UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 13, 2011
Learning Tree International, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 0-27248 | 95-3133814 | ||
(State or other jurisdiction of incorporation) |
(Commission file number) |
(I.R.S. Employer identification No.) | ||
1805 Library Street, Reston, VA | 20190 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (703) 709-9119
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On December 13, 2011, Learning Tree International, Inc. issued a press release setting forth its results for its fiscal year 2011, which ended September 30, 2011. A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 Press release issued by Learning Tree International, Inc. dated December 13, 2011 furnished herewith.
The information in this Form 8-K and the exhibit attached hereto pursuant to Item 9.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act by Learning Tree International, Inc., except as expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LEARNING TREE INTERNATIONAL, INC. | ||||||
Dated: December 13, 2011 | By: | /s/ NICHOLAS R. SCHACHT | ||||
Nicholas R. Schacht | ||||||
Chief Executive Officer |
Exhibit 99.1
Company Contact: Charles R. Waldron Chief Financial Officer (703) 709-9119 bob_waldron@learningtree.com |
LEARNING TREE ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2011 RESULTS
Reston, VADecember 13, 2011Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and fiscal year 2011, which ended September 30, 2011.
In its fourth quarter of fiscal year 2011, Learning Tree reported revenues of $34.3 million, income from operations of $2.9 million, and net income of $1.6 million or $0.12 per share. These results compare with revenues of $33.9 million, income from operations of $2.2 million, and net income of $1.2 million or $0.08 per share in its fourth quarter of fiscal year 2010.
For fiscal year 2011, revenues were $133.8 million, income from operations was $5.2 million, and net income was $3.2 million or $0.24 per share. This compares to revenues of $127.5 million, income from operations of $5.2 million and net income of $4.4 million or $0.32 per share in for fiscal year 2010.
We are pleased that our gross profit in our fourth quarter proved to be substantially higher than in the same quarter a year earlier. Largely as a result of that improvement, we grew our income for the quarter compared with our fourth quarter of fiscal 2010, commented Nick Schacht, President and CEO of Learning Tree. Additionally, we continued to see strong growth in the number of our course participants who use our AnyWare system to take part online in our live course events from their homes or offices. In our fourth quarter of fiscal 2011, we had 1,876 AnyWare attendees, a 44% increase over the same quarter a year earlier.
Learning Tree International is a leading global provider of highly effective, hands-on training to managers and information technology professionals. Since 1974, over 65,000 organizations have relied on Learning Tree to enhance the professional skills of more than 2 million employees. Learning Tree develops, markets and delivers a broad, proprietary library of instructor-led courses focused on people and project management; leadership and business skills; Web development; operating systems; databases; networking; IT security; and software development. Courses are presented globally at Learning Tree Education Centers, on site at client facilities, and are available via Learning Tree AnyWare, the Companys proprietary live, online instructor-led training delivery option, which connects online participants to the actual classroom. 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.
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 Trees 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 Trees business, Learning Tree has identified many, but not all, of these risks in Item 1A, Risk Factors in Learning Trees 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 the following: risks associated with the timely development, introduction, and customer acceptance of Learning Trees courses; competition; international operations, including currency fluctuations; changing economic and market conditions; technology development and new technology introduction; efficient delivery and scheduling of Learning Trees 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 fourth quarter and fiscal year 2011 results is scheduled at 4:30 p.m. (EST) December 13, 2011. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Trees website www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
Table 1
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 30, 2011 |
October 1, 2010 |
September 30, 2011 |
October 1, 2010 |
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Revenues |
$ | 34,290 | $ | 33,891 | $ | 133,782 | $ | 127,470 | ||||||||
Cost of revenues |
15,119 | 15,762 | 61,641 | 59,198 | ||||||||||||
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Gross profit |
19,171 | 18,129 | 72,141 | 68,272 | ||||||||||||
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Operating expenses: |
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Course development |
1,802 | 1,946 | 7,493 | 7,304 | ||||||||||||
Sales and marketing |
7,300 | 8,204 | 30,836 | 30,461 | ||||||||||||
General and administrative |
7,145 | 5,804 | 28,565 | 25,310 | ||||||||||||
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Total operating expenses |
16,247 | 15,954 | 66,894 | 63,075 | ||||||||||||
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Income from operations |
2,924 | 2,175 | 5,247 | 5,197 | ||||||||||||
Other income (expense), net |
93 | (38 | ) | 105 | 557 | |||||||||||
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Income before income taxes |
3,017 | 2,137 | 5,352 | 5,754 | ||||||||||||
Provision for income tax |
1,387 | 970 | 2,110 | 1,366 | ||||||||||||
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Net income |
$ | 1,630 | $ | 1,167 | $ | 3,242 | $ | 4,388 | ||||||||
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Earnings per sharediluted |
$ | 0.12 | $ | 0.08 | $ | 0.24 | $ | 0.32 | ||||||||
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LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
September 30, 2011 |
October 1, 2010 |
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Cash and cash equivalents |
$ | 40,293 | $ | 34,449 | ||||
Available for sale securities |
2,352 | 4,997 | ||||||
Trade accounts receivable, net |
18,220 | 18,311 | ||||||
Prepaid expenses and other |
6,373 | 7,008 | ||||||
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Total current assets |
67,238 | 64,765 | ||||||
Depreciable assets, net and other |
34,914 | 35,408 | ||||||
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Total assets |
$ | 102,152 | $ | 100,173 | ||||
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Accounts payable and accrued liabilities |
$ | 16,893 | $ | 16,484 | ||||
Deferred revenues |
34,572 | 35,745 | ||||||
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Total current liabilities |
51,465 | 52,229 | ||||||
Other |
12,936 | 13,172 | ||||||
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Total liabilities |
64,401 | 65,401 | ||||||
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Stockholders equity |
37,751 | 34,772 | ||||||
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Total liabilities and stockholders equity |
$ | 102,152 | $ | 100,173 | ||||
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