UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended January 1, 2016
Or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 0-27248
Learning Tree International, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
95-3133814 |
(State or other jurisdiction of incorporation or
organization) |
(I.R.S. Employer Identification No.) |
|
|
13650 Dulles Technology Drive
Suite 400
Herndon, VA |
20171 |
(Address of principal executive offices) |
(Zip Code) |
703-709-9119
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
|
|
|
|
|
Non-accelerated filer |
☐ |
(do not check if smaller reporting company) |
Smaller reporting company |
☒ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The number of shares of common stock, $.0001 par value, outstanding as of February 1, 2016 was 13,224,349.
LEARNING TREE INTERNATIONAL, INC.
FORM 10-Q—January 1, 2016
TABLE OF CONTENTS
|
Page |
|
|
PART I – FINANCIAL INFORMATION |
|
|
|
|
Item 1. |
Financial Statements |
|
|
|
|
|
Condensed Consolidated Balance Sheets as of January 1, 2016 (unaudited) and October 2, 2015 |
3 |
|
|
|
|
Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended January 1, 2016 (unaudited) and January 2, 2015 (unaudited) |
4 |
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the three months ended January 1, 2016 (unaudited) and January 2, 2015 (unaudited) |
5 |
|
|
|
|
Notes to Condensed Consolidated Financial Statements (unaudited) |
6 |
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
12 |
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
18 |
|
|
|
Item 4. |
Controls and Procedures |
18 |
|
|
PART II – OTHER INFORMATION |
|
|
|
|
Item 1. |
Legal Proceedings |
19 |
|
|
|
Item 1A. |
Risk Factors |
19 |
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
19 |
|
|
|
Item 3. |
Defaults Upon Senior Securities |
19 |
|
|
|
Item 4. |
Mine Safety Disclosures |
19 |
|
|
|
Item 5. |
Other Information |
19 |
|
|
|
Item 6. |
Exhibits |
19 |
|
|
SIGNATURES |
21 |
|
|
EXHIBIT INDEX |
22 |
PART I—FINANCIAL INFORMATION
Item 1. |
FINANCIAL STATEMENTS. |
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
January 1,
2016 |
|
|
October 2,
2015 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,385 |
|
|
$ |
17,936 |
|
Trade accounts receivable, net |
|
|
8,226 |
|
|
|
10,475 |
|
Income tax receivable |
|
|
243 |
|
|
|
498 |
|
Prepaid expenses |
|
|
3,577 |
|
|
|
2,773 |
|
Other current assets |
|
|
1,831 |
|
|
|
1,747 |
|
Total current assets |
|
|
28,262 |
|
|
|
33,429 |
|
Equipment, Property and Leasehold Improvements: |
|
|
|
|
|
|
|
|
Education and office equipment |
|
|
33,029 |
|
|
|
33,165 |
|
Transportation equipment |
|
|
69 |
|
|
|
70 |
|
Property and leasehold improvements |
|
|
19,208 |
|
|
|
17,931 |
|
|
|
|
52,306 |
|
|
|
51,166 |
|
Less: accumulated depreciation and amortization |
|
|
(45,291 |
) |
|
|
(45,096 |
) |
|
|
|
7,015 |
|
|
|
6,070 |
|
Restricted interest-bearing investments |
|
|
3,199 |
|
|
|
3,265 |
|
Deferred income taxes |
|
|
472 |
|
|
|
476 |
|
Other assets |
|
|
667 |
|
|
|
681 |
|
Total assets |
|
$ |
39,615 |
|
|
$ |
43,921 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
4,830 |
|
|
$ |
6,744 |
|
Deferred revenues |
|
|
22,632 |
|
|
|
22,909 |
|
Accrued payroll, benefits and related taxes |
|
|
2,738 |
|
|
|
2,865 |
|
Other accrued liabilities |
|
|
872 |
|
|
|
1,225 |
|
Income taxes payable |
|
|
0 |
|
|
|
174 |
|
Current portion of deferred facilities rent and other |
|
|
1,395 |
|
|
|
1,401 |
|
Total current liabilities |
|
|
32,467 |
|
|
|
35,318 |
|
Asset retirement obligations |
|
|
1,651 |
|
|
|
1,669 |
|
Deferred income taxes |
|
|
132 |
|
|
|
134 |
|
Deferred facilities rent and other |
|
|
3,583 |
|
|
|
2,575 |
|
Noncurrent tax liabilities |
|
|
1,189 |
|
|
|
1,178 |
|
Total liabilities |
|
|
39,022 |
|
|
|
40,874 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding |
|
|
0 |
|
|
|
0 |
|
Common stock, $.0001 par value; 75,000,000 shares authorized; 13,224,349 and 13,224,349 issued and outstanding, respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
6,263 |
|
|
|
6,224 |
|
Accumulated other comprehensive loss |
|
|
(792 |
) |
|
|
(578 |
) |
Accumulated deficit |
|
|
(4,879 |
) |
|
|
(2,600 |
) |
Total stockholders' equity |
|
|
593 |
|
|
|
3,047 |
|
Total liabilities and stockholders' equity |
|
$ |
39,615 |
|
|
$ |
43,921 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share data)
Unaudited
|
|
Three months ended |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Revenues |
|
$ |
20,131 |
|
|
$ |
24,400 |
|
Cost of revenues |
|
|
11,854 |
|
|
|
13,726 |
|
Gross profit |
|
|
8,277 |
|
|
|
10,674 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Course development |
|
|
1,314 |
|
|
|
1,709 |
|
Sales and marketing |
|
|
4,619 |
|
|
|
5,532 |
|
General and administrative |
|
|
4,614 |
|
|
|
4,864 |
|
|
|
|
10,547 |
|
|
|
12,105 |
|
Loss from operations |
|
|
(2,270 |
) |
|
|
(1,431 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income, net |
|
|
9 |
|
|
|
6 |
|
Foreign exchange gains |
|
|
68 |
|
|
|
215 |
|
Other, net |
|
|
(1 |
) |
|
|
0 |
|
|
|
|
76 |
|
|
|
221 |
|
Loss from continuing operations before provision for income taxes |
|
|
(2,194 |
) |
|
|
(1,210 |
) |
Provision for income taxes |
|
|
85 |
|
|
|
158 |
|
Loss from continuing operations |
|
|
(2,279 |
) |
|
|
(1,368 |
) |
|
|
|
|
|
|
|
|
|
Discontinued operations (Note 12) |
|
|
|
|
|
|
|
|
Income from discontinued operations, net of tax |
|
|
0 |
|
|
|
218 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,279 |
) |
|
$ |
(1,150 |
) |
Loss per share basic and diluted: |
|
|
|
|
|
|
|
|
Continuing operations |
|
|
(0.17 |
) |
|
$ |
(0.10 |
) |
Discontinued operations |
|
|
0.00 |
|
|
$ |
0.01 |
|
Basic and diluted loss per share |
|
$ |
(0.17 |
) |
|
$ |
(0.09 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Weighted average shares - basic |
|
|
13,224 |
|
|
|
13,223 |
|
Weighted average shares - diluted |
|
|
13,224 |
|
|
|
13,223 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,279 |
) |
|
$ |
(1,150 |
) |
Foreign currency translation adjustments |
|
|
(214 |
) |
|
|
(517 |
) |
Comprehensive loss |
|
$ |
(2,493 |
) |
|
$ |
(1,667 |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Unaudited
|
|
Three months ended |
|
|
|
Jan 1,
2016 |
|
|
Jan 2,
2015 |
|
Cash flows - operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,279 |
) |
|
$ |
(1,150 |
) |
Add: Income from discontinued operations, net of tax |
|
|
- |
|
|
|
(218 |
) |
Loss from continuing operations |
|
|
(2,279 |
) |
|
|
(1,368 |
) |
Adjustments to reconcile net loss from continuing operations to net cash used by continuing operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
708 |
|
|
|
1,179 |
|
Share-based compensation |
|
|
39 |
|
|
|
1 |
|
Deferred income taxes |
|
|
0 |
|
|
|
6 |
|
Provision for doubtful accounts |
|
|
48 |
|
|
|
29 |
|
Accretion on asset retirement obligations |
|
|
21 |
|
|
|
21 |
|
(Gain) loss on disposal of equipment, property and leasehold improvements |
|
|
(2 |
) |
|
|
6 |
|
Unrealized foreign exchange gains |
|
|
(71 |
) |
|
|
(229 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
2,123 |
|
|
|
3,374 |
|
Prepaid expenses and other assets |
|
|
(987 |
) |
|
|
(324 |
) |
Income tax receivable / payable |
|
|
79 |
|
|
|
61 |
|
Trade accounts payable |
|
|
(1,860 |
) |
|
|
(487 |
) |
Deferred revenues |
|
|
(15 |
) |
|
|
(1,887 |
) |
Deferred facilities rent and other |
|
|
(64 |
) |
|
|
(665 |
) |
Other accrued liabilities |
|
|
(377 |
) |
|
|
(474 |
) |
Net cash used in operating activities of continuing operations |
|
|
(2,637 |
) |
|
|
(757 |
) |
Net cash provided by operating activities of discontinued operations |
|
|
0 |
|
|
|
780 |
|
Net cash (used in) provided by operating activities |
|
|
(2,638 |
) |
|
|
23 |
|
Cash flows - investing activities: |
|
|
|
|
|
|
|
|
Purchases of equipment, property and leasehold improvements |
|
|
(655 |
) |
|
|
(1,373 |
) |
Proceeds from sale of equipment, property and leasehold improvements |
|
|
2 |
|
|
|
0 |
|
Net cash used in investing activities of continuing operations |
|
|
(653 |
) |
|
|
(1,373 |
) |
Net cash used in investing activities of discontinued operations |
|
|
0 |
|
|
|
(6 |
) |
Net cash used in investing activities |
|
|
(653 |
) |
|
|
(1,379 |
) |
Effects of exchange rate changes on cash and cash equivalents of continuing operations |
|
|
(261 |
) |
|
|
(359 |
) |
Effects of exchange rate changes on cash and cash equivalents of discontinued operations |
|
|
0 |
|
|
|
(131 |
) |
Effects of exchange rate changes on cash and cash equivalents |
|
|
(261 |
) |
|
|
(490 |
) |
Less: Net increase in cash and cash equivalents of discontinued operations |
|
|
0 |
|
|
|
(643 |
) |
Net decrease in cash and cash equivalents |
|
|
(3,551 |
) |
|
|
(2,489 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
17,936 |
|
|
|
29,881 |
|
Cash and cash equivalents at the end of the period |
|
$ |
14,385 |
|
|
$ |
27,392 |
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash disclosures: |
|
|
|
|
|
|
|
|
Non-cash leasehold improvements |
|
$ |
1,093 |
|
|
$ |
0 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tables in thousands, except per share data)
Unaudited
NOTE 1—BASIS OF PRESENTATION
The accompanying unaudited interim condensed consolidated financial statements of Learning Tree International, Inc. and our subsidiaries (collectively, “Learning Tree,” “we,” “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and, therefore, omit or condense certain note disclosures and other information required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 2, 2015.
