RESTON, VA (February 7, 2013)
Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2013, which ended December 28, 2012.
In its first quarter of fiscal year 2013, Learning Tree reported revenues of $33.3 million, loss from operations of $1.4 million, and net loss of $1.4 million or $0.11 per share. These results compare with revenues of $35.0 million, income from operations of $2.8 million and net income of $1.8 million, or $0.14 per share in its first quarter of fiscal year 2012.
"We continue to make progress on refocusing our company toward long term growth and profitability" said Learning Tree President Max Shevitz. "Some of these efforts result in one-time costs such as the closing of our El Segundo, CA office that resulted in a restructuring charge of $1.4 million in our first quarter. Also in our first quarter, we incurred two other unusual costs: expenditures of $0.8 million by the Special Committee of our Board of Directors to evaluate two proposals and other expressions of interest to acquire the company; and additional direct costs of $0.4 million as a result of Hurricane Sandy. Despite these costs and the adverse first quarter revenue impacts of both Hurricane Sandy and the uncertainty surrounding federal spending, we remain optimistic that the initiatives we have taken in course quality, sales and marketing have the potential to improve future revenues and profitability."
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 Item 1A 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 first quarter fiscal year 2013 results is scheduled for 4:30 p.m. (EST) February 7, 2013. Interested parties may access the conference call via live webcast at www.learningtree.com/investor. The webcast will also be available for replay at www.learningtree.com/investor.
Learning Tree International
Phone: (703) 925-5590
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Quarterly Consolidated Financial Statements PDF can be found here »