Learning Tree International Inc. (LTRE, Financial) filed Quarterly Report for the period ended 2010-12-31.
Learning Tree International Inc. has a market cap of $115.6 million; its shares were traded at around $9.09 with a P/E ratio of 23.7 and P/S ratio of 0.9. Hedge Fund Gurus that owns LTRE: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LTRE: Arnold Van Den Berg of Century Management.
Sales and marketing expense in our first quarter of fiscal year 2011 was 21.5% of revenues, compared with 21.0% for the same quarter in fiscal year 2010. Sales and marketing expense was $7.7 million in our first quarter of fiscal year 2011, compared to $6.8 million during our first quarter of fiscal year 2010. The increase in expense of $0.9 million included: increases in payroll and benefits of $0.5 million reflecting our increased sales effort; increases of $0.3 million in catalog production reflecting an increase in catalogs mailed; increases of $0.2 million in advertising expense, partially offset by a decline of $0.1 million on various other expenses. Changes in foreign exchange rates included in these figures caused total sales and marketing expenses to decrease by about 0.8%.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2011 was 20.3% of revenues, compared with 18.6% for the same quarter in fiscal year 2010. General and administrative expense during our first quarter of fiscal year 2011 was $7.2 million, an increase of $1.2 million compared to $6.0 million in our first quarter of fiscal year 2010. The increase was due primarily to $0.6 million in payroll, benefits, incentive compensation and other gross pay and $0.3 million in professional fees, donations and other administrative expenses, as well as two non-recurring expenses: $0.2 million to increase our sublease loss reserve associated with subleases to our subtenants at our London education center, and $0.2 million in personnel restructuring expenses. This increase of $1.3 million was partially offset by a decrease in facilities expense of $0.1 million. Changes in foreign exchange rates included in these figures caused total general and administrative expenses to decrease by about 1.4%.
During our first quarter of fiscal year 2011, other income, net totaled less than $0.1 million compared to $0.2 million in the same period of fiscal year 2010. The net decrease was primarily due to a reduction in interest income of $0.1 million due to lower interest rates and lower cash balances as well as a net foreign currency change of $0.1 million.
Our primary sources of liquidity at December 31, 2010 include cash and cash equivalents on hand of $37.7 million. During the first three months of fiscal year 2011, our total cash and cash equivalents increased by $3.2 million, largely as a result of cash provided by operations of $2.0 million and net sales of available for sale securities of $3.0 million offset by capital expenditures of $1.6 million.
At December 31, 2010 our net working capital (current assets minus current liabilities) was $14.3 million, a $1.8 million increase from our working capital balance at October 1, 2010, primarily as a result of a decrease in accounts payable of $1.0 million and a decrease in deferred revenue of $1.6 million, offset by an increase in income taxes payable of $0.8 million.
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Learning Tree International Inc. has a market cap of $115.6 million; its shares were traded at around $9.09 with a P/E ratio of 23.7 and P/S ratio of 0.9. Hedge Fund Gurus that owns LTRE: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns LTRE: Arnold Van Den Berg of Century Management.
Highlight of Business Operations:
During our first quarter of fiscal year 2011 course development expenses were 5.6% of revenues, compared to 5.3% in the same quarter of fiscal year 2010. Overall spending on course development in our first quarter of fiscal year 2011 was $2.0 million, a 15.1% increase from the $1.7 million spent on course development in our first quarter of fiscal year 2010. The increase in expense reflects increases in course development expense of $0.4 million including subject matter experts, payroll and benefits and royalty expense, partially offset by a decrease of $0.1 million in consulting expense.Sales and marketing expense in our first quarter of fiscal year 2011 was 21.5% of revenues, compared with 21.0% for the same quarter in fiscal year 2010. Sales and marketing expense was $7.7 million in our first quarter of fiscal year 2011, compared to $6.8 million during our first quarter of fiscal year 2010. The increase in expense of $0.9 million included: increases in payroll and benefits of $0.5 million reflecting our increased sales effort; increases of $0.3 million in catalog production reflecting an increase in catalogs mailed; increases of $0.2 million in advertising expense, partially offset by a decline of $0.1 million on various other expenses. Changes in foreign exchange rates included in these figures caused total sales and marketing expenses to decrease by about 0.8%.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2011 was 20.3% of revenues, compared with 18.6% for the same quarter in fiscal year 2010. General and administrative expense during our first quarter of fiscal year 2011 was $7.2 million, an increase of $1.2 million compared to $6.0 million in our first quarter of fiscal year 2010. The increase was due primarily to $0.6 million in payroll, benefits, incentive compensation and other gross pay and $0.3 million in professional fees, donations and other administrative expenses, as well as two non-recurring expenses: $0.2 million to increase our sublease loss reserve associated with subleases to our subtenants at our London education center, and $0.2 million in personnel restructuring expenses. This increase of $1.3 million was partially offset by a decrease in facilities expense of $0.1 million. Changes in foreign exchange rates included in these figures caused total general and administrative expenses to decrease by about 1.4%.
During our first quarter of fiscal year 2011, other income, net totaled less than $0.1 million compared to $0.2 million in the same period of fiscal year 2010. The net decrease was primarily due to a reduction in interest income of $0.1 million due to lower interest rates and lower cash balances as well as a net foreign currency change of $0.1 million.
Our primary sources of liquidity at December 31, 2010 include cash and cash equivalents on hand of $37.7 million. During the first three months of fiscal year 2011, our total cash and cash equivalents increased by $3.2 million, largely as a result of cash provided by operations of $2.0 million and net sales of available for sale securities of $3.0 million offset by capital expenditures of $1.6 million.
At December 31, 2010 our net working capital (current assets minus current liabilities) was $14.3 million, a $1.8 million increase from our working capital balance at October 1, 2010, primarily as a result of a decrease in accounts payable of $1.0 million and a decrease in deferred revenue of $1.6 million, offset by an increase in income taxes payable of $0.8 million.
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