We use the 52/53-week fiscal year method to better align our external financial reporting with the manner in which we operate our business. Under this method, each fiscal quarter ends on the Friday closest to the end of the calendar quarter. Accordingly, our first quarter of the current fiscal year ended on January 1, 2016 and encompassed 13 weeks, and our first quarter of the prior fiscal year ended on January 2, 2015 also encompassed 13 weeks.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, that are only of a normal recurring nature, considered necessary to present fairly our financial position as of January 1, 2016, and our results of operations for the three months ended January 1, 2016 and January 2, 2015, and our cash flows for the three months ended January 1, 2016 and January 2, 2015. Certain items in the condensed consolidated financial statements have been reclassified to conform to the current presentation.
NOTE 2—STOCK-BASED COMPENSATION
Stock-based compensation expense was less than $0.1 million for both the three months ended January 1, 2016 and January 2, 2015, related to grants of employee stock options and restricted stock units and was charged in a manner consistent with the related employee salary costs.
NOTE 3—ASSET RETIREMENT OBLIGATIONS
The following table presents the activity for the asset retirement obligations (“ARO”) liabilities, which are primarily related to the restoration of classroom facilities in our Learning Tree Education Centers:
|
|
Three months ended
January 1, 2016 |
|
|
Year ended
October 2, 2015 |
|
ARO balance, beginning of period |
|
$ |
1,669 |
|
|
$ |
1,656 |
|
Accretion expense |
|
|
21 |
|
|
|
79 |
|
Foreign currency translation |
|
|
(39 |
) |
|
|
(66 |
) |
ARO balance, end of period |
|
$ |
1,651 |
|
|
$ |
1,669 |
|
NOTE 4—EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding (which excludes unvested shares of our common stock granted under our 2007 Equity Incentive Plan) during the reporting period. Diluted earnings (loss) per share is computed similarly to basic earnings (loss) per share except that the weighted average shares outstanding are increased to include common stock equivalents, to the extent their effect is dilutive. Approximately 850,000 stock options and 200,000 stock options were excluded from the computations of diluted earnings per share for the three months ended January 1, 2016 and January 2, 2015, respectively, because their effect would have been anti-dilutive. The computations for basic and diluted earnings per share are as follows:
|
|
Three months ended |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Numerator: |
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(2,279 |
) |
|
$ |
(1,368 |
) |
Income from discontinued operations |
|
|
0 |
|
|
|
218 |
|
Net loss |
|
$ |
(2,279 |
) |
|
$ |
(1,150 |
) |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
13,224 |
|
|
|
13,223 |
|
Effect of dilutive securities |
|
|
0 |
|
|
|
0 |
|
Diluted |
|
$ |
13,224 |
|
|
$ |
13,223 |
|
|
|
|
|
|
|
|
|
|
(Loss) income per common share - basic and diluted: |
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.17 |
) |
|
$ |
(0.10 |
) |
Discontinued operations |
|
|
0.00 |
|
|
|
0.01 |
|
Basic and diluted loss per share |
|
$ |
(0.17 |
) |
|
$ |
(0.09 |
) |
NOTE 5—INCOME TAXES
Our income tax provision in our first quarter of fiscal year 2016 was $0.1 million, compared to $0.2 million in our first quarter of fiscal year 2015. Our first quarter 2016 and 2015 provisions are composed primarily of income tax expense for our foreign subsidiaries. The Company established a valuation allowance against deferred tax assets in the U.S. in the third quarter of fiscal year 2012 and has continued to maintain a full valuation allowance in the U.S. through the first quarter of fiscal year 2016.
NOTE 6—COMMITMENTS AND CONTINGENCIES
Contingencies
Currently, and from time to time, we are involved in litigation incidental to the conduct of our business. We are not a party to any lawsuit or legal proceeding that, in the opinion of management, is likely to have a material adverse effect on our consolidated financial position or results of operations.
NOTE 7—SEGMENT REPORTING
Our worldwide operations involve the design and delivery of instructor-led classroom training courses and related services to multinational companies and government entities. The training and education we offer is presented in an identical manner in every country in which we operate. Our instructors present our courses in a virtually identical fashion worldwide, regardless of whether presented in leased classroom space or external facilities, the content of the class being taught or the location or method of distribution. No one commercial customer or government agency accounted for 10% or more of our revenues in the first three months of fiscal years 2016 and 2015.
We conduct and manage our business globally and have reportable segments that operate in five countries: the United States, Canada, the United Kingdom, Sweden and Japan.
Summarized financial information by country for the first three months of fiscal years 2016 and 2015 is as follows:
|
|
Three months ended |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Revenues: |
|
|
|
|
|
|
|
|
United States |
|
$ |
11,835 |
|
|
$ |
13,304 |
|
Canada |
|
|
1,886 |
|
|
|
2,481 |
|
North America |
|
|
13,721 |
|
|
|
15,785 |
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
4,980 |
|
|
|
6,704 |
|
Sweden |
|
|
974 |
|
|
|
1,573 |
|
Japan |
|
|
456 |
|
|
|
338 |
|
Total |
|
$ |
20,131 |
|
|
$ |
24,400 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
United States |
|
$ |
4,749 |
|
|
$ |
5,204 |
|
Canada |
|
|
806 |
|
|
|
1,460 |
|
North America |
|
|
5,555 |
|
|
|
6,664 |
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
1,866 |
|
|
|
2,813 |
|
Sweden |
|
|
545 |
|
|
|
987 |
|
Japan |
|
|
311 |
|
|
|
210 |
|
Total |
|
$ |
8,277 |
|
|
$ |
10,674 |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Total assets: |
|
|
|
|
|
|
|
|
United States |
|
|
19,814 |
|
|
|
31,652 |
|
Canada |
|
|
3,523 |
|
|
|
3,793 |
|
North America |
|
|
23,337 |
|
|
|
35,445 |
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
11,432 |
|
|
|
13,645 |
|
Sweden |
|
|
3,288 |
|
|
|
4,272 |
|
Japan |
|
|
1,558 |
|
|
|
1,459 |
|
Total |
|
$ |
39,615 |
|
|
$ |
54,821 |
|
NOTE 8—FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The fair value is measured using assumptions that market participants would use, including assumptions about nonperformance risk and credit risk.
ASC 820 establishes a fair value hierarchy for valuation inputs and prioritizes them based on the extent to which the inputs are observable in the marketplace. Categorization is based on the lowest level of input that is available and significant to the measurement. These levels are:
Level 1—Quoted prices in active markets for identical assets and liabilities.
Level 2—Observable inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3—Unobservable inputs that reflect management’s assumptions about the estimates and risks that market participants would use in pricing the asset or liability.
Non-Financial Liabilities Measured at Fair Value on a Nonrecurring Basis
We measure our ARO liabilities at fair value on a nonrecurring basis when we believe there has been an indication the fair value has changed. We did not adjust the values of those liabilities during the three months ended January 1, 2016 and January 2, 2015.
NOTE 9—DEFERRED FACILITIES RENT AND OTHER
Deferred Facilities Rent and Other
The following tables show details of the following line items in our consolidated balance sheets.
Current Portion of Deferred Facilities Rent and Other
|
|
January 1,
2016 |
|
|
October 2,
2015 |
|
Deferred rent |
|
$ |
1,233 |
|
|
$ |
1,074 |
|
LA lease liability |
|
|
162 |
|
|
|
327 |
|
|
|
$ |
1,395 |
|
|
$ |
1,401 |
|
Deferred Facilities Rent and Other
|
|
January 1,
2016 |
|
|
October 2,
2015 |
|
Deferred rent |
|
$ |
3,583 |
|
|
$ |
2,575 |
|
|
|
$ |
3,583 |
|
|
$ |
2,575 |
|
NOTE 10—RECENT ACCOUNTING PRONOUNCEMENTS
In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). The standard requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred tax assets and liabilities. We do not expect to early adopt ASU 2015-17. We are currently evaluating the impact that this standard will have on our financial statements.
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date" ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year to fiscal years, and interim periods wihin those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2017. Accordingly, the standard is effective for us on September 30, 2018 using either a full retrospective or a modified retrospective approach. We are currently evaluating which transition approach to use and the impact that the standard will have on our financial statements.
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, and early adoption is permitted. We have adopted ASU 2014-08 beginning in fiscal year 2016.
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The standard requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. ASU 2014-15 is effective for reporting periods ending after December 15, 2016, with early adoption permitted. We do not expect to early adopt ASU 2014-15. We are currently evaluating the impact that this standard will have on our financial statements.
Other recent accounting pronouncements issued by the FASB (including the Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.
