Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jan. 01, 2016 | Feb. 01, 2016 | |
Entity Registrant Name | LEARNING TREE INTERNATIONAL, INC. | |
Entity Central Index Key | 1,002,037 | |
Trading Symbol | ltre | |
Current Fiscal Year End Date | --09-30 | |
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 | Jan. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jan. 01, 2016 | Oct. 02, 2015 |
Assets | ||
Cash and cash equivalents | $ 14,385,000 | $ 17,936,000 |
Trade accounts receivable, net | 8,226,000 | 10,475,000 |
Income tax receivable | 243,000 | 498,000 |
Prepaid expenses | 3,577,000 | 2,773,000 |
Other current assets | 1,831,000 | 1,747,000 |
Total current assets | 28,262,000 | 33,429,000 |
Education and office equipment | 33,029,000 | 33,165,000 |
Transportation equipment | 69,000 | 70,000 |
Property and leasehold improvements | 19,208,000 | 17,931,000 |
Total | 52,306,000 | 51,166,000 |
Less: accumulated depreciation and amortization | (45,291,000) | (45,096,000) |
Net | 7,015,000 | 6,070,000 |
Restricted interest-bearing investments | 3,199,000 | 3,265,000 |
Deferred income taxes. | 472,000 | 476,000 |
Other assets | 667,000 | 681,000 |
Total assets | 39,615,000 | 43,921,000 |
Liabilities | ||
Trade accounts payable | 4,830,000 | 6,744,000 |
Deferred revenues | 22,632,000 | 22,909,000 |
Accrued payroll, benefits and related taxes | 2,738,000 | 2,865,000 |
Other accrued liabilities | 872,000 | 1,225,000 |
Income taxes payable | 0 | 174,000 |
Current portion of deferred facilities rent and other | 1,395,000 | 1,401,000 |
Total current liabilities | 32,467,000 | 35,318,000 |
Asset retirement obligations | 1,651,000 | 1,669,000 |
Deferred income taxes | 132,000 | 134,000 |
Deferred facilities rent and other | 3,583,000 | 2,575,000 |
Noncurrent tax liabilities | 1,189,000 | 1,178,000 |
Total liabilities | $ 39,022,000 | $ 40,874,000 |
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 13,224,349 issued and outstanding, respectively | 1,000 | 1,000 |
Additional paid-in capital | 6,263,000 | 6,224,000 |
Accumulated other comprehensive loss | (792,000) | (578,000) |
Accumulated deficit | (4,879,000) | (2,600,000) |
Total stockholders' equity | 593,000 | 3,047,000 |
Total liabilities and stockholders' equity | $ 39,615,000 | $ 43,921,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jan. 01, 2016 | Oct. 02, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Revenues | $ 20,131,000 | $ 24,400,000 |
Cost of revenues | 11,854,000 | 13,726,000 |
Gross profit | 8,277,000 | 10,674,000 |
Operating expenses: | ||
Course development | 1,314,000 | 1,709,000 |
Sales and marketing | 4,619,000 | 5,532,000 |
General and administrative | 4,614,000 | 4,864,000 |
Operating expenses | 10,547,000 | 12,105,000 |
Loss from operations | (2,270,000) | (1,431,000) |
Other income (expense): | ||
Interest income, net | 9,000 | 6,000 |
Foreign exchange gains | 68,000 | 215,000 |
Other, net | (1,000) | 0 |
Other operating items | 76,000 | 221,000 |
Loss from continuing operations before provision for income taxes | (2,194,000) | (1,210,000) |
Provision for income taxes | 85,000 | 158,000 |
Loss from continuing operations | $ (2,279,000) | (1,368,000) |
Discontinued operations (Note 12) | ||
Income from discontinued operations, net of tax | 218,000 | |
Net loss | $ (2,279,000) | $ (1,150,000) |
(Loss) income per common share - basic and diluted: | ||
Continuing operations (in dollars per share) | $ (0.17) | $ (0.10) |
Discontinued operations (in dollars per share) | 0 | 0.01 |
Basic and diluted loss per share (in dollars per share) | $ (0.17) | $ (0.09) |
Denominator: | ||
Weighted average shares - basic (in shares) | 13,224,000 | 13,223,000 |
Weighted average shares - diluted (in shares) | 13,224,000 | 13,223,000 |
Comprehensive loss: | ||
Net loss | $ (2,279,000) | $ (1,150,000) |
Foreign currency translation adjustments | (214,000) | (517,000) |
Comprehensive loss | $ (2,493,000) | $ (1,667,000) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Leasehold Improvements [Member] | ||
Supplemental non-cash disclosures: | ||
Non-cash leasehold improvements | $ 1,093,000 | $ 0 |
Net loss | $ (2,279,000) | (1,150,000) |
Add: Income from discontinued operations, net of tax | (218,000) | |
Loss from continuing operations | $ (2,279,000) | (1,368,000) |
Depreciation and amortization | 708,000 | 1,179,000 |
Share-based compensation | 39,000 | 1,000 |
Deferred income taxes | 0 | 6,000 |
