Learning Tree International Announces Third Quarter FY 2014 Results

  Learning Tree International Announces Third Quarter FY 2014 Results  Business Wire  RESTON, Va. -- August 7, 2014  Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its third quarter of fiscal year 2014, which ended June 27, 2014.  In its third quarter of fiscal year 2014, Learning Tree reported revenues of $28.8 million, loss from operations of $2.7 million, and net loss of $2.7 million or ($0.21) per share. These results compare with revenues of $29.0 million, loss from operations of $1.0 million and net loss of $1.1 million, or ($0.08) per share in its third quarter of fiscal year 2013.  “Revenues in our third quarter of fiscal 2014 were relatively consistent with those of the same quarter of our prior year. The increase in our operating loss and net loss for our third quarter this year compared to the same quarter last year was largely the result of several one-time, non-recurring items,” said Learning Tree President, Max Shevitz. “These included certain restructuring and severance charges this year, in contrast with the reversal of a non-recurring charge in our third quarter of our prior fiscal year. Together, these one-time items account for approximately $1.5 million of the increase in operating loss quarter over quarter.”  Webcast  An investor conference call to discuss third quarter fiscal year 2014 results is scheduled for 4:30 p.m. (ET)August 7, 2014. 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, and management and business skills. Participants can attend our courses atLearning Tree Education Centers around the world, on-site at client facilities, or over the Internet utilizing Learning Tree AnyWare™ from their home, their office, or at one of our AnyWare Learning Centers™. 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.  Cautionary Statement Regarding Forward Looking Statements  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 for fiscal year 2013 (“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; reliance on key vendors for technical services and support; attracting and retaining qualified personnel; and continued uncertainty over the U. S. Government’s ability to resolve its budgetary issues and avoid further disruptions such as government shutdowns and debt ceiling limits.   Table 1  LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in thousands, except per share amounts) (Unaudited)                                                                                     Three Months Ended            Nine Months Ended                        June 27,       June 28,       June 27,       June 28,                        2014           2013           2014           2013                                                                               Revenues               $ 28,759       $ 28,958       $ 85,785       $ 89,181 Cost of revenues        16,132       16,141       49,191       47,421  Gross profit            12,627       12,817       36,594       41,760                                                                                Operating expenses: Course development       1,950          1,998          5,726          6,029 Sales and                6,283          6,764          18,634         21,881 marketing General and             7,086        5,043        18,290       20,037  administrative Total operating         15,319       13,805       42,650       47,947  expenses                                                                               Loss from                (2,692 )       (988   )       (6,056 )       (6,187 ) operations                                                                               Other income            22           32           (61    )      219     (expense), net                                                                               Loss before income       (2,670 )       (956   )       (6,117 )       (5,968 ) taxes Provision for           76           123          503          542     income tax                                                                               Net loss               $ (2,746 )     $ (1,079 )     $ (6,620 )     $ (6,510 )                                                                               Loss per share         $ (0.21  )     $ (0.08  )     $ (0.50  )     $ (0.49  ) diluted                                                                                 Table 2  LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in thousands)                                                                                                           June 27,        September 27,                                                2014            2013                                                (unaudited)                                                                      Cash and cash equivalents                      $   21,591      $    26,583 Trade accounts receivable, net                     16,204           14,057 Prepaid expenses and other                         6,310            6,152 Assets held for sale                              3,582           - Total current assets                               47,687           46,792 Depreciable assets, net and other                 14,997          22,170 Total assets                                   $   62,684      $    68,962                                                                      Accounts payable and accrued liabilities       $   16,833      $    15,317 Deferred revenues                                 28,384          29,780 Total current liabilities                          45,217           45,097 Other                                             7,818           8,204 Total liabilities                                 53,035          53,301                                                                      Stockholders' equity                              9,649           15,661 Total liabilities and stockholders' equity     $   62,684      $    68,962                                                                       Contact:  Learning Tree International Max Shevitz President Tel: 703/925-5590 Email: max_shevitz@learningtree.com  
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