NOTE 11—DISCONTINUED OPERATIONS
On March 3, 2015, we entered into an Agreement (“Agreement”) to sell our subsidiary in France, LTRE(FR), to Educinvest for consideration of €1 (One Euro) (“Sale Transaction”). The Sale Transaction was consummated on the same date that the Agreement was signed by the parties. The purchase price was established in recognition of the potential liabilities being assumed by Educinvest related to continuation of the LTRE(FR) business. As part of the Sale Transaction, Learning Tree and Educinvest concurrently entered into a license agreement, dated March 3, 2015 (the “License Agreement”). After the closing of the Sale Transaction, we agreed to provide certain temporary services to Educinvest, including the use of its website and the operational systems in place for a period of two years after the closing date. In connection with the Sale Transaction, we also agreed that during the term of the License Agreement we will not, without the prior written consent of Educinvest, (i) establish a physical presence in mainland France in competition with the business of LTRE(FR) as carried on as of the closing of the Sale Transaction or (ii) solicit employees of LTRE(FR), except for persons responding to general recruitment advertisements not specifically targeting LTRE(FR).
The results of operations for LTRE(FR) for the three months ended January 2, 2015 have been reclassified to the income from discontinued operations line on the Condensed Consolidated Statements of Operations and Comprehensive Loss presented herein. In addition, historical Condensed Consolidated Statement of Cash Flow amounts for the three months ended January 2, 2015 have been reclassified as discontinued operations.
The summarized operating results of LTRE(FR) included in our Condensed Consolidated Statement of Operations and Comprehensive Loss is as follows:
|
|
Three Months Ended |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Revenues |
|
$ |
0 |
|
|
$ |
2,827 |
|
Cost of revenues |
|
|
0 |
|
|
|
1,564 |
|
Gross profit |
|
|
0 |
|
|
|
1,263 |
|
Operating expenses |
|
|
0 |
|
|
|
1,032 |
|
Income from operations |
|
|
0 |
|
|
|
231 |
|
Other (expense) income, net |
|
|
0 |
|
|
|
(13 |
) |
Income from discontinued operations before income taxes |
|
|
0 |
|
|
|
218 |
|
Income taxes |
|
|
0 |
|
|
|
0 |
|
|
|
$ |
0 |
|
|
$ |
218 |
|
NOTE 12—SUBSEQUENT EVENTS
We have evaluated all events subsequent to the balance sheet date of January 1, 2016 through the date these condensed consolidated financial statements were filed with the SEC, and have determined that the following require disclosure:
On February 1, 2016 the Company announced that its President, Max Shevitz, notified the Board of Directors of his intention to retire from his current position with the Company. Effective February 1, 2016, Mr. Shevitz continued to serve as President on a reduced schedule until the Company identifies a new candidate as his replacement. Accordingly, no termination date has been set for Mr. Shevitz at this time. In connection with Mr. Shevitz's reduced schedule at the Company, the Company and Mr. Shevitz agreed to amend his employment agreement to adjust his annual salary to $240,000. It is currently anticipated that Mr. Shevitz would continue to serve the Company in an advisor capacity after his replacement has been hired, however, no terms have been agreed upon with respect to Mr. Shevitz’s future advisory role.
Gregory L. Adams, the current Chief Operating Officer ("COO") of the Company, was named to a newly created officer position of Chief Strategy Officer ("CSO") of the Company, effective February 1, 2016. As a result, Mr. Adams’ title has changed from COO to CSO. Other than a change in his title and responsibilities, no other changes to Mr. Adams' employment agreement with the Company are anticipated at this time.
Item 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
The following discussion and analysis is provided to increase the understanding of, and should be read in conjunction with, our unaudited condensed consolidated financial statements and notes included in this Quarterly Report on Form 10-Q (“Report” or “Form 10-Q”) and our consolidated financial statements and notes included in our Annual Report on Form 10-K, for the fiscal year ended October 2, 2015 (our “2015 10-K”). We use the terms “we,” “our,” “us” and “Learning Tree” to refer to Learning Tree International, Inc. and our subsidiaries unless the context indicates otherwise.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Report. Our forward-looking statements relate to future events or our future performance and include, but are not limited to, statements concerning our business strategy, future commercial revenues, market growth, capital requirements, new product introductions, expansion plans and the adequacy of our funding. Other statements contained in this Report that are not historical facts are also forward-looking statements.
We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented in this Report, or that we may make orally or in writing from time to time, are based on our beliefs and assumptions made by us and information currently available to us. Such statements are based on assumptions, and the actual outcome will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements, which are based on known results and trends at the time they are made, to anticipate future results or trends.
Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include those related to the following: risks associated with the timely development, introduction, and customer acceptance of our courses; efficient delivery and scheduling of our courses; technology development and new technology introduction; competition; international operations, including currency fluctuations; attracting and retaining qualified personnel; intellectual property, including having to defend potential infringement claims; risks associated with cyber security; changing economic and market conditions; and adverse weather conditions, strikes, acts of war or terrorism and other external events. Please refer to the risk factors under “Item 1A. Risk Factors” beginning on page 10 and elsewhere in our 2015 10-K, as well as in our other filings with the Securities and Exchange Commission (“SEC”).
The risks included in our filings are not exhaustive, and additional factors could adversely affect our business and financial performance. We operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We do not undertake and specifically disclaim any obligation to update such forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as otherwise required by law.
OVERVIEW
We are a leading worldwide vendor-independent provider to business and government organizations for the training and education of their information technology (“IT”) professionals and managers. Since our founding in 1974, we have provided high-quality training to over 2.4 million IT professionals and managers.
Our objective is to provide our customers with job-focused, hands-on learning experiences that best meet their needs for the development of their professional IT staff and managers. We design our courses to provide participants an unbiased perspective of both the strengths and limitations of software and hardware products and an understanding of how to compare and integrate multiple platforms and technologies from various vendors. Drawing from the expertise of our international team of instructors, each course incorporates multiple points of view concerning IT applications used throughout the world. Our IT courses are designed to be highly interactive, with virtually all of our courses involving “hands-on” training on networked state-of-the-art workstations so that participants can practice and assimilate the skills being taught. Participants spend a significant portion of each hands-on course working on computer-based exercises and participating in group workshops and class interactions. As a result, they return to their jobs with the confidence to immediately apply the new skills and knowledge they have gained. Participants receive extensive printed course materials that facilitate learning and serve as a post-course reference tool.
Our management courses, while including core concepts and theory, focus heavily on providing practical skills, tools, and techniques that participants can apply immediately upon returning to their jobs. Participants work extensively in group exercises that provide the opportunity for them to practice applying the key concepts in real-world situations. These real-world scenarios are primarily delivered through our performance-based management training platform. Our courses bring the real world to life in the classroom through the use of computer-based and rich-media simulations, supplemented with substantial amounts of hands-on exercises and group activities, facilitated by experts in their respective fields.
We market and deliver our courses through locally staffed operations in the United States, the United Kingdom, Canada, Sweden and Japan, and with the sale of our French subsidiary in February 2015, through a licensee arrangement in France. We currently generate approximately 40% of our revenues internationally. Our sophisticated infrastructure and logistics capabilities allow us to coordinate, plan and deliver Learning Tree courses at our education centers and external hotel and conference facilities worldwide. We also present standard or customized courses at customer facilities whenever and wherever desired, with quality standards that are identical to those of courses presented in our Learning Tree Education Centers.
We also offer courses through Learning Tree AnyWare™ — our web-based attendance platform. With the use of our AnyWare™ product, our clients anywhere in the world can 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. Our clients can take our courses at work, home, or at one of our AnyWare™ Learning Centers. We currently have a total of 48 AnyWare™ Learning Centers which provide our customers convenient access to our courses via our AnyWare™ platform in a setting optimized for learning and training.
We use a well-defined systematic approach to develop and update the Learning Tree course library so as to provide training that is immediately applicable by course participants to their work in a broad range of applications and industries. After assessing market need, courses may be translated into Swedish and Japanese. Our proprietary course development process also allows us to efficiently and effectively customize our courses to specific customer requirements for delivery at their sites. Select Learning Tree courses are recommended for one to two semester hours of college credit by the American Council on Education. In the United Kingdom, our courses can be used to gain a Master’s degree in Professional Computing at Staffordshire University under a program administered by the Faculty of Computing, Engineering and Technology. We are a trusted continuing professional education (“CPE”) provider of the International Information Systems Security Certification Consortium. In addition, we are on the National Association of State Boards of Accountancy National Registry of CPE sponsors; a Registered Education Provider of the Project Management Institute; an APMG International Accredited Training Organization; an International Institute of Business Analysis (“IIBA”) Endorsed Education Provider; and a SFIA Foundation Accredited Training Partner.
Our instructors are not full time employees of Learning Tree; rather, they are practicing professionals who apply the same IT and management skills they teach in our classrooms while working on development and management projects as independent consultants or full-time employees elsewhere when they are not teaching. This ensures that our instructors stay at the forefront of their respective disciplines, and also enables us to structure our business so over half of our course delivery costs are variable. On average, each of our expert instructors teaches about nine courses per year on an “as needed” basis.
Our strategy is to grow our position as a leading worldwide provider of training and workforce development to IT professionals and managers and to become the provider of choice for large national and multinational companies, medium-size companies and government organizations. Over the past few years, we have started working with clients to address the life cycle of organizational performance challenges. To that end, we recently introduced IT Workforce Optimization Solutions, a comprehensive suite of services to support IT organizations in: defining organizational structure, processes, and job roles; assessing current staff skills and abilities; and implementing performance improvements by enhancing the skills and abilities of staff and helping to implement process improvements. Workforce Optimization Solutions augments and enhances our core training capabilities enabling Learning Tree to partner with our customers in helping them develop a high-performing organization through workforce development and process improvement.
