Las Vegas, Nevada, Dec. 02, 2021 (World NEWSWIRE) — ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada corporation and a countrywide service provider of wireless and wired broadband World-wide-web networks in high-targeted visitors community destinations, now coming into the DeFi, Blockchain, Crypto and NFT house by numerous acquisitions, announces the start of an initiative with the Reworking Schooling Donor Fund and Scholas Occurrentes which will function to assistance their mission of fostering education and learning across the world.
ICOA has signed an settlement to tokenize and distribute two paintings from Scholas Occurrentes, with the participation of His Holiness Pope Francis and renowned artists Mr. Brainwash, Domingo Zapata, and Martha Saenz as non-fungible tokens (NFTs) on the blockchain.
Scholas Occurrentes, an international business present in 190 nations around the world on 5 continents through its in depth instructional network, was made by His Holiness, Pope Francis. Its mission is to develop the Tradition of Come upon by bringing youthful folks jointly from varied backgrounds in an academic practical experience that generates knowing across the world.
With the rising attractiveness of non-fungible tokens (NFTs), ICOA will be seeking to the blockchain to convey the NFT project to fruition via its most modern acquisition, iBG, whose vision is to enable consumers to navigate the complexities typically associated with Decentralized Finance and blockchain with relieve.
iBG brings its knowledge in blockchain and the iBG token will empower the distribution of the NFTs that will be created from this partnership with Scholas.
“Everyone at ICOA is honored to lover with these an essential system and business this sort of as the Reworking Education and learning Donor Fund and the Scholas Occurentes to enable them increase income to more their mission of promoting education around the planet. This partnership will kickstart the launch of our NFT system, and we are thrilled to enter this booming area as we see great price in building this knowledge inside of our business” stated Hadria Wong, CEO of ICOA Inc.
This collaboration in between ICOA, Transforming Schooling Donor Fund and Scholas Occurentes is a way to make art far more available to a global audience as a result of digital technologies.
We invite shareholders and traders to adhere to our social media tackle on Twitter for each day updates on the most current developments.
ICOA, Inc. is a national supplier of wi-fi and wired broadband Net networks in significant-website traffic community places. ICOA gives layout, set up, operation, routine maintenance, and management of WI-FI warm-place and incredibly hot-zone World wide web obtain. ICOA owns or operates broadband entry installations in higher-targeted traffic locations throughout 40 states, found in airports, speedy-services dining establishments, inns and motels, journey plazas, marinas and many others. ICOA networks are compatible with greatly applied 802.11x technological innovation and with pretty much all Internet services vendors. ICOA is at the moment moving into the DeFi, Blockchain and Crypto House via multiple acquisitions.
About iBG Finance
iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to customers intrigued in moving into the cryptocurrency and the DeFi market place. iBG is equipped with the most recent Robo Advisory technological innovation to offer algorithm-driven suggestions.
About Reworking Schooling Donor Fund: The Reworking Education Donor Fund (TEDF) aims to blend artwork, sports activities and technologies in order to promote culture by education and learning, bringing together worldwide agendas and empathy between individuals to develop a better tomorrow, starting with our youth. TEDF was developed as a partnership involving Scholas Occurrentes and PVBLIC Basis with a mission to convey investments to obtain the integration of learners with the assist and the commitment from a variety of social actors, bringing with each other universities and academic networks all-around the planet with diverse technological, athletic and creative proposals.
The Reworking Instruction Donor Fund is a Donor Recommended Fund (DAF) that can be supported with any asset contribution – money, stock, or other assets.
For further info about Reworking Education and learning Donor Fund, check out the formal internet site: www.transforming.org
About Scholas Occurrentes: Given that its inception, Pope Francis dreamed of Scholas as the chance of offering a concrete reaction to the connect with of this era, conferring on him the undertaking of educating in the openness to the other, upon hearing that collecting the pieces of an atomized and vacant of this means environment, and start building a new culture: the Culture of Experience. Now, a lot more than 20 decades right after his very first practical experience in Argentina, dreamed up by the then archbishop Jorge Bergoglio -currently Pope Francis- Scholas is constituted as an Intercontinental Corporation of Pontifical Law, with places of work in Argentina, Vatican Metropolis, Chile, Colombia, Spain, Haiti, Italy, Japan, Mexico, Mozambique, Panama, Paraguay, Portugal, Romania and the United States current with its community in 190 nations around the world, integrating extra than 400 thousand educational facilities and achieving much more than just one million small children and young men and women all over the earth.
