Lincoln Educational Services’ Third Quarter Student Starts Climb 15%; Schedules Conference Call to Discuss Third Quarter Financial Results
Lincoln Educational Services Corporation (Nasdaq: LINC) reported a 15% increase in total student starts for Q3 2020 compared to Q3 2019. The growth was driven by a 17% rise in the Transportation and Skilled Trades Segment, and an 11% increase in the Healthcare segment. CEO Scott Shaw highlighted successful implementation of on-site instruction and distance learning, enhancing operational efficiencies. Financial results for Q3 will be released on November 11, 2020, followed by a conference call at 10 a.m. ET.
- 15% increase in total student starts year-over-year.
- 17% growth in Transportation and Skilled Trades Segment.
- 11% growth in Healthcare and other Professions Segment.
- Successful implementation of on-site instruction enhancing operational efficiency.
- None.
WEST ORANGE, N.J., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) (“Lincoln”) today reported that total student starts for the quarter ended September 30, 2020 grew 15 percent as compared to starts for the third quarter of 2019. Starts for the Company’s Transportation and Skilled Trades Segment increased 17 percent for the period while starts for Lincoln’s Healthcare and other Professions Segment grew 11 percent.
“During the third quarter, our team continued to execute on the strategies designed to provide to an increasing number of students the new skills that employers require for in-demand essential careers,” said Scott Shaw, President and CEO. “We successfully implemented on-site instruction at all 22 of our campuses during the quarter, while incorporating efficient distance learning components introduced earlier in the year. As a result, to date, we have continued to enhance the learning/teaching experience for both our students and our faculty while increasing operating efficiencies.”
The Company also announced that it will release its third quarter financial results ended September 30, 2020 prior to market open on November 11, 2020. The management team will host a conference call to review the results and other recent corporate developments that same day beginning at 10 a.m. ET. 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 1857026. 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 1857026.
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading 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 in five principal areas of study: health sciences, automotive technology, skilled trades, hospitality services and business and information technology. Lincoln has provided the nation’s workforce with skilled technicians since its inception in 1946 and currently operates 22 campuses in 14 states under 4 brands: Lincoln College of Technology, Lincoln Technical Institute, Lincoln Culinary Institute and Euphoria Institute of Beauty Arts and Sciences. For more information, go to www.lincolntech.edu.
SAFE HARBOR
The statements contained in this press release are as of October 20, 2020. Lincoln Educational Services Corporation assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments. 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 laws. 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, 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. 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; 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; 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.
| CONTACT: | Lincoln Educational Services Corporation |
| Brian Meyers, CFO | |
| 973-736-9340 | |
| EVC Group LLC | |
| Michael Polyviou, mpolyviou@evcgroup.com | |
| 732-933-2754 |
FAQ
What were Lincoln's student start figures for Q3 2020?
When will Lincoln release its Q3 2020 financial results?
How much did the Transportation segment grow in Q3 2020?
What is the growth percentage for Lincoln's Healthcare segment in Q3 2020?
