Reston, VA – December 9, 2010
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and fiscal year 2010, which ended October 1, 2010.
In its fourth quarter of fiscal year 2010, Learning Tree reported revenues of $33.9 million, income from operations of $2.2 million, and net income of $1.2 million or $0.08 per share. These results compare with revenues of $31.8 million, a loss from operations of $1.4 million, and a net loss of $1.4 million or $0.10 per share in its fourth quarter of fiscal year 2009. Excluding the one-time effects of a $4.2 million charge related to the anticipated settlement of a contract dispute, in its fourth quarter of fiscal year 2009, the company would have reported income from operations of $2.8 million and net income of $2.0 million, or $0.14 per share.
In fiscal year 2010, revenues were $127.5 million, income from operations was $5.2 million, and net income was $4.4 million or $0.32 per share. This compares to revenues of $132.6 million, income from operations of $2.0 million and net income of $1.2 million or $0.08 per share in fiscal year 2009.
“We are pleased that the results of our efforts to stimulate sales growth seem to have had a positive effect, with modest year-over-year revenue growth for a second consecutive quarter,” commented Learning Tree President and CEO Nicholas R. Schacht. “Client interest remained strong in Learning Tree AnyWare™, our patent-pending live online training platform. More than 4,000 people used AnyWare in fiscal 2010 to participate online in our live classroom courses. Additionally, we are pleased that our efforts to maintain profitability in this challenging environment have continued to produce positive results.”
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 the following: 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 fourth quarter and fiscal year 2010 results is scheduled at 4:30 p.m EST December 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 for replay.
Learning Tree International
Phone: (703) 925-5590
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