This press release incorporates forward-hunting statements that can be recognized by terminology such as “thinks,” “expects,” “possible,” “ideas,” “suggests,” “might,” “should really,” “could,” “intends,” or similar expressions. Several ahead-seeking statements include recognized and not known pitfalls, uncertainties and other variables that may well bring about real benefits to be materially distinctive from any long run effects implied by such statements. These aspects contain, but are not restricted to, our potential to keep on to increase our products and solutions and programs to handle market variations, our skill to increase our shopper base and keep current shoppers, our ability to proficiently contend in our sector phase, the deficiency of general public information on our firm, our potential to increase ample money to fund our enterprise, functions, our skill to carry on as a likely problem, and a constrained public current market for our popular inventory, among the other dangers. Quite a few components are tough to forecast precisely and are typically beyond the firm’s manage. Forward-searching statements discuss only as to the date they are built, and we do not undertake to update forward-wanting statements to replicate conditions or events that come about immediately after the date the ahead-wanting statements are made.
FOR Far more Data, Make sure you Get hold of: Call: Kim Halvorson facts@icoamail.com
94{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of caregivers say access to additional schooling is an crucial thing to consider in accepting a position supply
85{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of caregivers condition that they are extra probably to continue to be with their recent employer if supplied assets to further more their education and learning
BOSTON, December 01, 2021–(Enterprise WIRE)–CareAcademy, the primary dwelling treatment and property well being workforce empowerment system company, right now introduced the benefits of its inaugural investigation report concentrating on the instructional and occupation aspirations of caregivers. The report, “Education Pathways for Caregivers: An Untapped Chance for Companies,” is primarily based on a study of 1,500 caregivers nationwide, giving insights on caregivers’ curiosity in pursuing additional schooling, the barriers they facial area in performing so, and the role of employers in workers’ academic attainment. Most appreciably, the knowledge indicators caregivers’ mind-boggling choice to operate for, and to remain with, organizations that provide assets for ongoing education and learning.
“Amid a nationwide shortage of immediate care workers, this groundbreaking review displays that presenting academic advantages is an untapped chance for agencies to materially effect their recruiting and retention initiatives, improve caregivers’ value and make improvements to their profession satisfaction,” explained Helen Adeosun, Founder and CEO of CareAcademy. “Empowering direct care workers with prospects to keep on their education and increase their capabilities has a much-reaching impression, benefiting the caregiver them selves, their company employer, and in the end the clientele in their care. This is why we think that education is becoming a correct health care intervention.”
More than 7.4M new direct care personnel are necessary by 2029 to fulfill the industry’s expanding requirements, in accordance to PHI—and attracting new entrants into the subject, and retaining current staff is approaching disaster concentrations. “Instruction Pathways for Caregivers: An Untapped Opportunity for Companies” is a to start with-of-its-kind analysis review intended to learn extra about caregiver motivations and aspirations to uncover how ideal to help current caregivers in offering superior-excellent care in the home. Performed in August and September 2021, the survey engaged caregivers from a broad assortment of demographics throughout the nation. The entire success are accessible on the CareAcademy web page at https://careacademy.com/caregiver-training/.
CareAcademy’s study results demonstrate that entry to ongoing education and learning assets are a vital decision element for caregivers when they determine what company to work for, and irrespective of whether they continue to be with their agency. Ninety-four percent of respondents reported obtain to even further instruction is an vital thought in accepting a position offer you.
