Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC. | d8k.htm |
| EX-10.1 - DIVIDEND PARTICIPATION PLAN - LEARNING TREE INTERNATIONAL, INC. | dex101.htm |
Exhibit 99.1
| Company Contact: Charles R. Waldron Chief Financial Officer (703) 709-9119 bob_waldron@learningtree.com |
LEARNING TREE ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2010 RESULTS
Reston, VA — December 9, 2010 - Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and fiscal year 2010, which ended October 1, 2010.
In its fourth quarter of fiscal year 2010, Learning Tree reported revenues of $33.9 million, income from operations of $2.2 million, and net income of $1.2 million or $0.08 per share. These results compare with revenues of $31.8 million, a loss from operations of $1.4 million, and a net loss of $1.4 million or $0.10 per share in its fourth quarter of fiscal year 2009. Excluding the one-time effects of a $4.2 million charge related to the anticipated settlement of a contract dispute, in its fourth quarter of fiscal year 2009, the company would have reported income from operations of $2.8 million and net income of $2.0 million, or $0.14 per share.
In fiscal year 2010, revenues were $127.5 million, income from operations was $5.2 million, and net income was $4.4 million or $0.32 per share. This compares to revenues of $132.6 million, income from operations of $2.0 million and net income of $1.2 million or $0.08 per share in fiscal year 2009.
“We are pleased that the results of our efforts to stimulate sales growth seem to have had a positive effect, with modest year-over-year revenue growth for a second consecutive quarter” commented Learning Tree President and CEO Nicholas R. Schacht. “Client interest remained strong in Learning Tree AnyWare™, our patent-pending live online training platform. More than 4,000 people used AnyWare in fiscal 2010 to participate online in our live classroom courses. Additionally, we are pleased that our efforts to maintain profitability in this challenging environment have continued to produce positive results.”
Learning Tree International is a leading global provider of highly effective, hands-on training to managers and information technology professionals. Since 1974, over 65,000 organizations have relied on Learning Tree to enhance the professional skills of more than 2 million employees. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on people and project management; leadership and business skills; Web development; operating systems; databases; networking; IT security; and software development. Courses are presented globally at Learning Tree Education Centers, on site at client facilities, and are available via Learning Tree AnyWare™, the Company’s proprietary live, online instructor-led training delivery option, which connects online participants to the actual classroom. 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.
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 that exhibit 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.
Webcast
An investor conference call to discuss fourth quarter and fiscal year 2010 results is scheduled at 4:30 p.m. (EDT) December 9, 2010. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree’s website www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
- tables follow -
[Table 1 – Summary consolidated financial statements and balance sheets]
[Table 2 – Reconciliation of certain non-GAAP measures]
Table 1
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| October 1, 2010 |
October 2, 2009 |
October 1, 2010 |
October 2, 2009 |
|||||||||||||
| Revenues |
$ | 33,891 | $ | 31,788 | $ | 127,470 | $ | 132,559 | ||||||||
| Cost of revenues |
15,762 | 14,089 | 59,198 | 59,243 | ||||||||||||
| Gross profit |
18,129 | 17,699 | 68,272 | 73,316 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Course development |
