Lincoln Educational Services Corporation (Nasdaq: LINC) today
reported financial results for the third quarter ended September
30, 2018.
“Lincoln is achieving consistent student start growth through
the combination of new programs, curriculum diversification and
more efficient marketing,” said Scott Shaw, President & CEO.
“Our Transportation and Skilled Trades segment drove our strong
student growth during the quarter. The major factors contributing
to the start growth was the success of our revised high school
admissions process; improved marketing strategies with our adult
students; and continued solid adult student starts. With our
programs continuing to create high value opportunities for our
students, we have achieved four consecutive quarters of overall
start growth. This growth trend is leading to our improved
financial performance and we now expect to be profitable for
2019.”
THIRD QUARTER FINANCIAL RESULTS HIGHLIGHTS:
- Total revenue for the third quarter increased $2.8 million, or
4.1%, to $70.1 million for the three months ended September 30,
2018 from $67.3 million in the prior year comparable period.
Revenue on a same school basis increased by 7.1%, or $4.6
million.
- Total student starts increased by 4.7%. Transportation
and Skilled Trades segment starts up 10.2% and Healthcare and Other
Professions segment starts up 0.7%. Same schools starts up
7.5% resulting from continued investments in marketing, enhanced
high school programs and improved admissions process driving more
consistency from lead to start.
- Educational services and facilities expense decreased by $0.6
million, or 1.7%, to $33.5 million for the three months ended
September 30, 2018 from $34.1 million in the prior year comparable
period. The expense reductions were primarily due to the
Transitional segment which accounted for $1.8 million in cost
savings partially offset by $1.0 million in additional books and
tools expense and $0.2 million in additional instructional
expenses. Increases in books and tools expense were a result
of the correlation between providing laptops for a growing number
of program offerings and an increased student
population.
- Selling general and administrative expense increased by $0.6
million, or 1.7%, to $36.1 million for the three months ended
September 30, 2018 from $35.5 million in the prior year comparable
period. The Transitional segment and corporate
accounted for $1.6 million and $0.5 million in cost reductions,
which were fully offset by increased selling general and
administrative expenses. The increase in expenses were due to
higher bad debt expense of $2.0 million and increased marketing
expense of $1.0 million. Bad debt expense has increased due to
larger reserves, driven by a higher accounts receivable
balance. The Company’s accounts receivable during the quarter
was impacted by an increased number of student files selected for
verification by the Department of Education. Consequently,
this has resulted in additional documentation requests for students
before the disbursement of scheduled funding. The change in
the verification process has impacted the entire industry and has
driven our average verification rate, which had been historically
about 25%, to between 25% and 60%. Management expects this
issue to normalize in the fourth quarter of 2018. Marketing
investments during the three months ended September 30, 2018 were
approximately $1.0 million over the prior year, $0.4 million of
which was for creative development. While marketing
investments have increased in the current quarter, the cost to
obtain prospective students has remained essentially flat when
compared to the prior year. Marketing dollars are providing a
return on investment and are expected to yield start growth over
the next several quarters.
- Loss on sale of assets was $0.4 million for the three months
ended September 30, 2018, compared to a gain on sale of asset of
$1.5 million in the prior year comparable period. The $1.9
million variance was the result of a $0.4 million loss on the sale
of a property located in West Palm Beach, Florida on August 23,
2018; and a $1.5 million gain in the prior year comparable quarter
from the sale of two properties located in West Palm Beach, Florida
on August 14, 2017. The sale of the West Palm Beach, Florida
property during the current quarter yielded approximately $2.3
million in proceeds. However, pursuant to the third amendment
of the Company’s credit facility with Sterling National Bank, the
net proceeds of the sale are held in a restricted cash account at
the bank; the bank having reserved its right to apply the
restricted cash to the repayment of loans outstanding under the
credit facility at any time, which repayment would permanently
reduce the amount available under the credit facility in a
commensurate amount.
- Operating income improved to $0.1 million during the current
quarter, from an operating loss of $0.8 million in the prior year
comparable period.
- Net loss for the quarter decreased by $0.9 million to $0.6
million, or $0.02 per share, from $1.5 million, or $0.06 per share,
in the prior year comparable quarter.
