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Learning Tree International Announces First Quarter FY 2013 Results



  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, call 1-888-THE-TREE (1-888-843-8733), or visit the Learning Tree
Web site at www.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
max_shevitz@learningtree.com
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