Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Jan. 02, 2015 | Feb. 02, 2015 | |
Entity Registrant Name | LEARNING TREE INTERNATIONAL, INC. | |
Entity Central Index Key | 1002037 | |
Current Fiscal Year End Date | 8 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 13,224,349 | |
Document Type | 10-Q | |
Document Period End Date | 2-Jan-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jan. 02, 2015 | Oct. 03, 2014 |
Assets | ||
Cash and cash equivalents | $29,232,000 | $31,078,000 |
Trade accounts receivable, net | 12,496,000 | 16,223,000 |
Income tax receivable | 320,000 | 710,000 |
Prepaid expenses | 4,119,000 | 3,350,000 |
Other current assets | 1,524,000 | 1,483,000 |
Total current assets | 47,691,000 | 52,844,000 |
Equipment, Property and Leasehold Improvements: | ||
Education and office equipment | 37,611,000 | 37,943,000 |
Transportation equipment | 166,000 | 189,000 |
Property and leasehold improvements | 20,695,000 | 20,753,000 |
58,472,000 | 58,885,000 | |
Less: accumulated depreciation and amortization | -49,724,000 | -49,997,000 |
8,748,000 | 8,888,000 | |
Restricted interest-bearing investments | 2,759,000 | 3,231,000 |
Deferred income taxes. | 459,000 | 489,000 |
Other assets | 758,000 | 748,000 |
Total assets | 60,415,000 | 66,200,000 |
Liabilities | ||
Trade accounts payable | 7,871,000 | 7,909,000 |
Deferred revenues | 24,407,000 | 26,799,000 |
Accrued payroll, benefits and related taxes | 3,816,000 | 4,447,000 |
Other accrued liabilities | 1,850,000 | 2,294,000 |
Income taxes payable | 0 | 199,000 |
Current portion of deferred facilities rent and other | 1,714,000 | 1,708,000 |
Total current liabilities | 39,658,000 | 43,356,000 |
Asset retirement obligations | 1,838,000 | 1,880,000 |
Deferred income taxes | 148,000 | 161,000 |
Deferred facilities rent and other | 3,339,000 | 3,744,000 |
Noncurrent tax liabilities | 1,284,000 | 1,262,000 |
Total liabilities | 46,267,000 | 50,403,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, $.0001 par value; 75,000,000 shares authorized; 13,224,349 and 13,222,539 issued and outstanding, respectively | 1,000 | 1,000 |
Additional paid-in capital | 6,167,000 | 6,148,000 |
Accumulated other comprehensive loss | -842,000 | -325,000 |
Retained earnings | 8,822,000 | 9,973,000 |
Total stockholders' equity | 14,148,000 | 15,797,000 |
Total liabilities and stockholders' equity | $60,415,000 | $66,200,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jan. 02, 2015 | Oct. 03, 2014 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, authorized shares (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 13,224,349 | 13,222,539 |
Common stock, shares outstanding (in shares) | 13,224,349 | 13,222,539 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Revenues | $27,228 | $32,022 |
Cost of revenues | 15,290 | 17,348 |
Gross profit | 11,938 | 14,674 |
Operating expenses: | ||
Course development | 1,776 | 1,937 |
Sales and marketing | 6,038 | 6,156 |
General and administrative | 5,324 | 5,633 |
13,138 | 13,726 | |
(Loss) income from operations | -1,200 | 948 |
Other income (expense): | ||
Interest income, net | 7 | 9 |
Foreign exchange losses | 199 | -39 |
Other, net | 4 | -6 |
210 | -36 | |
(Loss) income before provision for income taxes | -990 | 912 |
Provision for income taxes | 161 | 183 |
Net (loss) income | -1,151 | 729 |
Earnings Per Share [Abstract] | ||
(Loss) income per common share - basic (in dollars per share) | ($0.09) | $0.06 |
(Loss) income per common share - diluted (in dollars per share) | ($0.09) | $0.06 |
Weighted average shares outstanding | ||
Basic (in shares) | 13,223,000 | 13,219,000 |
Weighted average shares - diluted (in shares) | 13,223,000 | 13,227,000 |
Comprehensive income (loss): | ||
Net (loss) income | -1,151 | 729 |
Foreign currency translation adjustments | -517 | 23 |
Comprehensive (loss) income | ($1,668) | $752 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Cash flows - operating activities | ||
Net (loss) income | ($1,151,000) | $729,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,303,000 | 1,415,000 |
Share based compensation | 1,000 | 42,000 |
Deferred income taxes | 6,000 | 182,000 |
Provision for (recovery of) doubtful accounts | 34,000 | -10,000 |
Accretion expense | 22,000 | 24,000 |
Loss on disposal of equipment and leasehold improvements | 2,000 | 0 |
Unrealized foreign exchange gains | -229,000 | -21,000 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 3,404,000 | 2,379,000 |
