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Learning Tree International Announces Second Quarter FY 2014 Results

Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its second quarter of fiscal year 2014, which ended March 28, 2014.

In its second quarter of fiscal year 2014, Learning Tree reported revenues of $25.0 million, loss from operations of $4.3 million, and net loss of $4.6 million or ($0.35) per share. These results compare with revenues of $26.9 million, loss from operations of $3.8 million and net loss of $4.0 million, or ($0.30) per share in its second quarter of fiscal year 2013.

“The harsh winter weather we experienced in North America during our second quarter of fiscal year 2014 adversely impacted our results of operations,” said Learning Tree President, Max Shevitz. “The scope of the impact, however, was less than it might have been, because many of the affected course participants were able to change their plans from attending their courses at our education centers to attending from their homes or offices by using AnyWare™, our proprietary web-based attendance platform.”


An investor conference call to discuss second quarter fiscal year 2014 results is scheduled for 4:30 p.m. (ET) May 8, 2014. Interested parties may access the conference call via live webcast at: The webcast will also be available for replay at:

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. Participants can attend our courses at Learning Tree Education Centers around the world, on-site at client facilities, or over the Internet utilizing Learning Tree AnyWare™ from their home, their office, or at one of our AnyWare Learning Centers™. 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

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 for fiscal year 2013 (“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; reliance on key vendors for technical services and support; attracting and retaining qualified personnel; and continued uncertainty over the U.S. Government’s ability to resolve its budgetary issues and avoid further disruptions such as government shutdowns and debt ceiling limits.

Table 1
(all amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
March 28, March 29, March 28, March 29,
2014 2013 2014 2013
Revenues $ 25,004 $ 26,933 $ 57,026 $ 60,223
Cost of revenues   15,711     14,859     33,059     31,280  
Gross profit   9,293     12,074     23,967     28,943  
Operating expenses:
Course development 1,839 1,930 3,776 4,031
Sales and marketing 6,195 7,312 12,351 15,117
General and administrative   5,571     6,667     11,204     14,994  
Total operating expenses   13,605     15,909     27,331     34,142  
Loss from operations (4,312 ) (3,835 ) (3,364 ) (5,199 )
Other income (expense), net   (47 )   206     (83 )   187  
Loss before income taxes (4,359 ) (3,629 ) (3,447 ) (5,012 )
Provision for income tax   244     386     427     419  
Net loss $ (4,603 ) $ (4,015 ) $ (3,874 ) $ (5,431 )
Loss per share--diluted $ (0.35 ) $ (0.30 ) $ (0.29 ) $ (0.41 )
(all amounts in thousands)
March 28, September 27,
2014 2013
Cash and cash equivalents $ 23,325 $ 26,583
Trade accounts receivable, net 13,887 14,057
Prepaid expenses and other   6,260   6,152
Total current assets 43,472 46,792
Depreciable assets, net and other   19,548   22,170
Total assets $ 63,020 $ 68,962
Accounts payable and accrued liabilities $ 14,877 $ 15,317
Deferred revenues   28,192   29,780
Total current liabilities 43,069 45,097
Other   7,884   8,204
Total liabilities   50,953   53,301
Stockholders' equity   12,067   15,661
Total liabilities and stockholders' equity $ 63,020 $ 68,962

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