KEY METRICS OF OUR FIRST QUARTER OF FISCAL YEAR 2016
We use the 52/53-week fiscal year method to better align our external financial reporting with the manner in which we operate our business. Under this method, each fiscal quarter ends on the Friday closest to the end of the calendar quarter. Accordingly, our first quarter of the current fiscal year ended on January 1, 2016 and encompassed 13 weeks, and our first quarter of the prior fiscal year ended on January 2, 2015 also encompassed 13 weeks. Both first quarters had the same number of holiday closure weeks.
Following the sale of our French subsidiary in February 2015, we reclassified the historical operating results, including operating statistics of this subsidiary to discontinued operations. The following discussions reflect comparisons of our continuing operations excluding Learning Tree France’s operations.
The following is an overview of our results of continuing operations for the first quarter of fiscal year 2016 which ended January 1, 2016, compared to the same quarter of fiscal year 2015:
|
• |
Revenues decreased to $20.1 million from $24.4 million. |
|
• |
Gross profit percentage declined to 41.1% of revenues from 43.7% of revenues. |
|
• |
Operating expenses declined by $1.6 million to $10.5 million from $12.1 million. Operating expenses were 52.4% of revenues compared to 49.6% of revenues. |
|
• |
Loss from continuing operations was $2.3 million compared to a loss of $1.4 million. |
|
• |
Net loss totaled $2.3 million compared to net loss of $1.2 million (including income from discontinued operations). |
In addition, the following are key balance sheet items at January 1, 2016 compared to October 2, 2015:
|
• |
Cash and cash equivalents decreased to $14.4 million compared to $17.9 million. |
|
• |
Net working capital (current assets minus current liabilities) decreased to $(4.2) million compared to $(1.9) million. |
RESULTS OF OPERATIONS
The following table summarizes our consolidated statements of operations for the periods indicated, expressed as a percentage of our revenues for these periods:
|
|
Three months ended |
|
|
|
January 1,
2016 |
|
|
January 2,
2015 |
|
Revenues |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of revenues |
|
|
58.9 |
% |
|
|
56.3 |
% |
Gross profit |
|
|
41.1 |
% |
|
|
43.7 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
Course development |
|
|
6.5 |
% |
|
|
7.0 |
% |
Sales and marketing |
|
|
23.0 |
% |
|
|
22.7 |
% |
General and administrative |
|
|
22.9 |
% |
|
|
19.9 |
% |
Total operating expenses |
|
|
52.4 |
% |
|
|
49.6 |
% |
Loss from operations |
|
|
(11.3) |
% |
|
|
(5.9) |
% |
Other income (expense), net |
|
|
0.4 |
% |
|
|
0.9 |
% |
Loss before taxes |
|
|
(10.9) |
% |
|
|
(5.0) |
% |
Income tax provision |
|
|
0.4 |
% |
|
|
0.6 |
% |
Net loss |
|
|
(11.3) |
% |
|
|
(5.6) |
% |
THREE MONTHS ENDED JANUARY 1, 2016 COMPARED WITH THE THREE MONTHS ENDED JANUARY 2, 2015
Revenues. Revenues from continuing operations of $20.1 million in our first quarter of fiscal year 2016 were 17.5% lower than revenues of $24.4 million in the same quarter of fiscal year 2015. The decrease in revenues primarily resulted from a 10.7% decrease in average revenue per participant and an 8.5% decrease in the number of course participants. The decrease in the average revenue per participant was caused primarily by the lower average revenue per participant from one-day courses which we began introducing in the second quarter of fiscal year 2015 and by changes in foreign exchange rates, which negatively impacted revenues by approximately 3.2% quarter over quarter. The decrease in the number of course participants compared to the same quarter of our prior year was primarily due to the continued decline in attendance in the United Kingdom and Sweden. Revenues from customers who purchased courses under our U.S. Government General Service Administration (“GSA”) contract schedules of $4.0 million were $0.5 million lower for the first quarter of fiscal year 2016 compared to the first quarter of fiscal year 2015.
During our first quarter of fiscal year 2016, we trained 12,901 course participants, an 8.5% decrease from the 14,105 course participants we trained in our first quarter of fiscal year 2015.
During our first quarter of fiscal year 2016, we provided 40,410 attendee-days of training, 19.2% fewer than the 49,982 attendee-days of training we provided in the same quarter in fiscal year 2015. In our IT courses, during our first quarter of fiscal year 2016, we provided 24,499 attendee-days of training, a 16.2% decrease from the 29,220 attendee-days in the corresponding period in fiscal year 2015. In our management courses, during our first quarter of fiscal year 2016, we provided 15,911 attendee-days of training, a 23.4% decrease from the 20,762 attendee-days in the corresponding period in fiscal year 2015.
Cost of Revenues. Our cost of revenues primarily includes the costs of course instructors and their travel expenses, course materials, classroom facilities, equipment, freight and refreshments.
During our first quarter of fiscal year 2016, we presented 1,091 events, a 5.7% increase from 1,032 events during the same period in fiscal year 2015 primarily due to the addition of one-day events. We did not introduce one-day events until after the end of the first quarter of fiscal year 2015. Our cost of revenues for our first quarter of fiscal year 2016 was $11.9 million, or 58.9% of revenues, compared to $13.7 million, or 56.3% of revenues, in the same period in fiscal year 2015. Accordingly, our gross profit percentage for our first quarter of fiscal year 2016 was 41.1% compared to 43.7% in the same period of the prior fiscal year.
The change in cost of revenues as a percentage of revenues in our first quarter of fiscal year 2016 primarily reflects the 10.7% decrease in revenue per participant that was partially offset by a 5.6% decrease in cost per participant. The decrease in cost per participant is primarily the result of a 13.6% decrease in the costs of revenues partially offset by the 8.5% decrease in participants and the positive impact on expenses from changes in foreign exchange rates. Changes in foreign exchange rates do not materially affect our gross profit percentage, since fluctuations in exchange rates affect our cost of revenues by approximately the same percentage as they affect our revenues.
Course Development Expenses. Costs incurred to develop new courses and update our existing courses are expensed when incurred and are included in course development expenses. These costs are principally for internal product development staff and for subject matter experts.
During our first quarter of fiscal year 2016, course development expenses were 6.5% of revenues, compared to 7.0% in our first quarter of fiscal year 2015. Overall spending on course development in our first quarter of fiscal year 2016 was $1.3 million, compared to $1.7 million in our first quarter of fiscal year 2015.
In our first quarter of fiscal year 2016, we introduced 11 new IT course titles, three new management course titles, and eight new one day course titles. We retired 12 IT course titles, two management course titles, and seven one day course titles. At the end of our first quarter of fiscal year 2016, our library of instructor-led courses numbered 346 titles compared with 181 titles at the end of the same quarter of fiscal year 2015. At the end of our first quarter of fiscal year 2016, we had 121 multi-day IT titles in our course library, compared with 118 multi-day titles at the end of the same quarter of fiscal year 2015. Our library of multi-day management titles numbered 71 at the end of our first quarter of fiscal year 2016, compared to 63 at the end of the same quarter of fiscal year 2015. Our library of one day courses numbered 154 at the end of our first quarter of fiscal year 2016, compared to no such courses at the end of the same quarter of fiscal year 2015.
Sales and Marketing Expenses. Sales and marketing expenses include the costs of designing, producing and distributing direct mail and media advertisements; distributing marketing e-mails; maintaining and further developing our website; compensation and travel for sales and marketing personnel; and information systems to support these activities.
Sales and marketing expenses in our first quarter of fiscal year 2016 were 23.0% of revenues, compared to 22.7% in the same quarter of fiscal year 2015. Sales and marketing expenses were $4.6 million in our first quarter of fiscal year 2016, compared to $5.5 million during our first quarter of fiscal year 2015. The decrease was driven primarily by reductions in direct marketing costs and personnel expenses.
General and Administrative Expenses. General and administrative expenses in our first quarter of fiscal year 2016 were 22.9% of revenues, compared with 19.9% for the same quarter in fiscal year 2015. General and administrative expenses during our first quarter of fiscal year 2016 were $4.6 million, a decrease of $0.3 million, compared to $4.9 million in our first quarter of fiscal year 2015. The decrease quarter over quarter is the result of lower personnel costs.
Loss from Continuing Operations. Our loss from continuing operations for our first quarter of fiscal year 2016 was $2.3 million compared to a loss from operations of $1.4 million for our first quarter of fiscal year 2015.
Other Income (Expense), Net. Other income (expense), net consists primarily of interest income and foreign currency transaction gains and losses.
During our first quarter of fiscal year 2016, we had other income of $0.1 million compared to other income of $0.2 million in the first quarter of fiscal year 2015, both primarily from net foreign exchange gains.
Income Taxes. Our income tax provision in our first quarter of fiscal year 2016 was $0.1 million, compared to $0.2 million in our first quarter of fiscal year 2015. The provisions for each of these quarters are primarily related to the income tax expense of the Company's foreign subsidiaries.
Net Loss. Our net loss for our first quarter of fiscal year 2016 was $2.3 million compared to a net loss of $1.2 million for our first quarter of fiscal year 2015.
Effects of Foreign Exchange Rates. Although our consolidated financial statements are stated in U.S. dollars, all of our subsidiaries outside of the U.S. have functional currencies other than the U.S. dollar. Gains and losses arising from the translation of the balance sheets of our subsidiaries from the functional currencies to U.S. dollars are reported as adjustments to stockholders’ equity. Fluctuations in exchange rates may also have an effect on our results of operations. The strengthening of the U.S. dollar against the functional currencies of our foreign subsidiaries has negatively impacted our results of operations. Since both revenues and expenses are generally denominated in our subsidiaries’ local currency, changes in exchange rates that have an adverse effect on our foreign revenues are partially offset by a favorable effect on our foreign expenses. The impact of future exchange rates on our results of operations cannot be accurately predicted. To date, we have not sought to hedge the risks associated with fluctuations in exchange rates, and therefore we continue to be subject to such risks. Even if we undertake such hedging transactions in the future, there can be no assurance that any hedging techniques we implement would be successful in eliminating or reducing the effects of currency fluctuations. See Item 1A “Risk Factors” in our 2015 10-K.
