Lincoln Educational Services Corp. said its normalized net income for the third quarter was 3 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS fell 72.2% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $820,630, a decrease of 70.5% from $2.8 million in the year-earlier period.

The normalized profit margin fell to negative 1.8% from 5.1% in the year-earlier period.

Total revenue decreased 7.8% year over year to $49.8 million from $54.0 million, and total operating expenses rose from the prior-year period to $48.8 million from $47.7 million.

Reported net income fell 68.8% from the prior-year period to $1.2 million, or 5 cents per share, from $4.0 million, or 17 cents per share.