Lincoln Ed Q3 rev $89.1M (+13%), operating income up 49.6%; closes sale-leaseback, retires all debt

LINCOLN EDUCATIONAL SERVICES CORP

2021-Q3 EPS reported $0.30 revenue$247,520,000

Revenue $89.1M (+13% YoY), operating income $5.7M (+49.6%), net income $3.8M ($0.11 diluted EPS) vs $3.5M ($0.08).
Student starts 5,430 (flat YoY); ending student population 14,000, up 6.4% YoY.
Closed sale-leaseback of Denver and Grand Prairie properties; net proceeds $28.5M used to retire all outstanding debt.
Full year 2021 guidance: revenue growth 12-14%, adjusted EBITDA $35-37M, pre-tax income $25-27M.
Transportation & Skilled Trades segment revenue up 14.3%; Healthcare & Other Professions up 9.8%.

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