Additional, the study implies that supplying ongoing instructional opportunities and supporting sources can influence the industry’s significant turnover: 85{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of caregivers explained they are far more probable to continue to be with their current employer if provided methods to more their education, and 88{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} claimed they would truly feel a lot more satisfied at their task if given prospects to enhance their expertise by way of further schooling and instruction. Even with the excellent interest, 75{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of caregivers claimed that their businesses have never ever talked with them about supplemental instruction or schooling.
The most frequent ambitions were being to grow to be a nurse (24{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), obtain a CNA license (17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), or go into health care administration (13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}). A complete 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} did not specify a role type, but indicated interest in being in a health care environment. Even so, even with an desire in pursuing continuing schooling, the barriers that caregivers face frequently indicate that they are not ready to investigate people options. The study uncovered expenses (27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), work schedules (26{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) and household caretaking tasks (24{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) as the top rated constraints keeping them back.
“This exploration offers a crystal clear sign: If you supply resources and pathways to ongoing instruction, your caregivers will stay at your company lengthier,” Adeosun mentioned. “Resources go further than only tuition reimbursement—meaningful supports contain credits earned for occupation education or working experience, accessibility to vocation and advising services, and schedule adaptability. Ideal of all, these are all levers that are completely inside the agency’s regulate.”
“To become an employer of option in this labor market—to each contend for expertise within the sector and appeal to personnel from other industries—you need to have to offer you occupation positive aspects that are significant to your caregivers,” explained Pete Morrissey, CEO of Appropriate At Dwelling, Gainesville, Georgia. “Going further than initial or compliance training to present ongoing ability growth lessons and tuition reimbursement for CNA courses, nursing certificates or greater education enables caregivers to stay engaged and invested in their own enhancement. Each month we are equipped to keep remarkably engaged caregivers due to our tuition reimbursement application, which indicates we are capable to continue delivering substantial-high-quality treatment to satisfy our clients’ requirements and strengthen their outcomes.”
To open up up additional pathways to ongoing schooling for direct care staff, CareAcademy released the Vocation Route Initiative in April of 2021. This is a special system made to handle significant field constraints and entice much more workers into the immediate care profession by way of a partnership with Southern New Hampshire University. Taking part employers have the opportunity to lengthen university credit rating to their personnel for experienced education accomplished in CareAcademy’s platform at no additional price tag. The study launching now reaffirms the have to have for these applications to empower education and learning pathways for immediate treatment employees.
“The caregivers in our research explained to us loud and clear that they have ambitions toward further more education and learning, and the top rated rationale given was to make a positive impression in their communities,” stated Jessica Jones, Treatment Working experience Outcomes Manager at CareAcademy, who led the study. “Bigger instructional attainment and career education can final result in increased task fulfillment, longer job retention, increased efficiency, and larger earning electrical power. When taken alongside one another, this study offers a crucial piece of the roadmap to recruiting and retaining workers to tackle the ongoing caregiver scarcity.”
To support agency personnel in figuring out how to price monetary contributions and tuition reimbursements, CareAcademy has made a no cost software to compute the payback interval for those rewards. Accessibility the calculator right here.
CareAcademy produces on the net instruction that empowers senior treatment gurus to provide the best caliber of services and improve the lives of older grown ups. Additional than 200,000 immediate care personnel are learning and escalating skillfully by CareAcademy. Coupled with its innovative reporting, training, and compliance management dashboard, CareAcademy is an conclusion-to-conclude, scalable instruction option that transforms dwelling care corporations into efficient sector leaders. To discover extra, check out https://careacademy.com.
ChildCare Education Institute Presents No-Charge Online Study course on Employees Conversation: Educational Partnerships
CCEI960: Personnel Conversation: Academic Partnerships is a just one-hour, novice-stage training course and grants .1 IACET CEU upon profitable completion. The course is also made available in Spanish.
CCEI960: Personnel Interaction: Educational Partnerships is a just one-hour, beginner-stage system and grants .1 IACET CEU on productive completion. The class is also available in Spanish.
ChildCare Schooling Institute Offers No-Price Online Class on Team Conversation: Instructional Partnerships
CCEI960: Staff Communication: Academic Partnerships is a one particular-hour, beginner-amount system and grants .1 IACET CEU upon thriving completion. The training course is also offered in Spanish.