- As a result of our improved financial condition, during the
quarter, the Company was able to negotiate more favorable terms
with our surety bond provider. This negotiation resulted in
$3 million of additional liquidity. Moreover, it anticipates
an additional $1 million of liquidity during the fourth quarter of
2018.
THIRD QUARTER SEGMENT FINANCIAL PERFORMANCE
Transportation and Skilled Trades Segment
Transportation and Skilled Trades segment revenue increased by
$2.2 million, or 4.5%, to $51.0 million for the three months ended
September 30, 2018, as compared to $48.8 million in the prior year
comparable period. The increase in revenue is primarily
attributable to four consecutive quarters of student start growth,
most notably, a 10.2% increase in student starts in the current
quarter, which drove a 3.6% increase in average student
population.
Student starts increased 10.2% for the three months ended
September 30, 2018 when compared to the prior year comparable
period.
Operating income increased to $6.3 million for the three months
ended September 30, 2018 from $6.1 million in the prior year
comparable period.
Educational services and facilities expense increased by $0.6
million, or 2.6%, to $23.4 million for the three months ended
September 30, 2018 from $22.8 million in the prior year comparable
period. The increase was driven by additional books and tools
expense from the correlation between providing laptops for a
growing number of program offerings and an increased student
population
Selling, general and administrative expenses increased by $1.4
million, or 7.1%, to $21.3 million for the three months ended
September 30, 2018 from $19.8 million in the prior year comparable
period. The increase was primarily driven by additional bad
debt expense and marketing expense as detailed in the third quarter
financial results highlights.
Healthcare and Other Professions Segment
Healthcare and Other Professions segment revenue increased by
$2.4 million, or 14.9%, to $18.3 million for the three months ended
September 30, 2018, as compared to $15.9 million in the prior year
comparable period. The increase in revenue was mainly
attributable to a higher carry in population; four consecutive
quarters of student start growth, which drove a 12.6% increase in
average student population; and an increase in average revenue per
student.
Student starts increased slightly by 0.7% for the three months
ended September 30, 2018 when compared to the prior year comparable
period.
Operating income increased to $0.8 million for the three months
ended September 30, 2018 from $0.2 million in the prior year
comparable period.
Educational services and facilities expense increased by $0.6
million, or 7.1% to $8.9 million for the three months ended
September 30, 2018, from $8.3 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 12.6% increase in average student population quarter over
quarter.
Selling general and administrative expense increased by $1.2
million, or 16.6%, to $8.6 million for the three months ended
September 30, 2018 from $7.3 million in the prior year comparable
period. The increase was primarily driven by additional bad
debt expense and marketing expense as detailed in the third quarter
financial results highlights.
Transitional Segment
Transitional segment revenue was $0.8 million and $2.6 million
for the three months ended September 30, 2018 and 2017,
respectively. The decrease in revenue was due to one campus
classified in the Transitional segment in the current quarter
versus five campuses classified in the segment in the prior year
comparable quarter. The Transitional segment during the
quarter includes the Lincoln College of New England campus at
Southington, Connecticut.
Operating loss was $1.9 million and $3.4 million for the three
months ended September 30, 2018 and 2017, respectively.
Corporate and Other
This category includes unallocated expenses incurred on behalf
of the entire Company. Corporate and other expenses were $5.2
million for the three months ended September 30, 2018 as compared
to $3.7 million in the prior year comparable period. The $1.5
million increase was primarily driven by a $0.4 million loss from
the sale of a property located in West Palm Beach, Florida on
August 23, 2018; and a $1.5 million gain in the prior year
comparable quarter resulting from the sale of two properties
located in West Palm Beach, Florida on August 14, 2017. The
remaining Corporate expenses would have decreased by $0.5 million
quarter over quarter.
NINE MONTH FINANCIAL RESULTS
Revenue decreased by $1.4 million, or 0.7%, to $193.1 million
for the nine months ended September 30, 2018 from $194.5 million in
the prior year comparable period. Operating loss for the nine
months ended September 30, 2018 decreased by $2.8 million when
compared against the comparable period of 2017. Educational
services and facilities expense decreased by $5.0 million, or 5.1%,
to $94.2 million for the nine months ended September 30, 2018 from
$99.2 million in the comparable period of 2017. Selling
general and administrative expense decreased by $1.3 million, or
1.2%, to $108.1 million for the nine months ended September 30,
2018 from $109.4 million in the comparable period of 2017.
