Attached files
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| 8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC. | ltre20130509_8k.htm |
| EX-99 - EXHIBIT 99.2 - LEARNING TREE INTERNATIONAL, INC. | ltre20130509_8kex99-2.htm |
Exhibit 99.1
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Contact: Max Shevitz |
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FOR IMMEDIATE RELEASE |
President
Tel: 703/925-5590
Email: max_shevitz@learningtree.com
LEARNING TREE INTERNATIONAL ANNOUNCES SECOND QUARTER FY 2013 RESULTS
RESTON, Va., May 9, 2013 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its second quarter of fiscal year 2013, which ended March 29, 2013.
In its second quarter of fiscal year 2013, Learning Tree reported revenues of $26.9 million, loss from operations of $3.8 million, and net loss of $4.0 million or $0.30 per share. These results compare with revenues of $28.9 million, loss from operations of $3.5 million and net loss of $2.1 million, or $0.16 per share in its second quarter of fiscal year 2012.
“The economic conditions that exist in Europe and the effect of federal budget cuts on our US business due to sequestration may continue to adversely impact our financial results in the near future,” said Learning Tree President Max Shevitz. “However, over the past year, we have made significant improvements to the quality of the service and products which we provide to our customers. We believe that these improvements have already partially offset the effects of the adverse headwinds we’ve been facing, and will position us well for the future.”
Webcast
An investor conference call to discuss second quarter fiscal year 2013 results is scheduled for 4:30 p.m. (ET) May 9, 2013. 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. 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 .
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 (“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.
# # #
Release Summary: Learning Tree International announced today its revenues and results of operations for its second quarter of fiscal year 2013, which ended March 29, 2013.
1-888-THE-TREE (843-8733) | www.learningtree.com
Exhibit 99.1
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 Six Months Ended March 29, March 30, March 29, March 30, 2013 2012 2013 2012 Revenues Cost of revenues Gross profit Operating expenses: Course development Sales and marketing General and administrative Total operating expenses Loss from operations Other income (expense), net Loss before income taxes Provision (benefit) for income tax Net loss Loss per share--diluted
$
26,933
$
28,942
$
60,223
$
63,917
14,859
14,558
31,280
30,192
12,074
14,384
28,943
33,725
1,930
2,070
4,031
4,191
7,312
8,360
15,117
15,870
6,667
7,468
14,994
14,357
15,909
17,898
34,142
34,418
(3,835
)
(3,514
)
(5,199
)
(693
)
206
(191
)
187
(145
)
(3,629
)
(3,705
)
(5,012
)
(838
)
386
(1,586
)
419
(554
)
$
(4,015
)
$
(2,119
)
$
(5,431
)
$
(284
)
$
(0.30
)
$
(0.16
)
$
(0.41
)
$
(0.02
)
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES March 29, September 28, 2013 2012 (unaudited) Cash and cash equivalents Available for sale securities Trade accounts receivable, net Prepaid expenses and other Total current assets Depreciable assets, net and other Total assets Accounts payable and accrued liabilities Deferred revenues Total current liabilities Other Total liabilities Stockholders' equity Total liabilities and stockholders' equity
(all amounts in thousands)
$
26,317
$
25,784
-
6,131
13,307
16,831
8,953
8,552
48,577
57,298
23,473
31,748
$
72,050
$
89,046
$
15,976
$
20,264
29,084
31,899
45,060
52,163
8,627
12,377
53,687
64,540
18,363
24,506
$
72,050
$
89,046