FLUCTUATIONS IN QUARTERLY RESULTS
Our quarterly results are affected by many factors, including the number of weeks during which courses can be conducted in a quarter, the nature and extent of our marketing, the timing of the introduction of new courses, competitive forces within the markets we serve, the mix of our course events between IT and management and customer site or education center venues, and currency fluctuations.
LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity at January 1, 2016 included cash and cash equivalents on hand of $14.4 million. During the first three months of fiscal year 2016, our total cash and cash equivalents decreased by $3.5 million, primarily as a result of the net loss of $2.3 million, cash used for capital expenditures of $0.7 million and effects of exchange rate changes on cash and cash equivalents of $0.3 million.
At January 1, 2016, our net working capital deficit (current assets minus current liabilities) was $(4.2) million, a $2.3 million decrease from our working capital balance at October 2, 2015. Current assets decreased $5.2 million during the period, due primarily to decreases in trade accounts receivable and cash. Current liabilities decreased $2.9 million during the period, primarily due to decreases in trade accounts payable and accrued expenses.
Cash Flows. Our cash and cash equivalents decreased $3.5 million to $14.4 million at January 1, 2016 from $17.9 million at October 2, 2015.
|
|
Three months ended |
|
|
|
|
|
(in thousands) |
|
January 1,
2016 |
|
|
January 2,
2015 |
|
|
Net Change |
|
Cash (used in) provided by operating activities |
|
$ |
(2,637 |
) |
|
$ |
23 |
|
|
$ |
(2,660 |
) |
Cash used in investing activities |
|
|
(653 |
) |
|
|
(1,379 |
) |
|
|
726 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
(261 |
) |
|
|
(490 |
) |
|
|
229 |
|
Net decrease in cash and cash equivalents |
|
$ |
(3,551 |
) |
|
$ |
(1,846 |
) |
|
$ |
(1,705 |
) |
Cash provided by operating activities decreased $2.7 million in the first three months of fiscal year 2016, compared to the first three months of fiscal year 2015 primarily due to the net loss for the current period of $2.3 million compared to a net loss of $1.2 million for the first three months of fiscal year 2015. Cash used in investing activities decreased by $0.7 million in the first three months of fiscal year 2016 compared to the first three months of fiscal 2015, due to decreased capital spending for equipment and leasehold improvements.
Liquidity. The continued decline in operating performance has resulted in an increase in net cash used in operating activities, and we expect the net cash usage to continue until the Company returns to profitability. Our ability to access the capital markets is limited. We have no outstanding debt or line-of-credit agreements. We anticipate we will continue to rely primarily on our balance of cash and cash equivalents on hand, cash flows from operations, and other lease financing available to us to finance our operation cash needs. We believe that such funds will be sufficent to satisfy our anticipated cash requirements for the next 12 months.
Capital Requirements. During the three months ended January 1, 2016, we made capital expenditures of $0.7 million for the purchase of network computer equipment and other equipment and leasehold improvements related to our new Herndon facility. We will be reimbursed by the Herndon landlord from tenant improvement funds provided under the lease for these leasehold improvements and equipment purchases. Excluding the remaining amounts for tenant improvements for the Herndon facility, we plan to purchase an additional $0.8 million in equipment and other capital assets during the remainder of fiscal year 2016. Our contractual obligations as of January 1, 2016 are consistent in all material respects with our fiscal year-end disclosure in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources–Capital Requirements” of our 2015 10-K.
We have a number of operating leases for our administrative offices and education center classroom facilities located worldwide. These leases expire at various dates over the next eleven years. In addition to requiring monthly or quarterly payments for rent, some of the leases contain asset retirement provisions whereby we are required to return the leased facility back to a specified condition at the expiration of the lease.
CRITICAL ACCOUNTING ESTIMATES AND POLICIES
Management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements. The preparation of these financial statements is based on the selection of accounting policies and the application of significant accounting estimates, some of which require management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and notes. We believe some of the more critical estimates and policies that affect our financial condition and results of operations are in the areas of revenue recognition, operating leases, AROs, stock-based compensation and income taxes. For more information regarding our critical accounting estimates and policies, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates and Policies” of our 2015 10-K. We have discussed the application of these critical accounting policies and estimates with the Audit Committee of our Board of Directors.
FUTURE OUTLOOK
Our clients are shortening the average time from initial enrollment in a course to their actual attendance. This shorter buying cycle has reduced our visibility for future enrollments and has made forecasting future financial results more difficult. We have taken this into consideration in developing our forward-looking outlook for our second quarter of fiscal year 2016.
Effect of Exchange Rates. Approximately 40% of our business annually is conducted in currencies other than U.S. dollars and fluctuations in exchange rates will affect future revenues and expenses when translated into U.S. dollars. If the exchange rates as of February 1, 2016 were constant for our second quarter of fiscal year 2016, then we would expect foreign exchange rates to negatively impact second quarter revenues by approximately 3.1% when compared to the second quarter of fiscal year 2015. To the extent that the U.S. dollar continues its rise against the functional currencies of our foreign subsidiaries, we would expect to experience further negative impact to our second quarter 2015 revenues. As a large percentage of our overhead costs are U.S. dollar-based, we would expect the corresponding positive impact to expense to be substantially less.
Second Quarter Revenues. We currently expect revenues for our second quarter of fiscal year 2016 of between $18.7 million and $19.7 million, compared to revenues of $22.1 million in our second quarter of fiscal year 2015.
Second Quarter Gross Profit. We expect a gross profit percentage in our second quarter of fiscal year 2016 of between 31.8% and 32.8% compared to 37.0% in our second quarter of fiscal year 2015.
Second Quarter Operating Expenses. We expect overall operating expenses for our second quarter of fiscal year 2016 to be between $10.9 million and $11.5 million, compared to $13.2 million in the same quarter a year earlier.
Second Quarter Loss from Operations. As a result of the above factors, we expect to incur a second quarter operating loss of between $4.4 million and $5.6 million compared with an operating loss of $5.0 million in our second quarter of fiscal year 2015.
Second Quarter Other Income (Expense), Net. We expect second quarter other expense to be less than $0.1 million.
Second Quarter Pre-Tax Loss. Overall, we expect to report a pre-tax loss for our second quarter of fiscal year 2016 of between $4.4 million and $5.7 million, compared with a pre-tax loss from continuing operations of $4.8 million in our second quarter of fiscal year 2015.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not required for a smaller reporting company.
Item 4. CONTROLS AND PROCEDURES.
Disclosure Controls and Procedures
As of the end of the period covered by this report, management performed an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that we believe have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PART II—OTHER INFORMATION
Item 1. |
LEGAL PROCEEDINGS. |
As of January 1, 2016, other than routine legal proceedings and claims incidental to our business, we are not involved in any legal proceedings that we believe could reasonably be expected to have a material adverse effect on our financial condition or results of operations.
There were no material changes to the risk factors as previously disclosed under Part I, Item 1A of the 2015 10-K. The risks described in the 2015 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also adversely affect our business, financial condition, or future results.
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
None.
Item 3. |
DEFAULTS UPON SENIOR SECURITIES. |
None.
Item 4. |
MINE SAFETY DISCLOSURES. |
Not applicable.
Item 5. |
OTHER INFORMATION. |
None.
Exhibit No. |
|
Document Description |
|
Incorporation by Reference |
|
|
|
|
|
10.1 |
|
Employment Agreement between Registrant and Richard A. Spires, dated October 7, 2015.** |
|
Incorporated by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended October 2, 2015. |
|
|
|
|
|
10.2 |
|
Form of Award Agreement for 200,000 and 100,000 Non-Qualified Stock Options granted to Richard A. Spires on October 7, 2015 and October 26, 2015, respectively.** |
|
Incorporated by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended October 2, 2015. |
|
|
|
|
|
31.1 |
|
Certification of Chief Executive Officer. Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended. |
|
Filed herewith. |
|
|
|
|
|
31.2 |
|
Certification of Chief Financial Officer. Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended. |
|
Filed herewith. |
|
|
|
|
|
32.1 |
|
Certification of Chief Executive Officer. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
Filed herewith. |
|
|
|
|
|
32.2 |
|
Certification of Chief Financial Officer. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
Filed herewith. |
|
|
|
|
|
101 INS |
|
XBRL Instance Document. |
|
Filed herewith. |
|
|
|
|
|
101 SCH |
|
XBRL Taxonomy Extension Schema Document. |
|
Filed herewith. |
|
|
|
|
|
101 CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
101 DEF |
|
XBRL Taxonomy Extension Definition. |
|
Filed herewith. |
|
|
|
|
|
101 LAB |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
101 PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
** This exhibit is a management contract, compensatory plan or arrangement. |
|
|
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.
