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
Learning Tree (CE) (USOTC:LTRE)
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