Prepaid expenses and other assets | -468,000 | -93,000 |
Income tax receivable / payable | 61,000 | 312,000 |
Trade accounts payable | 135,000 | -995,000 |
Deferred revenues | -1,933,000 | -1,516,000 |
Deferred facilities rent and other charges | -678,000 | -676,000 |
Other accrued liabilities | -486,000 | -145,000 |
Net cash provided by operating activities | 23,000 | 1,627,000 |
Cash flows - investing activities: | ||
Purchases of equipment, property and leasehold improvements | -1,379,000 | -352,000 |
Net cash used in investing activities | -1,379,000 | -352,000 |
Cash flows - financing activities: | ||
Shares surrendered in lieu of tax withholding | 0 | -2,000 |
Net cash used in financing activities | 0 | -2,000 |
Effects of exchange rate changes on cash and cash equivalents | -490,000 | -41,000 |
Net (decrease) increase in cash and cash equivalents | -1,846,000 | 1,232,000 |
Cash and cash equivalents at beginning of period | 31,078,000 | 26,583,000 |
Cash and cash equivalents at end of period | $29,232,000 | $27,815,000 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1—BASIS OF PRESENTATION |
The accompanying unaudited interim condensed consolidated financial statements of Learning Tree International, Inc. and our subsidiaries (collectively, “Learning Tree,” “we,” “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and, therefore, omit or condense certain note disclosures and other information required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended October 3, 2014. | |
We use the 52/53-week fiscal year method to better align our external financial reporting with the manner in which we operate our business. Under this method, each fiscal quarter ends on the Friday closest to the end of the calendar quarter. Accordingly, our first quarter of the current fiscal year ended on January 2, 2015 and encompassed 13 weeks, while our first quarter of the prior fiscal year ended on January 3, 2014 and encompassed 14 weeks. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, that are only of a normal recurring nature, considered necessary to present fairly our financial position as of January 2, 2015, and our results of operations for the three months ended January 2, 2015 and January 3, 2014, and our cash flows for the three months ended January 2, 2015 and January 3, 2014. Certain items in the condensed consolidated financial statements have been reclassified to conform to the current presentation. |
Note_2_StockBased_Compensation
Note 2 - Stock-Based Compensation | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 2—STOCK-BASED COMPENSATION |
Stock-based compensation expense was less than $0.1 million for both the three months ended January 2, 2015 and January 3, 2014, related to grants of employee stock options and restricted stock units and was charged in a manner consistent with the related employee salary costs. |
Note_3_Asset_Retirement_Obliga
Note 3 - Asset Retirement Obligations | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Asset Retirement Obligation Disclosure [Text Block] | NOTE 3—ASSET RETIREMENT OBLIGATIONS | ||||||||
The following table presents the activity for the asset retirement obligations (“ARO”) liabilities, which are primarily related to the restoration of classroom facilities in our Learning Tree Education Centers: | |||||||||
Three months ended | Year ended | ||||||||
2-Jan-15 | 3-Oct-14 | ||||||||
ARO balance, beginning of period | $ | 1,880 | $ | 2,004 | |||||
Accretion expense | 22 | 94 | |||||||
Settlement of ARO liability | 0 | (186 | ) | ||||||
Foreign currency translation | (64 | ) | (32 | ) | |||||
ARO balance, end of period | $ | 1,838 | $ | 1,880 |
Note_4_Earnings_Loss_Per_Share
Note 4 - Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Earnings Per Share [Text Block] | NOTE 4—EARNINGS (LOSS) PER SHARE | ||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding (which excludes unvested shares of our common stock granted under our 2007 Equity Incentive Plan) during the reporting period. Diluted earnings (loss) per share is computed similarly to basic earnings (loss) per share except that the weighted average shares outstanding are increased to include common stock equivalents, to the extent their effect is dilutive. Approximately 200,000 stock options were excluded from the computations of diluted earnings per share for the three months ended January 2, 2015 and January 3, 2014, because their effect would have been anti-dilutive. The computations for basic and diluted earnings per share are as follows: | |||||||||
