EX-99.2
2
ex99-2_052406.txt
PRESS RELEASE
Exhibit 99.2
FOR IMMEDIATE RELEASE
LINCOLN EDUCATIONAL COMPLETES ACQUISITION OF NEW ENGLAND INSTITUTE
OF TECHNOLOGY AT PALM BEACH
WEST ORANGE, N.J., May 22, 2006 - Lincoln Educational Services Corporation
(NASDAQ: LINC) ("Lincoln") today announced that it has completed its acquisition
of New England Institute of Technology at Palm Beach, Inc. ("NET") for $34.5
million in cash plus the assumption of a $7.2 million mortgage. The institution
will be re-branded as Lincoln College of Technology. The acquisition is expected
to be earnings neutral because of amortization of student contracts in 2006.
"We are pleased to close on this key transaction, which will extend our
geographic footprint into Palm Beach County, Florida, one of the nation's
fastest-growing regions", commented David Carney, Chairman and CEO. "We will
immediately go to work in further building on the college's excellent reputation
through the addition of Lincoln's marketing, operating and management resources.
This is a solid growth opportunity that will benefit our shareholders over
time."
Founded in 1982, NET is the oldest and largest proprietary career college in
Palm Beach County, Florida, one of the nation's fastest growing markets. NET
currently serves over 1,200 students through two divisions, New England Tech and
the Florida Culinary Institute. NET's two campuses are located in West Palm
Beach and Mangonia Park. NET's program curriculum includes bachelor's degree,
associate's degree, diploma programs, and continuing education certificates in
Culinary Arts, Automotive Technology, Skilled Trades, Health Sciences, Business
and IT, and Cosmetology.
About Lincoln Educational Services Corporation
Lincoln is a leading and diversified for-profit provider of career-oriented
post-secondary education. It offers recent high school graduates and working
adults degree and diploma programs in five principal areas of study: automotive
technology, skilled trades, business and information technology and health
sciences (which includes programs for medical administrative assistants, medical
assistants, pharmacy technicians) and Spa and Culinary services. Lincoln has
provided the workforce with skilled technicians since its inception in 1946.
Lincoln currently operates 37 campuses in 17 states under eight brands: Lincoln
Technical Institute, The Cittone Institute, CEI, Denver Automotive and Diesel
College, Nashville Auto-Diesel College, Southwestern College, New England
Technical Institute, Lincoln College of Technology at Palm Beach, Inc. and
Euphoria Institute of Beauty Arts and Sciences. Lincoln had an average
enrollment of approximately 17,700 students as of March 31, 2006.
Contacts:
Investors: Press or Media:
Brad Edwards Jennifer Gery
Brainerd Communicators, Inc. Brainerd Communicators, Inc.
212-986-6667 212-986-6667
# # #

EX - 99 . 2 2 ex99 - 2 _ 052406 . txt PRESS RELEASE Exhibit 99 . 2 FOR IMMEDIATE RELEASE LINCOLN EDUCATIONAL COMPLETES ACQUISITION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY AT PALM BEACH WEST ORANGE , N . J . , May 22 , 2006 - Lincoln Educational Services Corporation ( NASDAQ : LINC ) ( " Lincoln " ) today announced that it has completed its acquisition of New England Institute of Technology at Palm Beach , Inc . ( " NET " ) for $ 34.5 million in cash plus the assumption of a $ 7.2 million mortgage . The institution will be re - branded as Lincoln College of Technology . The acquisition is expected to be earnings neutral because of amortization of student contracts in 2006 . " We are pleased to close on this key transaction , which will extend our geographic footprint into Palm Beach County , Florida , one of the nation 's fastest - growing regions " , commented David Carney , Chairman and CEO . " We will immediately go to work in further building on the college 's excellent reputation through the addition of Lincoln 's marketing , operating and management resources . This is a solid growth opportunity that will benefit our shareholders over time . " Founded in 1982 , NET is the oldest and largest proprietary career college in Palm Beach County , Florida , one of the nation 's fastest growing markets . NET currently serves over 1,200 students through two divisions , New England Tech and the Florida Culinary Institute . NET 's two campuses are located in West Palm Beach and Mangonia Park . NET 's program curriculum includes bachelor ' s degree , associate ' s degree , diploma programs , and continuing education certificates in Culinary Arts , Automotive Technology , Skilled Trades , Health Sciences , Business and IT , and Cosmetology . About Lincoln Educational Services Corporation Lincoln is a leading and diversified for - profit provider of career - oriented post - secondary education . It offers recent high school graduates and working adults degree and diploma programs in five principal areas of study : automotive technology , skilled trades , business and information technology and health sciences ( which includes programs for medical administrative assistants , medical assistants , pharmacy technicians ) and Spa and Culinary services . Lincoln has provided the workforce with skilled technicians since its inception in 1946 . Lincoln currently operates 37 campuses in 17 states under eight brands : Lincoln Technical Institute , The Cittone Institute , CEI , Denver Automotive and Diesel College , Nashville Auto - Diesel College , Southwestern College , New England Technical Institute , Lincoln College of Technology at Palm Beach , Inc . and Euphoria Institute of Beauty Arts and Sciences . Lincoln had an average enrollment of approximately 17,700 students as of March 31 , 2006 . Contacts : Investors : Press or Media : Brad Edwards Jennifer Gery Brainerd Communicators , Inc . Brainerd Communicators , Inc . 212 - 986 - 6667 212 - 986 - 6667 # # #