LTRE Learning Tree International Inc (CE)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

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FORM 8-K

 

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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 18, 2014

 

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Learning Tree International, Inc.

(Exact Name of Registrant as Specified in Charter)

 

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Delaware		0-27248		95-3133814
(State or other jurisdiction		(Commission File Number)		(IRS Employer
of Incorporation)				Identification Number)
		1831 Michael Faraday Drive
		Reston, Virginia 20190
		(Address of principal executive offices)
		(703) 709-9119
		(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 December 18, 2014, Learning Tree International, Inc. (the “Company”) issued a press release setting forth its results of operations for its fourth quarter and full fiscal year 2014, which ended October 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 December 18, 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.

 

 

Date: December 18, 2014	LEARNING TREE INTERNATIONAL, INC.
	By:	/s/ MAX SHEVITZ
		Max Shevitz
		President

 

 

Exhibit 99.1

 

 

Contact: Max Shevitz

FOR IMMEDIATE RELEASE

President

Tel: 703/925-5590

Email: max_shevitz@learningtree.com

 

LEARNING TREE INTERNATIONAL ANNOUNCES FOURTH QUARTER & FISCAL YEAR 2014 RESULTS

 

RESTON, Va., December 18, 2014 – Learning Tree International (NASDAQ: LTRE) announced today its revenues and results of operations for its fourth quarter and full fiscal year 2014, which ended October 3, 2014.

 

In its fourth quarter of fiscal year 2014, Learning Tree reported revenues of $32.5 million, income from operations of $6.4 million, and net income of $6.6 million, or $0.50 per share. The fourth quarter of 2014 results were positively impacted by a $6.3 million gain recognized on the sale of Learning Tree’s corporate headquarters facility located in Reston, Virginia. These results compare with revenues of $27.6 million, loss from operations of $2.0 million, and net loss of $2.2 million, or ($0.17) per share in its fourth quarter of fiscal year 2013.

 

For the full fiscal year 2014, Learning Tree reported revenues of $118.2 million, income from operations of $0.4 million, and net income of less than $0.1 million or less than $0.01 per share. These results compare with revenues of $116.8 million, loss from operations of $8.2 million, and net loss of $8.7 million or ($0.66) per share for fiscal year 2013.

 

“We are continuing to focus on delivering the highest quality IT and Management Training while working to improve our financial results,” said Learning Tree President Max Shevitz. “We are expanding the services we offer our customers in order to further enhance their overall training options, and their back-on-the-job productivity. We are also working to align our classroom space with the needs of our business.”

 

Webcast

 

An investor conference call to discuss fourth quarter and full fiscal year 2014 results is scheduled for 4:30 p.m. (ET) December 18, 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. 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™, our web-based, remote-attendance platform. For more information about Learning Tree and its 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

 

The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on Learning Tree. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Learning Tree. There can be no assurance that future developments affecting Learning Tree will be the same as those anticipated. Learning Tree cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Investors should not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties. Some of these risks and uncertainties that could affect Learning Tree and its business, include but are not limited to 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. Learning Tree is not undertaking any obligation to update forward-looking statements contained herein to reflect future events, developments or changed circumstances.

 

 

In order to help the reader assess the factors and risks in Learning Tree's business that could cause actual results to differ materially from those expressed in the forward looking statements, Learning Tree discusses in its 2014 Annual Report on Form 10-K (“Form 10-K”), those risks in Item 1A, “Risk Factors”. Please read the Form 10-K, including Item 1A, which is filed with the Securities and Exchange Commission (“SEC”) and available at the SEC's Internet site (http://www.sec.gov).

 

# # #

 

Release Summary: Learning Tree International announced today its revenues and results of operations for its fourth quarter and full fiscal year 2014, which ended October 3, 2014.

 

 

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
		October 3,				September 27,				October 3,				September 27,
		2014				2013				2014				2013
		(unaudited)				(unaudited)
Revenues		$	32,463			$	27,629			$	118,248			$	116,810
Cost of revenues			17,383				15,589				66,574				63,010
Gross profit			15,080				12,040				51,674				53,800
Operating expenses:
Course development			1,920				1,812				7,646				7,841
Sales and marketing			6,887				6,735				25,521				28,616
General and administrative			6,142				5,492				24,432				25,529
Total operating expenses			14,949				14,039				57,599				61,986
Income (loss) from operations before other operating items			131				(1,999	)			(5,925	)			(8,186	)
Gain (loss) on disposal of property, plant and equipment			6,310				9				6,322				(54	)
Income (loss) from operations			6,441				(1,990	)			397				(8,240	)
Other expense, net			(2	)			(317	)			(75	)			(35	)
Income (loss) before income taxes			6,439				(2,307	)			322				(8,275	)
Provision (benefit) for income tax			(182	)			(98	)			321				444
Net Income (loss)		$	6,621			$	(2,209	)		$	1			$	(8,719	)
Income (loss) per share--diluted		$	0.50			$	(0.17	)		$	0.00			$	(0.66	)

 

 

 

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands)

 

		October 3,				September 27,
		2014				2013
Cash and cash equivalents		$	31,078			$	26,583
Available for sale securities			-				-
Trade accounts receivable, net			16,223				14,057
Prepaid expenses and other			5,543				6,152
Total current assets			52,844				46,792
Depreciable assets, net and other			13,356				22,170
Total assets		$	66,200			$	68,962
Accounts payable and accrued liabilities		$	16,557			$	15,317
Deferred revenues			26,799				29,780
Total current liabilities			43,356				45,097
Other			7,047				8,204
Total liabilities			50,403				53,301
Stockholders' equity			15,797				15,661
Total liabilities and stockholders' equity		$	66,200			$	68,962