Lincoln Educational Services Corporation Announces Extension of Share Buyback Program

PARSIPPANY, N.J., May 07, 2024 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ: LINC) today announced that its Board of Directors has authorized extension of its share repurchase program for an additional twelve months through May 24, 2025.

On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30 million of the Company’s outstanding common stock. The repurchase program was initially authorized for twelve months and has since been extended and increased to $40 million. Since inception of the program, the Company has made repurchases of approximately 1.7 million shares of the Company’s common stock at an average share price of $5.95 for an aggregate expenditure of approximately $10.3 million. Currently, $29.7 million remains available for repurchases under the authorization of the program.

As previously disclosed, purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with the regulations of the Securities and Exchange Commission. 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. 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 extend this share buyback program reflects our continued commitment to optimizing our balance sheet and returning value to our shareholders,” said Scott M. Shaw, Chief Executive Officer and President of the Company. “This share buyback program demonstrates our thoughtful capital allocation strategy to enhance our franchise value for the long term. If used, we believe this share buyback program provides an excellent opportunity to deploy cash and enhance shareholder value without compromising the financial flexibility necessary to continue investing in key higher-growth opportunities”, Mr. Shaw said.