Lincoln
Educational Services (NASDAQ: LINC) reported Wednesday that the education
provider saw its second quarter profit surged sixfold.
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The company
also said that the number of new students at the company's schools rose more
than 40 percent.
Lincoln
Educational increased its outlook for the year, saying earnings will rise
around 80 percent from 2008, and shares advanced $2.53, or 12 percent, to
$23.57 in morning trading. Earlier in the session, the sock hit a fresh 52-week
high of $24.55. Shares had traded between $10.21 and $21.72 in the past 12
months.
The company
said it earned $7.4 million, or 27 cents per share, in the three months ended
June 30, compared with $1.2 million, or 5 cents per share, for the same period
last year. Sales increased 51 percent to a record $128.1 million.
Analysts
polled by Thomson Reuters had expected, on average, a more modest profit of 19
cents per share on revenue of $120.9 million.
The company
said $13.3 million of its sales came from its acquisitions in past nine months
of Briarwood College, Baran Institute of Technology and
Student
starts increased 41 percent from the year-ago period to 5,782. They rose 33
percent on a "same-school" basis, or at schools open at least a year.
The average
student population grew 42 percent and 28.8 percent to 23,877 on a same-school
basis.
The
company's bad-debt expense rose to 6.7 percent of sales from 6.5 percent a year
ago as the student population increased. Bad-debt expenses increased $2.4
million.
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