WEST ORANGE, N.J., June 20, 2013 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) ("Lincoln") today announced that it plans to close four campuses in the State of Ohio and one campus in the Commonwealth of Kentucky. These five schools are expected to cease all operations on or before December 31, 2013.
"Federal legislation implemented on July 1, 2012 that prohibits Ability-to-Benefit (ATB) students from participating in federal student financial aid programs has led to a dramatic decrease in the number of students attending these five campuses," stated Shaun McAlmont, Lincoln's Chief Executive Officer. "We assessed the productivity and potential for each of these campuses during this challenging economic period and made the difficult decision that they were no longer sustainable."
"We are very appreciative of our faculty and staff at each of these campuses who provided our students with quality career-oriented training," continued Mr. McAlmont. "We are extremely disappointed that we will no longer be able to continue to train students in these communities and are committed to providing our current students who are scheduled to graduate before December 31, 2013 the ability to complete their course of study at Lincoln. We are also saddened that ATB students continue to be marginalized by legislation that treats them differently than so-called 'traditional' students. Quite often, ATB students are those most in need of skilled training and their inability to have access to federal financial aid programs severely limits their ability to improve their lives through continuing education."
Mr. McAlmont concluded, "Closing campuses is never easy. However, we have an obligation to make tough decisions when necessary to strengthen our company. We will continue to make investments and focus resources in a manner that will generate the greatest value to our students and our shareholders."
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five principal areas of study: automotive technology, health sciences, skilled trades, hospitality services and business and information technology. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 38 campuses and 5 training sites in 17 states under 5 brands: Lincoln College of Technology, Lincoln Technical Institute, Euphoria Institute of Beauty Arts and Sciences, Lincoln College of New England and Florida Medical Training Institute. For more information, go to www.lincolnedu.com.
CONTACT: Lincoln Educational Services Corporation Cesar Ribeiro, CFO 973-736-9340Source:Lincoln Educational Services Corporation