Three months ended | |||||||||
January 2, | January 3, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net (loss) income | $ | (1,151 | ) | $ | 729 | ||||
Denominator: | |||||||||
Weighted average shares outstanding | |||||||||
Basic | 13,223 | 13,219 | |||||||
Effect of dilutive securities | 0 | 8 | |||||||
Diluted | $ | 13,223 | $ | 13,227 | |||||
(Loss) income per common share - basic | $ | (0.09 | ) | $ | 0.06 | ||||
(Loss) income per common share - diluted | $ | (0.09 | ) | $ | 0.06 |
Note_5_Income_Taxes
Note 5 - Income Taxes | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5—INCOME TAXES |
Our income tax provision in our first quarter of fiscal year 2015 was $0.2 million, the same amount as in our first quarter of fiscal year 2014. Our first quarter 2015 and 2014 provisions are composed primarily of income tax expense for our foreign subsidiaries. The Company established a valuation allowance against deferred tax assets in the U.S. in the third quarter of fiscal year 2012 and has continued to maintain a full valuation allowance in the U.S. through the first quarter of fiscal year 2015. | |
Note_6_Commitments_and_Conting
Note 6 - Commitments and Contingencies | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6—COMMITMENTS AND CONTINGENCIES |
Contingencies | |
Currently, and from time to time, we are involved in litigation incidental to the conduct of our business. We are not a party to any lawsuit or legal proceeding that, in the opinion of management, is likely to have a material adverse effect on our consolidated financial position or results of operations. |
Note_7_Segment_Reporting
Note 7 - Segment Reporting | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Segment Reporting Disclosure [Text Block] | NOTE 7—SEGMENT REPORTING | ||||||||
Our worldwide operations involve the design and delivery of instructor-led classroom training courses and related services to multinational companies and government entities. The training and education we offer is presented in an identical manner in every country in which we operate. Our instructors present our courses in a virtually identical fashion worldwide, regardless of whether presented in leased classroom space or external facilities, the content of the class being taught or the location or method of distribution. No one commercial customer or government agency accounted for 10% or more of our revenues in the first three months of fiscal years 2015 and 2014. | |||||||||
We conduct and manage our business globally and have reportable segments that operate in six countries: the United States, Canada, the United Kingdom, France, Sweden and Japan. During fiscal year 2013, we restructured the management of our U.S. and Canadian operations into one North American operation. | |||||||||
Summarized financial information by country for the first three months of fiscal years 2015 and 2014 is as follows: | |||||||||
Three months ended | |||||||||
January 2, | January 3, | ||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
United States | $ | 13,304 | $ | 14,075 | |||||
Canada | 2,481 | 3,412 | |||||||
North America | 15,785 | 17,487 | |||||||
United Kingdom | 6,704 | 7,889 | |||||||
France | 2,827 | 3,912 | |||||||
Sweden | 1,573 | 2,159 | |||||||
Japan | 339 | 575 | |||||||
Total | $ | 27,228 | $ | 32,022 | |||||
Gross profit: | |||||||||
United States | $ | 5,204 | $ | 5,045 | |||||
Canada | 1,460 | 2,067 | |||||||
North America | 6,664 | 7,112 | |||||||
United Kingdom | 2,813 | 3,567 | |||||||
France | 1,264 | 2,199 | |||||||
Sweden | 987 | 1,403 | |||||||
Japan | 210 | 393 | |||||||
Total | $ | 11,938 | $ | 14,674 | |||||
Total assets: | |||||||||
United States | $ | 31,652 | $ | 28,224 | |||||
Canada | 3,793 | 4,009 | |||||||
North America | 35,445 | 32,233 | |||||||
United Kingdom | 13,645 | 21,134 | |||||||
France | 5,594 | 6,152 | |||||||
Sweden | 4,272 | 5,711 | |||||||
Japan | 1,459 | 1,536 | |||||||
Total | $ | 60,415 | $ | 66,766 |
Note_8_Stockholders_Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 |
—STOCKHOLDERS’ EQUITY | |
During the three months ended January 2, 2015 and January 3, 2014 we did not repurchase any shares of our common stock. |
Note_9_Fair_Value_Measurements
Note 9 - Fair Value Measurements | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9—FAIR VALUE MEASUREMENTS |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability, or in the absence of a principal market, the most advantageous market for the asset or liability. The fair value is measured using assumptions that market participants would use, including assumptions about nonperformance risk and credit risk. | |