February 9, 2016
LEARNING TREE INTERNATIONAL, INC. |
|
|
|
|
By: |
/s/ Richard A. Spires. |
|
Richard A. Spires |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
|
|
|
By: |
/s/ David W. Asai |
|
David W. Asai |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
|
Exhibit No. |
|
Document Description |
|
Incorporation by Reference |
|
|
|
|
|
10.1 |
|
Employment Agreement between Registrant and Richard A. Spires, dated October 7, 2015.** |
|
Incorporated by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended October 2, 2015. |
|
|
|
|
|
10.2 |
|
Form of Award Agreement for 200,000 and 100,000 Non-Qualified Stock Options granted to Richard A. Spires on October 7, 2015 and October 26, 2015, respectively.** |
|
Incorporated by reference from the Registrant's Annual Report on Form 10-K for the fiscal year ended October 2, 2015. |
|
|
|
|
|
31.1 |
|
Certification of Chief Executive Officer. Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended. |
|
Filed herewith. |
|
|
|
|
|
31.2 |
|
Certification of Chief Financial Officer. Pursuant to Rule 13a-14(a)/15(d)-14(a) under the Securities Exchange Act of 1934, as amended. |
|
Filed herewith. |
|
|
|
|
|
32.1 |
|
Certification of Chief Executive Officer. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
Filed herewith. |
|
|
|
|
|
32.2 |
|
Certification of Chief Financial Officer. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
Filed herewith. |
|
|
|
|
|
101 INS |
|
XBRL Instance Document. |
|
Filed herewith. |
|
|
|
|
|
101 SCH |
|
XBRL Taxonomy Extension Schema Document. |
|
Filed herewith. |
|
|
|
|
|
101 CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
101 DEF |
|
XBRL Taxonomy Extension Definition. |
|
Filed herewith. |
|
|
|
|
|
101 LAB |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
101 PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
|
Filed herewith. |
|
|
|
|
|
** This exhibit is a management contract, compensatory plan or arrangement. |
|
|
22
Exhibit 31.1
WRITTEN CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Richard A. Spires, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Learning Tree International, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
February 9, 2016
|
By: |
/s/ Richard A. Spires |
|
|
|
Richard A. Spires |
|
|
|
Chief Executive Officer |
|
Exhibit 31.2
WRITTEN CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, David W. Asai, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Learning Tree International, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
February 9, 2016
|
By: |
/s/ David W. Asai |
|
|
|
David W. Asai |
|
|
|
Chief Financial Officer |
|
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Richard A. Spires, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report of Learning Tree International, Inc. on Form 10-Q for the quarter ended January 1, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Learning Tree International, Inc.
February 9, 2016
|
By: |
/s/ Richard A. Spires |
|
|
|
Richard A. Spires |
|
|
|
Chief Executive Officer |
|
A signed original of this written statement required by Section 906 has been provided to Learning Tree International, Inc. and will be retained by Learning Tree International, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, David W. Asai, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report of Learning Tree International, Inc. on Form 10-Q for the quarter ended January 1, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Learning Tree International, Inc.
February 9, 2016
|
By: |
/s/ David W. Asai |
|
|
|
David W. Asai |
|
|
|
Chief Financial Officer |
|
A signed original of this written statement required by Section 906 has been provided to Learning Tree International, Inc. and will be retained by Learning Tree International, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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v3.3.1.900
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
|
Jan. 01, 2016 |
Oct. 02, 2015 |
Assets |
|
|
Cash and cash equivalents |
$ 14,385,000
|
$ 17,936,000
|
Trade accounts receivable, net |
8,226,000
|
10,475,000
|
Income tax receivable |
243,000
|
498,000
|
Prepaid expenses |
3,577,000
|
2,773,000
|
Other current assets |
1,831,000
|
1,747,000
|
Total current assets |
28,262,000
|
33,429,000
|
Education and office equipment |
33,029,000
|
33,165,000
|
Transportation equipment |
69,000
|
70,000
|
Property and leasehold improvements |
19,208,000
|
17,931,000
|
Total |
52,306,000
|
51,166,000
|
Less: accumulated depreciation and amortization |
(45,291,000)
|
(45,096,000)
|
Net |
7,015,000
|
6,070,000
|
Restricted interest-bearing investments |
3,199,000
|
3,265,000
|
Deferred income taxes. |
472,000
|
476,000
|
Other assets |
667,000
|
681,000
|
Total assets |
39,615,000
|
43,921,000
|
Liabilities |
|
|
Trade accounts payable |
4,830,000
|
6,744,000
|
Deferred revenues |
22,632,000
|
22,909,000
|
Accrued payroll, benefits and related taxes |
2,738,000
|
2,865,000
|
Other accrued liabilities |
872,000
|
1,225,000
|
Income taxes payable |
0
|
174,000
|
Current portion of deferred facilities rent and other |
1,395,000
|
1,401,000
|
Total current liabilities |
32,467,000
|
35,318,000
|
Asset retirement obligations |
1,651,000
|
1,669,000
|
Deferred income taxes |
132,000
|
134,000
|
Deferred facilities rent and other |
3,583,000
|
2,575,000
|
Noncurrent tax liabilities |
1,189,000
|
1,178,000
|
Total liabilities |
$ 39,022,000
|
$ 40,874,000
|
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY |
|
|
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding |
$ 0
|
$ 0
|
Common stock, $.0001 par value; 75,000,000 shares authorized; 13,224,349 and 13,224,349 issued and outstanding, respectively |
1,000
|
1,000
|
Additional paid-in capital |
6,263,000
|
6,224,000
|
Accumulated other comprehensive loss |
(792,000)
|
(578,000)
|
Accumulated deficit |
(4,879,000)
|
(2,600,000)
|
Total stockholders' equity |
593,000
|
3,047,000
|
Total liabilities and stockholders' equity |
$ 39,615,000
|
$ 43,921,000
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
|
Jan. 01, 2016 |
Oct. 02, 2015 |
Preferred stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, authorized shares (in shares) |
1,000,000
|
1,000,000
|
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0
|
0
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0
|
0
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v3.3.1.900
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Revenues |
$ 20,131,000
|
$ 24,400,000
|
Cost of revenues |
11,854,000
|
13,726,000
|
Gross profit |
8,277,000
|
10,674,000
|
Operating expenses: |
|
|
Course development |
1,314,000
|
1,709,000
|
Sales and marketing |
4,619,000
|
5,532,000
|
General and administrative |
4,614,000
|
4,864,000
|
Operating expenses |
10,547,000
|
12,105,000
|
Loss from operations |
(2,270,000)
|
(1,431,000)
|
Other income (expense): |
|
|
Interest income, net |
9,000
|
6,000
|
Foreign exchange gains |
68,000
|
215,000
|
Other, net |
(1,000)
|
0
|
Other operating items |
76,000
|
221,000
|
Loss from continuing operations before provision for income taxes |
(2,194,000)
|
(1,210,000)
|
Provision for income taxes |
85,000
|
158,000
|
Loss from continuing operations |
$ (2,279,000)
|
(1,368,000)
|
Discontinued operations (Note 12) |
|
|
Income from discontinued operations, net of tax |
|
218,000
|
Net loss |
$ (2,279,000)
|
$ (1,150,000)
|
(Loss) income per common share - basic and diluted: |
|
|
Continuing operations (in dollars per share) |
$ (0.17)
|
$ (0.10)
|
Discontinued operations (in dollars per share) |
0
|
0.01
|
Basic and diluted loss per share (in dollars per share) |
$ (0.17)
|
$ (0.09)
|
Denominator: |
|
|
Weighted average shares - basic (in shares) |
13,224,000
|
13,223,000
|
Weighted average shares - diluted (in shares) |
13,224,000
|
13,223,000
|
Comprehensive loss: |
|
|
Net loss |
$ (2,279,000)
|
$ (1,150,000)
|
Foreign currency translation adjustments |
(214,000)
|
(517,000)
|
Comprehensive loss |
$ (2,493,000)
|
$ (1,667,000)
|
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Leasehold Improvements [Member] |
|
|
Supplemental non-cash disclosures: |
|
|
Non-cash leasehold improvements |
$ 1,093,000
|
$ 0
|
Net loss |
$ (2,279,000)
|
(1,150,000)
|
Add: Income from discontinued operations, net of tax |
|
(218,000)
|
Loss from continuing operations |
$ (2,279,000)
|
(1,368,000)
|
Depreciation and amortization |
708,000
|
1,179,000
|
Share-based compensation |
39,000
|
1,000
|
Deferred income taxes |
0
|
6,000
|
Provision for doubtful accounts |
48,000
|
29,000
|
Accretion on asset retirement obligations |
21,000
|
21,000
|
(Gain) loss on disposal of equipment, property and leasehold improvements |
(2,000)
|
6,000
|
Unrealized foreign exchange gains |
(71,000)
|
(229,000)
|
Trade accounts receivable |
2,123,000
|
3,374,000
|
Prepaid expenses and other assets |
(987,000)
|
(324,000)
|
Income tax receivable / payable |
79,000
|
61,000
|
Trade accounts payable |
(1,860,000)
|
(487,000)
|
Deferred revenues |
(15,000)
|
(1,887,000)
|
Deferred facilities rent and other |
(64,000)
|
(665,000)
|
Other accrued liabilities |
(377,000)
|
(474,000)
|
Net cash used in operating activities of continuing operations |
(2,637,000)
|
(757,000)
|
Net cash provided by operating activities of discontinued operations |
0
|
780,000
|
Net cash (used in) provided by operating activities |
(2,637,000)
|
23,000
|
Purchases of equipment, property and leasehold improvements |
(655,000)
|
(1,373,000)
|
Proceeds from sale of equipment, property and leasehold improvements |
2,000
|
0
|
Net cash used in investing activities of continuing operations |
(653,000)
|
(1,373,000)
|
Net cash used in investing activities of discontinued operations |
0
|
(6,000)
|
Net cash used in investing activities |
(653,000)
|
(1,379,000)
|
Effects of exchange rate changes on cash and cash equivalents of continuing operations |
(261,000)
|
(359,000)
|
Effects of exchange rate changes on cash and cash equivalents of discontinued operations |
0
|
(131,000)
|
Effects of exchange rate changes on cash and cash equivalents |
(261,000)
|
(490,000)
|
Less: Net increase in cash and cash equivalents of discontinued operations |
0
|
(643,000)
|
Net decrease in cash and cash equivalents |
(3,551,000)
|
(2,489,000)
|
Cash and cash equivalents at the beginning of the period |
17,936,000
|
29,881,000
|
Cash and cash equivalents at the end of the period |
$ 14,385,000
|
$ 27,392,000
|
X |
- DefinitionAmount of increase (decrease) in cash and cash equivalents from discontinued operations.
