Press Releases
LEARNING TREE ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2007 RESULTS
Reston, VA — December 11, 2007 - Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2007, which ended September 28, 2007. Revenues for the quarter ended September 28, 2007 were $44.2 million, a 14% increase from the same quarter of the prior year. Learning Tree reported income from operations for the quarter of $2.3 million compared with a loss from operations of $0.6 million for the same quarter of the prior year. Net income for the fourth quarter of fiscal year 2007 was $7.8 million, compared with a net loss of $3.5 million for the fourth quarter of fiscal year 2006. Earnings per share for the fourth quarter of fiscal 2007 were $0.48, compared with a loss per share of $0.21 for the same quarter of the prior year. Net income and earnings per share for the fourth quarter of both years were significantly affected by one-time adjustments to the income tax provision, unrelated to current operations.
Revenues for Learning Tree’s fiscal year 2007 were $167.2 million compared with $154.0 million for fiscal year 2006. Income from operations for fiscal year 2007 was $14.5 million compared with a loss from operations of $2.6 million for the prior year. Net income for fiscal year 2007 was $17.0 million compared to a net loss of $3.1 million for fiscal year 2006. Earnings per share for fiscal year 2007 were $1.03, compared to a loss per share of $0.19 for the prior year. The accompanying Table 1 presents Learning Tree’s results of operations for the fourth quarter and full fiscal year 2007.
"We are proud of our performance in fiscal year 2007," commented Learning Tree President and CEO Nicholas R. Schacht. "We made many changes which resulted in a return to profitability as well as a modest increase in our revenues. We also successfully remediated the material weaknesses in our finance and accounting processes that we reported in prior years. And, perhaps most importantly, we have achieved these results while receiving the highest marks ever from our customers for the quality of our training. We are now increasing our focus on developing sustainable higher revenue growth rates, as well as continuing our efforts to improve profitability."
Learning Tree International is a leading worldwide provider of vendor-independent education and training to IT professionals and managers in business and government organizations. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on Web development, operating systems, programming languages, databases, computer networks, computer and network security, object-oriented technology, project management, leadership, communications, business analysis, and strategic business skills. Learning Tree also tests and certifies IT and business professionals, and Learning Tree courses are recommended for college credit by the American Council on Education. In addition, Learning Tree is on the National Association of State Boards of Accountancy National Registry of CPE sponsors and is a Registered Education Provider of the Project Management Institute (PMI). For more information about Learning Tree products and services, call
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 any forward-looking statements, 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 section carefully. Some of the factors that could affect Learning Tree include: 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.
Webcast
An investor conference call to discuss fourth quarter results is scheduled at 4:30 pm EDT December 11, 2007. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree’s Web site www.learningtree.com, and selecting "Investor Relations." The webcast will also be available at www.learningtree.com for replay.
Contact Information
Nicholas R. Schacht
President and Chief Executive Officer
Learning Tree International
Phone: (703) 925-7744
You can also request an investor information packet here »
President and Chief Executive Officer
Learning Tree International
Phone: (703) 925-7744
You can also request an investor information packet here »