 |
|
|
|
1,710 |
|
|
12.6 |
% |
Transitional |
|
|
- |
|
|
|
132 |
|
|
-100.0 |
% |
Total |
|
|
5,691 |
|
|
|
5,461 |
|
|
4.2 |
% |
|
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
|
Transportation and
Skilled Trades |
|
|
6,610 |
|
|
|
6,758 |
|
|
-2.2 |
% |
Healthcare and Other
Professions |
|
|
3,548 |
|
|
|
3,346 |
|
|
6.0 |
% |
Transitional |
|
|
- |
|
|
|
731 |
|
|
-100.0 |
% |
Total |
|
|
10,158 |
|
|
|
10,836 |
|
|
-6.3 |
% |
|
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
|
Transportation and
Skilled Trades |
|
|
6,975 |
|
|
|
7,028 |
|
|
-0.8 |
% |
Healthcare and Other
Professions |
|
|
3,396 |
|
|
|
3,000 |
|
|
13.2 |
% |
Transitional |
|
|
- |
|
|
|
372 |
|
|
-100.0 |
% |
Total |
|
|
10,371 |
|
|
|
10,400 |
|
|
-0.3 |
% |
|
|
|
|
|
|
|
LINCOLN EDUCATIONAL SERVICES CORPORATIONBrian
Meyers, CFO973-736-9340
EVC GROUP, Inc.Investor Relations: Doug Sherk,
dsherk@evcgroup.com; 415-652-9100Media Relations: Tom Gibson,
201-476-0322
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