UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): December 3, 2019
LINCOLN EDUCATIONAL SERVICES CORPORATION |
(Exact Name of Registrant as Specified in Charter) |
New Jersey |
|
000-51371 |
|
57-1150621 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
200 Executive Drive, Suite 340, West Orange, New Jersey 07052 |
(Address of Principal Executive Offices) (Zip Code) |
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:
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
Common Stock $0.01 Par Value
|
LINC
|
NASDAQ
|
On December 9, 2019, the Company announced that Scott Shaw, Lincoln’s President and Chief Executive Officer, had entered into a stock trading plan to effect purchases of the Company’s common stock. The plan is designed to comply with the
Company’s insider trading policy as well as the guidelines specified in Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, which permit an officer or director to enter into a pre-arranged plan for buying or selling Company
stock at a time when the officer or director is not in possession of material, nonpublic information about the Company.
The Company also reported that certain directors of the Company have effected open market purchases of the Company’s common stock.
The Company also reiterated its guidance for the full year ending December 31, 2019.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01
|
Financial Statements and Exhibits.
|
(d) Exhibits
99.1 Press Release of
Lincoln Educational Services Corporation dated
December 9, 2019
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.
|
LINCOLN EDUCATIONAL SERVICES CORPORATION
|
|
|
|
Date: December 9, 2019
|
|
|
|
|
|
|
By:
|
/s/Brian K. Meyers
|
|
Name:
|
Brian K. Meyers
|
|
Title:
|
Executive Vice President, Chief Financial Officer and Treasurer
|
Exhibit 99.1
Lincoln Educational Services Corporation Reports 10b5-1 Plan Establishment By President & CEO; Directors’ Open Market Purchases of Common
Shares; Reiterates Full Year 2019 Guidance
WEST ORANGE, N.J. - December 9, 2019 – Lincoln Educational Services Corporation (Nasdaq: LINC), today reports that Scott Shaw, Lincoln’s President and Chief Executive Officer,
has established a personal stock trading plan in accordance with Rule 10b5-1 under the Securities and Exchange Act of 1934 and the Company's policies with respect to insider transactions to effect purchases of the Company’s common stock. Rule 10b5-1
permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information.
In addition, certain members of the board of directors have made open market purchases of the Company’s common stock.
The Company is also reiterating its guidance for the full year ending December 31, 2019 as follows:
|
• |
Revenue and student starts are expected to increase 3% to 5% from the prior year, excluding the Transitional segment.
|
|
• |
Net income and EBITDA are projected to be approximately $2 million and $12 million, respectively.
|
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION
Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education and helping to provide solutions to America’s skills gap. Lincoln offers recent high school graduates and
working adults degree and diploma programs. The Company operates under three reportable segments: Transportation and Skilled Trades, Healthcare and Other Professions and Transitional. Lincoln has provided the nation’s workforce with skilled
technicians since its inception in 1946. For more information, go to www.lincolntech.edu.
SAFE HARBOR
Statements 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 may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar
expressions are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such
performance or results will be achieved, if at all. Generally, these statements relate to business plans or strategies, projected or anticipated benefits from acquisitions or dispositions to be made by the Company or projections involving
anticipated revenues, earnings or other aspects of the Company’s operating results. The Company cautions you that these statements concern current expectations about 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, that may influence the accuracy of the statements and the projects upon which the statements are based. The events described in forward-looking statements may
not occur at all. Factors which may affect the Company’s results include, but are not limited to, the risks and uncertainties discussed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed
with the Securities and Exchange Commission. Any one or more of these uncertainties, risks and other influences could materially affect the Company’s results of operations and financial condition and whether forward-looking statements made by the
Company ultimately prove to be accurate and, as such, the Company’s actual results, performance and achievements could materially differ from those expressed or implied in these forward-looking statements. Forward-looking statements are based on
information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, our failure to comply with the extensive regulatory framework applicable to our
industry or our failure to obtain timely regulatory approvals in connection with acquisitions or a change of 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 manner or on a timely basis; 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 associated with the opening of new campuses; risks associated with integration of acquired schools; industry competition; our ability to execute our growth strategies; conditions and trends in our industry; 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.
LINCOLN EDUCATIONAL SERVICES CORPORATION
Brian Meyers, CFO
973-736-9340
EVC GROUP LLC
Investor Relations: Doug Sherk, dsherk@evcgroup.com; 415-652-9100
Media Relations: Tom Gibson, 201-476-0322