Attached files

file filename
8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.ltre20150210_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 FISCAL YEAR 2015 RESULTS

 

RESTON, Va., February 10, 2015 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2015, which ended January 2, 2015.

 

In its first quarter of fiscal year 2015, Learning Tree reported revenues of $27.2 million, loss from operations of $1.2 million, and net loss of $1.2 million, or ($0.09) per share. These results compare with revenues of $32.0 million, income from operations of $0.9 million, and net income of $0.7 million, or $0.06 per share in its first quarter of fiscal year 2014.

See Table 1 below for full results.

 

 

Webcast

 

An investor conference call to discuss first quarter of fiscal year 2015 results is scheduled for 4:30 p.m. (ET) February 10, 2015. 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™, our web-based, remote-attendance platform. For more information about Learning Tree and its 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

 

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on Learning Tree. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Learning Tree. There can be no assurance that future developments affecting Learning Tree will be the same as those anticipated. Learning Tree cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Investors should not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties. Some of these risks and uncertainties that could affect Learning Tree and its business include, but are not limited to 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; intellectual property, including having to defend potential infringement claims; risks associated with cyber security; adverse weather conditions, strikes, acts of war or terrorism and other external events; and attracting and retaining qualified personnel. Learning Tree is not undertaking any obligation to update forward-looking statements contained herein to reflect future events, developments or changed circumstances.

 

In order to help the reader assess the factors and risks in Learning Tree's business that could cause actual results to differ materially from those expressed in the forward looking statements, Learning Tree discusses in its 2014 Annual Report on Form 10-K (“Form 10-K”), those risks in Item 1A, “Risk Factors”. Please read the Form 10-K, including Item 1A, which is filed with the Securities and Exchange Commission (“SEC”) and available at the SEC's Internet site (http://www.sec.gov).

# # #

 

Release Summary: Learning Tree International announced today its revenues and results of operations for its first quarter of fiscal year 2015, which ended January 2, 2015.

 

 
 

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(all amounts in thousands, except per share data)

 

   

Three Months Ended

 
   

January 2,

   

January 3,

 
   

2015

   

2014

 
   

(unaudited)

   

(unaudited)

 
                 

Revenues

  $ 27,228     $ 32,022  

Cost of revenues

    15,290       17,348  

Gross profit

    11,938       14,674  
                 

Operating expenses:

               

Course development

    1,776       1,937  

Sales and marketing

    6,038       6,156  

General and administrative

    5,324       5,633  

Total operating expenses

    13,138       13,726  
                 

(Loss) income from operations

    (1,200 )     948  
                 

Other income (expense), net

    210       (36 )
                 

(Loss) income before income taxes

    (990 )     912  
                 

Provision for income tax

    161       183  
                 

Net (Loss) income

  $ (1,151 )   $ 729  
                 

(Loss) income per share--diluted

  $ (0.09 )   $ 0.06  

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

   

January 2,

   

October 3,

 
   

2015

   

2014

 
                 
                 

Cash and cash equivalents

  $ 29,232     $ 31,078  

Trade accounts receivable, net

    12,496       16,223  

Prepaid expenses and other

    5,963       5,543  

Total current assets

    47,691       52,844  

Depreciable assets, net and other

    12,724       13,356  

Total assets

  $ 60,415     $ 66,200  
                 

Accounts payable and accrued liabilities

  $ 15,251     $ 16,557  

Deferred revenues

    24,407       26,799  

Total current liabilities

    39,658       43,356  

Other

    6,609       7,047  

Total liabilities

    46,267       50,403  
                 

Stockholders' equity

    14,148       15,797  

Total liabilities and stockholders' equity

  $ 60,415     $ 66,200