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): May 8, 2012
Learning Tree International, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 0-27248 | 95-3133814 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 1805 Library Street, Reston, Virginia | 20190 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s Telephone Number, Including Area Code: (703) 709-9119
(Former Name or Former Address, if Changed Since Last Report)
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 May 8, 2012, Learning Tree International, Inc. issued a press release setting forth its results for its second quarter of fiscal year 2012, which ended March 30, 2012. A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press release issued by Learning Tree International, Inc. dated May 8, 2012 furnished herewith. | |
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.
| Date: May 8, 2012 | LEARNING TREE INTERNATIONAL, INC. | |||
| By: | /s/ Dr. David C. Collins | |||
| Dr. David C. Collins Chief Executive Officer | ||||
Exhibit 99.1
LEARNING TREE ANNOUNCES SECOND QUARTER FISCAL YEAR 2012 RESULTS
RESTON, VA (May 8, 2012) Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its second quarter of fiscal year 2012, which ended March 30, 2012.
In its second quarter of fiscal year 2012, Learning Tree reported revenues of $28.9 million, loss from operations of $3.5 million, and net loss of $2.1 million or $0.16 per share. These results compare with revenues of $30.4 million, loss from operations of $1.6 million, and net loss of $1.0 million or $0.07 per share in its second quarter of fiscal year 2011.
“Dr. Collins and I are glad to have returned in January to positions of the day-to-day leadership of Learning Tree and we are enthusiastic about the company’s future,” said Max Shevitz, President. “While we are disappointed in the results of our second quarter, we are excited about the opportunities we have uncovered and been acting upon. We believe that the changes we are implementing: in the company’s speed and accuracy of execution, in its customer facing processes and in the company’s investment in marketing and sales; all have the potential, over time, to achieve our goals of revenue growth and improved margins. That said, we recognize that these changes and process improvements may take several quarters to gain traction and begin showing results.”
Learning Tree International is a leading global provider of highly effective, hands-on training to information technology professionals and managers. 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 Web development; IT security; project management; operating systems; databases; networking; software development and leadership and business skills. Courses are presented globally at Learning Tree Education Centers, on site at client facilities, and are available via Learning Tree AnyWare™, the Company’s 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 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 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.
Webcast
An investor conference call to discuss second quarter fiscal year 2012 results is scheduled at 4:30 p.m. (EST) May 8, 2012. Interested parties are invited to listen to the conference call by accessing the webcast live on Learning Tree’s web site www.learningtree.com/investor. The webcast will also be available at www.learningtree.com/investor for replay.
Contact Information
Max Shevitz
President
Learning Tree International
Phone: (703) 709-9119
max_shevitz@learningtree.com
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 30, 2012 |
April 1, 2011 |
March 30, 2012 |
April 1, 2011 |
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| Revenues |
$ | 28,942 | $ | 30,402 | $ | 63,917 | $ | 66,034 | ||||||||
| Cost of revenues |
14,558 | 14,819 | 30,192 | 30,609 | ||||||||||||
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| Gross profit |
14,384 | 15,583 | 33,725 | 35,425 | ||||||||||||
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| Operating expenses: |
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| Course development |
2,070 | 1,842 | 4,191 | 3,819 | ||||||||||||
| Sales and marketing |
8,360 | 8,060 | 15,870 | 15,725 | ||||||||||||
| General and administrative |
7,468 | 7,278 | 14,357 | 14,519 | ||||||||||||
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| Total operating expenses |
17,898 | 17,180 | 34,418 | 34,063 | ||||||||||||
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| Income (loss) from operations |
(3,514 | ) | (1,597 | ) | (693 | ) | 1,362 | |||||||||
| Other income (expense), net |
(191 | ) | (33 | ) | (145 | ) | (14 | ) | ||||||||
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| Income (loss) before income taxes |
(3,705 | ) | (1,630 | ) | (838 | ) | 1,348 | |||||||||
| Provision (benefit) for income tax |
(1,586 | ) | (634 | ) | (554 | ) | 381 | |||||||||
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| Net income (loss) |
$ | (2,119 | ) | $ | (996 | ) | $ | (284 | ) | $ | 967 | |||||
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| Earnings (loss) per share—diluted |
$ | (0.16 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | 0.07 | |||||
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LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
| March 30, 2012 |
September 30, 2011 |
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| Cash and cash equivalents |
$ | 32,366 | $ | 40,293 | ||||
| Available for sale securities |
12,866 | 2,352 | ||||||
| Trade accounts receivable, net |
13,218 | 18,220 | ||||||
| Prepaid expenses and other |
7,865 | 6,373 | ||||||
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| Total current assets |
66,315 | 67,238 | ||||||
| Depreciable assets, net and other |
33,519 | 34,914 | ||||||
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| Total assets |
$ | 99,834 | $ | 102,152 | ||||
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| Accounts payable and accrued liabilities |
$ | 16,637 | $ | 16,893 | ||||
| Deferred revenues |
32,788 | 34,572 | ||||||
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| Total current liabilities |
49,425 | 51,465 | ||||||
| Other |
12,574 | 12,936 | ||||||
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| Total liabilities |
61,999 | 64,401 | ||||||
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| Stockholders’ equity |
37,835 | 37,751 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 99,834 | $ | 102,152 | ||||
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