Learning Tree International Inc. (LTRE, Financial) filed Quarterly Report for the period ended 2011-12-30.
Learning Tree International Inc. has a market cap of $85 million; its shares were traded at around $6.309 with a P/E ratio of 26.3 and P/S ratio of 0.6.
During our first quarter of fiscal year 2012, we presented 1,720 events, a 9.5% increase from 1,571 events during the same period in fiscal year 2011. Our cost of revenues for our first quarter of fiscal year 2012 was $15.6 million, or 44.7% of revenues, compared to $15.8 million, or 44.3% of revenues, in the same period in fiscal year 2011. Accordingly, our gross profit percentage for the first quarter of fiscal year 2012 was 55.3% compared to 55.7% in the same quarter of the prior fiscal year.
During our first quarter of fiscal year 2012 course development expenses were 6.1% of revenues, compared to 5.6% in the same quarter of fiscal year 2011. Overall spending on course development in our first quarter of fiscal year 2012 was $2.1 million, a 7.3% increase from the $2.0 million spent on course development in our first quarter of fiscal year 2011. The increase in expense reflects an increase in activities associated with new course development compared to the same quarter of the prior year.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2012 was 19.6% of revenues, compared with 20.3% for the same quarter in fiscal year 2011. General and administrative expense during our first quarter of fiscal year 2012 was $6.9 million, a decrease of $0.3 million compared to $7.2 million in our first quarter of fiscal year 2011. The decrease was due primarily to a charge of $0.2 million for severance taken in the first quarter of fiscal year 2011 and a $0.1 million reduction in charges to increase our sublease loss reserve associated with subleases to our subtenants at our London education center.
Cash provided by operating activities increased by $0.9 million in the first three months of fiscal year 2012. Cash used in investing activities increased by $3.6 million in the first three months of fiscal year 2012, due primarily to a decrease in net sales of available for sale securities of $4.8 million offset by a decrease in the purchases of equipment and other capital assets of $1.2 million.
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Learning Tree International Inc. has a market cap of $85 million; its shares were traded at around $6.309 with a P/E ratio of 26.3 and P/S ratio of 0.6.
Highlight of Business Operations:
Revenues. We achieved revenues of $35.0 million in our first quarter of fiscal year 2012, a decrease of $0.6 million or 1.8% compared to revenues of $35.6 million in the same quarter of fiscal year 2011. The decrease in revenues primarily resulted from a 4.1% reduction in average revenue per participant that was partially offset by a 2.2% increase in the number of course participants. The reduction in average revenue per participant and the increase in our course participants primarily resulted from our contract with the Department of Veterans Affairs, which had lower revenue per participant in the quarter. Revenue per attendee also declined because we had proportionately fewer attendees at courses held in our education centers which are priced higher than courses held at customer locations. Changes in foreign exchange rates reduced revenues by 0.2%.During our first quarter of fiscal year 2012, we presented 1,720 events, a 9.5% increase from 1,571 events during the same period in fiscal year 2011. Our cost of revenues for our first quarter of fiscal year 2012 was $15.6 million, or 44.7% of revenues, compared to $15.8 million, or 44.3% of revenues, in the same period in fiscal year 2011. Accordingly, our gross profit percentage for the first quarter of fiscal year 2012 was 55.3% compared to 55.7% in the same quarter of the prior fiscal year.
During our first quarter of fiscal year 2012 course development expenses were 6.1% of revenues, compared to 5.6% in the same quarter of fiscal year 2011. Overall spending on course development in our first quarter of fiscal year 2012 was $2.1 million, a 7.3% increase from the $2.0 million spent on course development in our first quarter of fiscal year 2011. The increase in expense reflects an increase in activities associated with new course development compared to the same quarter of the prior year.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2012 was 19.6% of revenues, compared with 20.3% for the same quarter in fiscal year 2011. General and administrative expense during our first quarter of fiscal year 2012 was $6.9 million, a decrease of $0.3 million compared to $7.2 million in our first quarter of fiscal year 2011. The decrease was due primarily to a charge of $0.2 million for severance taken in the first quarter of fiscal year 2011 and a $0.1 million reduction in charges to increase our sublease loss reserve associated with subleases to our subtenants at our London education center.
Cash provided by operating activities increased by $0.9 million in the first three months of fiscal year 2012. Cash used in investing activities increased by $3.6 million in the first three months of fiscal year 2012, due primarily to a decrease in net sales of available for sale securities of $4.8 million offset by a decrease in the purchases of equipment and other capital assets of $1.2 million.
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