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8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.ltre20140212_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 FIRST QUARTER FY 2014 RESULTS

 

RESTON, Va., February 13, 2014 – Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2014, which ended January 3, 2014.

 

In its first quarter of fiscal year 2014, Learning Tree reported revenues of $32.0 million, income from operations of $0.9 million, and net income of $0.7 million or $0.06 per share. These results compare with revenues of $33.3 million, loss from operations of $1.4 million and net loss of $1.4 million, or $(0.11) per share in its first quarter of fiscal year 2013.

 

“We are pleased to have improved our bottom line this quarter, despite revenues and gross margins that were adversely affected by the U.S. government sequestration and shutdown and by continued weakness in the European economies.” said Learning Tree President Max Shevitz. “We are projecting the weakness in our markets to continue beyond our second quarter of fiscal year 2014, which historically is our lowest revenue quarter of our fiscal year. Meanwhile, we have continued to invest in our business with new courses, equipment and enhanced distribution methods that allow our participants to attend our courses at times and locations that are most convenient to them.”

 

Webcast

An investor conference call to discuss first quarter fiscal year 2014 results is scheduled for 4:30 p.m. (EST) February 13, 2014. 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. Participants can attend our courses at Learning Tree Education Centers around the world, on-site at client facilities, or over the Internet utilizing Learning Tree AnyWare™ from their home, their office, or at one of our AnyWare Learning Centers™. 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 for fiscal year 2013 (“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; reliance on key vendors for technical services and support; attracting and retaining qualified personnel; and continued uncertainty over the U. S. Government’s ability to resolve its budgetary issues and avoid further disruptions such as government shutdowns and debt ceiling limits.

 

# # #

 

Release Summary: Learning Tree International announced today its revenues and results of operations for its first quarter of fiscal year 2014, which ended January 3, 2014.

 

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

 
   

January 3,

2014

   

December 28,

2012

 

Revenues

  $ 32,022     $ 33,290  

Cost of revenues

    17,348       16,421  

Gross profit

    14,674       16,869  
                 

Operating expenses:

               

Course development

    1,937       2,101  

Sales and marketing

    6,156       7,805  

General and administrative

    5,633       8,327  

Total operating expenses

    13,726       18,233  
                 

Income (loss) from operations

    948       (1,364 )
                 

Other income (expense), net

    (36 )     (19 )
                 

Income (loss) before income taxes

    912       (1,383 )

Provision for income tax

    183       33  
                 

Net income (loss)

  $ 729     $ (1,416 )
                 

Earnings (loss) per share--diluted

  $ 0.06     $ (0.11 )

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

   

January 3,

2014

   

September 27,

2013

 
   

(unaudited)

         
                 

Cash and cash equivalents

  $ 27,815     $ 26,583  

Trade accounts receivable, net

    11,669       14,057  

Prepaid expenses and other

    6,071       6,152  

Total current assets

    45,555       46,792  

Depreciable assets, net and other

    21,211       22,170  

Total assets

  $ 66,766     $ 68,962  
                 

Accounts payable and accrued liabilities

  $ 13,952     $ 15,317  

Deferred revenues

    28,287       29,780  

Total current liabilities

    42,239       45,097  

Other

    8,074       8,204  

Total liabilities

    50,313       53,301  
                 

Stockholders' equity

    16,453       15,661  

Total liabilities and stockholders' equity

  $ 66,766     $ 68,962