Provision for doubtful accounts | 48,000 | 29,000 |
Accretion on asset retirement obligations | 21,000 | 21,000 |
(Gain) loss on disposal of equipment, property and leasehold improvements | (2,000) | 6,000 |
Unrealized foreign exchange gains | (71,000) | (229,000) |
Trade accounts receivable | 2,123,000 | 3,374,000 |
Prepaid expenses and other assets | (987,000) | (324,000) |
Income tax receivable / payable | 79,000 | 61,000 |
Trade accounts payable | (1,860,000) | (487,000) |
Deferred revenues | (15,000) | (1,887,000) |
Deferred facilities rent and other | (64,000) | (665,000) |
Other accrued liabilities | (377,000) | (474,000) |
Net cash used in operating activities of continuing operations | (2,637,000) | (757,000) |
Net cash provided by operating activities of discontinued operations | 0 | 780,000 |
Net cash (used in) provided by operating activities | (2,637,000) | 23,000 |
Purchases of equipment, property and leasehold improvements | (655,000) | (1,373,000) |
Proceeds from sale of equipment, property and leasehold improvements | 2,000 | 0 |
Net cash used in investing activities of continuing operations | (653,000) | (1,373,000) |
Net cash used in investing activities of discontinued operations | 0 | (6,000) |
Net cash used in investing activities | (653,000) | (1,379,000) |
Effects of exchange rate changes on cash and cash equivalents of continuing operations | (261,000) | (359,000) |
Effects of exchange rate changes on cash and cash equivalents of discontinued operations | 0 | (131,000) |
Effects of exchange rate changes on cash and cash equivalents | (261,000) | (490,000) |
Less: Net increase in cash and cash equivalents of discontinued operations | 0 | (643,000) |
Net decrease in cash and cash equivalents | (3,551,000) | (2,489,000) |
Cash and cash equivalents at the beginning of the period | 17,936,000 | 29,881,000 |
Cash and cash equivalents at the end of the period | $ 14,385,000 | $ 27,392,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [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 2, 2015. 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 1, 2016 and encompassed 13 weeks, and our first quarter of the prior fiscal year ended on January 2, 2015 also encompassed 13 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 1, 2016, and our results of operations for the three months ended January 1, 2016 and January 2, 2015, and our cash flows for the three months ended January 1, 2016 and January 2, 2015. Certain items in the condensed consolidated financial statements have been reclassified to conform to the current presentation. |
Note 2 - Stock-Based Compensati
Note 2 - Stock-Based Compensation | 3 Months Ended |
Jan. 01, 2016 | |
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 1, 2016 and January 2, 2015, 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 Oblig
Note 3 - Asset Retirement Obligations | 3 Months Ended |
Jan. 01, 2016 | |
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 January 1, 2016 Year ended October 2, 2015 ARO balance, beginning of period $ 1,669 $ 1,656 Accretion expense 21 79 Foreign currency translation (39 ) (66 ) ARO balance, end of period $ 1,651 $ 1,669 |
Note 4 - Earnings (Loss) Per Sh
Note 4 - Earnings (Loss) Per Share | 3 Months Ended |
Jan. 01, 2016 | |
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 850,000 stock options and 200,000 stock options were excluded from the computations of diluted earnings per share for the three months ended January 1, 2016 and January 2, 2015, respectively, because their effect would have been anti-dilutive. The computations for basic and diluted earnings per share are as follows: Three months ended January 1, 2016 January 2, 2015 Numerator: Loss from continuing operations $ (2,279 ) $ (1,368 ) Income from discontinued operations 0 218 Net loss $ (2,279 ) $ (1,150 ) Denominator: Weighted average shares outstanding Basic 13,224 13,223 Effect of dilutive securities 0 0 Diluted $ 13,224 $ 13,223 (Loss) income per common share - basic and diluted: Continuing operations $ (0.17 ) $ (0.10 ) Discontinued operations 0.00 0.01 Basic and diluted loss per share $ (0.17 ) $ (0.09 ) |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5—INCOME TAXES Our income tax provision in our first quarter of fiscal year 2016 was $0.1 million, compared to $0.2 million in our first quarter of fiscal year 2015. Our first quarter 2016 and 2015 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 2016. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Jan. 01, 2016 | |
