Lincoln Educational (LINC)
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Fiscal Year End Date: 12/31
(Values in U.S. thousands)
| 12-2005 | 12-2004 | 12-2003 | |
| Cash Flows From Operating Activities | |||
| Net Income | 18,709 | 12,978 | 8,219 |
| Depreciation Amortization | 13,644 | 11,124 | 10,568 |
| Income taxes - deferred | 340 | -329 | 1,285 |
| Accounts receivable | -11,676 | -11,091 | -10,131 |
| Accounts payable and accrued liabilities | 1,801 | 1,547 | -447 |
| Other Working Capital | -8,378 | -10,152 | -1,269 |
| Other Operating Activity | 24,526 | 22,597 | 18,941 |
| Operating Cash Flow | $38,966 | $26,674 | $27,166 |
| Cash Flows From Investing Activities | |||
| Change In Deposits | N/A | N/A | 3,028 |
| PPE Investments | -22,621 | -23,813 | -13,125 |
| Net Acquisitions | -27,776 | -14,498 | -7,583 |
| Other Investing Activity | 0 | 0 | 9,000 |
| Investing Cash Flow | $-50,397 | $-38,311 | $-8,680 |
| Cash Flows From Financing Activities | |||
| Debt Issued | 31,000 | 25,459 | 51,256 |
| Debt Repayment | -66,880 | -21,439 | -31,856 |
| Common Stock Issued | 56,971 | 97 | N/A |
| Other Financing Activity | -848 | 0 | 0 |
| Financing Cash Flow | $20,243 | $4,117 | $19,400 |
| Beginning Cash Position | 41,445 | 48,965 | 11,079 |
| End Cash Position | 50,257 | 41,445 | 48,965 |
| Net Cash Flow | $8,812 | $-7,520 | $37,886 |
| Free Cash Flow | |||
| Operating Cash Flow | 38,966 | 26,674 | 27,166 |
| Capital Expenditure | -22,621 | -23,813 | -13,154 |
| Free Cash Flow | 16,345 | 2,861 | 14,012 |