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Learning Tree International is a leading worldwide provider of education and training for information technology ("IT") professionals working in business and government organizations. The Company develops, markets and delivers a broad, proprietary library of instructor-led and CBT course titles focused on client/server systems, intranet/Internet technologies, wide and local area networks, operating systems, programming languages, database systems, graphical user interfaces, object-oriented technology and IT management. The Company also tests and certifies IT professionals, and the American Council on Education recommends its courses for college credit. Feb. 10, 1998--Learning Tree International, Inc. (NASDAQ NM:LTRE ) today announced results for its first quarter of 1998 which ended December 31, 1997. Revenues for the quarter ended December 31, 1997 increased 25% to a first quarter record $45.2 million from $36.0 million for the same quarter of the prior year. Income from operations for the first quarter decreased to $1.4 million from $5.6 million for the same quarter of the prior year. Net income for the first quarter decreased to $1.3 million from $4.1 million for the same quarter of the prior year. Net income per share for the first quarter was $0.06 compared to $0.19 for the same quarter of the prior year. "We have achieved solid revenue growth in the first quarter of fiscal 1998," stated Dr. David C. Collins, Chairman and CEO. "Our growth reflects increased revenues from our traditional 4- and 5-day instructor-led courses, increased sales of our multimedia CBT courses, and revenues generated by our new Learning Solutions Division for the delivery of a large custom training program for General Motors. "The decrease in our operating and net income resulted partly from the unusually high profit margins in last year"s first quarter, and partly from the revenue growth rate which while solid and substantial, was less than in prior periods. Revenue growth was partly affected by the fewer available weeks for classes in the first quarter this year. Moreover, operating expenditures in the quarter, which were less than those in the fourth quarter of last year, were higher than a year ago. Finally, the first quarter"s income reflects the final costs of discontinuing our Power Seminars product line," concluded Collins. | ||||||||||||||
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