Reston, VA — May 12, 2009
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its second quarter and first six months of fiscal year 2009, which ended April 3, 2009. Revenues for the quarter ended April 3, 2009 were $30.5 million, a 22% decrease from the same quarter of the prior fiscal year. Learning Tree reported a loss from operations for the quarter of $2.5 million, compared to income from operations $0.7 million for the same quarter of the prior fiscal year. The net loss for the second quarter of fiscal 2009 was $1.4 million, compared with net income of $1.3 million for the second quarter of fiscal 2008. Loss per share for the second quarter of fiscal 2009 was $0.09, compared with earnings per share of $0.08 for the same quarter of the prior fiscal year.
Revenues for the first six months of Learning Tree's fiscal year 2009 were $68.5 million, a decrease of 24% compared with $90.1 million for the first six months of fiscal year 2008. Income from operations for the first six months of fiscal year 2009 was $0.2 million, compared with $9.2 million for the same period of the prior fiscal year. Net income for the first six months of fiscal 2009 was $0.5 million, compared to net income of $7.2 million for the same period in fiscal year 2008. Earnings per share for the first six months of fiscal year 2009 were $0.03, compared to $0.44 for the same period in the prior fiscal year.
“Our performance in our second quarter exceeded our earlier expectations,” commented Learning Tree President and CEO Nicholas R. Schacht. “We achieved this through slightly higher-than-expected sales volumes late in the quarter, together with some of the results of our cost-saving initiatives which we realized more quickly than we had previously anticipated. We believe we have now adjusted our operations to be consistent with our current levels of business, and we are working to maintain and grow our revenues in a challenging business environment.”
About Learning Tree International
Learning Tree International is a leading global provider of highly effective, hands-on training to information technology professionals and managers. Since 1974, over 65,000 organizations have relied on Learning Tree to enhance the professional skills of more than 2.1 million employees. 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; and leadership, management and business skills. Courses are presented globally at Learning Tree Education Centers, on-site at client facilities, and can be attended via Learning Tree AnyWare™, the Company’s proprietary technology that connects participants via the web to the actual classroom, from their workplace or home. For more information about our products and services, call 1-888-THE-TREE (1-888-843-8733), visit www.learningtree.com, follow @LearningTree on Twitter or visit Learning Tree International's Facebook fan page.
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: 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.
An investor conference call to discuss second quarter results is scheduled at 4:30 p.m. EDT May 12, 2009. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree's website. The webcast will also be available for replay.