RESTON, Va.--(BUSINESS WIRE)--Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2012, which ended December 30, 2011.
In its first quarter of fiscal year 2012, Learning Tree reported revenues of $35.0 million, income from operations of $2.8 million, and net income of $1.8 million or $0.14 per share. These results compare with revenues of $35.6 million, income from operations of $3.0 million, and net income of $2.0 million or $0.14 per share in its first quarter of fiscal year 2011.
“While this year’s first quarter operating results were similar to those of last year’s first quarter, we believe that our results can and should be better,” said Dr. David Collins, Chairman and CEO. “I and Max Shevitz, our recently appointed President, are working intensively with our staff to identify opportunities to increase revenues and margins within our current business model. We intend to aggressively pursue the opportunities we identify, which could begin to bear fruit toward the end of this fiscal year or in the beginning of our next fiscal year.”
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 first quarter fiscal year 2012 results is scheduled at 4:30 p.m. (EST) February 7, 2012. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree's web site www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
| LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
| (all amounts in thousands, except per share amounts) | ||||||
| Three Months Ended | ||||||
| December 30, | December 31, | |||||
| 2011 | 2010 | |||||
| Revenues | $ | 34,975 | $ | 35,632 | ||
| Cost of revenues | 15,634 | 15,790 | ||||
| Gross profit | 19,341 | 19,842 | ||||
| Operating expenses: | ||||||
| Course development | 2,121 | 1,977 | ||||
| Sales and marketing | 7,510 | 7,665 | ||||
| General and administrative | 6,889 | 7,241 | ||||
| Total operating expenses | 16,520 | 16,883 | ||||
| Income from operations | 2,821 | 2,959 | ||||
| Other income (expense), net | 46 | 19 | ||||
| Income before income taxes | 2,867 | 2,978 | ||||
| Provision for income tax | 1,032 | 1,015 | ||||
| Net income | $ | 1,835 | $ | 1,963 | ||
| Earnings per share--diluted | $ | 0.14 | $ | 0.14 | ||
| LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (all amounts in thousands) | ||||||
| December 30, | September 30, | |||||
| 2011 | 2011 | |||||
| Cash and cash equivalents | $ | 40,878 | $ | 40,293 | ||
| Available for sale securities | 4,168 | 2,352 | ||||
| Trade accounts receivable, net | 15,353 | 18,220 | ||||
| Prepaid expenses and other | 7,086 | 6,373 | ||||
| Total current assets | 67,485 | 67,238 | ||||
| Depreciable assets, net and other | 33,958 | 34,914 | ||||
| Total assets | $ | 101,443 | $ | 102,152 | ||
| Accounts payable and accrued liabilities | $ | 17,165 | $ | 16,893 | ||
| Deferred revenues | 31,770 | 34,572 | ||||
| Total current liabilities | 48,935 | 51,465 | ||||
| Other | 12,878 | 12,936 | ||||
| Total liabilities | 61,813 | 64,401 | ||||
| Stockholders' equity | 39,630 | 37,751 | ||||
| Total liabilities and stockholders' equity | $ | 101,443 | $ | 102,152 | ||