Learning Tree International (NASDAQ: LTRE) announced today its
revenues and results of operations for its second quarter of fiscal
year 2015, which ended April 3, 2015.
In its second quarter of fiscal year 2015, Learning Tree
reported revenues from continuing operations of $22.2 million, loss
from continuing operations of $4.9 million, loss from discontinued
operations of $3.0 million, and net loss of $7.9 million, or
($0.60) per share. These results compare with revenues from
continuing operations of $23.2 million, loss from continuing
operations of $3.9 million, loss from discontinued operations of
$0.7 million, and net loss of $4.6 million, or ($0.35) per share in
its second quarter of fiscal year 2014.
On March 3, 2015, the Company completed the sale of its
subsidiary in France, Learning Tree International S.A. to
Educinvest SPRL. The sale of Learning Tree France resulted in a
loss of $2.5 million. This loss plus the results of operations for
Learning Tree France for the three and six month periods ended
April 3, 2015 and March 28, 2014, respectively have been
reclassified to the Loss from discontinued operations line on the
Condensed Consolidated Statements of Operations presented herein.
In addition, historical Condensed Consolidated Balance Sheet
amounts for Learning Tree France have also been reclassified as
discontinued operations. (See Tables below for full results.)
Conference Call and Webcast
Learning Tree will host an investor conference call to discuss
second quarter of fiscal year 2015 results at 4:30 p.m. ET, May 14,
2015. To participate, call (888) 339-2688 or
+1 (617) 847-3007 (International Callers) and enter pass
code: 630 487 41 at least five minutes before 4:30pm (ET)
/ 1:30pm (PT) on Thursday, May 14, 2015; or, go to Learning Tree’s
Investor website at www.learningtree.com/investor to gain access
and listen to the live webcast. A webcast replay of the investor
conference call is available for 90 days via the Internet through
the Investor Relations section of Learning Tree’s website at
www.learningtree.com/investor.
About Learning Tree International
Established in 1974, Learning Tree International is a leading
worldwide vendor-independent provider to business and government
organizations for the training and education of their information
technology (“IT”) professionals and managers. In addition to
training, we support our customers by providing a suite of skills
enhancement services which help business and government
organizations assess the skill level of their IT staff &
new hires, determine skill gaps, and define learning paths to
enhance the competences of their IT workforce.. 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”) and Quarterly Report on Form 10-Q for the quarterly
period ended April 3, 2015 (“Form 10-Q”), those risks in Item 1A,
“Risk Factors”. Please read the Form 10-K and the Form 10-Q,
including the Risk Factors included therein, which are 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 Six Months Ended April 3, March
28, April 3, March 28, 2015 2014 2015 2014
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $ 22,152 $ 23,184 $ 46,552 $ 51,295 Cost of revenues
13,962 14,488 27,688 30,123 Gross
profit 8,190 8,696 18,864 21,172
Operating expenses: Course development 2,111 1,734 3,820 3,585
Sales and marketing 6,080 5,475 11,612 10,838 General and
administrative 4,991 5,067 9,855 10,176
Total operating expenses 13,182 12,276 25,287
24,599 Loss from operations (4,992 ) (3,580 ) (6,423
) (3,427 ) Other income (expense), net 166 (56 ) 387
(92 ) Loss from continuing operations before income taxes (4,826 )
(3,636 ) (6,036 ) (3,519 ) Provision for income tax 52 274
210 394 Loss from continuing operations
(4,878 ) (3,910 ) (6,246 ) (3,913 ) (Loss) income from
discontinued operations, net of tax (482 ) (693 ) (264 ) 39 Loss on
disposal of discontinued segment (2,501 ) - (2,501 ) -
(Loss) income from discontinued operations (2,983 )
(693 ) (2,765 ) 39 Net loss $ (7,861 ) $ (4,603 ) $
(9,011 ) $ (3,874 ) Earnings (loss) per share basic and
diluted: Continuing operations $ (0.37 ) $ (0.29 ) $ (0.47 ) $
(0.30 ) Discontinued operations (0.23 ) (0.06 ) (0.21 ) 0.01
Basic and diluted loss per share $ (0.60 ) $ (0.35 ) $ (0.68 ) $
(0.29 )
LEARNING TREE INTERNATIONAL, INC. AND
SUBSIDIARIES
Table 2
CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in
thousands) April 3, October 3, 2015 2014 (unaudited)
Cash and cash equivalents $ 22,330 $ 29,881 Trade accounts
receivable, net 9,197 13,523 Prepaid expenses and other 5,421 4,968
Current assets of continuing operations 36,948 48,372 Current
assets of discontinued operations - 4,472 Total current assets
36,948 52,844 Depreciable assets, net and other 11,626 12,718
Depreciable assets, net and other of discontinued operations - 638
Total assets $ 48,574 $ 66,200 Accounts payable and accrued
liabilities $ 12,687 $ 14,191 Deferred revenues 23,495 26,572
Current liabilities of continuing operations 36,182 40,763 Current
liabilities of discontinued operations - 2,593 Total current
liabilities 36,182 43,356 Other long term liabilities of continuing
operations 5,913 6,800 Other long term liabilities of discontinued
operations - 247 Total liabilities 42,095 50,403
Stockholders' equity 6,479 15,797 Total liabilities and
stockholders' equity $ 48,574 $ 66,200
Learning Tree InternationalMax
ShevitzPresident703-925-5590max_shevitz@learningtree.com
Learning Tree (CE) (USOTC:LTRE)
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