Attached files

file filename
8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.d8k.htm

Exhibit 99.1

Company Contact:

Charles R. Waldron

Chief Financial Officer

(703) 709-9119

bob_waldron@learningtree.com

LEARNING TREE ANNOUNCES FIRST QUARTER 2011 RESULTS

Reston, VA – February 8, 2011 – Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2011, which ended December 31, 2010.

In its first quarter of fiscal year 2011, Learning Tree reported revenues of $35.6 million, income from operations of $3.0 million, and net income of $2.0 million or $0.14 per share. These results compare with revenues of $32.5 million, income from operations of $3.9 million, and net income of $2.4 million or $0.18 per share for its first quarter of fiscal year 2010.

“We are pleased to have achieved our third consecutive quarter of increasing year-over-year revenue growth. Revenues grew nearly 10% in our first quarter compared to the same quarter of our prior fiscal year, driven by double-digit growth of attendee-days in both our IT and Management training programs. In the first quarter of fiscal year 2011, the number of attendee-days of IT training grew by 11% and attendee-days of Management training grew by 16%,” commented Learning Tree President and CEO Nicholas R. Schacht. “We remain focused on driving revenue growth while improving our margins and operating results.”

Learning Tree International is a leading global provider of highly effective, hands-on training to managers and information technology professionals. Since 1974, over 65,000 organizations have relied on Learning Tree to enhance the professional skills of more than 2 million employees. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on people and project management; leadership and business skills; Web development; operating systems; databases; networking; IT security and software development. Courses are presented globally at Learning Tree Education Centers, on site at client facilities, and are available via Learning Tree AnyWare™, the Company’s proprietary live, online instructor-led training delivery option, which connects online participants to the actual classroom. 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.


Webcast

An investor conference call to discuss first quarter 2011 results and guidance for second quarter 2011 is scheduled at 4:30 p.m. (EST) February 8, 2011. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree’s website www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.

- tables follow -

[Table 1 – Summary consolidated financial statements and balance sheets]


Table 1

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(all amounts in thousands, except per share amounts)

 

     Three Months Ended  
     December 31,
2010
     January 1,
2010
 

Revenues

   $ 35,632       $ 32,505   

Cost of revenues

     15,790         14,027   
                 

Gross profit

     19,842         18,478   
                 

Operating expenses:

     

Course development

     1,977         1,717   

Sales and marketing

     7,665         6,801   

General and administrative

     7,241         6,076   
                 

Total operating expenses

     16,883         14,594   
                 

Income from operations

     2,959         3,884   

Other income (expense), net

     19         223   
                 

Income before income taxes

     2,978         4,107   

Provision for income tax

     1,015         1,684   
                 

Net income

   $ 1,963       $ 2,423   
                 

Earnings per share – diluted

   $ 0.14       $ 0.18   
                 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

     December 31,
2010
     October 1,
2010
 

Cash and cash equivalents

   $ 37,676       $ 34,449   

Available for sale securities

     2,000         4,997   

Trade accounts receivable, net

     17,978         18,311   

Prepaid expenses and other

     7,325         7,008   
                 

Total current assets

     64,979         64,765   

Depreciable assets, net and other

     35,291         35,408   
                 

Total assets

   $ 100,270       $ 100,173   
                 

Accounts payable and accrued liabilities

   $ 16,538       $ 16,484   

Deferred revenues

     34,135         35,745   
                 

Total current liabilities

     50,673         52,229   

Other

     12,976         13,172   
                 

Total liabilities

     63,649         65,401   
                 

Stockholders' equity

     36,621         34,772   
                 

Total liabilities and stockholders' equity

   $ 100,270       $ 100,173