LINC - Lincoln Educational Services GAAP EPS of $0.00 misses by $0.04 revenue of $82.1M misses by $1.37Mupdates FY guidance

• Lincoln Educational Services press release ( NASDAQ: LINC ): Q2 GAAP EPS of $0.00 misses by $0.04 .
• Revenue of $82.1M (+2.0% Y/Y) misses by $1.37M .
• Student starts increased by 4.0%
• Adjusted EBITDA* of $2.4 million
• Cash of $67.0 million and debt free; Generated cash from operations of $4.4 million
• Announced new Atlanta, Georgia campus expected to open in third quarter of 2023
• Repurchased 414,963 shares of Company common stock for approximately $2.5 million
• Completed sale of Suffield, Connecticut property generating net proceeds of $2.4 million and gain on sale of $0.2 million
• Outllook:
• Revenue from prior $350M - $365M to $340M-$350M vs. consensus of $355.43M; Student start decline / growth in the range of -3% to 3%.
• Adjusted EBITDA* in the range of $25 million to $30 million.
• Net income in the range of $10 million to $15 million.
• Capital expenditures in the range of $8.0 million to $11.0 million.

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