Reston, VA – February 9, 2010
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2010, which ended January 1, 2010. Revenues for the quarter ended January 1, 2010, were $32.5 million, a 14% decrease from the same quarter of the prior fiscal year. Learning Tree reported income from operations for the quarter of $3.9 million, compared to income from operations of $2.7 million for the same quarter of fiscal 2009. Net income for the first quarter of fiscal 2010 was $2.4 million, compared with net income of $1.8 million for the first quarter of fiscal 2009. Earnings per share for the first quarter of fiscal 2010 were $0.18, compared with earnings per share of $0.11 for the same quarter of fiscal 2009.
“Our performance in our first quarter reflects significant benefits from profitability improvements and cost savings we have made during these challenging economic times,” commented Learning Tree President and CEO Nicholas R. Schacht. “We are pleased that these changes have resulted in increased profitability compared to a year earlier, and we look forward to being able to build on our strong financial base and market position to capitalize on opportunities as they arise.”
Mr. Schacht also commented on the continued roll-out of the Learning Tree AnyWare™ e-Learning platform: “We are pleased by our customers’ enthusiastic response to the introduction of AnyWare, which allows individuals located anywhere in the world to use an ordinary Internet connection to attend a live instructor-led class being conducted in a Learning Tree Education Center or at a customer location. Remote participants have real-time video of their instructor, their classmates and their instructor’s annotations. They participate fully in discussions, ask questions, collaborate in breakout sessions and complete the same hands-on exercises (with the same personal assistance from the instructor) as their classroom-based counterparts. Because of this complete involvement, AnyWare participants achieve the same level of knowledge and skill transfer as our in-class participants.”
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 first quarter results is scheduled at 4:30 p.m. (EST) February 9, 2010. 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 at www.learningtree.com/investor for replay.
Learning Tree International
Phone: (703) 925-5590
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