Lincoln Educational Q3 revenue $91.8M, net income $3.5M; reiterates FY guidance

LINCOLN EDUCATIONAL SERVICES CORP

2022-Q3 EPS reported $0.10 revenue$256,510,000

Q3 revenue $91.8M (+3.1% YoY); net income $3.5M, EPS $0.10; adjusted EBITDA $7.4M.
Student starts declined 9.2% while average revenue per student rose 5.9%; full-year revenue guidance reaffirmed at $340-350M.
Board approved closing Somerville, MA campus with estimated $2.0M costs; teach-out for ~300 students ending by Dec 2023.
Repurchased 668,440 shares for $4.2M in Q3; terminated credit agreement (no outstanding debt); cash $69.6M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN EDUCATIONAL SERVICES CORP reported third quarter ended September 30, 2022 results: revenue $91.8 million, net income $3.5 million, EPS $0.10.

Period: third quarter ended September 30, 2022
Revenue: $91.8 million
Net income: $3.5 million
EPS: $0.10
Result: reported results

Exact text from the filing

and financial results for the third quarter as well as recent business developments. Third Quarter 2022 Financial Highlights and Recent Operating Developments • Revenue of $91.8 million • Net income of $3.5 million • Adjusted EBITDA* of $7.4 million • Earnings per share of $0.10 • Cash of $69.6 million and debt free • Repurchased 668,440 shares of Company common

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Source: SEC EDGAR

accession 0001140361-22-040228

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