Looks like TUTR finally is making positive progress!
Tuesday March 3, 4:02 pm Eastern Time
Company Press Release
SOURCE: TRO Learning, Inc.
TRO Learning, Inc. Reports First Quarter Financial Results
HOFFMAN ESTATES, Ill., March 3 /PRNewswire/ -- TRO Learning, Inc. (TRO) (Nasdaq: TUTR - news) reported today total revenues for its first quarter ended January 31, 1998, of $7,203,000, up 42% as compared to $5,087,000 reported in the first quarter of fiscal 1997. PLATO(R) Education revenue of $6,043,000 and Aviation Training revenues of $1,160,000 were each up more than 40%, compared with last year's first quarter.
The loss before income taxes in the first quarter ended January 31, 1998, of ($2,901,000) was 22% less than the comparable loss of ($3,700,000) in last year's first quarter. In line with the Company's decision to reserve its deferred tax asset at the end of last year, no tax benefit has been recorded for the first quarter loss. Accordingly, the net loss is also ($2,901,000) or ($.45) per share.
In the first quarter of fiscal 1997 the Company had a tax credit of $1,386,000 and reported a net loss of ($2,314,000) or ($.37) per share. The credit for income taxes in last year's first quarter reduced the reported loss per share by $.23.
In commenting on the results, William R. Roach, Chairman of the Board, President and Chief Executive Officer, stated, ''Our first quarter exceeded analyst expectations. I am pleased with the strong growth of PLATO Education revenues and the momentum of the business. PLATO Education operating expenses were down from the first quarter of fiscal 1997 and less than analyst estimates.'' Mr. Roach concluded by stating that, ''I believe that we are on track with our plans for profitable growth in fiscal 1998.''
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