CCEI960: Employees Interaction: Academic Partnerships is a just one-hour, starter-stage class and grants .1 IACET CEU on profitable completion. The course is also presented in Spanish.
ATLANTA, GA, Dec. 01, 2021 (World NEWSWIRE) — ChildCare Instruction Institute® (CCEI), an on the net child treatment schooling company devoted exclusively to the early treatment and training workforce, features CCEI960: Staff Conversation: Instructional Partnerships as a no-cost trial program to new CCEI customers December 1-31, 2021.
The top quality of a partnership between two men and women is hugely dependent on the good quality of their conversation. The superior your communication abilities are, the far better your relationships will be in your specialist as nicely as own existence. Producing successful interaction skills is especially crucial in a baby care setting, where small eyes are watching and studying from your each individual shift. This class is built to enable youngster treatment administrators, lecturers, and employees create helpful interaction skills.
Though human language is an wonderful device for communication, it can also produce boundaries. As individuals, our minds are by natural means wired to begin finding out language from the second we are born. However, mastering successful communication capabilities will take a long time of observe and, alongside the way, all of us make faults. Language is only one part of the communication puzzle. How you opt for to say some thing (tone of voice, system language), when you choose to say it, and why the other human being may perhaps believe you are saying it are all critical components, as effectively.
Communication involving two folks is always a two−way avenue, and if a single person does not make a genuine exertion to recognize what the other is declaring, then the value of the communication starts to slip away. Approximately all specialists agree that the one most essential component of thriving communication is the idea that what you say is much less crucial than whether or not you recognize what the other human being suggests.
This training course delivers directors, administrators, and aspiring administrators with a larger comprehension of the price of great interaction techniques, as very well as several strategies for listening and responding properly to workers, dad and mom, and small children. Upon effective completion of this study course, college students should be capable checklist important phrases to remember when communicating, establish strategies to increase their conversation expertise, determine active listening and make clear approaches to be employed by workers users to successfully converse amid just about every other.
“All staff members customers really should be encouraged and experienced to use good conversation strategies,” suggests Maria C. Taylor, President and CEO of CCEI. “This study course will enable students realize the approaches in which efficient interaction techniques can strengthen the solutions and culture within just a kid treatment middle, boosting personnel morale and retention.”
CCEI960: Workers Interaction: Instructional Partnerships is a one particular-hour, rookie-stage class and grants .1 IACET CEU on productive completion. The course is also supplied in Spanish. Existing CCEI customers with energetic, unlimited yearly subscriptions can register for expert development programs at no additional cost when logged in to their CCEI account. Buyers without subscriptions can order kid treatment training programs as block hrs through CCEI on the web enrollment.
For much more data, go to www.cceionline.edu or get in touch with 1.800.499.9907, prompt 3, Monday – Friday, 8 a.m. – 5 p.m. EDT
ChildCare Schooling Institute, LLC
ChildCare Training Institute®, a division of Excelligence Learning Company, delivers high-high quality, distance education and learning certificates and child treatment instruction programs in an array of little one care options, including preschool centers, household youngster care, prekindergarten lecture rooms, nanny treatment, on line daycare training and far more. Around 150 English and Spanish baby treatment education courses are accessible on the net to meet licensing, recognition application, and Head Start off Prerequisites. CCEI also has on the web certification plans that offer the coursework prerequisite for nationwide qualifications such as the CDA, Director and Early Childhood Credentials. CCEI, a Council for Professional Recognition CDA Gold Standard™ training service provider, is accredited by the Distance Education Accrediting Fee (DEAC), is recognized by the Council for Bigger Instruction Accreditation (CHEA) and is accredited as an Licensed Company by the International Accreditors for Continuing Education and learning and Schooling (IACET).
