Learning Tree International Announces Fourth Quarter & FY 2012 Results
RESTON, Va.--(BUSINESS WIRE)--
Learning
Tree International (NASDAQ: LTRE) announced today its revenues and
results of operations for its fourth quarter and full fiscal year 2012,
which ended September 28, 2012.
In its fourth quarter of fiscal year 2012, Learning Tree reported
revenues of $32.1 million, loss from operations of $4.1 million, and net
loss of $4.8 million or $0.37 per share. These results compare with
revenues of $34.3 million, income from operations of $2.9 million, and
net income of $1.6 million or $0.12 per share in its fourth quarter of
fiscal year 2011.
For the full fiscal year 2012, Learning Tree reported revenues of $129.0
million, loss from operations of $6.9 million, and net loss of $11.9
million or $0.89 per share. These results compare with revenues of
$133.8 million, income from operations of $5.2 million, and net income
of $3.2 million or $0.24 per share for fiscal year 2011.
"In response to weak economic conditions which continue to affect our
major markets, we remain focused on improving our operations," said
Learning Tree President Max Shevitz. “The losses we experienced reflect
our investments in making those improvements. We are excited about these
investments and their role in the company’s future as we fulfill our
mission to assist our corporate and government customers by providing
their IT professionals and managers with new knowledge and skills that
improve their on-the-job productivity and capability.”
Webcast
An investor conference call to discuss fourth quarter and full fiscal
year 2012 results is scheduled for 4:30 p.m. (EST) December 18, 2012.
Interested parties may access the conference call by via live webcast
at: www.learningtree.com/investor.
The webcast will 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, 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™, the
company’s web-based, remote-attendance platform. For more information
about Learning Tree products and services,
call 1-888-THE-TREE (1-888-843-8733), or visit the Learning Tree Web
site at www.learningtree.com.
Except for historical information contained herein, the matters
addressed in this press release are forward-looking statements. Please
do not put undue reliance on these forward-looking statements, since
they are based on key assumptions about future risks and uncertainties.
Although Learning Tree believes that its assumptions are reasonable,
inevitably some will prove to be incorrect. As a result, Learning Tree's
actual future results can be expected to differ from those in this
release, and those differences may be material. Learning Tree is not
undertaking any obligation to update forward-looking statements. In
order to help the reader assess the major risks in Learning Tree's
business, Learning Tree has identified many, but not all, of these risks
in Item 1A, “Risk Factors” in Learning Tree's Annual Report on Form 10-K
(“Item 1A”). Please read that exhibit carefully. Some of the factors
discussed in Item 1A that could affect Learning Tree include 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 INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
Three Months Ended
Twelve Months Ended
September 28,
September 30,
September 28,
September 30,
2012
2011
2012
2011
Revenues
$
32,089
$
34,290
$
129,047
$
133,782
Cost of revenues
16,986
15,119
62,820
61,641
Gross profit
15,103
19,171
66,227
72,141
Operating expenses:
Course development
2,398
1,802
8,754
7,493
Sales and marketing
9,477
7,300
35,054
30,836
General and administrative
7,358
7,145
29,367
28,565
Total operating expenses
19,233
16,247
73,175
66,894
Income (loss) from operations
(4,130
)
2,924
(6,948
)
5,247
Other income (expense), net
(237
)
93
(73
)
105
Income (loss) before income taxes
(4,367
)
3,017
(7,021
)
5,352
Provision for income tax
482
1,387
4,890
2,110
Net income (loss)
$
(4,849
)
$
1,630
$
(11,911
)
$
3,242
Earnings (loss) per share--diluted
$
(0.37
)
$
0.12
$
(0.89
)
$
0.24
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
September 28,
September 30,
2012
2011
Cash and cash equivalents
$
25,784
$
40,293
Available for sale securities
6,131
2,352
Trade accounts receivable, net
16,831
18,220
Prepaid expenses and other
8,552
6,373
Total current assets
57,298
67,238
Depreciable assets, net and other
31,748
34,914
Total assets
$
89,046
$
102,152
Accounts payable and accrued liabilities
$
20,264
$
16,893
Deferred revenues
31,899
34,572
Total current liabilities
52,163
51,465
Other
12,377
12,936
Total liabilities
64,540
64,401
Stockholders' equity
24,506
37,751
Total liabilities and stockholders' equity
$
89,046
$
102,152
Learning Tree International Max Shevitz President 703-925-5590 max_shevitz@learningtree.com
Press Release $LTRE Learning Tree International Inc.
RESTON, Va.--(BUSINESS WIRE)-- Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2012, which ended September 28, 2012.
In its fourth quarter of fiscal year 2012, Learning Tree reported revenues of $32.1 million, loss from operations of $4.1 million, and net loss of $4.8 million or $0.37 per share. These results compare with revenues of $34.3 million, income from operations of $2.9 million, and net income of $1.6 million or $0.12 per share in its fourth quarter of fiscal year 2011.
For the full fiscal year 2012, Learning Tree reported revenues of $129.0 million, loss from operations of $6.9 million, and net loss of $11.9 million or $0.89 per share. These results compare with revenues of $133.8 million, income from operations of $5.2 million, and net income of $3.2 million or $0.24 per share for fiscal year 2011.
"In response to weak economic conditions which continue to affect our major markets, we remain focused on improving our operations," said Learning Tree President Max Shevitz. “The losses we experienced reflect our investments in making those improvements. We are excited about these investments and their role in the company’s future as we fulfill our mission to assist our corporate and government customers by providing their IT professionals and managers with new knowledge and skills that improve their on-the-job productivity and capability.”
Webcast
An investor conference call to discuss fourth quarter and full fiscal year 2012 results is scheduled for 4:30 p.m. (EST) December 18, 2012. Interested parties may access the conference call by via live webcast at: www.learningtree.com/investor. The webcast will 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, 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™, the company’s web-based, remote-attendance platform. For more information about Learning Tree products and services, call 1-888-THE-TREE (1-888-843-8733), or visit the Learning Tree Web site at www.learningtree.com.
Except for historical information contained herein, the matters addressed in this press release are forward-looking statements. Please do not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties. Although Learning Tree believes that its assumptions are reasonable, inevitably some will prove to be incorrect. As a result, Learning Tree's actual future results can be expected to differ from those in this release, and those differences may be material. Learning Tree is not undertaking any obligation to update forward-looking statements. In order to help the reader assess the major risks in Learning Tree's business, Learning Tree has identified many, but not all, of these risks in Item 1A, “Risk Factors” in Learning Tree's Annual Report on Form 10-K (“Item 1A”). Please read that exhibit carefully. Some of the factors discussed in Item 1A that could affect Learning Tree include 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 International
Max Shevitz
President
703-925-5590
max_shevitz@learningtree.com
Source: Learning Tree International