LTRE Learning Tree International Inc (CE)

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  

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