Transportation and Skilled Trades segment revenue was $135.8
million for the nine months ended September 30, 2018, versus $134.3
million in the comparable period of 2017.
Healthcare and Other Professions segment revenue was $52.6
million for the nine months ended September 30, 2018, versus $46.5
million in the comparable period of 2017.
Transitional segment revenue was $4.7 million for the nine
months ended September 30, 2018, versus $13.7 million in the
comparable period of 2017.
2018 OUTLOOK
The Company is raising its outlook for 2018 as
follows:
- Management now expects student starts for 2018 to increase by
5% to 7%, compared to the prior year excluding the Transitional
segment.
- Management now expects revenue to increase by 3% to 6%,
compared to prior year excluding the Transitional
segment.
- Operating Income for 2018 is now expected to range between $3
million and $1 million excluding the Transitional segment.
- Year-end population is expected to be greater than that of the
prior year excluding the Transitional segment.
- Management now expects to achieve net income in 2019.
CONFERENCE CALL INFO
Lincoln will host a conference call today at 10:00 a.m.
Eastern Standard Time. 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 4696158. 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
4696158.
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 acquisitions
or a change of control of our Company; 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, such as the 90/10 rule and prescribed
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 Reports and Quarterly Reports filed with the Securities and
Exchange Commission. 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 |
|
|
Nine Months
Ended |
|
|
September
30, |
|
|
September
30, |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE |
$ |
70,078 |
|
|
$ |
67,308 |
|
|
$ |
193,087 |
|
|
$ |
194,452 |
|
COSTS AND
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Educational services and facilities |
33,488 |
|
|
34,070 |
|
|
94,169 |
|
|
99,183 |
|
Selling,
general and administrative |
36,087 |
|
|
35,499 |
|
|
108,091 |
|
|
109,378 |
|
Loss
(gain) on sale of assets |
427 |
|
|
(1,530 |
) |
|
537 |
|
|
(1,619 |
) |
Total
costs & expenses |
70,002 |
|
|
68,039 |
|
|
202,797 |
|
|
206,942 |
|
OPERATING INCOME
(LOSS) |
76 |
|
|
(731 |
) |
|
(9,710 |
) |
|
(12,490 |
) |
OTHER: |
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
6 |
|
|
7 |
|
|
25 |
|
|
47 |
|
Interest
expense |
(632 |
) |
|
(716 |
) |
|
(1,743 |
) |
|
(6,597 |
) |
LOSS
BEFORE INCOME TAXES |
(550 |
) |
|
(1,440 |
) |
|
(11,428 |
) |
|
(19,040 |
) |
PROVISION FOR INCOME
TAXES |
50 |
|
|
50 |
|
|
150 |
|
|
150 |
|
NET LOSS |
$ |
(600 |
) |
|
$ |
(1,490 |
) |
|
$ |
(11,578 |
) |
|
$ |
(19,190 |
) |
Basic |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share |
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.80 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share |
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.80 |
) |
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
24,533 |
|
|
24,024 |
|
|
24,387 |
|
|
23,866 |
|
Diluted |
24,533 |
|
|
24,024 |
|
|
24,387 |
|
|
23,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
$ |
2,178 |
|
|
$ |
1,432 |
|
|
$ |
(3,421 |
) |
|
$ |
(6,052 |
) |
Depreciation and
amortization |
$ |
2,102 |
|
|
$ |
2,163 |
|
|
$ |
6,289 |
|
|
$ |
6,438 |
|
Number of campuses |
23 |
|
|