1,946 | 1,627 | 7,304 | 7,442 | ||||||||||||
| Sales and marketing |
8,204 | 7,011 | 30,461 | 31,962 | ||||||||||||
| General and administrative |
5,804 | 10,486 | 25,310 | 31,929 | ||||||||||||
| Total operating expenses |
15,954 | 19,124 | 63,075 | 71,333 | ||||||||||||
| Income (loss) from operations |
2,175 | (1,425 | ) | 5,197 | 1,983 | |||||||||||
| Other income (expense), net |
(38 | ) | 31 | 557 | 1,048 | |||||||||||
| Income (loss) before income taxes |
2,137 | (1,394 | ) | 5,754 | 3,031 | |||||||||||
| Provision for income tax |
970 | 24 | 1,366 | 1,828 | ||||||||||||
| Net income (loss) |
$ | 1,167 | $ | (1,418 | ) | $ | 4,388 | $ | 1,203 | |||||||
| Earnings (loss) per share—diluted |
$ | 0.08 | $ | (0.10 | ) | $ | 0.32 | $ | 0.08 | |||||||
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
| October 1, 2010 |
October 2, 2009 |
|||||||
| Cash and cash equivalents |
$ | 34,449 | $ | 44,313 | ||||
| Available for sale securities |
4,997 | 29,497 | ||||||
| Trade accounts receivable, net |
18,311 | 15,157 | ||||||
| Prepaid expenses and other |
7,008 | 7,776 | ||||||
| Total current assets |
64,765 | 96,743 | ||||||
| Depreciable assets, net and other |
35,408 | 40,077 | ||||||
| Total assets |
$ | 100,173 | $ | 136,820 | ||||
| Accounts payable and accrued liabilities |
$ | 16,484 | $ | 22,327 | ||||
| Deferred revenues |
35,745 | 38,103 | ||||||
| Total current liabilities |
52,229 | 60,430 | ||||||
| Other |
13,172 | 13,528 | ||||||
| Total liabilities |
65,401 | 73,958 | ||||||
| Stockholders’ equity |
34,772 | 62,862 | ||||||
| Total liabilities and stockholders’ equity |
$ | 100,173 | $ | 136,820 | ||||
Table 2
Reconciliation of certain Non GAAP Measures
| Three Months Ended | ||||||||||||||||
| GAAP | Non-GAAP | |||||||||||||||
| October 2, 2009 |
U.S. Govt Claim |
Tax on Dividend |
October 2, 2009 |
|||||||||||||
| Revenues |
$ | 31,788 | 31,788 | |||||||||||||
| Cost of revenues |
14,089 | 14,089 | ||||||||||||||
| Gross profit |
17,699 | — | — | 17,699 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Course development |
1,627 | 1,627 | ||||||||||||||
| Sales and marketing |
7,011 | 7,011 | ||||||||||||||
| General and administrative |
10,486 | (4,233 | ) | 6,253 | ||||||||||||
| Total operating expenses |
19,124 | (4,233 | ) | — | 14,891 | |||||||||||
| Income (loss) from operations |
(1,425 | ) | 4,233 | 2,808 | ||||||||||||
| Other income (expense), net |
31 | 31 | ||||||||||||||
| Income (loss) before income taxes |
(1,394 | ) | 4,233 | — | 2,839 | |||||||||||
| Provision for income tax |
24 | 1,519 | (666 | ) | 877 | |||||||||||
| Net income (loss) |
$ | (1,418 | ) | 2,714 | 666 | 1,962 | ||||||||||
| Earnings (loss) per share—diluted |
$ | (0.10 | ) | 0.19 | 0.05 | 0.14 | ||||||||||
| Twelve Months Ended | ||||||||||||||||
| GAAP | Non-GAAP | |||||||||||||||
| October 2, 2009 |
U.S. Govt Claim |
Tax on Dividend |
October 2, 2009 |
|||||||||||||
| Revenues |
$ | 132,559 | 132,559 | |||||||||||||
| Cost of revenues |
59,243 | 59,243 | ||||||||||||||
| Gross profit |
73,316 | — | — | 73,316 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Course development |
7,442 | 7,442 | ||||||||||||||
| Sales and marketing |
31,962 | 31,962 | ||||||||||||||
| General and administrative |
31,929 | (4,233 | ) | 27,696 | ||||||||||||
| Total operating expenses |
71,333 | (4,233 | ) | — | 67,100 | |||||||||||
| Income (loss) from operations |
1,983 | 4,233 | 6,216 | |||||||||||||
| Other income (expense), net |
1,048 | 1,048 | ||||||||||||||
| Income (loss) before income taxes |
3,031 | 4,233 | — | 7,264 | ||||||||||||
| Provision for income tax |
1,828 | 1,519 | (666 | ) | 2,681 | |||||||||||
| Net income (loss) |
$ | 1,203 | 2,714 | 666 | 4,583 | |||||||||||
| Earnings (loss) per share—diluted |
$ | 0.08 | 0.18 | 0.04 | 0.30 | |||||||||||