Learning Tree International, Inc. (LTRE) Q1 2014 Results Earnings Conference Call February 12, 2014 10:00 PM ET
Operator
Good day, ladies and gentlemen, and welcome to the Learning Tree International first-quarter 2014
earnings conference call. My name is Brittany, and I will be the operator for today. (Operator Instructions)
At this time, I would now like to turn the presentation over to your host for today, David Asai. Please proceed, sir.
David Asai^ Thank you, Brittany. For your convenience, we have posted the text of today's prepared remarks in the Investor Relations section of our website. Go to www.learningtree.com/investor.
Good afternoon. I am David Asai, Chief Financial Officer of Learning Tree International.
First I will read the disclaimer on forward-looking statements and then discuss our performance in our first quarter of fiscal year 2014, which ended January 3, 2014. Max Shevitz, our President, will then provide some forward-looking information about our second quarter of fiscal 2014. After those remarks, we'll open the floor for questions and discussion.
As a reminder, except for historical statements, the matters addressed in this conference call are forward-looking statements. Please do not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties
Although we believe that our assumptions are reasonable, inevitably some will prove to be incorrect. As a result, our actual future results can be expected to differ from those discussed in this call, and those differences may be material. We are not undertaking any obligation to update forward-looking statements.
To help you assess the major risks in our business, we have identified many, but not all, of them in Item 1A of our 2013 Form 10-K. Please read these risk factors carefully. Some of the factors discussed in our 2013 Form 10-K that could affect us include risks associated with changing economic and market conditions; the timely development, introduction, and customer acceptance of our courses; competition; international operations, including currency fluctuations; technology development and new technology introduction; efficient delivery and scheduling of our courses; adverse weather conditions, strikes, acts of war or terrorism and other external events; attracting and retaining qualified personnel; reliance on key vendors for technical services and support and continued uncertainty over the U S government's ability to resolve its budgetary issues and avoid further disruptions such as government shutdowns and debt ceiling limits.
Now let me summarize our results of operations from our first quarter of fiscal year 2014 as compared to our first quarter of fiscal 2013. Revenues in our first quarter of fiscal 2014 were $32 million compared to revenues of $33.3 million. Gross profit declined to 45.8% of revenues, from 50.7%.
We reduced operating expenses by $4.5 million. Operating expenses were 42.8% of revenues compared to 54.8% of revenues for 2013.
Net income totaled $700,000 compared to net loss of $1.4 million. And income per share on a diluted basis was $0.06, compared to a loss per share of $0.11.
In addition, the following are key balance sheet items as of January 3, 2014 compared to September 27, 2013. Cash and cash equivalents increased to $27.8 million compared to $26.6 million. ?Net working capital – current assets minus current liabilities – increased to $3.3 million compared to $1.7 million.
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