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8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.d296744d8k.htm

Exhibit 99.1

LEARNING TREE ANNOUNCES FIRST QUARTER FISCAL YEAR 2012 RESULTS

RESTON, VA (February 7, 2012) Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2012, which ended December 30, 2011.

In its first quarter of fiscal year 2012, Learning Tree reported revenues of $35.0 million, income from operations of $2.8 million, and net income of $1.8 million or $0.14 per share. These results compare with revenues of $35.6 million, income from operations of $3.0 million, and net income of $2.0 million or $0.14 per share in its first quarter of fiscal year 2011.

“While this year’s first quarter operating results were similar to those of last year’s first quarter, we believe that our results can and should be better,” said Dr. David Collins, Chairman and CEO. “I and Max Shevitz, our recently appointed President, are working intensively with our staff to identify opportunities to increase revenues and margins within our current business model. We intend to aggressively pursue the opportunities we identify, which could begin to bear fruit toward the end of this fiscal year or in the beginning of our next fiscal year.”

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 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 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 fiscal year 2012 results is scheduled at 4:30 p.m. (EST) February 7, 2012. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree’s web site www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.

Contact Information

Charles R. Waldron

Chief Financial Officer

Learning Tree International

Phone: (703) 709-9119

bob_waldron@learningtree.com


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 30,
2011
     December 31,
2010
 

Revenues

   $ 34,975       $ 35,632   

Cost of revenues

     15,634         15,790   
  

 

 

    

 

 

 

Gross profit

     19,341         19,842   
  

 

 

    

 

 

 

Operating expenses:

     

Course development

     2,121         1,977   

Sales and marketing

     7,510         7,665   

General and administrative

     6,889         7,241   
  

 

 

    

 

 

 

Total operating expenses

     16,520         16,883   
  

 

 

    

 

 

 

Income from operations

     2,821         2,959   

Other income (expense), net

     46         19   
  

 

 

    

 

 

 

Income before income taxes

     2,867         2,978   

Provision for income tax

     1,032         1,015   
  

 

 

    

 

 

 

Net income

   $ 1,835       $ 1,963   
  

 

 

    

 

 

 

Earnings per share—diluted

   $ 0.14       $ 0.14   
  

 

 

    

 

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

     December 30,
2011
     September 30,
2011
 

Cash and cash equivalents

   $ 40,878       $ 40,293   

Available for sale securities

     4,168         2,352   

Trade accounts receivable, net

     15,353         18,220   

Prepaid expenses and other

     7,086         6,373   
  

 

 

    

 

 

 

Total current assets

     67,485         67,238   

Depreciable assets, net and other

     33,958         34,914   
  

 

 

    

 

 

 

Total assets

   $ 101,443       $ 102,152   
  

 

 

    

 

 

 

Accounts payable and accrued liabilities

   $ 17,165       $ 16,893   

Deferred revenues

     31,770         34,572   
  

 

 

    

 

 

 

Total current liabilities

     48,935         51,465   

Other

     12,878         12,936   
  

 

 

    

 

 

 

Total liabilities

     61,813         64,401   
  

 

 

    

 

 

 

Stockholders’ equity

     39,630         37,751   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 101,443       $ 102,152