Attachments
Contact: Ashley Sasher ChildCare Education Institute 678-942-1531 asasher@cceionline.edu
DUBLIN, Calif., Nov. 24, 2021 /PRNewswire/ — Prepaze Academy, a leading education provider specializing in delivering flexible in-person tutoring and fostering individual excellence of students via tailored learning programs, is excited to announce its expansion through franchise offering.
“We are ecstatic to launch Prepaze Academy franchising, your next-door learning center providing quality education that is closely aligned with the school’s curriculum. Our key focus is to deliver personalized learning at an affordable price. Our success is when our students feel confident about themselves and score better in their school,” said CEO Shenba Chockalingam.
“Prepaze Academy considers itself as a one-of-a-kind academic center, which doesn’t follow a one-size-fits-all teaching style. Our centers are student-centric; we encourage our dedicated tutors to nurture every student’s individuality, ” she added.
Prepaze Academy franchising is for anyone who has the passion for education and entrepreneurship. Here is an exclusive preview of the benefits that come with franchising licenses:
Easy and clear establishment process, with complete Operational, technical, and marketing support throughout the franchising period.
Unik – Prepaze Academy’s learning management system (LMS) where admins and teachers can tutor classes online, conduct tests, schedule assignments, and manage enrollments & attendance.
Unik Invoicing – An invoicing and billing software integrated with enrollments to track payments, hold multiple fee plans, and collect payments.
Multiple streams of revenue – Test prep programs, College Counseling Services, Enrichment Programs, etc.
An integrated assessment repository helps tutors build assessments within minutes.
Regular and on-demand content update to accommodate changes to the syllabus with a focus on improving students’ analytical skills and performance.
“Compared to establishing a business from scratch, Prepaze Academy franchising has low start-up costs and maintenance costs. With multiple streams of revenue and support from industry experts, you will be able to grow much faster compared to other similar businesses,” noted Shenba Chockalingam.
With many happy students and parents endorsing the expansion of the learning center, Prepaze Academy is confident to make a positive impact across the country through franchising.
About Prepaze Academy Prepaze Academy provides custom teaching to students around the globe, no matter where they live. Having successfully run for about 5 years in the San Francisco Bay Area, Prepaze Academy has instilled in its students a passion for lifelong learning and critical thinking.
PARSIPPANY, N.J., Nov. 08, 2021 (GLOBE NEWSWIRE) — Lincoln Educational Services Corporation (Nasdaq: LINC) today, reported operating and financial results for the third quarter ended September 30, 2021 as well as recent business developments.
Third Quarter 2021 Financial Highlights and Recent Operating Developments
Revenue of $89.1 million, a 13.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase compared to prior year quarter
Operating income of $5.7 million, up 49.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to prior year quarter
Adjusted EBITDA* of $8.4 million compared to $6.3 million for the prior year quarter
Student starts of 5,430 compared to 5,510 for the prior year quarter despite limited access to high schools over the past 18 months due to COVID restrictions
Ending student population of 14,000, up 6.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to prior year quarter
Net cash of $31.3 million at quarter end, compared net debt of $1.5 million last year
Recently announced fourth quarter closing of the $46.5 million sale-leaseback transaction involving Denver, CO and Grand Prairie, TX properties further strengthens balance sheet
*See Use of “Non-GAAP Financial Information” below.
“Our team performed well during the third quarter as we generated better than expected high school starts, driving revenue growth into the fourth quarter,” said Scott Shaw, President & CEO. “ We also achieved continued enrollment strength, ending the quarter with a student population 6.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher than last year. Employers remain extremely challenged at finding skilled employees, which is increasing the already strong demand for Lincoln graduates and leading to additional opportunities with existing and potential corporate partners.”
“The real estate transactions announced in September have been moving forward and we recently closed on the first of these, the sale-leaseback of our Denver and Grand Prairie properties. The net cash proceeds from this transaction have been used to retire all of our outstanding debt and provide approximately $28.5 million in net proceeds, which will be recorded in the fourth quarter. With our significantly increased financial resources, we believe that we are well positioned to execute our growth strategies for the foreseeable future while continuing to invest in our core programs and operations. The combination of our third quarter performance and continued operational and financial momentum enables us to refine our 2021 full year guidance.”
