Attached files
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| 8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC. | ltre20130806_8k.htm |
Exhibit 99.1
Contact: Max Shevitz FOR IMMEDIATE RELEASE President Tel: 703/925-5590 Email: max_shevitz@learningtree.com
LEARNING TREE INTERNATIONAL ANNOUNCES THIRD QUARTER FY 2013 RESULTS
RESTON, Va., August 6, 2013 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its third quarter of fiscal year 2013, which ended June 28, 2013.
In its third quarter of fiscal year 2013, Learning Tree reported revenues of $29.0 million, loss from operations of $1.0 million, and net loss of $1.1 million, or $0.08 per share. These results compare with revenues of $33.0 million, loss from operations of $2.1 million, and net loss of $6.8 million, or $0.50 per share in its third quarter of fiscal year 2012.
“While we are beginning to realize the benefits of our commitment to further improve the quality of the service and products that we provide to our customers, sequestration and weak European economies continue to adversely impact our financial results,” said Learning Tree President Max Shevitz. “We have been through these interruptions in government spending several times over our 39 year history and believe we have the experience to successfully manage the business through this latest period of uncertainty in government and government-contractor spending that has resulted from sequestration.”
Webcast
An investor conference call to discuss third quarter fiscal year 2013 results is scheduled for 4:30 p.m. (ET) August 6, 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 www.learningtree.com.
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.
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Release Summary: Learning Tree International announced today its revenues and results of operations for its third quarter of fiscal year 2013, which ended June 28, 2013.
1-888-THE-TREE (843-8733) | www.learningtree.com
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 |
Nine Months Ended |
|||||||||||||||
|
June 28, |
June 29, |
June 28, |
June 29, |
|||||||||||||
|
2013 |
2012 |
2013 |
2012 |
|||||||||||||
|
Revenues |
$ | 28,958 | $ | 33,041 | $ | 89,181 | $ | 96,958 | ||||||||
|
Cost of revenues |
16,141 | 15,642 | 47,421 | 45,834 | ||||||||||||
|
Gross profit |
12,817 | 17,399 | 41,760 | 51,124 | ||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Course development |
1,998 | 2,165 | 6,029 | 6,356 | ||||||||||||
|
Sales and marketing |
6,764 | 9,707 | 21,881 | 25,577 | ||||||||||||
|
General and administrative |
5,043 | 7,652 | 20,037 | 22,009 | ||||||||||||
|
Total operating expenses |
13,805 | 19,524 | 47,947 | 53,942 | ||||||||||||
|
Loss from operations |
(988 | ) | (2,125 | ) | (6,187 | ) | (2,818 | ) | ||||||||
|
Other income (expense), net |
32 | 309 | 219 | 164 | ||||||||||||
|
Loss before income taxes |
(956 | ) | (1,816 | ) | (5,968 | ) | (2,654 | ) | ||||||||
|
Provision (benefit) for income tax |
123 | 4,962 | 542 | 4,408 | ||||||||||||
|
Net loss |
$ | (1,079 | ) | $ | (6,778 | ) | $ | (6,510 | ) | $ | (7,062 | ) | ||||
|
Loss per share--diluted |
$ | (0.08 | ) | $ | (0.50 | ) | $ | (0.49 | ) | $ | (0.52 | ) | ||||
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
|
June 28, |
September 28, |
|||||||
|
2013 |
2012 |
|||||||
|
(unaudited) |
||||||||
|
Cash and cash equivalents |
$ | 27,071 | $ | 25,784 | ||||
|
Available for sale securities |
- | 6,131 | ||||||
|
Trade accounts receivable, net |
13,911 | 16,831 | ||||||
|
Prepaid expenses and other |
6,305 | 8,552 | ||||||
|
Total current assets |
47,287 | 57,298 | ||||||
|
Depreciable assets, net and other |
22,779 | 31,748 | ||||||
|
Total assets |
$ | 70,066 | $ | 89,046 | ||||
|
Accounts payable and accrued liabilities |
$ | 15,207 | $ | 20,264 | ||||
|
Deferred revenues |
29,456 | 31,899 | ||||||
|
Total current liabilities |
44,663 | 52,163 | ||||||
|
Other |
8,302 | 12,377 | ||||||
|
Total liabilities |
52,965 | 64,540 | ||||||
|
Stockholders' equity |
17,101 | 24,506 | ||||||
|
Total liabilities and stockholders' equity |
$ | 70,066 | $ | 89,046 | ||||