Financial Statements

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share data)
		Three Months Ended						Six Months Ended
		March 31, 2017 (unaudited)			April 1, 2016 (unaudited)			March 31, 2017 (unaudited)			April 1, 2016 (unaudited)
Revenues		$16,071			$18,688			$34,623			$38,819
Cost of revenues		9,630			12,659			20,218			24,513
Gross profit		6,441			6,029			14,405			14,306
Operating expenses:
Course development		752			1,322			1,521			2,636
Sales and marketing		3,485			4,890			7,062			9,509
General and administrative		3,880			5,044			8,002			9,658
Restructuring charge		386			-			386			-
Total operating expenses		8,503			11,256			16,971			21,803
Loss from operations		(2,062)			(5,227)			(2,566)			(7,497)
Other income (expense), net		(111)			(85)			90			(9)
Loss from operations before income taxes		(2,173)			(5,312)			(2,476)			(7,506)
Provision for income tax		176			59			252			144
Net loss		$(2,349)			$(5,371)			$(2,728)			$(7,650)
Loss per share basic and diluted:
Basic and diluted loss per share		$(0.18)			$(0.41)			$(0.21)			$(0.58)

LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
	March 31, 2017 (unaudited)			September 30, 2016
Cash and cash equivalents		$5,327		$8,540
Trade accounts receivable, net		7,283		9,538
Prepaid expenses and other		3,471		3,548
Total current assets		16,081		21,626
Depreciable assets, net and other		8,974		9,981
Total assets		$25,055		$31,607
Accounts payable and accrued liabilities		$10,876		$11,149
Deferred revenues		17,824		21,017
Total current liabilities		28,700		32,166
Other long term liabilities		9,120		9,230
Total liabilities		37,820		41,396
Stockholders' equity		(12,765)		(9,789)
Total liabilities and stockholders' (deficit) equity		$25,055		$31,607