2021 THIRD QUARTER FINANCIAL RESULTS (Quarter ended September 30, 2021 compared to quarter ended September 30, 2020)
Revenue increased $10.3 million, or 13.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $89.1 million from $78.8 million. The increase in revenue results from an 8.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher average student population, driven by the 8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in student starts for the nine months, and a 4.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in average revenue per student in the current quarter.
Educational services and facilities expense increased $3.9 million, or 11.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $38.1 million from $34.2 million in the prior year comparable period. Additional costs were concentrated in instruction expense, books and tools expense and facilities expense. Instructional increases were driven in part by inflationary pressures on instructor salaries due to widespread instructor shortages and higher student population, which also drove additional books and tools expense. Facilities expense increased from the normalization of housing expenses for students during the quarter.
Selling, general and administrative expense increased $4.5 million, or 11.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $45.2 million driven primarily by increases in incentive and stock-based compensation due to our improved financial performance in addition to increased marketing investments
Operating income increased to $5.7 million from $3.8 million
Pre-tax income increased to $5.5 million from $3.6 million
Net income improved to $3.8 million, or $0.11 per diluted share, compared to $3.5 million, or $0.08 per diluted share
THIRD QUARTER SEGMENT RESULTS Transportation and Skilled Trades Segment Revenue increased $8.1 million, or 14.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $64.9 million from $56.8 million in the prior year comparable period. The increase in revenue results from a 10.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher average student population, driven by the 10.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in student starts for the nine months, and a 3.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in average revenue per student in the current quarter.
Operating income improved to $11.8 million from $9.1 million in the prior year comparable quarter, driven mainly by revenue growth.
Healthcare and Other Professions Segment Revenue increased $2.1 million, or 9.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $24.1 million from $22.0 million in the prior year comparable period. The increase in revenue results from a 4.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} higher average student population, driven by the 5.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in student starts for the nine months, and a 5.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase in average revenue per student in the current quarter.
Operating income increased to $1.8 million from $1.7 million in the prior year comparable quarter. Operating leverage during the quarter was impacted by higher operating expenses, primarily driven by inflationary pressures on instructor salaries due to the widespread instructor shortage, especially in the nursing field.
Corporate and Other This category includes unallocated expenses incurred on behalf of the entire Company. Corporate and other expenses were $7.9 million and $6.9 million for each of the three months ended September 30, 2021 and 2020, respectively. The additional expense in 2021 was primarily due to incentive and stock-based compensation tied in part to improved financial performance.
NINE MONTHS FINANCIAL RESULTS (Period ended September 30, 2021 compared to September 30, 2020)
Total revenue increased by $36.2 million, or 17.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $247.5 million, compared to $211.3 million
Student starts grew by 1,026, or 8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 12,681 compared to 11,655
Transportation and Skilled Trades segment revenue increased by $28.8 million, or 19.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $177.6 million, compared to $148.8 million
The Healthcare and Other Professions segment revenue increased by $7.4 million, or 11.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to $69.9 million, compared to $62.5 million
Operating income increased to $15.2 million as compared to $3.7 million
FULL YEAR 2021 OUTLOOK As a result of the Company’s performance through the first nine months of 2021 and management’s outlook for the remainder of the year, Lincoln is now refining its 2021 full year guidance as follows:
Revenue growth in the range of 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Student start growth in the range of 7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Adjusted EBITDA* in the range of $35.0 million to $37.0 million
Pre-tax Income in the range of $25.0 million to $27.0 million
Capital expenditures of approximately $7.5 million
The above full year guidance excludes the gain related to the sale-leaseback transaction and the associated expenses in the fourth quarter.
*See Use of “Non-GAAP Financial Information” below.
CONFERENCE CALL INFO Lincoln will host a conference call today at 10:00 a.m. Eastern Daylight Time to discuss results. To access the live webcast of the conference call, please go to the Investor Relations section of Lincoln’s website at http://www.lincolntech.edu.
