Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2013, which ended September 27, 2013.

In its fourth quarter of fiscal year 2013, Learning Tree reported revenues of $27.6 million, loss from operations of $2.0 million, and net loss of $2.2 million, or $0.17 per share. These results compare with revenues of $32.1 million, loss from operations of $4.1 million, and net loss of $4.8 million, or $0.37 per share in its fourth quarter of fiscal year 2012.

For the full fiscal year 2013, Learning Tree reported revenues of $116.8 million, loss from operations of $8.2 million, and net loss of $8.7 million or $0.66 per share. These results compare with revenues of $129.0 million, loss from operations of $6.9 million, and net loss of $11.9 million or $0.89 per share for fiscal year 2012.

“We achieved a smaller operating loss in our fourth quarter of fiscal 2013 than in the same quarter a year earlier, despite the adverse impact of the U.S. Government’s sequestration and tepid European economies,” said Learning Tree President Max Shevitz. “We have managed through these difficult times, reducing our costs where possible while improving the learning experience for our customers and providing them with increased access to our courses through the introduction of 31 stand-alone AnyWare™ Learning Centers. With the use of our AnyWare™ product, our customers anywhere in the world can choose to participate in any course event being taught at any of our education centers, without the need to travel or commute to the actual course site.”

Webcast

An investor conference call to discuss fourth quarter and full fiscal year 2013 results is scheduled for 4:30 p.m. (ET) December 12, 2013. 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. Courses are offered at Learning Tree Education Centers and training locations around the world, on-site at client facilities, or via the Internet with Learning Tree AnyWare™, the company’s web-based, remote-attendance platform. 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 (“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; and attracting and retaining qualified personnel.
       
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 27, September 28, September 27, September 28,
2013 2012 2013 2012
(unaudited) (unaudited)
 
Revenues $ 27,629 $ 32,089 $ 116,810 $ 129,047
Cost of revenues 15,589   16,986   63,010   62,820  
Gross profit 12,040   15,103   53,800   66,227  
 
Operating expenses:
Course development 1,812 2,398 7,841 8,754
Sales and marketing 6,735 9,477 28,616 35,054
General and administrative 5,492   7,358   25,529   29,367  
Total operating expenses 14,039   19,233   61,986   73,175  
 
Loss from operations (1,999 ) (4,130 ) (8,186 ) (6,948 )
 
Other expense, net (308 ) (237 ) (89 ) (73 )
 
Loss before income taxes (2,307 ) (4,367 ) (8,275 ) (7,021 )
Provision (benefit) for income tax (98 ) 482   444   4,890  
 
Net loss $ (2,209 ) $ (4,849 ) $ (8,719 ) $ (11,911 )
 
Loss per share--diluted $ (0.17 ) $ (0.37 ) $ (0.66 ) $ (0.89 )
 
 
 
 
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
 
 
September 27, September 28,
2013 2012
 
 
Cash and cash equivalents $ 26,583 $ 25,784
Available for sale securities - 6,131
Trade accounts receivable, net 14,057 16,831
Prepaid expenses and other 6,152   8,552  
Total current assets 46,792 57,298
Depreciable assets, net and other 22,170   31,748  
Total assets $ 68,962   $ 89,046  
 
Accounts payable and accrued liabilities $ 15,317 $ 20,264
Deferred revenues 29,780   31,899  
Total current liabilities 45,097 52,163
Other 8,204   12,377  
Total liabilities 53,301   64,540  
 
Stockholders' equity 15,661   24,506  
Total liabilities and stockholders' equity $ 68,962   $ 89,046  

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