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v3.3.1.900
Note 1 - Basis of Presentation
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3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
NOTE 1—BASIS OF PRESENTATION The accompanying unaudited interim condensed consolidated financial statements of Learning Tree International, Inc. and our subsidiaries (collectively, “Learning Tree,” “we,” “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and, therefore, omit or condense certain note disclosures and other information required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 2, 2015. We use the 52/53-week fiscal year method to better align our external financial reporting with the manner in which we operate our business. Under this method, each fiscal quarter ends on the Friday closest to the end of the calendar quarter. Accordingly, our first quarter of the current fiscal year ended on January 1, 2016 and encompassed 13 weeks, and our first quarter of the prior fiscal year ended on January 2, 2015 also encompassed 13 weeks. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, that are only of a normal recurring nature, considered necessary to present fairly our financial position as of January 1, 2016, and our results of operations for the three months ended January 1, 2016 and January 2, 2015, and our cash flows for the three months ended January 1, 2016 and January 2, 2015. Certain items in the condensed consolidated financial statements have been reclassified to conform to the current presentation.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Note 3 - Asset Retirement Obligations
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Asset Retirement Obligation Disclosure [Text Block] |
NOTE 3—ASSET RETIREMENT OBLIGATIONS The following table presents the activity for the asset retirement obligations (“ARO”) liabilities, which are primarily related to the restoration of classroom facilities in our Learning Tree Education Centers: | | | | | | | ARO balance, beginning of period | | $ | 1,669 | | | $ | 1,656 | | | | | 21 | | | | 79 | | Foreign currency translation | | | (39 | ) | | | (66 | ) | ARO balance, end of period | | $ | 1,651 | | | $ | 1,669 | |
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
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v3.3.1.900
Note 4 - Earnings (Loss) Per Share
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
NOTE 4—EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding (which excludes unvested shares of our common stock granted under our 2007 Equity Incentive Plan) during the reporting period. Diluted earnings (loss) per share is computed similarly to basic earnings (loss) per share except that the weighted average shares outstanding are increased to include common stock equivalents, to the extent their effect is dilutive. Approximately 850,000 stock options and 200,000 stock options were excluded from the computations of diluted earnings per share for the three months ended January 1, 2016 and January 2, 2015, respectively, because their effect would have been anti-dilutive. The computations for basic and diluted earnings per share are as follows: | | | | | | | | | | | | | | | | | | | | Loss from continuing operations | | $ | (2,279 | ) | | $ | (1,368 | ) | Income from discontinued operations | | | 0 | | | | 218 | | | | $ | (2,279 | ) | | $ | (1,150 | ) | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding | | | | | | | | | | | | 13,224 | | | | 13,223 | | Effect of dilutive securities | | | 0 | | | | 0 | | | | $ | 13,224 | | | $ | 13,223 | | | | | | | | | | | (Loss) income per common share - basic and diluted: | | | | | | | | | | | $ | (0.17 | ) | | $ | (0.10 | ) | | | | 0.00 | | | | 0.01 | | Basic and diluted loss per share | | $ | (0.17 | ) | | $ | (0.09 | ) |
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Note 5 - Income Taxes
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
Our income tax provision in our first quarter of fiscal year 2016 was $0.1 million, compared to $0.2 million in our first quarter of fiscal year 2015. Our first quarter 2016 and 2015 provisions are composed primarily of income tax expense for our foreign subsidiaries. The Company established a valuation allowance against deferred tax assets in the U.S. in the third quarter of fiscal year 2012 and has continued to maintain a full valuation allowance in the U.S. through the first quarter of fiscal year 2016.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Note 6 - Commitments and Contingencies
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Commitments and Contingencies Disclosure [Text Block] |
NOTE 6—COMMITMENTS AND CONTINGENCIES Currently, and from time to time, we are involved in litigation incidental to the conduct of our business. We are not a party to any lawsuit or legal proceeding that, in the opinion of management, is likely to have a material adverse effect on our consolidated financial position or results of operations.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Note 7 - Segment Reporting
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Segment Reporting Disclosure [Text Block] |
Our worldwide operations involve the design and delivery of instructor-led classroom training courses and related services to multinational companies and government entities. The training and education we offer is presented in an identical manner in every country in which we operate. Our instructors present our courses in a virtually identical fashion worldwide, regardless of whether presented in leased classroom space or external facilities, the content of the class being taught or the location or method of distribution. No one commercial customer or government agency accounted for 10% or more of our revenues in the first three months of fiscal years 2016 and 2015. We conduct and manage our business globally and have reportable segments that operate in five countries: the United States, Canada, the United Kingdom, Sweden and Japan. Summarized financial information by country for the first three months of fiscal years 2016 and 2015 is as follows: | | | | | | | | | | | | | | | | | | | | | | $ | 11,835 | | | $ | 13,304 | | | | | 1,886 | | | | 2,481 | | | | | 13,721 | | | | 15,785 | | | | | | | | | | | | | | 4,980 | | | | 6,704 | | | | | 974 | | | | 1,573 | | | | | 456 | | | | 338 | | | | $ | 20,131 | | | $ | 24,400 | | | | | | | | | | | | | | | | | | | | | | $ | 4,749 | | | $ | 5,204 | | | | | 806 | | | | 1,460 | | | | | 5,555 | | | | 6,664 | | | | | | | | | | | | | | 1,866 | | | | 2,813 | | | | | 545 | | | | 987 | | | | | 311 | | | | 210 | | | | $ | 8,277 | | | $ | 10,674 | | | | | | | | | | | | | | | | | | | | | 19,814 | | | | 31,652 | | | | | 3,523 | | | | 3,793 | | | | | 23,337 | | | | 35,445 | | | | | | | | | | | | | | 11,432 | | | | 13,645 | | | | | 3,288 | | | | 4,272 | | | | | 1,558 | | | | 1,459 | | | | $ | 39,615 | | | $ | 54,821 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Note 8 - Fair Value Measurements
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Fair Value Disclosures [Text Block] |
NOTE 8—FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The fair value is measured using assumptions that market participants would use, including assumptions about nonperformance risk and credit risk. ASC 820 establishes a fair value hierarchy for valuation inputs and prioritizes them based on the extent to which the inputs are observable in the marketplace. Categorization is based on the lowest level of input that is available and significant to the measurement. These levels are: Level 1—Quoted prices in active markets for identical assets and liabilities. Level 2—Observable inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3—Unobservable inputs that reflect management’s assumptions about the estimates and risks that market participants would use in pricing the asset or liability. Non-Financial Liabilities Measured at Fair Value on a Nonrecurring Basis We measure our ARO liabilities at fair value on a nonrecurring basis when we believe there has been an indication the fair value has changed. We did not adjust the values of those liabilities during the three months ended January 1, 2016 and January 2, 2015.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Note 9 - Deferred Facilities Rent and Other
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Deferred Facilities Rent and Other [Text Block] |
NOTE 9—DEFERRED FACILITIES RENT AND OTHER Deferred Facilities Rent and Other The following tables show details of the following line items in our consolidated balance sheets. Current Portion of Deferred Facilities Rent and Other | | | | | | | | | $ | 1,233 | | | $ | 1,074 | | | | | 162 | | | | 327 | | | | $ | 1,395 | | | $ | 1,401 | | Deferred Facilities Rent and Other | | | | | | | | | $ | 3,583 | | | $ | 2,575 | | | | $ | 3,583 | | | $ | 2,575 | |
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v3.3.1.900
Note 10 - Recent Accounting Pronouncements
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
NOTE 10—RECENT ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ” (“ASU 2015-17”). The standard requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred tax assets and liabilities. We do not expect to early adopt ASU 2015-17. We are currently evaluating the impact that this standard will have on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606) " ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 " Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year to fiscal years, and interim periods wihin those years, beginning after December 15, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2017. Accordingly, the standard is effective for us on September 30, 2018 using either a full retrospective or a modified retrospective approach. We are currently evaluating which transition approach to use and the impact that the standard will have on our financial statements. In April 2014, the FASB issued ASU No. 2014-08, “ Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ” (“ASU 2014-08”). The standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, and early adoption is permitted. We have adopted ASU 2014-08 beginning in fiscal year 2016. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). The standard requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. ASU 2014-15 is effective for reporting periods ending after December 15, 2016, with early adoption permitted. We do not expect to early adopt ASU 2014-15. We are currently evaluating the impact that this standard will have on our financial statements. Other recent accounting pronouncements issued by the FASB (including the Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements.
