Financial Statements

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share data)
		Three Months Ended		Three Months Ended
		December 29, 2017 (unaudited)			December 30, 2016 (unaudited)
Revenues		$17,196			$18,552
Cost of revenues		9,096			10,588
Gross profit		8,100			7,964
Operating expenses:
Course development		707			769
Sales and marketing		3,248			3,577
General and administrative		3,562			4,122
Restructuring charge		264			0
Total operating expenses		7,781			8,468
Loss from operations		319			(504)
Other income (expense), net		(27)			201
Loss from operations before income taxes		292			(303)
Provision for income tax		(63)			76
Net loss		355			(379)
Loss per share basic and diluted:
Basic and diluted loss per share		$0.03			$(0.03)

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
	December 29, 2017 (unaudited)			September 29, 2017
Cash and cash equivalents		$5,142		$5,080
Trade accounts receivable, net		9,118		9,725
Prepaid expenses and other		3,630		4,035
Total current assets		17,890		18,840
Depreciable assets, net and other		7,330		7,423
Total assets		$25,220		$26,263
Accounts payable and accrued liabilities		$11,033		$10,809
Deferred revenues		17,053		18,383
Total current liabilities		28,086		29,192
Other long term liabilities		8,489		8,893
Total liabilities		36,575		38,085
Stockholders' equity		(11,355)		(11,822)
Total liabilities and stockholders' (deficit) equity		$25,220		$26,263