Reston, VA – August 11, 2009
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its third quarter and first nine months of fiscal year 2009, which ended July 3, 2009. Revenues for the quarter ended July 3, 2009 were $32.3 million, a 31% decrease from the same quarter of the prior fiscal year. Learning Tree reported income from operations for the quarter of $3.2 million, compared to income from operations of $5.4 million for the same quarter of fiscal 2008. Net income for the third quarter of fiscal 2009 was $2.1 million, compared with net income of $3.8 million for the third quarter of fiscal 2008. Earnings per share for the third quarter of fiscal 2009 were $0.15, compared with earnings per share of $0.23 for the same quarter of fiscal 2008.
Revenues for the first nine months of Learning Tree’s fiscal year 2009 were $100.8 million, a decrease of 26% compared with $137.1 million for the first nine months of fiscal year 2008. Income from operations for the first nine months of fiscal year 2009 was $3.4 million, compared with $14.5 million for the same period of fiscal 2008. Net income for the first nine months of fiscal 2009 was $2.6 million, compared to net income of $11.0 million for the same period in fiscal year 2008. Earnings per share for the first nine months of fiscal year 2009 were $0.17, compared to $0.67 for the same period of fiscal 2008.
"Our gross profit and income from operations in our third quarter reflect significant benefits from the profitability improvements and cost savings we have implemented during these challenging economic times," commented Learning Tree President and CEO Nicholas R. Schacht. "We believe that we have adjusted our business appropriately for current economic conditions, and we look forward to building on our strong financial base and market position to capitalize on opportunities as they arise."
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 third quarter results is scheduled at 4:30 p.m. EDT August 11, 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.
Learning Tree International
Phone: (703) 925-5590
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