|By Business Wire||
|May 8, 2014 04:00 PM EDT||
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: 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. 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 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 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.
|LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(all amounts in thousands, except per share amounts)|
|Three Months Ended||Six Months Ended|
|March 28,||March 29,||March 28,||March 29,|
|Cost of revenues||15,711||14,859||33,059||31,280|
|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|
|Loss per share--diluted||$||(0.35||)||$||(0.30||)||$||(0.29||)||$||(0.41||)|
|LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(all amounts in thousands)|
|March 28,||September 27,|
|Cash and cash equivalents||$||23,325||$||26,583|
|Trade accounts receivable, net||13,887||14,057|
|Prepaid expenses and other||6,260||6,152|
|Total current assets||43,472||46,792|
|Depreciable assets, net and other||19,548||22,170|
|Accounts payable and accrued liabilities||$||14,877||$||15,317|
|Total current liabilities||43,069||45,097|
|Total liabilities and stockholders' equity||$||63,020||$||68,962|
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Apr. 29, 2016 02:00 PM EDT Reads: 802
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Apr. 29, 2016 02:00 PM EDT Reads: 952
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
Apr. 29, 2016 02:00 PM EDT Reads: 1,517
Apr. 29, 2016 01:45 PM EDT Reads: 1,032
Apr. 29, 2016 01:30 PM EDT Reads: 787
Apr. 29, 2016 01:30 PM EDT Reads: 756
Apr. 29, 2016 01:30 PM EDT Reads: 438
Apr. 29, 2016 01:00 PM EDT Reads: 1,471
Apr. 29, 2016 01:00 PM EDT Reads: 713
Apr. 29, 2016 12:30 PM EDT Reads: 1,621
Apr. 29, 2016 11:45 AM EDT Reads: 2,201
Apr. 29, 2016 11:30 AM EDT Reads: 453
Apr. 29, 2016 11:15 AM EDT Reads: 1,405
Apr. 29, 2016 10:30 AM EDT Reads: 406
Apr. 29, 2016 10:00 AM EDT Reads: 1,100