on 2nd quarter results. May take a position in Lincoln since courses that are offered do allow the Non College person training that can result in gainful employment. But the crux of this year and next years bottom line will depend if they pull their High School starts off. Since revenue is straight line amoritization,they cannot make up for the first quarter unless they had an explosion in enrollments and starts immediately. The hope of the year will be their High School Start that will not only help this years Bottom Line, but is critical to the carry-forward coming out of the box on Jan 1. If the High School start is missed,then 2013 will prove to be a year of intense pressure to acheive stellar starts, starting with the last Qtr of 12 and the first Qtr of 13.Deferred Revenue is King when looking forward on acheivable results and growth.
If they make their High School Starts,then it would be responsible to see possible growth in 13. If they miss and miss big,then it is time to sit on the sideline and wait to see if 13's High School Starts position Lincoln to grow.
Yes,the ruling by the Fed was good news,but without starts,it means little.
The common "worse case" in this sector,is to miss your High School Starts,have a horrible 4th Qtr,and face Jan 1 with Enrollments and Starts for next Fiscal Year that become impossible to acheive.