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8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.d456742d8k.htm

Exhibit 99.1

 

LOGO

 

Contact: Max Shevitz

President

Tel. 703/925-5590

Email. max_shevitz@learningtree.com

   FOR IMMEDIATE RELEASE

LEARNING TREE INTERNATIONAL ANNOUNCES FOURTH QUARTER & FY 2012 RESULTS

RESTON, Va., December 18, 2012 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2012, which ended September 28, 2012.

In its fourth quarter of fiscal year 2012, Learning Tree reported revenues of $32.1 million, loss from operations of $4.1 million, and net loss of $4.8 million or $0.37 per share. These results compare with revenues of $34.3 million, income from operations of $2.9 million, and net income of $1.6 million or $0.12 per share in its fourth quarter of fiscal year 2011.

For the full fiscal year 2012, Learning Tree reported revenues of $129.0 million, loss from operations of $6.9 million, and net loss of $11.9 million or $0.89 per share. These results compare with revenues of $133.8 million, income from operations of $5.2 million, and net income of $3.2 million or $0.24 per share for fiscal year 2011.

“In response to weak economic conditions which continue to affect our major markets, we remain focused on improving our operations,” said Learning Tree President Max Shevitz. “The losses we experienced reflect our investments in making those improvements. We are excited about these investments and their role in the company’s future as we fulfill our mission to assist our corporate and government customers by providing their IT professionals and managers with new knowledge and skills that improve their on-the-job productivity and capability.”

Webcast

An investor conference call to discuss fourth quarter and full fiscal year 2012 results is scheduled for 4:30 p.m. (EST) December 18, 2012. Interested parties may access the conference call by via live webcast at: www.learningtree.com/investor. The webcast will 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 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.

# # #

Release Summary: Learning Tree International announced today its revenues and results of operations for its fourth quarter and full fiscal year 2012, which ended September 28, 2012.

1-888-THE-TREE (843-8733) | www.learningtree.com


LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(all amounts in thousands, except per share amounts)

 

     Three Months Ended      Twelve Months Ended  
     September 28,
2012
    September 30,
2011
     September 28,
2012
    September 30,
2011
 

Revenues

   $ 32,089      $ 34,290       $ 129,047      $ 133,782   

Cost of revenues

     16,986        15,119         62,820        61,641   
  

 

 

   

 

 

    

 

 

   

 

 

 

Gross profit

     15,103        19,171         66,227        72,141   
  

 

 

   

 

 

    

 

 

   

 

 

 

Operating expenses:

         

Course development

     2,398        1,802         8,754        7,493   

Sales and marketing

     9,477        7,300         35,054        30,836   

General and administrative

     7,358        7,145         29,367        28,565   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total operating expenses

     19,233        16,247         73,175        66,894   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) from operations

     (4,130     2,924         (6,948     5,247   

Other income (expense), net

     (237     93         (73     105   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) before provision for income taxes

     (4,367     3,017         (7,021     5,352   

Provision for income taxes

     482        1,387         4,890        2,110   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income (loss)

   $ (4,849   $ 1,630       $ (11,911   $ 3,242   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) per share—diluted

   $ (0.37   $ 0.12       $ (0.89   $ 0.24   
  

 

 

   

 

 

    

 

 

   

 

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

     September 28,
2012
     September 30,
2011
 

Cash and cash equivalents

   $ 25,784       $ 40,293   

Available for sale securities

     6,131         2,352   

Trade accounts receivable, net

     16,831         18,220   

Prepaid expenses and other

     8,552         6,373   
  

 

 

    

 

 

 

Total current assets

     57,298         67,238   

Depreciable assets, net and other

     31,748         34,914   
  

 

 

    

 

 

 

Total assets

   $ 89,046       $ 102,152   
  

 

 

    

 

 

 

Accounts payable and accrued liabilities

   $ 20,264       $ 16,893   

Deferred revenues

     31,899         34,572   
  

 

 

    

 

 

 

Total current liabilities

     52,163         51,465   

Other

     12,377         12,936   
  

 

 

    

 

 

 

Total liabilities

     64,540         64,401   
  

 

 

    

 

 

 

Stockholders’ equity

     24,506         37,751   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 89,046       $ 102,152