$LINC
Lincoln Educational Services Corp

2019 Q2 Form 10-Q Financial Statement

#000114036119015018 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $63.57M $61.12M
YoY Change 4.01% -1.26%
Cost Of Revenue $29.75M $30.18M
YoY Change -1.42% -6.85%
Gross Profit $33.82M $30.94M
YoY Change 9.3% 4.88%
Gross Profit Margin 53.2% 50.62%
Selling, General & Admin $35.91M $34.47M
YoY Change 4.18% -3.17%
% of Gross Profit 106.19% 111.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $2.100M
YoY Change -9.52% 0.0%
% of Gross Profit 5.62% 6.79%
Operating Expenses $35.91M $34.47M
YoY Change 4.18% -3.17%
Operating Profit -$2.093M -$3.523M
YoY Change -40.59% -42.25%
Interest Expense $829.0K $539.0K
YoY Change 53.8% -177.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.920M -$4.054M
YoY Change -27.97% -39.49%
Income Tax $144.0K $50.00K
% Of Pretax Income
Net Earnings -$3.064M -$4.104M
YoY Change -25.34% -39.65%
Net Earnings / Revenue -4.82% -6.71%
Basic Earnings Per Share -$0.12 -$0.17
Diluted Earnings Per Share -$0.12 -$0.17
COMMON SHARES
Basic Shares Outstanding 24.56M 24.49M
Diluted Shares Outstanding 24.56M 24.49M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.500M $3.100M
YoY Change 109.68% -56.94%
Cash & Equivalents $6.489M $11.57M
Short-Term Investments
Other Short-Term Assets $9.500M $11.10M
YoY Change -14.41% -56.98%
Inventory $2.086M $1.800M
Prepaid Expenses
Receivables $22.08M $20.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.18M $36.70M
YoY Change 9.48% -30.49%
LONG-TERM ASSETS
Property, Plant & Equipment $47.48M $53.50M
YoY Change -11.25% -2.9%
Goodwill $14.54M $14.54M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.091M $1.300M
YoY Change -16.08% 62.5%
Total Long-Term Assets $114.7M $79.10M
YoY Change 45.03% 2.2%
TOTAL ASSETS
Total Short-Term Assets $40.18M $36.70M
Total Long-Term Assets $114.7M $79.10M
Total Assets $154.9M $115.8M
YoY Change 33.76% -11.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.41M $15.60M
YoY Change 18.02% 9.86%
Accrued Expenses $9.123M $12.20M
YoY Change -25.22% -10.95%
Deferred Revenue $19.72M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.579M
YoY Change
Total Short-Term Liabilities $62.76M $47.70M
YoY Change 31.57% -16.17%
LONG-TERM LIABILITIES
Long-Term Debt $21.44M $24.30M
YoY Change -11.79% 1.25%
Other Long-Term Liabilities $89.00K $8.500M
YoY Change -98.95% -25.44%
Total Long-Term Liabilities $21.52M $32.80M
YoY Change -34.38% -7.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.76M $47.70M
Total Long-Term Liabilities $21.52M $32.80M
Total Liabilities $123.0M $80.50M
YoY Change 52.83% -12.78%
SHAREHOLDERS EQUITY
Retained Earnings -$52.60M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.86M
YoY Change
Treasury Stock Shares $5.911M
Shareholders Equity $31.87M $35.27M
YoY Change
Total Liabilities & Shareholders Equity $154.9M $115.8M
YoY Change 33.76% -11.06%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.064M -$4.104M
YoY Change -25.34% -39.65%
Depreciation, Depletion And Amortization $1.900M $2.100M
YoY Change -9.52% 0.0%
Cash From Operating Activities $100.0K -$2.300M
YoY Change -104.35% -71.25%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$1.300M
YoY Change -53.85% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$600.0K -$1.300M
YoY Change -53.85% 30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.200M 1.800M
YoY Change -33.33% -92.14%
NET CHANGE
Cash From Operating Activities 100.0K -2.300M
Cash From Investing Activities -600.0K -1.300M
Cash From Financing Activities 1.200M 1.800M
Net Change In Cash 700.0K -1.800M
YoY Change -138.89% -112.95%
FREE CASH FLOW
Cash From Operating Activities $100.0K -$2.300M
Capital Expenditures -$600.0K -$1.300M
Free Cash Flow $700.0K -$1.000M
YoY Change -170.0% -85.07%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">CONTINGENCIES</div></td></tr></table><div><font style="color: #000000;"></font><br /></div><div style="color: #000000;">In the ordinary conduct of its business, the Company is subject to certain lawsuits, investigations and claims, including, but not limited to, claims involving students or graduates and routine employment matters. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it, the Company does not believe that any currently pending legal proceedings to which it is a party will have a material adverse effect on the Company&#8217;s business, financial condition, and results of operations or cash flows.</div><div style="color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">In connection with the foregoing, as previously reported, on July 6, 2018, the Company received an administrative subpoena from the Office of the Attorney General of the State of New Jersey (&#8220;NJ OAG&#8221;).&#160; Pursuant to the subpoena, the NJ OAG requested certain documents and detailed information relating to the November 21, 2012 Civil Investigative Demand letter addressed to the Company by the Massachusetts Office of the Attorney General (&#8220;MOAG&#8221;) that resulted in a previously reported Final Judgment by Consent between the Company and the MOAG dated July 13, 2015.&#160; The Company responded to this request and, by letter dated April 11, 2019, the NJ OAG issued a supplemental subpoena requesting additional information for the time period from April 11, 2014 to the present.&#160; The Company submitted its response and is continuing to cooperate with the NJ OAG.</div><div><br /></div><div style="color: #000000;">Also, on February 12, 2019, the Company received a notification from the State of Colorado Department of Law (&#8220;CDOL&#8221;) advising that it was initiating a compliance examination of one of its subsidiaries, Lincoln Technical Institute, Inc. The examination seeks to review a fixed number of company transactions.&#160; The Company submitted its response and is cooperating with the CDOL.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</font> &#8211; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period.&#160; On an ongoing basis, the Company evaluates the estimates and assumptions including those related to revenue recognition, bad debts, impairments, fixed assets, discount rate for lease liabilities, income taxes, benefit plans and certain accruals.&#160; Actual results could materially differ from those estimates.</div></div>
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