Attached files

file filename
8-K - FORM 8-K - LEARNING TREE INTERNATIONAL, INC.ltre20131212_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 FOURTH QUARTER & FISCAL YEAR 2013 RESULTS

 

RESTON, Va., December 12, 2013 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2013, which ended September 27, 2013.

 

In its fourth quarter of fiscal year 2013, Learning Tree reported revenues of $27.6 million, loss from operations of $2.0 million, and net loss of $2.2 million, or $0.17 per share. These results compare with revenues of $32.1 million, loss from operations of $4.1 million, and net loss of $4.8 million, or $0.37 per share in its fourth quarter of fiscal year 2012.

 

For the full fiscal year 2013, Learning Tree reported revenues of $116.8 million, loss from operations of $8.2 million, and net loss of $8.7 million or $0.66 per share. These results compare with revenues of $129.0 million, loss from operations of $6.9 million, and net loss of $11.9 million or $0.89 per share for fiscal year 2012.

 

“We achieved a smaller operating loss in our fourth quarter of fiscal 2013 than in the same quarter a year earlier, despite the adverse impact of the U.S. Government’s sequestration and tepid European economies,” said Learning Tree President Max Shevitz. “We have managed through these difficult times, reducing our costs where possible while improving the learning experience for our customers and providing them with increased access to our courses through the introduction of 31 stand-alone AnyWare™ Learning Centers. With the use of our AnyWare™ product, our customers anywhere in the world can choose to participate in any course event being taught at any of our education centers, without the need to travel or commute to the actual course site.

 

Webcast

 

An investor conference call to discuss fourth quarter and full fiscal year 2013 results is scheduled for 4:30 p.m. (ET) December 12, 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.

# # #

 

Release Summary: Learning Tree International announced today its revenues and results of operations for its fourth quarter and full fiscal year 2013, which ended September 27, 2013.

 

 
 

 

 

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

 
   

September 27,

2013

   

September 28,

2012

   

September 27,

2013

   

September 28,

2012

 
   

(unaudited)

   

(unaudited)

                 
                                 

Revenues

  $ 27,629     $ 32,089     $ 116,810     $ 129,047  

Cost of revenues

    15,589       16,986       63,010       62,820  

Gross profit

    12,040       15,103       53,800       66,227  
                                 

Operating expenses:

                               

Course development

    1,812       2,398       7,841       8,754  

Sales and marketing

    6,735       9,477       28,616       35,054  

General and administrative

    5,492       7,358       25,529       29,367  

Total operating expenses

    14,039       19,233       61,986       73,175  
                                 

Loss from operations

    (1,999 )     (4,130 )     (8,186 )     (6,948 )
                                 

Other expense, net

    (308 )     (237 )     (89 )     (73 )
                                 

Loss before income taxes

    (2,307 )     (4,367 )     (8,275 )     (7,021 )

Provision (benefit) for income tax

    (98 )     482       444       4,890  
                                 

Net loss

  $ (2,209 )   $ (4,849 )   $ (8,719 )   $ (11,911 )
                                 

Loss per share--diluted

  $ (0.17 )   $ (0.37 )   $ (0.66 )   $ (0.89 )

 

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

                 

CONDENSED CONSOLIDATED BALANCE SHEETS

                 

(all amounts in thousands)

                 
                                 
   

September 27,2013

   

September 28,2012

                 
                                 
                                 

Cash and cash equivalents

  $ 26,583     $ 25,784                  

Available for sale securities

    -       6,131                  

Trade accounts receivable, net

    14,057       16,831                  

Prepaid expenses and other

    6,152       8,552                  

Total current assets

    46,792       57,298                  

Depreciable assets, net and other

    22,170       31,748                  

Total assets

  $ 68,962     $ 89,046                  
                                 

Accounts payable and accrued liabilities

  $ 15,317     $ 20,264                  

Deferred revenues

    29,780       31,899                  

Total current liabilities

    45,097       52,163                  

Other

    8,204       12,377                  

Total liabilities

    53,301       64,540                  
                                 

Stockholders' equity

    15,661       24,506                  

Total liabilities and stockholders' equity

  $ 68,962     $ 89,046