RESTON, Va. -- (BUSINESS WIRE) -- Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2013, which ended September 27, 2013.
In its fourth quarter of fiscal year 2013, Learning Tree reported revenues of $27.6 million, loss from operations of $2.0 million, and net loss of $2.2 million, or $0.17 per share. These results compare with revenues of $32.1 million, loss from operations of $4.1 million, and net loss of $4.8 million, or $0.37 per share in its fourth quarter of fiscal year 2012.
For the full fiscal year 2013, Learning Tree reported revenues of $116.8 million, loss from operations of $8.2 million, and net loss of $8.7 million or $0.66 per share. These results compare with revenues of $129.0 million, loss from operations of $6.9 million, and net loss of $11.9 million or $0.89 per share for fiscal year 2012.
“We achieved a smaller operating loss in our fourth quarter of fiscal 2013 than in the same quarter a year earlier, despite the adverse impact of the U.S. Government’s sequestration and tepid European economies,” said Learning Tree President Max Shevitz. “We have managed through these difficult times, reducing our costs where possible while improving the learning experience for our customers and providing them with increased access to our courses through the introduction of 31 stand-alone AnyWare™ Learning Centers. With the use of our AnyWare™ product, our customers anywhere in the world can choose to participate in any course event being taught at any of our education centers, without the need to travel or commute to the actual course site.”
An investor conference call to discuss fourth quarter and full fiscal year 2013 results is scheduled for 4:30 p.m. (ET) December 12, 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.
About Learning Tree International
Established in 1974, Learning Tree International is a global provider of hands-on IT and management training. 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, leadership, and management and business skills. Courses are offered at Learning Tree Education Centers and training locations around the world, on-site at client facilities, or via the Internet with Learning Tree AnyWare™, the company’s web-based, remote-attendance platform. For more information about Learning Tree products and services, call 1-888-THE-TREE (1-888-843-8733), or visit the Learning Tree Web site at www.learningtree.com.
Cautionary Statement Regarding Forward Looking Statements
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.
|LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(all amounts in thousands, except per share amounts)|
|Three Months Ended||Twelve Months Ended|
|September 27,||September 28,||September 27,||September 28,|
|Cost of revenues||15,589||16,986||63,010||62,820|
|Sales and marketing||6,735||9,477||28,616||35,054|
|General and administrative||5,492||7,358||25,529||29,367|
|Total operating expenses||14,039||19,233||61,986||73,175|
|Loss from operations||(1,999||)||(4,130||)||(8,186||)||(6,948||)|
|Other expense, net||(308||)||(237||)||(89||)||(73||)|
|Loss before income taxes||(2,307||)||(4,367||)||(8,275||)||(7,021||)|
|Provision (benefit) for income tax||(98||)||482||444||4,890|
|Loss per share--diluted||$||(0.17||)||$||(0.37||)||$||(0.66||)||$||(0.89||)|
|LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(all amounts in thousands)|
|September 27,||September 28,|
|Cash and cash equivalents||$||26,583||$||25,784|
|Available for sale securities||-||6,131|
|Trade accounts receivable, net||14,057||16,831|
|Prepaid expenses and other||6,152||8,552|
|Total current assets||46,792||57,298|
|Depreciable assets, net and other||22,170||31,748|
|Accounts payable and accrued liabilities||$||15,317||$||20,264|
|Total current liabilities||45,097||52,163|
|Total liabilities and stockholders' equity||$||68,962||$||89,046|