EX-99.1 2 dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

 

   

Company Contact:

Charles R. Waldron

Chief Financial Officer

(703) 709-9119

bob_waldron@learningtree.com

LEARNING TREE ANNOUNCES FIRST QUARTER FISCAL YEAR 2010 RESULTS

Reston, VA — February 9, 2010 – Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2010, which ended January 1, 2010. Revenues for the quarter ended January 1, 2010 were $32.5 million, a 14% decrease from the same quarter of the prior fiscal year. Learning Tree reported income from operations for the quarter of $3.9 million, compared to income from operations of $2.7 million for the same quarter of fiscal 2009. Net income for the first quarter of fiscal 2010 was $2.4 million, compared with net income of $1.8 million for the first quarter of fiscal 2009. Earnings per share for the first quarter of fiscal 2010 were $0.18, compared with earnings per share of $0.11 for the same quarter of fiscal 2009.

“Our performance in our first quarter reflects significant benefits from profitability improvements and cost savings we have made during these challenging economic times,” commented Learning Tree President and CEO Nicholas R. Schacht. “We are pleased that these changes have resulted in increased profitability compared to a year earlier, and we look forward to being able to build on our strong financial base and market position to capitalize on opportunities as they arise.”

Mr. Schacht also commented on the continued roll-out of the Learning Tree AnyWare™ e-Learning platform: “We are pleased by our customers’ enthusiastic response to the introduction of AnyWare, which allows individuals located anywhere in the world to use an ordinary Internet connection to attend a live instructor-led class being conducted in a Learning Tree Education Center or at a customer location. Remote participants have real-time video of their instructor, their classmates and their instructor’s annotations. They participate fully in discussions, ask questions, collaborate in breakout sessions and complete the same hands-on exercises (with the same personal assistance from the instructor) as their classroom-based counterparts. Because of this complete involvement, AnyWare participants achieve the same level of knowledge and skill transfer as our in-class participants.”

Learning Tree International is a leading worldwide provider of vendor-independent education and training to managers and IT professionals in business and government organizations. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on Web development, operating systems, programming languages, databases, computer networks, computer and network security, object-oriented technology, project management, leadership, communications, business analysis, and strategic business skills. Learning Tree also tests and certifies IT and business professionals, and Learning Tree courses are recommended for college credit by the American Council on Education. In addition, Learning Tree is on the National Association of State Boards of Accountancy National Registry of CPE sponsors and is a Registered Education Provider of the Project Management Institute (PMI). For more information about Learning Tree products and services, call 1-800-THE-TREE (1-800-843-8733), or visit the Learning Tree Web site at www.learningtree.com.

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: 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.

Webcast

An investor conference call to discuss first quarter results is scheduled at 4:30 pm EST February 9, 2010. 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.

- table follows -

[Table 1—Summary consolidated financial statements and balance sheets]


Table 1

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(all amounts in thousands, except per share amounts)

 

     Three Months Ended
     January 1,
2010
   January 2,
2009

Revenues

   $ 32,505    $ 37,966

Cost of revenues

     14,027      16,317
             

Gross profit

     18,478      21,649
             

Operating expenses:

     

Course development

     1,717      2,211

Sales and marketing

     6,801      9,111

General and administrative

     6,076      7,655
             

Total operating expenses

     14,594      18,977
             

Income from operations

     3,884      2,672

Other income (expense), net

     223      378
             

Income before income taxes

     4,107      3,050

Provision for income tax

     1,684      1,208
             

Net income

   $ 2,423    $ 1,842
             

Earnings per share—diluted

   $ 0.18    $ 0.11
             

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

     January 1,
2010
   October 2,
2009

Cash and cash equivalents

   $ 42,706    $ 44,313

Available for sale securities

     30,022      29,497

Trade accounts receivable, net

     13,491      15,157

Prepaid expenses and other

     7,989      7,776
             

Total current assets

     94,208      96,743

Depreciable assets, net and other

     39,052      40,077
             

Total assets

   $ 133,260    $ 136,820
             

Accounts payable and accrued liabilities

   $ 19,976    $ 22,327

Deferred revenues

     35,830      38,103
             

Total current liabilities

     55,806      60,430

Other

     13,030      13,528
             

Total liabilities

     68,836      73,958
             

Stockholders' equity

     64,424      62,862
             

Total liabilities and stockholders' equity

   $ 133,260    $ 136,820