LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(all amounts in thousands, except per share amounts)

		Three Months Ended						Six Months Ended
		March 30, 2012			April 1, 2011			March 30, 2012			April 1, 2011
Revenues	$	28,942		$	30,402		$	63,917		$	66,034
Cost of revenues		14,558			14,819			30,192			30,609
Gross profit		14,384			15,583			33,725			35,425
Operating expenses:
Course development		2,070			1,842			4,191			3,819
Sales and marketing		8,360			8,060			15,870			15,725
General and administrative		7,468			7,278			14,357			14,519
Total operating expenses		17,898			17,180			34,418			34,063
Income (loss) from operations		(3,514)			(1,597)			(693)			1,362
Other income (expense), net		(191)			(33)			(145)			(14)
Income (loss) before income taxes		(3,705)			(1,630)			(838)			1,348
Provision (benefit) for income tax		(1,586)			(634)			(554)			381
Net income (loss)	$	(2,119)		$	(996)		$	(284)		$	967
Earnings (loss) per share--diluted	$	(0.16)		$	(0.07)		$	(0.02)		$	0.07

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

		March 30, 2012			September 30, 2011
Cash and cash equivalents	$	32,366		$	40,293
Available for sale securities		12,866			2,352
Trade accounts receivable, net		13,218			18,220
Prepaid expenses and other		7,865			6,373
Total current assets		66,315			67,238
Depreciable assets, net and other		33,519			34,914
Total assets	$	99,834		$	102,152
Accounts payable and accrued liabilities	$	16,637		$	16,893
Deferred revenues		32,788			34,572
Total current liabilities		49,425			51,465
Other		12,574			12,936
Total liabilities		61,999			64,401
Stockholders' equity		37,835			37,751
Total liabilities and stockholders' equity	$	99,834		$	102,152