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. 01, 2016 | |
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 2016 and 2015. We conduct and manage our business globally and have reportable segments that operate in five countries: the United States, Canada, the United Kingdom, Sweden and Japan. Summarized financial information by country for the first three months of fiscal years 2016 and 2015 is as follows: Three months ended January 1, 2016 January 2, 2015 Revenues: United States $ 11,835 $ 13,304 Canada 1,886 2,481 North America 13,721 15,785 United Kingdom 4,980 6,704 Sweden 974 1,573 Japan 456 338 Total $ 20,131 $ 24,400 Gross profit: United States $ 4,749 $ 5,204 Canada 806 1,460 North America 5,555 6,664 United Kingdom 1,866 2,813 Sweden 545 987 Japan 311 210 Total $ 8,277 $ 10,674 January 1, 2016 January 2, 2015 Total assets: United States 19,814 31,652 Canada 3,523 3,793 North America 23,337 35,445 United Kingdom 11,432 13,645 Sweden 3,288 4,272 Japan 1,558 1,459 Total $ 39,615 $ 54,821 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8—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 1, 2016 and January 2, 2015. |
Note 9 - Deferred Facilities Re
Note 9 - Deferred Facilities Rent and Other | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Deferred Facilities Rent and Other [Text Block] | NOTE 9—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 1, 2016 October 2, 2015 Deferred rent $ 1,233 $ 1,074 LA lease liability 162 327 $ 1,395 $ 1,401 Deferred Facilities Rent and Other January 1, 2016 October 2, 2015 Deferred rent $ 3,583 $ 2,575 $ 3,583 $ 2,575 |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 10—RECENT ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes We do not expect to early adopt ASU 2015-17. We are currently evaluating the impact that this standard will have on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 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 In August 2014, the FASB issued 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” 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 11 - Discontinued Operatio
Note 11 - Discontinued Operations | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 11—DISCONTINUED OPERATIONS On March 3, 2015, we entered into an Agreement (“Agreement”) to sell our subsidiary in France, LTRE(FR), to Educinvest for consideration of €1 (One Euro) (“Sale Transaction”). The Sale Transaction was consummated on the same date that the Agreement was signed by the parties. The purchase price was established in recognition of the potential liabilities being assumed by Educinvest related to continuation of the LTRE(FR) business. As part of the Sale Transaction, Learning Tree and Educinvest concurrently entered into a license agreement, dated March 3, 2015 (the “License Agreement”). After the closing of the Sale Transaction, we agreed to provide certain temporary services to Educinvest, including the use of its website and the operational systems in place for a period of two years after the closing date. In connection with the Sale Transaction, we also agreed that during the term of the License Agreement we will not, without the prior written consent of Educinvest, (i) establish a physical presence in mainland France in competition with the business of LTRE(FR) as carried on as of the closing of the Sale Transaction or (ii) solicit employees of LTRE(FR), except for persons responding to general recruitment advertisements not specifically targeting LTRE(FR). The results of operations for LTRE(FR) for the three months ended January 2, 2015 have been reclassified to the income from discontinued operations line on the Condensed Consolidated Statements of Operations and Comprehensive Loss presented herein. In addition, historical Condensed Consolidated Statement of Cash Flow amounts for the three months ended January 2, 2015 have been reclassified as discontinued operations. The summarized operating results of LTRE(FR) included in our Condensed Consolidated Statement of Operations and Comprehensive Loss is as follows: Three Months Ended January 1, 2016 January 2, 2015 Revenues $ 0 $ 2,827 Cost of revenues 0 1,564 Gross profit 0 1,263 Operating expenses 0 1,032 Income from operations 0 231 Other (expense) income, net 0 (13 ) Income from discontinued operations before income taxes 0 218 Income taxes 0 0 $ 0 $ 218 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Jan. 01, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12—SUBSEQUENT EVENTS We have evaluated all events subsequent to the balance sheet date of January 1, 2016 through the date these condensed consolidated financial statements were filed with the SEC, and have determined that the following require disclosure: On February 1, 2016 the Company announced that its President, Max Shevitz, notified the Board of Directors of his intention to retire from his current position with the Company. Effective February 1, 2016, Mr. Shevitz continued to serve as President on a reduced schedule until the Company identifies a new candidate as his replacement. Accordingly, no termination date has been set for Mr. Shevitz at this time. In connection with Mr. Shevitz's reduced schedule at the Company, the Company and Mr. Shevitz agreed to amend his employment agreement to adjust his annual salary to $240,000. It is currently anticipated that Mr. Shevitz would continue to serve the Company in an advisor capacity after his replacement has been hired, however, no terms have been agreed upon with respect to Mr. Shevitz’s future advisory role. Gregory L. Adams, the current Chief Operating Officer ("COO") of the Company, was named |
Note 3 - Asset Retirement Obl18
Note 3 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Jan. 01, 2016 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Three months ended January 1, 2016 Year ended October 2, 2015 ARO balance, beginning of period $ 1,669 $ 1,656 Accretion expense 21 79 Foreign currency translation (39 ) (66 ) ARO balance, end of period $ 1,651 $ 1,669 |
Note 4 - Earnings (Loss) Per 19
Note 4 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Jan. 01, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended January 1, 2016 January 2, 2015 Numerator: Loss from continuing operations $ (2,279 ) $ (1,368 ) Income from discontinued operations 0 218 Net loss $ (2,279 ) $ (1,150 ) Denominator: Weighted average shares outstanding Basic 13,224 13,223 Effect of dilutive securities 0 0 Diluted $ 13,224 $ 13,223 (Loss) income per common share - basic and diluted: Continuing operations $ (0.17 ) $ (0.10 ) Discontinued operations 0.00 0.01 Basic and diluted loss per share $ (0.17 ) $ (0.09 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 3 Months Ended |
Jan. 01, 2016 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended January 1, 2016 January 2, 2015 Revenues: United States $ 11,835 $ 13,304 Canada 1,886 2,481 North America 13,721 15,785 United Kingdom 4,980 6,704 Sweden 974 1,573 Japan 456 338 Total $ 20,131 $ 24,400 Gross profit: United States $ 4,749 $ 5,204 Canada 806 1,460 North America 5,555 6,664 United Kingdom 1,866 2,813 Sweden 545 987 Japan 311 210 Total $ 8,277 $ 10,674 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | January 1, 2016 January 2, 2015 Total assets: United States 19,814 31,652 Canada 3,523 3,793 North America 23,337 35,445 United Kingdom 11,432 13,645 Sweden 3,288 4,272 Japan 1,558 1,459 Total $ 39,615 $ 54,821 |
Note 9 - Deferred Facilities 21
Note 9 - Deferred Facilities Rent and Other (Tables) | 3 Months Ended |
Jan. 01, 2016 | |
Notes Tables | |
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | January 1, 2016 October 2, 2015 Deferred rent $ 1,233 $ 1,074 LA lease liability 162 327 $ 1,395 $ 1,401 |
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | January 1, 2016 October 2, 2015 Deferred rent $ 3,583 $ 2,575 $ 3,583 $ 2,575 |
Note 11 - Discontinued Operat22
Note 11 - Discontinued Operations (Tables) | 3 Months Ended |
Jan. 01, 2016 | |
Notes Tables | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Table Text Block] | Three Months Ended January 1, 2016 January 2, 2015 Revenues $ 0 $ 2,827 Cost of revenues 0 1,564 Gross profit 0 1,263 Operating expenses 0 1,032 Income from operations 0 231 Other (expense) income, net 0 (13 ) Income from discontinued operations before income taxes 0 218 Income taxes 0 0 $ 0 $ 218 |
Note 2 - Stock-Based Compensa23
Note 2 - Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 |
Note 3 - Asset Retirement Obl24
Note 3 - Asset Retirement Obligations - Asset Retirement Obligations Liabilities Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | Oct. 02, 2015 | |
ARO balance, beginning of period | $ 1,669,000 | $ 1,656,000 | $ 1,656,000 |
Accretion expense | 21,000 | $ 21,000 | 79,000 |
Foreign currency translation | (39,000) | (66,000) | |
ARO balance, end of period | $ 1,651,000 | $ 1,669,000 |
