UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): September 27, 2016
Lincoln Educational Services Corporation
(Exact Name of Registrant as Specified in Charter)
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New Jersey
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000-51371
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57-1150621
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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200 Executive Drive, Suite 340
West Orange, New Jersey 07052
(Address of principal executive offices)
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07052
(Zip Code)
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Registrant’s telephone number, including area code: (973) 736-9340
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 8.01 |
Other Events
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On September 27, 2016, Lincoln Educational Services Corporation (the “Company”) issued a press release announcing that the U.S. Department of Education (“DOE”) has completed their review of the Company’s audited financial statements for the fiscal year-ending December 31, 2015. As a result of the Company’s improved financial strength and compliance within the DOE guidelines, the Company will no longer be required to comply with the Zone Alternative restrictions, including heightened cash monitoring, imposed on them by the DOE in 2014. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference herein.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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| 99.1 |
Press release issued by Lincoln Educational Services Corporation on September 27, 2016.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LINCOLN EDUCATIONAL SERVICES
CORPORATION
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Date: September 27, 2016
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By:
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/s/ Brian K. Meyers
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Name:
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Brian K. Meyers
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Title:
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Executive Vice President, Chief Financial
Office and Treasurer
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Exhibit 99.1
Lincoln Educational Services Corporation Meets Financial Standards Set By
U.S. Department of Education
WEST ORANGE, N.J., September 27, 2016 -- Lincoln Educational Services Corporation (NASDAQ:LINC), a leader in hands-on technical training, announced today that the U.S. Department of Education (DOE), through their Multi-Regional and Foreign School Participation Division, has completed their review of Lincoln’s audited financial statements for the fiscal year-ending December 31, 2015. As a result of improved financial strength and compliance within prescribed DOE guidelines, Lincoln will no longer be required to comply with the Zone Alternative restrictions, including heightened cash monitoring, previously imposed on them by the DOE in the third quarter of 2014.
“Our entire organization has been focused on moving Lincoln to sustained profitability while continuing our efforts in providing our students with the most comprehensive skills training required by today’s employers,” said Scott Shaw, President and Chief Executive Officer of Lincoln Educational Services. “Being released from the Zone Alternative Restriction proves that we are making steady progress towards our goals.”
The DOE’s review of financial statements during the review period yielded a composite score of 1.9 out of a possible 3.0.
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs. The Company operates under two reportable segments: Transportation and Skilled Trades, and Transitional. Lincoln has provided the country’s workforce with skilled technicians since its inception in 1946.
CONTACT:
Lincoln Educational Services Corporation
Brian Meyers, CFO
973-736-9340
EVC Group, Inc.
Doug Sherk, dsherk@evcgroup.com; 415-652-9100
Dave Schemelia, dave@evcgroup.com ; 646-201-5431