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- DefinitionThe entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
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v3.3.1.900
Note 11 - Discontinued Operations
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
NOTE 11—DISCONTINUED OPERATIONS On March 3, 2015, we entered into an Agreement (“Agreement”) to sell our subsidiary in France, LTRE(FR), to Educinvest for consideration of €1 (One Euro) (“Sale Transaction”). The Sale Transaction was consummated on the same date that the Agreement was signed by the parties. The purchase price was established in recognition of the potential liabilities being assumed by Educinvest related to continuation of the LTRE(FR) business. As part of the Sale Transaction, Learning Tree and Educinvest concurrently entered into a license agreement, dated March 3, 2015 (the “License Agreement”). After the closing of the Sale Transaction, we agreed to provide certain temporary services to Educinvest, including the use of its website and the operational systems in place for a period of two years after the closing date. In connection with the Sale Transaction, we also agreed that during the term of the License Agreement we will not, without the prior written consent of Educinvest, (i) establish a physical presence in mainland France in competition with the business of LTRE(FR) as carried on as of the closing of the Sale Transaction or (ii) solicit employees of LTRE(FR), except for persons responding to general recruitment advertisements not specifically targeting LTRE(FR). The results of operations for LTRE(FR) for the three months ended January 2, 2015 have been reclassified to the income from discontinued operations line on the Condensed Consolidated Statements of Operations and Comprehensive Loss presented herein. In addition, historical Condensed Consolidated Statement of Cash Flow amounts for the three months ended January 2, 2015 have been reclassified as discontinued operations. The summarized operating results of LTRE(FR) included in our Condensed Consolidated Statement of Operations and Comprehensive Loss is as follows: | | | | | | | | | | | | | $ | 0 | | | $ | 2,827 | | | | | 0 | | | | 1,564 | | | | | 0 | | | | 1,263 | | | | | 0 | | | | 1,032 | | | | | 0 | | | | 231 | | Other (expense) income, net | | | 0 | | | | (13 | ) | Income from discontinued operations before income taxes | | | 0 | | | | 218 | | | | | 0 | | | | 0 | | | | $ | 0 | | | $ | 218 | |
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v3.3.1.900
Note 12 - Subsequent Events
|
3 Months Ended |
Jan. 01, 2016 |
Notes to Financial Statements |
|
Subsequent Events [Text Block] |
NOTE 12—SUBSEQUENT EVENTS We have evaluated all events subsequent to the balance sheet date of January 1, 2016 through the date these condensed consolidated financial statements were filed with the SEC, and have determined that the following require disclosure: On February 1, 2016 the Company announced that its President, Max Shevitz, notified the Board of Directors of his intention to retire from his current position with the Company. Effective February 1, 2016, Mr. Shevitz continued to serve as President on a reduced schedule until the Company identifies a new candidate as his replacement. Accordingly, no termination date has been set for Mr. Shevitz at this time. In connection with Mr. Shevitz's reduced schedule at the Company, the Company and Mr. Shevitz agreed to amend his employment agreement to adjust his annual salary to $240,000. It is currently anticipated that Mr. Shevitz would continue to serve the Company in an advisor capacity after his replacement has been hired, however, no terms have been agreed upon with respect to Mr. Shevitz’s future advisory role. Gregory L. Adams, the current Chief Operating Officer ("COO") of the Company, was named to a newly created officer position of Chief Strategy Officer ("CSO") of the Company, effective February 1, 2016. As a result, Mr. Adams’ title has changed from COO to CSO. Other than a change in his title and responsibilities, no other changes to Mr. Adams' employment agreement with the Company are anticipated at this time.
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- DefinitionTabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation.
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Note 4 - Earnings (Loss) Per Share (Tables)
|
3 Months Ended |
Jan. 01, 2016 |
Notes Tables |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | Loss from continuing operations | | $ | (2,279 | ) | | $ | (1,368 | ) | Income from discontinued operations | | | 0 | | | | 218 | | | | $ | (2,279 | ) | | $ | (1,150 | ) | | | | | | | | | | | | | | | | | | | Weighted average shares outstanding | | | | | | | | | | | | 13,224 | | | | 13,223 | | Effect of dilutive securities | | | 0 | | | | 0 | | | | $ | 13,224 | | | $ | 13,223 | | | | | | | | | | | (Loss) income per common share - basic and diluted: | | | | | | | | | | | $ | (0.17 | ) | | $ | (0.10 | ) | | | | 0.00 | | | | 0.01 | | Basic and diluted loss per share | | $ | (0.17 | ) | | $ | (0.09 | ) |
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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Note 7 - Segment Reporting (Tables)
|
3 Months Ended |
Jan. 01, 2016 |
Notes Tables |
|
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | $ | 11,835 | | | $ | 13,304 | | | | | 1,886 | | | | 2,481 | | | | | 13,721 | | | | 15,785 | | | | | | | | | | | | | | 4,980 | | | | 6,704 | | | | | 974 | | | | 1,573 | | | | | 456 | | | | 338 | | | | $ | 20,131 | | | $ | 24,400 | | | | | | | | | | | | | | | | | | | | | | $ | 4,749 | | | $ | 5,204 | | | | | 806 | | | | 1,460 | | | | | 5,555 | | | | 6,664 | | | | | | | | | | | | | | 1,866 | | | | 2,813 | | | | | 545 | | | | 987 | | | | | 311 | | | | 210 | | | | $ | 8,277 | | | $ | 10,674 | |
|
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
| | | | | | | | | | | | | | | | | | | 19,814 | | | | 31,652 | | | | | 3,523 | | | | 3,793 | | | | | 23,337 | | | | 35,445 | | | | | | | | | | | | | | 11,432 | | | | 13,645 | | | | | 3,288 | | | | 4,272 | | | | | 1,558 | | | | 1,459 | | | | $ | 39,615 | | | $ | 54,821 | |
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- DefinitionTabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
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- DefinitionThe tabular disclosure of the current portion of deferred facilities being rent and other.
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- DefinitionTabular disclosure of income statement information for a disposal group classified as a discontinued operation.
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- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
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Note 3 - Asset Retirement Obligations - Asset Retirement Obligations Liabilities Activity (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Oct. 02, 2015 |
ARO balance, beginning of period |
$ 1,669,000
|
$ 1,656,000
|
$ 1,656,000
|
Accretion expense |
21,000
|
$ 21,000
|
79,000
|
Foreign currency translation |
(39,000)
|
|
(66,000)
|
ARO balance, end of period |
$ 1,651,000
|
|
$ 1,669,000
|
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v3.3.1.900
Note 4 - Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Numerator: |
|
|
Loss from continuing operations |
$ (2,279,000)
|
$ (1,368,000)
|
Income from discontinued operations |
0
|
218,000
|
Net loss |
$ (2,279,000)
|
$ (1,150,000)
|
Denominator: |
|
|
Basic (in shares) |
13,224,000
|
13,223,000
|
Effect of dilutive securities (in shares) |
0
|
0
|
Diluted (in shares) |
13,224,000
|
13,223,000
|
(Loss) income per common share - basic and diluted: |
|
|
Continuing operations (in dollars per share) |
$ (0.17)
|
$ (0.10)
|
Discontinued operations (in dollars per share) |
0
|
0.01
|
Basic and diluted loss per share (in dollars per share) |
$ (0.17)
|
$ (0.09)
|
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v3.3.1.900
Note 5 - Income Taxes (Details Textual) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Income Tax Expense (Benefit) |
$ 85,000
|
$ 158,000
|
v3.3.1.900
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Note 7 - Segment Reporting - Financial Information by Reportable Segment (Details) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
UNITED STATES | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
$ 11,835,000
|
$ 13,304,000
|
Gross profit: |
|
|
Gross Profit |
4,749,000
|
5,204,000
|
CANADA | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
1,886,000
|
2,481,000
|
Gross profit: |
|
|
Gross Profit |
806,000
|
1,460,000
|
North America [Member] | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
13,721,000
|
15,785,000
|
Gross profit: |
|
|
Gross Profit |
5,555,000
|
6,664,000
|
UNITED KINGDOM | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
4,980,000
|
6,704,000
|
Gross profit: |
|
|
Gross Profit |
1,866,000
|
2,813,000
|
SWEDEN | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
974,000
|
1,573,000
|
Gross profit: |
|
|
Gross Profit |
545,000
|
987,000
|
JAPAN | Continuing Operations [Member] |
|
|
Revenues: |
|
|
Revenues |
456,000
|
338,000
|
Gross profit: |
|
|
Gross Profit |
311,000
|
210,000
|
Revenues |
20,131,000
|
24,400,000
|
Total-Revenue |
20,131,000
|
24,400,000
|
Gross Profit |
8,277,000
|
10,674,000
|
Total |
$ 8,277,000
|
$ 10,674,000
|
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v3.3.1.900
Note 7 - Segment Reporting - Assets (Details) - USD ($)
|
Jan. 01, 2016 |
Jan. 02, 2015 |
UNITED STATES | Continuing Operations [Member] |
|
|
Assets |
$ 19,814,000
|
$ 31,652,000
|
CANADA | Continuing Operations [Member] |
|
|
Assets |
3,523,000
|
3,793,000
|
North America [Member] | Continuing Operations [Member] |
|
|
Assets |
23,337,000
|
35,445,000
|
UNITED KINGDOM | Continuing Operations [Member] |
|
|
Assets |
11,432,000
|
13,645,000
|
SWEDEN | Continuing Operations [Member] |
|
|
Assets |
3,288,000
|
4,272,000
|
JAPAN | Continuing Operations [Member] |
|
|
Assets |
1,558,000
|
1,459,000
|
Assets |
$ 39,615,000
|
$ 54,821,000
|
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v3.3.1.900
Note 9 - Deferred Facilities Rent And Other - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands |
Jan. 01, 2016 |
Oct. 02, 2015 |
Deferred rent |
$ 1,233
|
$ 1,074
|
LA lease liability |
162
|
327
|
Current portion |
$ 1,395
|
$ 1,401
|
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- DefinitionThe current portion of deferred facilities rent and other.
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- DefinitionFor a classified balance sheet, the cumulative difference as of the balance sheet date between the payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, within one year of the balance sheet date.
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Note 9 - Deferred Facilities Rent And Other - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands |
Jan. 01, 2016 |
Oct. 02, 2015 |
Deferred rent |
$ 3,583
|
$ 2,575
|
Deferred |
$ 3,583
|
$ 2,575
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- DefinitionPeriod of expected continuing involvement with a discontinued operation after the disposal date, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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Note 11 - Discontinued Operations - Condensed Income Statement (Details) - USD ($)
|
3 Months Ended |
Jan. 01, 2016 |
Jan. 02, 2015 |
Learning Tree International S.A. [Member] |
|
|
Revenues |
$ 0
|
$ 2,827,000
|
Cost of revenues |
0
|
1,564,000
|
Gross profit |
0
|
1,263,000
|
Operating expenses |
0
|
1,032,000
|
Income from operations |
0
|
231,000
|
Other (expense) income, net |
0
|
(13,000)
|
Income from discontinued operations before income taxes |
0
|
218,000
|
Income taxes |
0
|
0
|
Total |
0
|
218,000
|
Total |
$ 0
|
$ 218,000
|
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