Learning Tree International Announces First Quarter Fiscal Year 2015 Results

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).

    
      
        
        
        
           
        
        
           
        
        
        
        
        
        
           
        
        
           
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          Table 1
        
      
      
        
           
        
      
      
        
          

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
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

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