Business
Learning Tree International Announces Fourth Quarter and Full Year 2018 Results and Plans to Deregister Its Common Stock and Suspend Its Public Reporting Requirements
Learning Tree International Announces Fourth Quarter and Full Year 2018 Results and Plans to Deregister Its Common Stock and Suspend Its Public Reporting Requirements.
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 fourth quarter and full fiscal year \n 2018, which ended September 28, 2018.\n \n \n In its fourth quarter of fiscal year 2018, Learning Tree reported \n revenues of $17.3 million, income from operations of $0.4 million, and a \n net income of $0.3 million, or $0.02 per share. These results compare \n with revenues of $19.6 million, income from operations of $1.8 million, \n and net income of $1.5 million, or $0.11 per share, in Learning Tree’s \n fourth quarter of fiscal year 2017. The results for the fourth quarter \n of fiscal year 2018 includes a restructuring charge of $0.1 million \n related to a warehouse facility in our UK operation. The 11.8% decline \n in revenues for our fourth quarter of fiscal year 2018 when compared to \n the fourth quarter of fiscal year 2017, was partially offset by an 8.8% \n reduction in cost of revenues. Total operating expenses decreased 0.9% \n quarter over quarter, from $7.4 million to $7.3 million. Total operating \n expense for the fourth quarter of fiscal year 2018 includes the \n restructuring charge of $0.1 million. There was no corresponding charge \n in the fourth quarter of fiscal year 2017.\n \n \n For the full fiscal year 2018, Learning Tree reported revenues of $64.3 \n million, loss from operations of $2.0 million, and a net loss of $2.1 \n million, or $(0.16) per share. These results compare with revenues of \n $70.7 million, loss from operations of $1.3 million, and a net loss of \n $2.1 million, or $(0.16) per share, for the full fiscal year 2017. The \n results for the full fiscal year 2018 and 2017 both includes \n restructuring charges of $0.4 million, respectively.\n \n \n At September 28, 2018, our capital resources consisted of cash and cash \n equivalents of $4.7 million. During our third quarter of fiscal year \n 2018, we entered into a $5.0 million credit agreement under which we \n borrowed $2.0 million. We have borrowed an additional $1.0 million under \n the credit agreement since the end of fiscal year 2018.\n \n \n We plan to file our Annual Report on Form 10-K for our fiscal year 2018 \n with the Securities and Exchange Commission (“SEC”) in the next few days.\n \n \n Learning \n Tree International, Inc. also announced tod...