Financial Statements

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share data)
		Three Months Ended						Nine Months Ended
		June 30, 2017 (unaudited)			July 1, 2016 (unaudited)			June 30, 2017 (unaudited)			July 1, 2016 (unaudited)
Revenues		$16,404			$21,073			$51,027			$59,892
Cost of revenues		9,572			13,232			29,790			37,745
Gross profit		6,832			7,841			21,237			22,147
Operating expenses:
Course development		663			1,354			2,184			3,990
Sales and marketing		3,199			4,710			10,261			14,219
General and administrative		3,509			4,750			11,511			14,408
Restructuring charge		-			-			386			-
Total operating expenses		7,371			10,814			24,342			32,617
Loss from operations		(539)			(2,973)			(3,105)			(10,470)
Other income (expense), net		(259)			194			(169)			185
Loss from operations before income taxes		(798)			(2,779)			(3,274)			(10,285)
Provision for income tax		79			51			331			195
Net loss		$(877)			$(2,830)			$(3,605)			$(10,480)
Loss per share basic and diluted:
Basic and diluted loss per share		$(0.07)			$(0.21)			$(0.27)			$(0.79)

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
	June 30, 2017 (unaudited)			September 30, 2016
Cash and cash equivalents		$5,104		$8,540
Trade accounts receivable, net		7,787		9,538
Prepaid expenses and other		2,995		3,548
Total current assets		15,886		21,626
Depreciable assets, net and other		8,802		9,981
Total assets		$24,688		$31,607
Accounts payable and accrued liabilities		$10,268		$11,149
Deferred revenues		18,880		21,017
Total current liabilities		29,148		32,166
Other long term liabilities		8,962		9,230
Total liabilities		38,110		41,396
Stockholders' equity		(13,422)		(9,789)
Total liabilities and stockholders' (deficit) equity		$24,688		$31,607