28 |
|
|
23 |
|
|
28 |
|
Average enrollment |
10,897 |
|
|
10,563 |
|
|
10,404 |
|
|
10,745 |
|
Stock-based
compensation |
$ |
20 |
|
|
$ |
294 |
|
|
$ |
501 |
|
|
$ |
949 |
|
Net cash provided by
(used in) operating activities |
$ |
6,518 |
|
|
$ |
2,904 |
|
|
$ |
(5,816 |
) |
|
$ |
(16,607 |
) |
Net cash (used in)
provided by investing activities |
$ |
(73 |
) |
|
$ |
13,663 |
|
|
$ |
(1,869 |
) |
|
$ |
11,687 |
|
Net cash used in
financing activities |
$ |
(13 |
) |
|
$ |
(15,500 |
) |
|
$ |
(28,866 |
) |
|
$ |
(28,329 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Consolidated Balance Sheet Data: |
September 30, 2018 |
|
|
(Unaudited) |
|
|
|
|
Cash and cash
equivalents |
$ |
10,183 |
|
Current
assets |
44,392 |
|
Working
capital deficit |
(10,956 |
) |
Total
assets |
122,581 |
|
Current
liabilities |
55,348 |
|
Long-term debt obligations, including current portion |
24,374 |
|
Total
stockholders' equity |
34,850 |
|
|
|
|
(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
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(600 |
) |
|
$ |
(1,490 |
) |
|
$ |
(11,578 |
) |
|
$ |
(19,190 |
) |
Interest
expense, net |
626 |
|
|
709 |
|
|
1,718 |
|
|
6,550 |
|
Provision
for income taxes |
50 |
|
|
50 |
|
|
150 |
|
|
150 |
|
Depreciation and amortization |
2,102 |
|
|
2,163 |
|
|
6,289 |
|
|
6,438 |
|
EBITDA |
$ |
2,178 |
|
|
$ |
1,432 |
|
|
$ |
(3,421 |
) |
|
$ |
(6,052 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
|
Healthcare and Other Professions |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
6,331 |
|
|
$ |
6,122 |
|
|
$ |
830 |
|
|
$ |
276 |
|
Interest
expense, net |
- |
|
|
- |
|
|
- |
|
|
- |
|
Provision
for income taxes |
- |
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and amortization |
1,892 |
|
|
1,997 |
|
|
68 |
|
|
27 |
|
EBITDA |
$ |
8,223 |
|
|
$ |
8,119 |
|
|
$ |
898 |
|
|
$ |
303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
(Unaudited) |
|
|
Transitional |
|
|
Corporate |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,865 |
) |
|
$ |
(3,407 |
) |
|
$ |
(5,896 |
) |
|
$ |
(4,481 |
) |
Interest
expense, net |
- |
|
|
- |
|
|
626 |
|
|
709 |
|
Provision
for income taxes |
- |
|
|
- |
|
|
50 |
|
|
50 |
|
Depreciation and amortization |
4 |
|
|
1 |
|
|
138 |
|
|
138 |
|
EBITDA |
$ |
(1,861 |
) |
|
$ |
(3,406 |
) |
|
$ |
(5,082 |
) |
|
$ |
(3,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September
30, |
|
(Unaudited) |
|
Transportation and Skilled Trades |
|
|
Healthcare and Other Professions |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
8,746 |
|
|
$ |
8,824 |
|
|
$ |
2,748 |
|
|
$ |
915 |
|
Interest
expense, net |
- |
|
|
(18 |
) |
|
- |
|
|
- |
|
Provision
for income taxes |
- |
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and amortization |
5,642 |
|
|
5,949 |
|
|
180 |
|
|
38 |
|
EBITDA |
$ |
14,388 |
|
|
$ |
14,755 |
|
|
$ |
2,928 |
|
|
$ |
953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months September
30, |
|
(Unaudited) |
|
Transitional |
|
|
Corporate |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,895 |
) |
|
$ |
(5,704 |
) |
|
$ |
(20,177 |
) |
|
$ |
(23,225 |
) |
Interest
expense, net |
- |
|
|
- |
|
|
1,718 |
|
|
6,568 |
|
Provision
for income taxes |
- |
|
|
- |
|
|
150 |
|
|
150 |
|
Depreciation and amortization |
11 |
|
|
30 |
|
|
456 |
|
|
421 |
|
EBITDA |
$ |
(2,884 |
) |
|
$ |
(5,674 |
) |
|
$ |
(17,853 |
) |
|
$ |
(16,086 |
) |
|
|
|
|
|
Three Months Ended September
