Learning Tree International Announces First Quarter FY 2013 Results Business Wire RESTON, Va. -- February 7, 2013 Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2013, which ended December 28, 2012. In its first quarter of fiscal year 2013, Learning Tree reported revenues of $33.3 million, loss from operations of $1.4 million, and net loss of $1.4 million or $0.11 per share. These results compare with revenues of $35.0 million, income from operations of $2.8 million and net income of $1.8 million, or $0.14 per share in its first quarter of fiscal year 2012. “We continue to make progress on re-focusing our company toward long term growth and profitability,” said Learning Tree President Max Shevitz. “Some of these efforts result in one-time costs such as the closing of our El Segundo, CA office that resulted in a restructuring charge of $1.4 million in our first quarter. Also in our first quarter, we incurred two other unusual costs: expenditures of $0.8 million by the Special Committee of our Board of Directors to evaluate two proposals and other expressions of interest to acquire the company; and additional direct costs of $0.4 million as a result of Hurricane Sandy. Despite these costs and the adverse first quarter revenue impacts of both Hurricane Sandy and the uncertainty surrounding federal spending, we remain optimistic that the initiatives we have taken in course quality, sales, and marketing, have the potential to improve future revenues and profitability.” Webcast An investor conference call to discuss first quarter fiscal year 2013 results is scheduled for 4:30 p.m. (EST)February 7, 2013. Interested parties may access the conference call via live webcast at:www.learningtree.com/investor. The webcast will also be available for replay at:www.learningtree.com/investor. About Learning Tree International Established in 1974, Learning Tree International is a global provider of hands-on IT and management training. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on: web development, IT security, project management, operating systems, databases, networking, software development, leadership, management and business skills. Courses are offered at Learning Tree Education Centers and training locations around the world, on-site at client facilities, or via the Internet with Learning Tree AnyWare^™, the company’s web-based, remote-attendance platform. For more information about Learning Tree products and services, call1-888-THE-TREE(1-888-843-8733), or visit the Learning Tree Web site atwww.learningtree.com. Except for historical information contained herein, the matters addressed in this press release are forward-looking statements. Please do not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties. Although Learning Tree believes that its assumptions are reasonable, inevitably some will prove to be incorrect. As a result, Learning Tree's actual future results can be expected to differ from those in this release, and those differences may be material. Learning Tree is not undertaking any obligation to update forward-looking statements. In order to help the reader assess the major risks in Learning Tree's business, Learning Tree has identified many, but not all, of these risks in Item 1A, “Risk Factors” in Learning Tree's Annual Report on Form 10-K (“Item 1A”). Please read Item 1A carefully. Some of the factors discussed in Item 1A that could affect Learning Tree include the following: risks associated with the timely development, introduction, and customer acceptance of Learning Tree's courses; competition; international operations, including currency fluctuations; changing economic and market conditions; technology development and new technology introduction; efficient delivery and scheduling of Learning Tree's courses; adverse weather conditions, strikes, acts of war or terrorism and other external events; and attracting and retaining qualified personnel. LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in thousands, except per share amounts) (Unaudited) Three Months Ended December 28, December 30, 2012 2011 Revenues $ 33,290 $ 34,975 Cost of revenues 16,421 15,634 Gross profit 16,869 19,341 Operating expenses: Course development 2,101 2,121 Sales and marketing 7,805 7,510 General and administrative 8,327 6,889 Total operating expenses 18,233 16,520 Income (loss) from operations (1,364 ) 2,821 Other income (expense), net (19 ) 46 Income (loss) before income taxes (1,383 ) 2,867 Provision for income tax 33 1,032 Net income (loss) $ (1,416 ) $ 1,835 Earnings (loss) per share--diluted $ (0.11 ) $ 0.14 LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in thousands) December 28, September 28, 2012 2012 (unaudited) Cash and cash equivalents $ 29,105 $ 25,784 Available for sale securities 1,018 6,131 Trade accounts receivable, net 15,849 16,831 Prepaid expenses and other 8,946 8,552 Total current assets 54,918 57,298 Depreciable assets, net and other 24,567 31,748 Total assets $ 79,485 $ 89,046 Accounts payable and accrued $ 18,754 $ 20,264 liabilities Deferred revenues 29,825 31,899 Total current liabilities 48,579 52,163 Other 7,862 12,377 Total liabilities 56,441 64,540 Stockholders' equity 23,044 24,506 Total liabilities and stockholders' $ 79,485 $ 89,046 equity Contact: Learning Tree International Max Shevitz, 703-925-5590 President email@example.com
Learning Tree International Announces First Quarter FY 2013 Results
Press spacebar to pause and continue. Press esc to stop.