ASC 820 establishes a fair value hierarchy for valuation inputs and prioritizes them based on the extent to which the inputs are observable in the marketplace. Categorization is based on the lowest level of input that is available and significant to the measurement. These levels are: | |
Level 1—Quoted prices in active markets for identical assets and liabilities. | |
Level 2—Observable inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market corroborated inputs. | |
Level 3—Unobservable inputs that reflect management’s assumptions about the estimates and risks that market participants would use in pricing the asset or liability. | |
Non Financial Liabilities Measured at Fair Value on a Nonrecurring Basis | |
We measure our ARO liabilities at fair value on a nonrecurring basis when we believe there has been an indication the fair value has changed. We did not adjust the values of those liabilities during the three months ended January 2, 2015 and January 3, 2014. |
Note_10_Deferred_Facilities_Re
Note 10 - Deferred Facilities Rent and Other | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Deferred Facilities Rent and Other [Text Block] | NOTE 10—DEFERRED FACILITIES RENT AND OTHER | ||||||||
Deferred Facilities Rent and Other | |||||||||
The following tables show details of the following line items in our consolidated balance sheets. | |||||||||
Current Portion of Deferred Facilities Rent and Other | |||||||||
January 2, | October 3, | ||||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 1,068 | $ | 1,050 | |||||
LA lease liability | 646 | 658 | |||||||
$ | 1,714 | $ | 1,708 | ||||||
Deferred Facilities Rent and Other | |||||||||
January 2, | October 3, | ||||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 3,179 | $ | 3,443 | |||||
LA lease liability | 160 | 301 | |||||||
$ | 3,339 | $ | 3,744 |
Note_11_Recent_Accounting_Pron
Note 11 - Recent Accounting Pronouncements | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 11—RECENT ACCOUNTING PRONOUNCEMENTS |
In May 2014, the FASB | |
issued ASU | |
No. 2014-09, “ | |
Revenue from Contracts with Customers (Topic 606) | |
” | |
(“ASU 2014-09”). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. Accordingly, the standard is effective for us on September 30, 2017 using either a full retrospective or a modified retrospective approach. We are currently evaluating which transition approach to use and the impact that the standard will have on our financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, “ | |
Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
” (“ASU 2014-08”). The standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, and early adoption is permitted. We do not expect to early adopt ASU 2014-08, which will be effective for us on September 30, 2016 and will apply to disposals that have not yet been reported in our financial statements as of the adoption date. Accordingly, we will evaluate the impact of the standard on any disposals that occur after adoption. | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, | |
“Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” | |
(“ASU 2014-15”). The standard requires management to evaluate, at each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued, and provide related disclosures. ASU 2014-15 is effective for reporting periods ending after December 15, 2016, with early adoption permitted. We do not expect to early adopt ASU 2014-15. We are currently evaluating the impact that this standard will have on our financial statements. | |
Other recent accounting pronouncements issued by the FASB (including the Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or management believes will not, have a material impact on our present or future consolidated financial statements. |
Note_12_French_Subsidiary
Note 12 - French Subsidiary | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | NOTE 12—FRENCH SUBSIDIARY |
On November 5, 2014, we announced that the Company was seeking a strategic transaction involving our French subsidiary, Learning Tree International SA, which transaction may include the sale of the French company or its business. We have notified the employees of our French subsidiary, as required under French law, of the possibility of a strategic transaction. The lease on our Education Center and office in Paris expires at the end of June 2015. |
