RESTON, VA (August 7, 2012)
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its second quarter of fiscal year 2012, which ended June 29, 2012.
In its third quarter of fiscal year 2012, Learning Tree reported revenues of $33.0 million, loss from operations of $2.1 million, and net loss of $6.8 million or $0.50 per share. During the third quarter, the Company took a one-time charge of $4.2 million to establish a valuation allowance against deferred tax assets in the U.S. These results compare with revenues of $33.5 million, income from operations of $1.0 million, and net income of $0.6 million or $0.05 per share in its third quarter of fiscal year 2011.
"Our focus continues to be on those investments we expect will ultimately result in long-term growth for the company," said Max Shevitz, President. "We believe that we are on the right path with the changes we are implementing and have metrics in place to continuously gauge the effects of our changes on the company’s performance. Over time, these changes have the potential to achieve our goals of revenue growth and improved margins; however, the positive impact of those changes may not be felt for several quarters to come."
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 third quarter fiscal year 2012 results is scheduled at 4:30 p.m. (EDT) August 7, 2012. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree's website www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
Learning Tree International
Phone: (703) 925-5590
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Quarterly Consolidated Financial Statements PDF can be found here »