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LEARNING TREE INTERNATIONAL, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2018 10-K, filed Dec 21, 2018. Its latest SEC filing is a SC 13G/A from Feb 14, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Provides instructor-led IT and management courses and workforce-development services to businesses and government organizations.

How Did They Make Money?

Businesses and government agencies pay for employee training; a course is counted in the week it takes place. Training Passports and Vouchers cover multiple courses for a fixed price, with their value counted as attendees use the courses.

FY2018 revenue

Who Were Their Customers?

Business and government employers buy professional training for their employees directly; the company serves large and multinational organizations as well as small and medium-size companies, delivering courses at customer sites, education centers and online.

Did Revenues Turn Into Profits?

No. It lost $2.1M in FY2018.

Operating income, FY2018
−3% of revenue
▲ +49% (Loss) vs FY2017 (−$1.3M, −2%)
Net income, FY2018
−3% of revenue
▼ −4% (Loss) vs FY2017 (−$2.1M, −3%)
Free cash flow, FY2018
−3% of revenue
▼ −42% (Loss) vs FY2017 (−$3.3M, −5%)

How Were They Changing?

Shrank. Revenue fell 40% in 4 years, from $107.1M in FY2014 to $64.3M in FY2018, about 12% a year.

Broader workforce partnership The older report presents Workforce Optimization Solutions as an addition to core training; the latest describes a broader move toward partnering with customers’ IT organizations to meet their workforce training needs.

Blended training products The older report describes instructor-led courses and live online attendance; the latest adds bundled products that combine instructor-led training with e-learning and other learning services.

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