Note_13_Restructing_Activity
Note 13 - Restructing Activity | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 13—RESTRUCTURING ACTIVITY |
In September 2012, we announced a worldwide reduction in force involving approximately 40 employees and our intention to close the Los Angeles, CA office facility, which closure was completed in the first quarter of fiscal 2013. In fiscal 2013, we recorded a restructuring charge of $1.3 million for the estimated liability associated with future rentals due under the property lease as of the cease use date and for employee severance costs for those employees who chose not to relocate to our offices in Virginia. The fair value of the lease liability at the cease use date was determined based on the remaining cash flows for lease rentals, and minimum lease payments, reduced by estimated sublease rentals, discounted using a credit adjusted risk free rate. In June 2014, we re-evaluated the estimated sublease rentals as we have been unable to find a subtenant for the Los Angeles office facility. As a result, we recorded an additional $0.5 million restructuring charge in our third quarter of fiscal year 2014. No restructuring charges were recorded in the first quarters of fiscal years 2015 or 2014. |
Note_14_Subsequent_Events
Note 14 - Subsequent Events | 3 Months Ended |
Jan. 02, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14—SUBSEQUENT EVENTS |
We have evaluated all events subsequent to the balance sheet date of January 2, 2015 through the date these condensed consolidated financial statements were filed with the SEC, and have determined that there are no subsequent events that require disclosure. |
Note_3_Asset_Retirement_Obliga1
Note 3 - Asset Retirement Obligations (Tables) | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Three months ended | Year ended | |||||||
2-Jan-15 | 3-Oct-14 | ||||||||
ARO balance, beginning of period | $ | 1,880 | $ | 2,004 | |||||
Accretion expense | 22 | 94 | |||||||
Settlement of ARO liability | 0 | (186 | ) | ||||||
Foreign currency translation | (64 | ) | (32 | ) | |||||
ARO balance, end of period | $ | 1,838 | $ | 1,880 |
Note_4_Earnings_Loss_Per_Share1
Note 4 - Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended | ||||||||
January 2, | January 3, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net (loss) income | $ | (1,151 | ) | $ | 729 | ||||
Denominator: | |||||||||
Weighted average shares outstanding | |||||||||
Basic | 13,223 | 13,219 | |||||||
Effect of dilutive securities | 0 | 8 | |||||||
Diluted | $ | 13,223 | $ | 13,227 | |||||
(Loss) income per common share - basic | $ | (0.09 | ) | $ | 0.06 | ||||
(Loss) income per common share - diluted | $ | (0.09 | ) | $ | 0.06 |
Note_7_Segment_Reporting_Table
Note 7 - Segment Reporting (Tables) | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended | ||||||||
January 2, | January 3, | ||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
United States | $ | 13,304 | $ | 14,075 | |||||
Canada | 2,481 | 3,412 | |||||||
North America | 15,785 | 17,487 | |||||||
United Kingdom | 6,704 | 7,889 | |||||||
France | 2,827 | 3,912 | |||||||
Sweden | 1,573 | 2,159 | |||||||
Japan | 339 | 575 | |||||||
Total | $ | 27,228 | $ | 32,022 | |||||
Gross profit: | |||||||||
United States | $ | 5,204 | $ | 5,045 | |||||
Canada | 1,460 | 2,067 | |||||||
North America | 6,664 | 7,112 | |||||||
United Kingdom | 2,813 | 3,567 | |||||||
France | 1,264 | 2,199 | |||||||
Sweden | 987 | 1,403 | |||||||
Japan | 210 | 393 | |||||||
Total | $ | 11,938 | $ | 14,674 | |||||
Total assets: | |||||||||
United States | $ | 31,652 | $ | 28,224 | |||||
Canada | 3,793 | 4,009 | |||||||
North America | 35,445 | 32,233 | |||||||
United Kingdom | 13,645 | 21,134 | |||||||
France | 5,594 | 6,152 | |||||||
Sweden | 4,272 | 5,711 | |||||||
Japan | 1,459 | 1,536 | |||||||
Total | $ | 60,415 | $ | 66,766 |
Note_10_Deferred_Facilities_Re1
Note 10 - Deferred Facilities Rent and Other (Tables) | 3 Months Ended | ||||||||
Jan. 02, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | January 2, | October 3, | |||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 1,068 | $ | 1,050 | |||||
LA lease liability | 646 | 658 | |||||||
$ | 1,714 | $ | 1,708 | ||||||
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | January 2, | October 3, | |||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 3,179 | $ | 3,443 | |||||
LA lease liability | 160 | 301 | |||||||
