Lincoln Educational Services Corp. said its first-quarter normalized net income amounted to a loss of 19 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 37 cents per share.
The per-share loss decreased 31.7% year over year from 27 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.3 million, compared with a loss of $6.2 million in the year-earlier period.
The normalized profit margin dropped to negative 8.0% from negative 7.8% in the year-earlier period.
Total revenue fell on an annual basis to $76.7 million from $79.2 million, and total operating expenses declined 6.4% year over year to $82.2 million from $87.9 million.
Reported net income totaled a loss of $6.9 million, or a loss of 30 cents per share, compared to a loss of $10.2 million, or a loss of 45 cents per share, in the prior-year period.
