Business
Learning Tree International Announces Second Quarter 2017 Results
Learning Tree International Announces Second 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 second quarter 2017, which ended March \n 31, 2017.\n \n \n In its second quarter of fiscal year 2017, Learning Tree reported \n revenues of $16.1 million, loss from operations of $2.1 million, and a \n net loss of $2.3 million, or $(0.18) per share. The loss from operations \n in the second quarter of fiscal year 2017 includes an additional \n restructuring charge of $0.4 million related to our Reston, Virginia \n facility due to changes in estimates used to calculate the original \n charge. Excluding the restructuring charge, the loss from operations \n would have been $1.7 million. These results compare with revenues of \n $18.7 million, loss from operations of $5.2 million, and net loss of \n $5.4 million, or $(0.41) per share, in Learning Tree’s second quarter of \n fiscal year 2016. The 14.0% decline in revenues for our second quarter \n of fiscal year 2017 when compared to the second quarter of fiscal year \n 2016, was more than offset by a 23.9% reduction in cost of revenues \n resulting in a 6.8% increase in gross profit quarter over quarter. Total \n operating expenses excluding the restructuring charge decreased 27.9% \n quarter over quarter, from $11.3 million to $8.1 million.\n \n \n For the first six months of fiscal year 2017, Learning Tree reported \n revenues of $34.6 million, loss from operations of $2.6 million, and a \n net loss of $2.7 million, or $(0.21) per share. These results compare \n with revenues of $38.8 million, loss from operations of $7.5 million, \n and a net loss of $7.7 million, or $(0.58) per share, for the first six \n months of fiscal year 2016. The results for the first six months of \n fiscal year 2017 include the $0.4 million restructuring charge described \n above.\n \n \n Our liquidity and working capital needs have historically been funded \n through our cash and cash equivalents. At March 31, 2017, our capital \n resources consisted of cash and cash equivalents of $5.3 million. We \n have entered into a financing and security agreement with Action Capital \n Corporation (“Action Capital”) that provides us with access to borrow \n through advances of funds up to a maximum aggregate principal amount of \n $3.0 million. To date, we have not borrowe...