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 THIRD QUARTER 2011 RESULTS
Reston, VA August 10, 2011 Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its third quarter of fiscal year 2011, which ended July 1, 2011.
In its third quarter of fiscal year 2011, Learning Tree reported revenues of $33.5 million, income from operations of $1.0 million, and net income of $0.6 million or $0.05 per share. These results compare with revenues of $32.8 million, income from operations of $1.3 million, and net income of $2.1 million or $0.15 per share in its third quarter of fiscal year 2010.
For the first nine months of fiscal year 2011, revenues were $99.5 million, income from operations was $2.3 million, and net income was $1.6 million or $0.12 per share. This compares to revenues of $93.6 million, income from operations of $3.0 million and net income of $3.2 million or $0.23 per share in for the first nine months of fiscal year 2010.
We are far from satisfied with the results of our third quarter, and we are continuing to work on increasing revenue while reducing costs in a prudent fashion, commented Learning Tree President and CEO Nicholas R. Schacht. We have moved forward with the implementation of revenue growth initiatives aimed at increasing our revenues more quickly in fiscal year 2012 and beyondaccelerating our rate of new course title introduction, increasing our direct sales force and continuing the market expansion and customer adoption of Learning Tree AnyWare, our live on-line learning platform which allows individuals located anywhere to fully participate in our instructor-led classes over the Internet.
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 Companys 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 Trees 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 Trees business, Learning Tree has identified many, but not all, of these risks in Item 1A, Risk Factors in Learning Trees Annual Report on Form 10-K (Item 1A). Please read that exhibit 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 Trees courses; competition; international operations, including currency fluctuations; changing economic and market conditions; technology development and new technology introduction; efficient delivery and scheduling of Learning Trees 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 third quarter fiscal year 2011 results is scheduled at 4:30 p.m. (EDT) August 10, 2011. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Trees website www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
- tables follow -
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
July 1, 2011 |
July 2, 2010 |
July 1, 2011 |
July 2, 2010 |
|||||||||||||
Revenues |
$ | 33,458 | $ | 32,781 | $ | 99,492 | $ | 93,579 | ||||||||
Cost of revenues |
15,913 | 15,713 | 46,522 | 43,436 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
17,545 | 17,068 | 52,970 | 50,143 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating expenses: |
||||||||||||||||
Course development |
1,872 | 1,768 | 5,691 | 5,358 | ||||||||||||
Sales and marketing |
7,811 | 7,777 | 23,536 | 22,257 | ||||||||||||
General and administrative |
6,901 | 6,215 | 21,420 | 19,506 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
16,584 | 15,760 | 50,647 | 47,121 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from operations |
961 | 1,308 | 2,323 | 3,022 | ||||||||||||
Other income, net |
26 | 235 | 12 | 595 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
987 | 1,543 | 2,335 | 3,617 | ||||||||||||
Provision (benefit) for income tax |
342 | (526 | ) | 723 | 396 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ | 645 | $ | 2,069 | $ | 1,612 | $ | 3,221 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per share diluted |
$ | 0.05 | $ | 0.15 | $ | 0.12 | $ | 0.23 | ||||||||
|
|
|
|
|
|
|
|
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
July 1, 2011 |
October 1, 2010 |
|||||||
Cash and cash equivalents |
$ | 35,096 | $ | 34,449 | ||||
Available for sale securities |
5,148 | 4,997 | ||||||
Trade accounts receivable, net |
18,139 | 18,311 | ||||||
Prepaid expenses and other |
7,819 | 7,008 | ||||||
|
|
|
|
|||||
Total current assets |
66,202 | 64,765 | ||||||
Depreciable assets, net and other |
36,213 | 35,408 | ||||||
|
|
|
|
|||||
Total assets |
$ | 102,415 | $ | 100,173 | ||||
|
|
|
|
|||||
Accounts payable and accrued liabilities |
$ | 17,631 | $ | 16,484 | ||||
Deferred revenues |
35,044 | 35,745 | ||||||
|
|
|
|
|||||
Total current liabilities |
52,675 | 52,229 | ||||||
Other |
12,956 | 13,172 | ||||||
|
|
|
|
|||||
Total liabilities |
65,631 | 65,401 | ||||||
|
|
|
|
|||||
Stockholders' equity |
36,784 | 34,772 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders' equity |
$ | 102,415 | $ | 100,173 | ||||
|
|
|
|