Lincoln Educational Services Corporation (LINC) Financial Statements (2024 and earlier)

Company Profile

Business Address 14 SYLVAN WAY
PARSIPPANY, NJ 07054
State of Incorp. NJ
Fiscal Year End December 31
Industry (SIC) 82 - Educational Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments90,70055,03860,83269,61966,98565,599
Cash and cash equivalents66,35640,28046,07469,61966,98565,599
Short-term investments24,34414,75814,758   
Restricted cash and investments4,2124,2094,213   
Receivables32,05034,85637,17531,90231,59234,866
Inventory, net of allowances, customer advances and progress billings2,5552,6362,6182,7143,0822,640
Inventory2,5552,6362,6182,7143,0822,640
Asset, held-for-sale, not part of disposal group 4,5594,5594,5594,5594,559
Other undisclosed current assets7,9736,2894,7382,2555,2465,364
Total current assets:137,490107,587114,135111,049111,464113,028
Noncurrent Assets
Operating lease, right-of-use asset88,96692,13493,09795,52292,63095,377
Property, plant and equipment32,50826,14723,94023,84222,03923,447
Long-term investments and receivables15,34114,64222,73421,86420,26816,869
Accounts and financing receivable, after allowance for credit loss15,34114,64222,73421,86420,26816,869
Intangible assets, net (including goodwill)10,74214,53614,53614,53614,53614,536
Goodwill10,74214,53614,53614,53614,53614,536
Deferred income tax assets25,21025,21022,31223,64423,64423,644
Other noncurrent assets1,161837812819835787
Total noncurrent assets:173,928173,506177,431180,227173,952174,660
TOTAL ASSETS:311,418281,093291,566291,276285,416287,688
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities29,19121,95019,14926,79424,83022,595
Taxes payable514221
Accounts payable16,84412,94410,49616,24213,94313,083
Accrued liabilities12,3479,0068,65310,03810,8879,291
Deferred revenue22,92820,97924,15422,74421,68221,192
Other liabilities404131323532
Other undisclosed current liabilities16,50311,60411,68610,31311,64311,228
Total current liabilities:68,66254,57455,02059,88358,19055,047
Noncurrent Liabilities
Long-term debt and lease obligation:    91,99987,37490,547
Liabilities, other than long-term debt88,29191,26591,6691,2501,3691,509
Liability, pension and other postretirement and postemployment benefits6386996681,2501,3691,509
Operating lease, liability87,65390,56691,00191,99987,37490,547
Total noncurrent liabilities:88,29191,26591,66993,24988,74392,056
Total liabilities:156,953145,839146,689153,132146,933147,103
Equity
Equity, attributable to parent, including:154,465135,254144,877126,162126,501128,603
Treasury stock, value      (82,860)
Additional paid in capital46,87444,57345,54032,81432,17731,686
Accumulated other comprehensive loss(1,013)(1,008)(960)(1,301)(1,280)(1,270)
Retained earnings60,42343,17351,22542,86539,62539,670
Other undisclosed equity, attributable to parent48,18148,51649,07251,78455,979141,377
Other undisclosed equity    11,98211,98211,982
Total equity:154,465135,254144,877138,144138,483140,585
TOTAL LIABILITIES AND EQUITY:311,418281,093291,566291,276285,416287,688

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues88,64687,28491,77791,81382,14282,554
Cost of revenue
(Cost of Goods and Services Sold)
(40,030)(38,093)(36,512)(39,933)(36,106)(36,196)
Gross profit:48,61649,19155,26551,88046,03646,358
Operating expenses(25,101)(50,307)(43,938)(47,000)(45,640)(46,684)
Operating income (loss):23,515(1,116)11,3274,880396(326)
Nonoperating income
(Investment Income, Nonoperating)
547467    
Interest and debt expense(28)(25)(46)(36)(35)(43)
Other undisclosed income from continuing operations before equity method investments, income taxes   318   
Income (loss) from continuing operations before income taxes:24,034(674)11,5994,844361(369)
Income tax expense (benefit)(6,784)565(3,041)(1,300)(102)641
Income (loss) from continuing operations:17,250(109)8,5583,544259272
Income before gain (loss) on sale of properties:3,544259272
Net income (loss) attributable to parent:17,250(109)8,5583,544259272
Preferred stock dividends and other adjustments   (199)(304)(304)(304)
Other undisclosed net loss available to common stockholders, basic   (1,637)(695) (7)
Net income (loss) available to common stockholders, diluted:17,250(109)6,7222,545(45)(39)

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income (loss):17,250(109)8,5583,544259272
Comprehensive income (loss):17,250(109)8,5583,544259272
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(5)(48)341(21)(10)(30)
Comprehensive income (loss), net of tax, attributable to parent:17,245(157)8,8993,523249242

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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