LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
		Three Months Ended
		December 30, 2011		December 31, 2010
Revenues	$	34,975	$	35,632
Cost of revenues		15,634		15,790
Gross profit		19,341		19,842
Operating expenses:
Course development		2,121		1,977
Sales and marketing		7,510		7,665
General and administrative		6,889		7,241
Total operating expenses		16,520		16,883
Income from operations		2,821		2,959
Other income (expense), net		46		19
Income before income taxes		2,867		2,978
Provision for income tax		1,032		1,015
Net income	$	1,835	$	1,963
Earnings per share—diluted	$	0.14	$	0.14

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LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
	December 30, 2011			September 30, 2011
Cash and cash equivalents	$	40,878	$	40,293
Available for sale securities		4,168		2,352
Trade accounts receivable, net		15,353		18,220
Prepaid expenses and other		7,086		6,373
Total current assets		67,485		67,238
Depreciable assets, net and other		33,958		34,914
Total assets	$	101,443	$	102,152
Accounts payable and accrued liabilities	$	17,165	$	16,893
Deferred revenues		31,770		34,572
Total current liabilities		48,935		51,465
Other		12,878		12,936
Total liabilities		61,813		64,401
Stockholders' equity		39,630		37,751
Total liabilities and stockholders' equity	$	101,443	$	102,152