Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2014, which ended October 3, 2014.

In its fourth quarter of fiscal year 2014, Learning Tree reported revenues of $32.5 million, income from operations of $6.4 million, and net income of $6.6 million, or $0.50 per share. The fourth quarter of 2014 results were positively impacted by a $6.3 million gain recognized on the sale of Learning Tree’s corporate headquarters facility located in Reston, Virginia. These results compare with revenues of $27.6 million, loss from operations of $2.0 million, and net loss of $2.2 million, or ($0.17) per share in its fourth quarter of fiscal year 2013.

For the full fiscal year 2014, Learning Tree reported revenues of $118.2 million, income from operations of $0.4 million, and net income of less than $0.1 million or less than $0.01 per share. These results compare with revenues of $116.8 million, loss from operations of $8.2 million, and net loss of $8.7 million or ($0.66) per share for fiscal year 2013.

“We are continuing to focus on delivering the highest quality IT and Management Training while working to improve our financial results,” said Learning Tree President Max Shevitz. “We are expanding the services we offer our customers in order to further enhance their overall training options, and their back-on-the-job productivity. We are also working to align our classroom space with the needs of our business.”

Webcast

An investor conference call to discuss fourth quarter and full fiscal year 2014 results is scheduled for 4:30 p.m. (ET) December 18, 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. 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; 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 amounts)           Three Months Ended Twelve Months Ended October 3, September 27, October 3, September 27, 2014 2013 2014 2013 (unaudited) (unaudited)   Revenues $ 32,463 $ 27,629 $ 118,248 $ 116,810 Cost of revenues   17,383     15,589     66,574     63,010   Gross profit   15,080     12,040     51,674     53,800     Operating expenses: Course development 1,920 1,812 7,646 7,841 Sales and marketing 6,887 6,735 25,521 28,616 General and administrative   6,142     5,492     24,432     25,529   Total operating expenses   14,949     14,039     57,599     61,986    

Income (loss) from operations before other operating items

131 (1,999 ) (5,925 ) (8,186 )  

Gain (loss) on disposal of property, plant and equipment

  6,310     9     6,322     (54 )   Income (loss) from operations 6,441 (1,990 ) 397 (8,240 )   Other expense, net   (2 )   (317 )   (75 )   (35 )   Income (loss) before income taxes 6,439 (2,307 ) 322 (8,275 )   Provision (benefit) for income tax   (182 )   (98 )   321     444     Net Income (loss) $ 6,621   $ (2,209 ) $ 1   $ (8,719 )   Income (loss) per share--diluted $ 0.50   $ (0.17 ) $ 0.00   $ (0.66 )     LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in thousands)     October 3, September 27, 2014 2013     Cash and cash equivalents $ 31,078 $ 26,583 Available for sale securities - - Trade accounts receivable, net 16,223 14,057 Prepaid expenses and other   5,543   6,152 Total current assets 52,844 46,792 Depreciable assets, net and other   13,356   22,170 Total assets $ 66,200 $ 68,962   Accounts payable and accrued liabilities $ 16,557 $ 15,317 Deferred revenues   26,799   29,780 Total current liabilities 43,356 45,097 Other   7,047   8,204 Total liabilities   50,403   53,301   Stockholders' equity   15,797   15,661 Total liabilities and stockholders' equity $ 66,200 $ 68,962  

Learning Tree InternationalMax ShevitzPresident703-925-5590max_shevitz@learningtree.com

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