Lincoln Educational Services (NASDAQ:LINC) is a for-profit education company (a misnomer in its case since it has lost money the past two years) offering courses through 33 campuses and 5 training sites in 15 states (per the 10-K). At a recent stock price of $3.87 (4/17/2014) the company has a market capitalization of $92 million and an enterprise value of $115 million. Despite the stock having an alluring 7.3% dividend yield, I am short the shares.
Like many for-profit education companies Lincoln has experienced declines in enrollment and revenues and has closed campuses to arrest losses and stay within increasingly onerous regulatory restrictions.
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Note: Average enrollment and revenues are not restated to exclude discontinued operations...
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