PARSIPPANY, NJ, May 24, 2022 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (LINC) today announced that its Board of Directors has authorized a stock buyback program of up to $30 million of common stock in movement of society. The buyback program is authorized for twelve months.
Purchases may be made, from time to time, in open market transactions at prevailing market prices, in privately negotiated transactions or through other means determined by the management of the Company and in accordance applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors, including price, trading volume, corporate and regulatory requirements and market conditions. The Company expects to fund redemptions with its cash on hand and funds generated from its operations. Shares acquired under the buyback program will be canceled and returned to the status of authorized but unissued shares and may be used for general corporate purposes. The Company reserves the right to limit, terminate or extend the share buyback program at any time and without notice.
“The decision of our Board of Directors to authorize this share buyback program reflects our continued confidence in our strategy to grow Lincoln while maximizing returns for shareholders,” said Scott M. Shaw, President and Chief Executive Officer. of management. “Our financial performance, short- and long-term outlook, and returns from recent real estate transactions have combined to create this opportunity to create shareholder value without compromising our ability to invest in key growth opportunities. higher to achieve new successes, such as new programs and campuses.
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading provider of career-focused, diverse post-secondary education. Marking 75 years of continuous operation, Lincoln offers recent high school graduates and working adults career-focused programs in five major areas of study: automotive technology, health sciences, skilled trades, business and information and reception services. Lincoln has provided the workforce with skilled technicians since its inception in 1946.
Lincoln currently operates 22 campuses in 14 states under four brands: Lincoln Technical Institute, Lincoln College of Technology, and Euphoria Institute of Beauty Arts and Sciences. Lincoln also operates Lincoln Culinary Institutes in Maryland and Connecticut.
For more information, visit lincolntech.edu.
Statements contained 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, including those made on a conference call, may be “forward-looking statements” as that term is defined in federal securities law. The words “may”, “will”, “expect”, “believe”, “anticipate”, “project”, “plan”, “intend”, “estimate” and “continue”, and opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time such statements are made and/or the good faith belief of management at that time regarding future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements should not be construed as a guarantee of future performance or results and will not necessarily be precise indications of the times at which or by which such performance or results will be achieved, if at all. Generally, these statements relate to business plans or strategies and projections involving revenues, profits or other aspects of the Company’s operating results. These forward-looking statements include the Company’s current belief that it is taking appropriate action regarding the pandemic and that student growth will continue. The Company cautions you that these statements relate to current expectations regarding 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, which may influence the accuracy of statements and projects. upon which the statements are based, including, without limitation, impacts related to the COVID-19 pandemic, our inability to complete the sale of our Nashville campus; our inability to comply with the extensive regulatory framework applicable to our industry or our inability to obtain timely regulatory approvals in connection with acquisitions or a change in 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 or timely manner; 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 related to the opening of new campuses; risks related to the integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; the COVID-19 pandemic and its impact on our business and the U.S. and global economy; 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.
Scott Shaw, CEO
Brian Meyers, Chief Financial Officer
EVC Group LLC
Investor Relations: Michael Polyviou, [email protected]732-933-2755
Media Relations: Tom Gibson, 201-476-0322