$ | 3,339 | $ | 3,744 |
Note_2_StockBased_Compensation1
Note 2 - Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Allocated Share-based Compensation Expense | $0.10 | $0.10 |
Note_3_Asset_Retirement_Obliga2
Note 3 - Asset Retirement Obligations - Asset Retirement Obligations Liabilities Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | Oct. 03, 2014 | |
ARO balance, beginning of period | $1,880,000 | $2,004,000 | $2,004,000 |
Accretion expense | 22,000 | 24,000 | 94,000 |
Settlement of ARO liability | 0 | -186,000 | |
Foreign currency translation | -64,000 | -32,000 | |
ARO balance, end of period | $1,838,000 | $1,880,000 |
Note_4_Earnings_Loss_Per_Share2
Note 4 - Earnings (Loss) Per Share (Details Textual) (Equity Option [Member]) | 3 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Equity Option [Member] | ||
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200,000 | 200,000 |
Note_4_Earnings_Loss_Per_Share3
Note 4 - Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Earnings Per Share [Abstract] | ||
Net (loss) income | ($1,151) | $729 |
Weighted average shares outstanding | ||
Basic (in shares) | 13,223,000 | 13,219,000 |
Effect of dilutive securities (in shares) | 0 | 8,000 |
Diluted (in shares) | 13,223,000 | 13,227,000 |
(Loss) income per common share - basic (in dollars per share) | ($0.09) | $0.06 |
(Loss) income per common share - diluted (in dollars per share) | ($0.09) | $0.06 |
Note_5_Income_Taxes_Details_Te
Note 5 - Income Taxes (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Income Tax Expense (Benefit) | $161 | $183 |
Note_7_Segment_Information_Fin
Note 7 - Segment Information - Financial Information by Reportable Segment (Details) (USD $) | 3 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Revenues: | ||
Revenues | $27,228,000 | $32,022,000 |
Gross profit: | ||
Gross profit | 11,938,000 | 14,674,000 |
Assets | ||
Total assets | 60,415,000 | 66,766,000 |
North America [Member] | ||
Revenues: | ||
Revenues | 15,785,000 | 17,487,000 |
Gross profit: | ||
Gross profit | 6,664,000 | 7,112,000 |
Assets | ||
Total assets | 35,445,000 | 32,233,000 |
Canada [Member] | ||
Revenues: | ||
Revenues | 2,481,000 | 3,412,000 |
Gross profit: | ||
Gross profit | 1,460,000 | 2,067,000 |
Assets | ||
Total assets | 3,793,000 | 4,009,000 |
France [Member] | ||
Revenues: | ||
Revenues | 2,827,000 | 3,912,000 |
Gross profit: | ||
Gross profit | 1,264,000 | 2,199,000 |
Assets | ||
Total assets | 5,594,000 | 6,152,000 |
Japan [Member] | ||
Revenues: | ||
Revenues | 339,000 | 575,000 |
Gross profit: | ||
Gross profit | 210,000 | 393,000 |
Assets | ||
Total assets | 1,459,000 | 1,536,000 |
Sweden [Member] | ||
Revenues: | ||
Revenues | 1,573,000 | 2,159,000 |
Gross profit: | ||
Gross profit | 987,000 | 1,403,000 |
Assets | ||
Total assets | 4,272,000 | 5,711,000 |
United Kingdom [Member] | ||
Revenues: | ||
Revenues | 6,704,000 | 7,889,000 |
Gross profit: | ||
Gross profit | 2,813,000 | 3,567,000 |
Assets | ||
Total assets | 13,645,000 | 21,134,000 |
United States [Member] | ||
Revenues: | ||
Revenues | 13,304,000 | 14,075,000 |
Gross profit: | ||
Gross profit | 5,204,000 | 5,045,000 |
Assets | ||
Total assets | $31,652,000 | $28,224,000 |
Note_8_Stockholders_Equity_Det
Note 8 - Stockholders' Equity (Details Textual) | 3 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Stockholders' Equity Note [Abstract] | ||
Stock Repurchased During Period, Shares | 0 | 0 |
Note_10_Deferred_Facilities_Re2
Note 10 - Deferred Facilities Rent And Other - Current Portion of Deferred Facilities Rent and Other (Details) (USD $) | Jan. 02, 2015 | Oct. 03, 2014 |
In Thousands, unless otherwise specified | ||
Deferred rent | $1,068 | $1,050 |
LA lease liability | 646 | 658 |
$1,714 | $1,708 |
Note_10_Deferred_Facilities_Re3
Note 10 - Deferred Facilities Rent And Other - Deferred Facilities Rent and Other (Details) (USD $) | Jan. 02, 2015 | Oct. 03, 2014 |
In Thousands, unless otherwise specified | ||
Deferred rent | $3,179 | $3,443 |
LA lease liability | 160 | 301 |
$3,339 | $3,744 |
Note_13_Restructing_Activity_D
Note 13 - Restructing Activity (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Jan. 02, 2015 | Jun. 27, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | |
Restructuring Reserve [Abstract] | |||||
Restructuring Charges | $0 | $500,000 | $0 | $1,300,000 | |
Restructuring and Related Cost, Number of Positions Eliminated | 40 | ||||
Restructuring Charges | $0 | $500,000 | $0 | $1,300,000 |