30, |
|
(Unaudited) |
|
|
|
Total |
|
|
Total |
|
|
% Change |
|
Company |
|
|
Company |
|
|
Same School Basis |
|
2018 |
|
|
2017 |
|
|
2018 |
Total Company
Revenue |
$ |
70,078 |
|
|
$ |
67,308 |
|
|
|
Less:
Transitional Revenue |
(821 |
) |
|
(2,623 |
) |
|
|
Revenue
on Same School Basis |
$ |
69,257 |
|
|
$ |
64,685 |
|
|
7.1% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Months Ended September
30, |
|
(Unaudited) |
|
2018 |
|
|
2017 |
|
|
% Change |
Revenue: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
51,008 |
|
|
$ |
48,795 |
|
|
4.5% |
Healthcare and Other
Professions |
18,249 |
|
|
15,890 |
|
|
14.8% |
Transitional |
821 |
|
|
2,623 |
|
|
-68.7% |
Total |
$ |
70,078 |
|
|
$ |
67,308 |
|
|
4.1% |
|
|
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
6,330 |
|
|
$ |
6,121 |
|
|
3.4% |
Healthcare and Other
Professions |
830 |
|
|
276 |
|
|
200.7% |
Transitional |
(1,863 |
) |
|
(3,406 |
) |
|
45.3% |
Corporate |
(5,221 |
) |
|
(3,722 |
) |
|
-40.3% |
Total |
$ |
76 |
|
|
$ |
(731 |
) |
|
110.4% |
|
|
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
3,391 |
|
|
3,076 |
|
|
10.2% |
Healthcare and Other
Professions |
1,232 |
|
|
1,224 |
|
|
0.7% |
Transitional |
30 |
|
|
145 |
|
|
-79.3% |
Total |
4,653 |
|
|
4,445 |
|
|
4.7% |
|
|
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
7,453 |
|
|
7,194 |
|
|
3.6% |
Healthcare and Other
Professions |
3,317 |
|
|
2,945 |
|
|
12.6% |
Transitional |
127 |
|
|
424 |
|
|
-70.0% |
Total |
10,897 |
|
|
10,563 |
|
|
3.2% |
|
|
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
7,922 |
|
|
7,626 |
|
|
3.9% |
Healthcare and Other
Professions |
3,637 |
|
|
3,280 |
|
|
10.9% |
Transitional |
173 |
|
|
609 |
|
|
-71.6% |
Total |
11,732 |
|
|
11,515 |
|
|
1.9% |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
(Unaudited) |
|
2018 |
|
|
2017 |
|
|
% Change |
Revenue: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
135,838 |
|
|
$ |
134,285 |
|
|
1.2% |
Healthcare and Other
Professions |
52,554 |
|
|
46,470 |
|
|
13.1% |
Transitional |
4,695 |
|
|
13,697 |
|
|
-65.7% |
Total |
$ |
193,087 |
|
|
$ |
194,452 |
|
|
-0.7% |
|
|
|
|
|
|
|
|
Operating
Income (Loss): |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
$ |
8,747 |
|
|
$ |
8,806 |
|
|
-0.7% |
Healthcare and Other
Professions |
2,747 |
|
|
914 |
|
|
200.5% |
Transitional |
(2,899 |
) |
|
(5,703 |
) |
|
49.2% |
Corporate |
(18,305 |
) |
|
(16,507 |
) |
|
-10.9% |
Total |
$ |
(9,710 |
) |
|
$ |
(12,490 |
) |
|
22.3% |
|
|
|
|
|
|
|
|
Starts: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
7,156 |
|
|
6,695 |
|
|
6.9% |
Healthcare and Other
Professions |
3,048 |
|
|
2,856 |
|
|
6.7% |
Transitional |
140 |
|
|
355 |
|
|
-60.6% |
Total |
10,344 |
|
|
9,906 |
|
|
4.4% |
|
|
|
|
|
|
|
|
Average
Population: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
6,891 |
|
|
6,903 |
|
|
-0.2% |
Healthcare and Other
Professions |
3,245 |
|
|
2,965 |
|
|
9.5% |
Transitional |
269 |
|
|
877 |
|
|
-69.3% |
Total |
10,404 |
|
|
10,745 |
|
|
-3.2% |
|
|
|
|
|
|
|
|
End of Period
Population: |
|
|
|
|
|
|
|
Transportation and
Skilled Trades |
7,922 |
|
|
7,626 |
|
|
3.9% |
Healthcare and Other
Professions |
3,637 |
|
|
3,280 |
|
|
10.9% |
Transitional |
173 |
|
|
609 |
|
|
-71.6% |
Total |
11,732 |
|
|
11,515 |
|
|
1.9% |
|
|
|
|
|
|
|
|
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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