Learning Tree International Inc. (LTRE, Financial) filed Quarterly Report for the period ended 2012-12-28.
Learning Tree International, Inc. has a market cap of $66.2209 million; its shares were traded at around $5.01 with and P/S ratio of 0.5238.
During our first quarter of fiscal year 2013, we presented 1,544 events, a 10.2% decrease from 1,720 events during the same period in fiscal year 2012. Our cost of revenues for our first quarter of fiscal year 2013 was $16.4 million, or 49.3% of revenues, compared to $15.6 million, or 44.7% of revenues, in the same period in fiscal year 2012. Accordingly, our gross profit percentage for the first quarter of fiscal year 2013 was 50.7% compared to 55.3% in the same quarter of the prior fiscal year.
During our first quarter of fiscal year 2013 course development expenses were 6.3% of revenues, compared to 6.1% in the same quarter of fiscal year 2012. Overall spending on course development in our first quarter of fiscal year 2013 was $2.1 million, the same as we spent on course development in our first quarter of fiscal year 2012. The first quarter of fiscal year 2013 included a $0.3 million restructuring charge for severance costs related to the closure of our El Segundo, CA offices.
Sales and marketing expense in our first quarter of fiscal year 2013 was 23.5% of revenues, compared to 21.5% in the same quarter in fiscal year 2012. Sales and marketing expense was $7.8 million in our first quarter of fiscal year 2013, compared to $7.5 million during our first quarter of fiscal year 2012.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2013 was 25.0% of revenues, compared with 19.6% for the same quarter in fiscal year 2012. General and administrative expense during our first quarter of fiscal year 2013 was $8.3 million, an increase of $1.4 million compared to $6.9 million in our first quarter of fiscal year 2012. The increase was due to $0.8 million in costs incurred by a special committee of our Board of Directors to evaluate two proposed offers and any other expressions of interest to acquire the company, and a $1.1 million restructuring charge related to the closure of our El Segundo, CA offices, partially offset by lower salary and benefit costs.
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Learning Tree International, Inc. has a market cap of $66.2209 million; its shares were traded at around $5.01 with and P/S ratio of 0.5238.
Highlight of Business Operations:
Revenues. Revenues of $33.3 million in our first quarter of fiscal year 2013, represented a decrease of $1.7 million or 4.8% compared to revenues of $35.0 million in the same quarter of fiscal year 2012. The decrease in revenues primarily resulted from a 3.8% decrease in the number of course participants and a 1.2% reduction in average revenue per participant. The decrease in the number of participants is partially the result of cancelling 28 course events in the New York/New Jersey region and four course events in the Washington DC area as a result of Hurricane Sandy. We also experienced weakened demand in our US operations over uncertainty with the federal governments resolution to the fiscal cliff issue. Revenue per participant declined primarily as a result of lower prices realized from participants attending under our discounted voucher and passport programs. Changes in foreign exchange rates reduced revenues by 0.4%.During our first quarter of fiscal year 2013, we presented 1,544 events, a 10.2% decrease from 1,720 events during the same period in fiscal year 2012. Our cost of revenues for our first quarter of fiscal year 2013 was $16.4 million, or 49.3% of revenues, compared to $15.6 million, or 44.7% of revenues, in the same period in fiscal year 2012. Accordingly, our gross profit percentage for the first quarter of fiscal year 2013 was 50.7% compared to 55.3% in the same quarter of the prior fiscal year.
During our first quarter of fiscal year 2013 course development expenses were 6.3% of revenues, compared to 6.1% in the same quarter of fiscal year 2012. Overall spending on course development in our first quarter of fiscal year 2013 was $2.1 million, the same as we spent on course development in our first quarter of fiscal year 2012. The first quarter of fiscal year 2013 included a $0.3 million restructuring charge for severance costs related to the closure of our El Segundo, CA offices.
Sales and marketing expense in our first quarter of fiscal year 2013 was 23.5% of revenues, compared to 21.5% in the same quarter in fiscal year 2012. Sales and marketing expense was $7.8 million in our first quarter of fiscal year 2013, compared to $7.5 million during our first quarter of fiscal year 2012.
General and Administrative Expenses. General and administrative expense in our first quarter of fiscal year 2013 was 25.0% of revenues, compared with 19.6% for the same quarter in fiscal year 2012. General and administrative expense during our first quarter of fiscal year 2013 was $8.3 million, an increase of $1.4 million compared to $6.9 million in our first quarter of fiscal year 2012. The increase was due to $0.8 million in costs incurred by a special committee of our Board of Directors to evaluate two proposed offers and any other expressions of interest to acquire the company, and a $1.1 million restructuring charge related to the closure of our El Segundo, CA offices, partially offset by lower salary and benefit costs.
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