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): February 13, 2014
Learning Tree International, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
0-27248 |
95-3133814 | ||
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(State or other jurisdiction |
(Commission File Number) |
(IRS Employer | ||
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of Incorporation) |
Identification Number) | |||
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1831 Michael Faraday Drive |
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Reston, Virginia 20190 |
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(Address of principal executive offices) |
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(703) 709-9119 |
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(Registrant’s Telephone Number) |
N/A
(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 February 13, 2014, Learning Tree International, Inc. (the “Company”) issued a press release setting forth its results of operations for its first quarter of fiscal year 2014, which ended January 3, 2014. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
Item 9.01 Other Events.
(d) Exhibits.
Exhibit 99.1 Press release dated February 13, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: February 13, 2014 |
LEARNING TREE INTERNATIONAL, INC. |
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By: |
/s/ Max Shevitz |
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Max Shevitz |
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President |
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Exhibit 99.1
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Contact: Max Shevitz |
FOR IMMEDIATE RELEASE |
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President |
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Tel. 703/925-5590 |
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Email. max_shevitz@learningtree.com |
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LEARNING TREE INTERNATIONAL ANNOUNCES FIRST QUARTER FY 2014 RESULTS
RESTON, Va., February 13, 2014 – Learning Tree International, Inc. (NASDAQ: LTRE) announced today its revenues and results of operations for its first quarter of fiscal year 2014, which ended January 3, 2014.
In its first quarter of fiscal year 2014, Learning Tree reported revenues of $32.0 million, income from operations of $0.9 million, and net income of $0.7 million or $0.06 per share. These results compare with revenues of $33.3 million, loss from operations of $1.4 million and net loss of $1.4 million, or $(0.11) per share in its first quarter of fiscal year 2013.
“We are pleased to have improved our bottom line this quarter, despite revenues and gross margins that were adversely affected by the U.S. government sequestration and shutdown and by continued weakness in the European economies.” said Learning Tree President Max Shevitz. “We are projecting the weakness in our markets to continue beyond our second quarter of fiscal year 2014, which historically is our lowest revenue quarter of our fiscal year. Meanwhile, we have continued to invest in our business with new courses, equipment and enhanced distribution methods that allow our participants to attend our courses at times and locations that are most convenient to them.”
Webcast
An investor conference call to discuss first quarter fiscal year 2014 results is scheduled for 4:30 p.m. (EST) February 13, 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.
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Release Summary: Learning Tree International announced today its revenues and results of operations for its first quarter of fiscal year 2014, which ended January 3, 2014.
1-888-THE-TREE (843-8733) | www.learningtree.com
Table 1
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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January 3, 2014 |
December 28, 2012 |
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Revenues |
$ | 32,022 | $ | 33,290 | ||||
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Cost of revenues |
17,348 | 16,421 | ||||||
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Gross profit |
14,674 | 16,869 | ||||||
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Operating expenses: |
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Course development |
1,937 | 2,101 | ||||||
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Sales and marketing |
6,156 | 7,805 | ||||||
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General and administrative |
5,633 | 8,327 | ||||||
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Total operating expenses |
13,726 | 18,233 | ||||||
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Income (loss) from operations |
948 | (1,364 | ) | |||||
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Other income (expense), net |
(36 | ) | (19 | ) | ||||
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Income (loss) before income taxes |
912 | (1,383 | ) | |||||
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Provision for income tax |
183 | 33 | ||||||
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Net income (loss) |
$ | 729 | $ | (1,416 | ) | |||
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Earnings (loss) per share--diluted |
$ | 0.06 | $ | (0.11 | ) | |||
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
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January 3, 2014 |
September 27, 2013 |
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(unaudited) |
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Cash and cash equivalents |
$ | 27,815 | $ | 26,583 | ||||
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Trade accounts receivable, net |
11,669 | 14,057 | ||||||
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Prepaid expenses and other |
6,071 | 6,152 | ||||||
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Total current assets |
45,555 | 46,792 | ||||||
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Depreciable assets, net and other |
21,211 | 22,170 | ||||||
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Total assets |
$ | 66,766 | $ | 68,962 | ||||
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Accounts payable and accrued liabilities |
$ | 13,952 | $ | 15,317 | ||||
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Deferred revenues |
28,287 | 29,780 | ||||||
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Total current liabilities |
42,239 | 45,097 | ||||||
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Other |
8,074 | 8,204 | ||||||
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Total liabilities |
50,313 | 53,301 | ||||||
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Stockholders' equity |
16,453 | 15,661 | ||||||
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Total liabilities and stockholders' equity |
$ | 66,766 | $ | 68,962 | ||||