PARSIPPANY, N.J., May 24, 2022 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (Nasdaq: LINC) today announced that its Board of Directors has authorized a share repurchase program of up to $30 million of the Company’s outstanding common stock. The repurchase program has been authorized for twelve months.
Purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company expects to fund repurchases with its cash on hand and funds generated from its operations. Shares acquired through the repurchase program will be cancelled and returned to the status of authorized but unissued shares and may be used for general corporate purposes. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.
“Our Board of Directors’ decision to authorize this share repurchase program reflects our continued confidence in our strategy to grow Lincoln while maximizing shareholder returns,” said Scott M. Shaw, President and Chief Executive Officer. “Our financial performance, near and long-term outlook, and returns from recent real estate transactions have combined to enable the creation of this opportunity to build shareholder value without compromising our ability to invest in key higher-growth opportunities to achieve further success, such as new programs and campuses.”
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Marking 75 years of continuous operations, Lincoln offers recent high school graduates and working adults career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946.
Lincoln currently operates 22 campuses in 14 states under four brands: Lincoln Technical Institute, Lincoln College of Technology and Euphoria Institute of Beauty Arts and Sciences. Lincoln also operates Lincoln Culinary Institutes in both Maryland and Connecticut.
For more information, go to lincolntech.edu.
