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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
	July 1, 2016 (Unaudited)	July 1, 2015 (Unaudited)	July 1, 2016 (Unaudited)	July 1, 2015 (Unaudited)

Revenues	$21,073	$22,703	$59,892	$69,255
Cost of revenues	13,232	14,361	37,745	42,049
Gross profit	7,841	8,342	22,147	27,206

Operating expenses:
Course development	1,354	2,575	3,990	6,395
Sales and marketing	4,710	5,387	14,219	16,999
General and administrative	4,750	4,420	14,408	14,275
Total operating expenses	10,814	12,382	32,617	37,669

Loss from operations	(2,973)	(4,040)	(10,470)	(10,463)
Other income (expense), net	194	(41)	185	346
Loss from continuing operations before income taxes	(2,779)	(4,081)	(10,285)	(10,117)

Provision for income tax	51	222	195	432
Loss from continuing operations	(2,830)	(4,303)	(10,480)	(10,549)

Income (loss) from discontinued operations, net of tax	-	-	-	(264)
Loss on disposal of discontinued segment	-	-	-	(2,501)
Income (loss) from discontinued operations	-	-	-	(2,765)
Net loss	$(2,830)	$(4,303)	$(10,480)	$(13,314)

Earnings (loss) per share basic and diluted:
Continuing operations	$(0.21)	$(0.33)	$(0.79)	$(0.80)
Discontinued operations	-	-	-	(0.21)
Basic and diluted loss per share	$(0.21)	$(0.33)	$(0.79)	$(1.01)


LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(all amounts in thousands)
	July 1, 2016 (Unaudited)		October 2, 2015

Cash and cash equivalents		$9,055	$17,936
Trade accounts receivable, net		9,316	10,475
Prepaid expenses and other		4,369	5,018
Total current assets		22,740	33,429
Depreciable assets, net and other		10,066	10,492
Total assets		$32,806	$43,921

Accounts payable and accrued liabilities		$9,999	$12,409
Deferred revenues		22,710	22,909
Total current liabilities		32,709	35,318
Other long term liabilities		7,650	5,556
Total liabilities		40,359	40,874

Stockholders' equity		(7,553)	3,047
Total liabilities and stockholders' equity		$32,806	$43,921

For more information, please contact David Asai at our Herndon, Virginia Corporate Office (703) 925-6337, or Click here »

Learning Tree International, 13650 Dulles Technology Drive, Suite 400, Herndon, VA 20171-6156

Learning Tree International

Call us at 1.888.843.8733 or Contact us

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