TMCnet News

Learning Tree International Announces Third Quarter FY 2014 Results
[August 07, 2014]

Learning Tree International Announces Third Quarter FY 2014 Results


RESTON, Va. --(Business Wire)--

Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its third quarter of fiscal year 2014, which ended June 27, 2014.

In its third quarter of fiscal year 2014, Learning Tree reported revenues of $28.8 million, loss from operations of $2.7 million, and net loss of $2.7 million or ($0.21) per share. These results compare with revenues of $29.0 million, loss from operations of $1.0 million and net loss of $1.1 million, or ($0.08) per share in its third quarter of fiscal year 2013.

"Revenues in our third quarter of fiscal 2014 were relatively consistent with those of the same quarter of our prior year. The increase in our operating loss and net loss for our third quarter this year compared to the same quarter last year was largely the result of several one-time, non-recurring items," said Learning Tree President, Max Shevitz. "These included certain restructuring and severance charges this year, in contrast with the reversal of a non-recurring charge in our third quarter of our prior fiscal year. Together, these one-time items account for approximately $1.5 million of the increase in operating loss quarter over quarter."

Webcast

An investor conference call to discuss third quarter fiscal year 2014 results is scheduled for 4:30 p.m. (ET) August 7, 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.





 

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 27, June 28, June 27, June 28,
2014 2013 2014 2013
 
Revenues $ 28,759 $ 28,958 $ 85,785 $ 89,181
Cost of revenues   16,132     16,141     49,191     47,421  
Gross profit   12,627     12,817     36,594     41,760  
 
Operating expenses:
Course development 1,950 1,998 5,726 6,029
Sales and marketing 6,283 6,764 18,634 21,881
General and administrative   7,086     5,043     18,290     20,037  
Total operating expenses   15,319     13,805     42,650     47,947  
 
Loss from operations (2,692 ) (988 ) (6,056 ) (6,187 )
 
Other income (expense), net   22     32     (61 )   219  
 
Loss before income taxes (2,670 ) (956 ) (6,117 ) (5,968 )
Provision for income tax   76     123     503     542  
 
Net loss $ (2,746 ) $ (1,079 ) $ (6,620 ) $ (6,510 )
 
Loss per share diluted $ (0.21 ) $ (0.08 ) $ (0.50 ) $ (0.49 )
 

 

Table 2

 
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
       
June 27, September 27,
2014 2013
(unaudited)
 
Cash and cash equivalents $ 21,591 $ 26,583
Trade accounts receivable, net 16,204 14,057
Prepaid expenses and other 6,310 6,152
Assets held for sale   3,582   -
Total current assets 47,687 46,792
Depreciable assets, net and other   14,997   22,170
Total assets $ 62,684 $ 68,962
 
Accounts payable and accrued liabilities $ 16,833 $ 15,317
Deferred revenues   28,384   29,780
Total current liabilities 45,217 45,097
Other   7,818   8,204
Total liabilities   53,035   53,301
 
Stockholders' equity   9,649   15,661
Total liabilities and stockholders' equity $ 62,684 $ 68,962
 


[ Back To TMCnet.com's Homepage ]