Participants can also listen to the conference call by dialing 844-413-0946 (domestic) or 216-562-0456 (international) and providing access code 4862849.
Please log in or dial into the call at least 10 minutes prior to the start time.
A replay of the call will also be available for seven days by calling 855-859-2056 (domestic) or 404-537-3406 (international) and providing access code 4862849.
ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education helping to provide solutions to America’s skills gap. For 75 years, Lincoln has offered and continues to offer recent high school graduates and working adults degree and diploma programs. The Company operates under two reportable segments: Transportation and Skilled Trades and Healthcare and Other Professions. 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, including those made in a conference call, 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 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. 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 and projections involving anticipated revenues, earnings or other aspects of the Company’s operating results. Such forward-looking statements include the Company’s current belief that it is taking appropriate steps regarding the pandemic and that students will return from leaves of absence and be able to complete their programs of study with in-person labs and available externships and that student growth will continue. 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 including, without limitation, impacts related to the COVID-19 pandemic, our inability to close on the sale of our Nashville campus; 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; the COVID-19 pandemic and its impact on our business and the U.S. and global economics; 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.
(Tables to Follow) (In Thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Unaudited)
(Unaudited)
2021
2020
2021
2020
REVENUE
$
89,059
$
78,792
$
247,520
$
211,303
COSTS AND EXPENSES:
Educational services and facilities
38,105
34,251
104,143
90,733
Selling, general and administrative
45,209
40,700
128,159
117,011
Loss (gain) on disposition of assets
–
1
1
(96
)
Total costs & expenses
83,314
74,952
232,303
207,648
OPERATING INCOME
5,745
3,840
15,217
3,655
OTHER:
Interest expense
(292
)
(278
)
(874
)
(960
)
INCOME BEFORE INCOME TAXES
5,453
3,562
14,343
2,695
PROVISION FOR INCOME TAXES
1,614
50
3,589
150
NET INCOME
$
3,839
$
3,512
$
10,754
$
2,545
PREFERRED STOCK DIVIDENDS
304
1,074
912
1,074
INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
3,535
$
2,438
$
9,842
$
1,471
Basic
Net income per common share
$
0.11
$
0.08
$
0.30
$
0.05
Diluted
Net income per common share
$
0.11
$
0.08
$
0.30
$
0.05
Weighted average number of common shares outstanding:
Basic
25,135
24,822
25,043
24,721
Diluted
25,135
24,822
25,043
24,721
Other data:
Adjusted EBITDA (1)
$
8,430
$
6,292
$
22,930
$
10,488
Depreciation and amortization
$
1,928
$
1,782
$
5,620
$
5,546
Number of campuses
22
22
22
22
Average enrollment
13,178
12,165
12,666
11,379
Stock-based compensation
$
757
$
670
$
2,093
$
1,287
Net cash provided by operating activities
$
16,683
$
3,754
$
17,750
$
10,222
Net cash used in investing activities
$
(1,736
)
$
(482
)
$
(5,252
)
$
(3,457
)
Net cash used in financing activities
$
(804
)
$
(1,647
)
$
(3,374
)
$
(17,816
)
Selected Consolidated Balance Sheet Data:
September 30, 2021
(Unaudited)
Cash and cash equivalents
$
47,150
Current assets
110,953
Working capital
42,078
Total assets
253,456
Current liabilities
68,875
Long-term debt obligations, including current portion, net of deferred financing fees
15,848
Series A convertible preferred stock
11,982
Total stockholders’ equity
101,963
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company believes it is useful to present non-GAAP financial measures that exclude certain significant items as a means to understand the performance of its business. EBITDA, Adjusted EBITDA and reconciled net cash (debt) are measures not recognized in financial statements presented in accordance with GAAP.
We define EBITDA as income (loss) before interest expense (net of interest income), provision (benefit) for income taxes, depreciation and amortization.
We define Adjusted EBITDA as EBITDA plus stock compensation expense.
We define reconciled net cash (debt) as our cash and cash equivalents and restricted cash less both the short and long-term portion under the Company’s credit agreement, deferred financing fees, and amounts received under the CARES Act.