Note 4 - Earnings (Loss) Per 25
Note 4 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 850,000 | 200,000 |
Note 4 - Earnings (Loss) Per 26
Note 4 - Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Numerator: | ||
Loss from continuing operations | $ (2,279,000) | $ (1,368,000) |
Income from discontinued operations | 0 | 218,000 |
Net loss | $ (2,279,000) | $ (1,150,000) |
Denominator: | ||
Basic (in shares) | 13,224,000 | 13,223,000 |
Effect of dilutive securities (in shares) | 0 | 0 |
Diluted (in shares) | 13,224,000 | 13,223,000 |
(Loss) income per common share - basic and diluted: | ||
Continuing operations (in dollars per share) | $ (0.17) | $ (0.10) |
Discontinued operations (in dollars per share) | 0 | 0.01 |
Basic and diluted loss per share (in dollars per share) | $ (0.17) | $ (0.09) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Income Tax Expense (Benefit) | $ 85,000 | $ 158,000 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) | Jan. 01, 2016 |
Number of Countries in which Entity Operates | 5 |
Note 7 - Segment Reporting - Fi
Note 7 - Segment Reporting - Financial Information by Reportable Segment (Details) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
UNITED STATES | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | $ 11,835,000 | $ 13,304,000 |
Gross profit: | ||
Gross Profit | 4,749,000 | 5,204,000 |
CANADA | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 1,886,000 | 2,481,000 |
Gross profit: | ||
Gross Profit | 806,000 | 1,460,000 |
North America [Member] | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 13,721,000 | 15,785,000 |
Gross profit: | ||
Gross Profit | 5,555,000 | 6,664,000 |
UNITED KINGDOM | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 4,980,000 | 6,704,000 |
Gross profit: | ||
Gross Profit | 1,866,000 | 2,813,000 |
SWEDEN | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 974,000 | 1,573,000 |
Gross profit: | ||
Gross Profit | 545,000 | 987,000 |
JAPAN | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 456,000 | 338,000 |
Gross profit: | ||
Gross Profit | 311,000 | 210,000 |
Revenues | 20,131,000 | 24,400,000 |
Total-Revenue | 20,131,000 | 24,400,000 |
Gross Profit | 8,277,000 | 10,674,000 |
Total | $ 8,277,000 | $ 10,674,000 |
Note 7 - Segment Reporting - As
Note 7 - Segment Reporting - Assets (Details) - USD ($) | Jan. 01, 2016 | Jan. 02, 2015 |
UNITED STATES | Continuing Operations [Member] | ||
Assets | $ 19,814,000 | $ 31,652,000 |
CANADA | Continuing Operations [Member] | ||
Assets | 3,523,000 | 3,793,000 |
North America [Member] | Continuing Operations [Member] | ||
Assets | 23,337,000 | 35,445,000 |
UNITED KINGDOM | Continuing Operations [Member] | ||
Assets | 11,432,000 | 13,645,000 |
SWEDEN | Continuing Operations [Member] | ||
Assets | 3,288,000 | 4,272,000 |
JAPAN | Continuing Operations [Member] | ||
Assets | 1,558,000 | 1,459,000 |
Assets | $ 39,615,000 | $ 54,821,000 |
Note 9 - Deferred Facilities 31
Note 9 - Deferred Facilities Rent And Other - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Oct. 02, 2015 |
Deferred rent | $ 1,233 | $ 1,074 |
LA lease liability | 162 | 327 |
Current portion | $ 1,395 | $ 1,401 |
Note 9 - Deferred Facilities 32
Note 9 - Deferred Facilities Rent And Other - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Oct. 02, 2015 |
Deferred rent | $ 3,583 | $ 2,575 |
Deferred | $ 3,583 | $ 2,575 |
Note 11 - Discontinued Operat33
Note 11 - Discontinued Operations (Details Textual) - Learning Tree International S.A. [Member] | Mar. 03, 2015EUR (€) |
Disposal Group, Including Discontinued Operation, Consideration | € 1 |
Discontinued Operation, Period of Continuing Involvement after Disposal | 2 years |
Note 11 - Discontinued Operat34
Note 11 - Discontinued Operations - Condensed Income Statement (Details) - USD ($) | 3 Months Ended | |
Jan. 01, 2016 | Jan. 02, 2015 | |
Learning Tree International S.A. [Member] | ||
Revenues | $ 0 | $ 2,827,000 |
Cost of revenues | 0 | 1,564,000 |
Gross profit | 0 | 1,263,000 |
Operating expenses | 0 | 1,032,000 |
Income from operations | 0 | 231,000 |
Other (expense) income, net | 0 | (13,000) |
Income from discontinued operations before income taxes | 0 | 218,000 |
Income taxes | 0 | 0 |
Total | 0 | 218,000 |
Total | $ 0 | $ 218,000 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) | Feb. 01, 2016USD ($) |
Former President [Member] | Subsequent Event [Member] | |
Officer's Compensation, Annual Salary | $ 240,000 |