Parsippany, NJ, June 26, 2023 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC), a leading provider of specialized technical training, including automotive technology, the skilled trades, healthcare, IT, culinary, and cosmetology, announces that it has been added to the broad-market Russell 3000® Index, effective today after the US markets open, as part of the 2023 Russell Indexes reconstitution
“We are pleased that Lincoln Educational Services was added to the Russell 3000 Index, which I believe is a recognition of the business momentum we have generated and our ability to achieve the key operating objectives we have established,” commented Scott Shaw, Lincoln Tech’s President and Chief Executive Officer. “For over 75 years Lincoln Tech graduates have filled critical roles essential to maintaining a strong US economy and, as our country continues its commitment to major investments in our infrastructure and expanding the availability of green energy, the need for our highly skilled graduates has never been greater. In addition, more students are looking for alternatives to a four degree which is often very expensive with uncertain job opportunities for many upon graduation. Lincoln offers accelerated, cost-effective programs with curriculums designed with the help of industry so students graduate within about one year with career skills that are in demand. We continue to see opportunities for growth and will utilize our strong debt-free balance sheet to add more programs and open new campuses in order to meet employer demand.”
Shaw added, “Our inclusion in the Russell Index will generate increased interest and liquidity in our shares as we continue to enhance shareholder equity.”
Membership in the Russell 3000 Index means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as in the appropriate growth and value style indexes. The Russell 3000 Index encompasses the 3,000 largest U.S.-traded stocks by objective, market-capitalization rankings, and style attributes. Membership in these indexes is updated annually and remains in place for one year.
The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell's U.S. indexes. Russell Indexes are part of FTSE Russell, a leading global index provider.
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About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information on the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. 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 www.LincolnTech.edu
Forward-Looking Statements
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 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.
Peter Tahinos Lincoln Educational Services PTahinos@lincolntech.edu
