Business
Learning Tree International Announces First Quarter 2017 Results
Learning Tree International Announces First Quarter 2017 Results.
About this update from Learning Tree International Inc
[{"type":"text","content":"\n \n Learning \n Tree International, Inc. (OTCQX: LTRE) announced today its revenues \n and results of operations for its first quarter 2017, which ended \n December 30, 2016.\n \n \n In its first quarter of fiscal year 2017, Learning Tree reported \n revenues of $18.6 million, loss from operations before income taxes of \n $0.3 million, and a net loss of $0.4 million, or $(0.03) per share. \n These results compare with revenues of $20.1 million, loss from \n operations before income taxes of $2.2 million, and net loss of $2.3 \n million, or $(0.17) per share, in Learning Tree’s first quarter of \n fiscal year 2016. The 7.8% decline in revenues for our first quarter of \n fiscal year 2017 when compared to the first quarter of fiscal year 2016, \n was partially offset by a 10.7% reduction in cost of revenues and a \n 19.7% reduction in total operating expenses. As a result, our first \n quarter loss from operations was $0.5 million as compared to $2.3 \n million for the first quarter of fiscal year 2016.\n \n \n Our liquidity and working capital needs have historically been funded \n through our cash and cash equivalents. At December 30, 2016, our capital \n resources consisted of cash and cash equivalents of $7.2 million. As \n previously announced, on January 12, 2017, we entered into a financing \n and security agreement with Action Capital Corporation (“Action \n Capital”) that provides us with access to borrow through advances of \n funds up to a maximum aggregate principal amount of $3.0 million. While \n we have and continue to take steps to stabilize revenues and decrease \n our operating costs and entered into the financing transaction with \n Action Capital, unless we are able to further improve our liquidity in \n the future, there is substantial doubt about our ability to continue as \n a going concern. Our registered independent public accounting firm’s \n report on our audited financial statements for the year ended September \n 30, 2016 that are included as part of our annual report on Form 10-K \n that was filed with the Securities and Exchange Commission contains an \n explanatory paragraph related to our ability to continue as a going \n concern. We are continuing to work to further improve our liquidity \n position and are evaluating additional sources of capital and financing. \n Howev...