EBITDA, Adjusted EBITDA and reconciled net cash (debt) are presented because we believe they are useful indicators of our performance and our ability to make strategic acquisitions and meet capital expenditures and debt service requirements. However, they are not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of operating performance or cash flow as a measure of liquidity. EBITDA, Adjusted EBITDA and reconciled net cash (debt) are not necessarily comparable to similarly titled measures used by other companies.
Following is a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA and reconciled net cash (debt):
The school scholarship, sponsored by Curriculum Associates, will assistance Edwards as she pursues experiments at Drexel College
NORTH BILLERICA, Mass., Oct. 25, 2021 /PRNewswire/ — The Council of the Good Metropolis Educational facilities (CGCS) not long ago introduced the inaugural receiver of its Dr. Michael Casserly Legacy Award for Educational Braveness and Justice Scholarship sponsored by Curriculum Associates. The $10,000 faculty scholarship was awarded to recent high faculty graduate Londyn Edwards of Philadelphia, Pennsylvania, who is utilizing the scholarship to go to Drexel University as she appears to be to in the long run go after a vocation in urban education.
(PRNewsfoto/Curriculum Associates, LLC)
The scholarship is section of the Dr. Michael Casserly Legacy Award for Educational Bravery and Justice, named immediately after the Council’s previous govt director. The annual award is offered to a individual who has built remarkable contributions in the subject of Grades K–12 urban schooling by having a brave and passionate stance on the problem of academic justice and fairness. This awardee will then pick the $10,000 higher education scholarship recipient, who this 12 months was preferred by Casserly himself.
In accordance to the CGCS, Casserly chosen Edwards for actively serving the Philadelphia community. She is a 2021 graduate of Science Management Significant University in Philadelphia and a leader of UrbEd Inc., a nonprofit organization created and operate by Philadelphia college students who advocate for fully funded, safe and sound, and healthy community colleges. Following faculty graduation, Edwards ideas to get the job done in urban training and advocate for a lot more inclusion of the arts in classrooms.
“It is my profound satisfaction to give Londyn Edwards, who is the initial in her family members to attend university, a scholarship named in my honor,” reported Casserly. “This scholarship will aid Edwards progress her education and learning and stick to her dreams to perform with the upcoming generation of urban faculty little ones. I am honored I can aid this sort of a deserving man or woman in this worthwhile pursuit, and I thank Curriculum Associates for their generosity and assist.”
The CGCS is the only nationwide organization solely symbolizing the requires of urban community schools. Composed of 75 large-town college districts, its mission is to endorse the trigger of city universities and to advocate on behalf of interior-city students by means of laws, investigate, and media relations. The firm also offers a network for college districts sharing widespread troubles to exchange data and collectively address new difficulties as they emerge in order to deliver the ideal doable education for city youth.
“We are happy to sponsor the Dr. Michael Casserly Legacy Award for Academic Bravery and Justice Scholarship and, alongside the Council, identify a mounting school student and aspiring educator who now is building positive contributions in the community,” said Woody Paik, executive vice president of Curriculum Associates. “Dr. Casserly has set a shining instance through his decades-long job of the effect one can have in shaping schooling and advocating for academic justice and fairness.”
To master far more about the CGCS, visit CGCS.org. To study a lot more about Curriculum Associates, stop by CurriculumAssociates.com.
About the Council of the Great Metropolis Universities It is the distinctive mission of America’s city general public schools to teach the nation’s most varied college student system to the optimum tutorial criteria and prepare them to lead to our democracy and global neighborhood. The Council delivers with each other 75 of the nation’s largest city general public faculty methods in a coalition devoted to the advancement of community instruction for our nation’s urban community college young children. See CGCS.org.
About Curriculum Associates Launched in 1969, Curriculum Associates, LLC patterns research-primarily based print and on-line educational supplies, screens and assessments, and info management tools. The company’s products and outstanding client provider supply instructors and directors with the resources vital for instructing diverse university student populations and fostering finding out for all college students.
