Key Developments For Lincoln Educational Services Corporation
Lincoln Educational Services Corporation (LINC.O) (Consolidated Issue listed on NASDAQ Global Market)
Lincoln Educational Services Corp Raises FY 2009 Guidance
Lincoln Educational Services Corp raised its previously issued fiscal 2009 guidance and now expects revenue of $545.0 million to $548.0 million, up approximately 45% over fiscal 2008 and diluted earnings per share (EPS) of $1.65 to $1.70, representing growth of 111% to 118% over fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenue of $531.9 million and EPS of $1.49 for fiscal 2009.
Lincoln Educational Services Corp Issues Q1 2009 Outlook Above Analysts' Estimates; Issues FY 2009 Outlook; Revenue Outlook Above Analysts' Estimates
Lincoln Educational Services Corp announced that for first quarter 2009, it expects revenues of $112.0 million to $114.0 million, representing an increase of approximately 34% over the first quarter of 2008, and diluted EPS of $0.05 to $0.07. Guidance for the first quarter of 2009 is based on an expected increase in same school student starts of 25% to 28% over the same period in 2008. For fiscal 2009, it expects revenue of $476 million to $486 million, up 26% to 29% over 2008, and diluted EPS of $0.90 to $0.95, representing growth of 15% to 22% over 2008. EPS guidance for fiscal 2009 includes approximately $0.10 to $0.12 dilution in connection with our acquisitions, with most of this dilution being incurred in the first half of the year. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $107 million and earnings per share (EPS) of $0.03 for first quarter 2009; revenue of $467 million and EPS of $0.90 for fiscal 2009.
Lincoln Educational Services Corp Announces Pricing Of Public Equity Offering
Lincoln Educational Services Corp announced that it has priced a public offering of 5,500,000 shares of its common stock at a price to the public of $14.00 per share. Of these shares, 1,000,000 shares are being sold by the Company and 4,500,000 shares are being sold by selling stockholders. The Company and certain selling stockholders have granted the underwriters an option to purchase up to an additional 825,000 shares. The offering was made under a shelf registration statement filed with the Securities and Exchange Commission and is expected to close on February 18, 2009. Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are the joint book-running managers. Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., J.P. Morgan Securities Inc. and Barrington Research Associates, Inc. are the co-managers of the offering. The Company intends to use some or all of the net proceeds from the offering to repay a portion of the indebtedness outstanding under its credit facility, and the remainder, if any, for general corporate or working capital purposes. The Company will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders.
Lincoln Educational Services Corp Announces Public Equity Offering
Lincoln Educational Services Corp announced a public offering of 5,500,000 shares of its common stock. Of the total number of shares offered, 1,000,000 shares are being offered by the Company and 4,500,000 shares are being offered by selling stockholders. The Company and certain selling stockholders have granted the underwriters an option to purchase up to an additional 825,000 shares. Credit Suisse Securities (USA) LLC and Barclays Capital Inc. will be the joint book-running managers. Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., J.P. Morgan Securities Inc. and Barrington Research Associates, Inc. will be the co-managers of the offering. The Company intends to use some or all of the net proceeds from the offering to repay a portion of the indebtedness outstanding under its credit facility, and the remainder, if any, for general corporate or working capital purposes.
Lincoln Educational Services Corp Names Shaun E. McAlmont as President and Chief Executive Officer
Educational Services Corp announced that Shaun E. McAlmont will become President and Chief Executive Officer. Mr. McAlmont will succeed David F. Carney, who will assume the role of Executive Chairman and will remain actively involved with Lincoln on a full time basis through the end of 2010. Both executive appointments are consistent with Lincoln's succession plan and will become effective following Lincoln's Annual Meeting of Shareholders scheduled to take place on April 30, 2009.
