Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 01, 2016 | May. 04, 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 | Apr. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 01, 2016 | Oct. 02, 2015 |
Assets | ||
Cash and cash equivalents | $ 10,769,000 | $ 17,936,000 |
Trade accounts receivable, net | 8,893,000 | 10,475,000 |
Income tax receivable | 344,000 | 498,000 |
Prepaid expenses | 3,095,000 | 2,773,000 |
Other current assets | 2,116,000 | 1,747,000 |
Total current assets | 25,217,000 | 33,429,000 |
Education and office equipment | 32,194,000 | 33,165,000 |
Transportation equipment | 67,000 | 70,000 |
Property and leasehold improvements | 18,583,000 | 17,931,000 |
50,844,000 | 51,166,000 | |
Less: accumulated depreciation and amortization | (44,458,000) | (45,096,000) |
6,386,000 | 6,070,000 | |
Restricted interest-bearing investments | 3,132,000 | 3,265,000 |
Deferred income taxes | 457,000 | 476,000 |
Other assets | 639,000 | 681,000 |
Total assets | 35,831,000 | 43,921,000 |
Current Liabilities | ||
Trade accounts payable | 5,466,000 | 6,744,000 |
Deferred revenues | 22,912,000 | 22,909,000 |
Accrued payroll, benefits and related taxes | 2,664,000 | 2,865,000 |
Other accrued liabilities | 1,033,000 | 1,225,000 |
Income taxes payable | 9,000 | 174,000 |
Current portion of deferred facilities rent and other | 963,000 | 1,401,000 |
Total current liabilities | 33,047,000 | 35,318,000 |
Asset retirement obligations | 1,533,000 | 1,669,000 |
Deferred income taxes | 138,000 | 134,000 |
Deferred facilities rent and other | 4,556,000 | 2,575,000 |
Noncurrent tax liabilities | 1,205,000 | 1,178,000 |
Total liabilities | $ 40,479,000 | $ 40,874,000 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders' (Deficit) 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 | 6,307,000 | 6,224,000 |
Accumulated other comprehensive loss | (706,000) | (578,000) |
Retained earnings | (10,250,000) | (2,600,000) |
Total stockholders' (deficit) equity | (4,648,000) | 3,047,000 |
Total liabilities and stockholders' (deficit) equity | $ 35,831,000 | $ 43,921,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 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 |
Common stock, pay value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, issued (in shares) | 13,224,349 | 13,224,349 |
Common stock, outstanding (in shares) | 13,224,349 | 13,224,349 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Revenues | $ 18,688,000 | $ 22,152,000 | $ 38,819,000 | $ 46,552,000 |
Cost of revenues | 12,659,000 | 13,962,000 | 24,513,000 | 27,688,000 |
Gross profit | 6,029,000 | 8,190,000 | 14,306,000 | 18,864,000 |
Operating expenses: | ||||
Course development | 1,322,000 | 2,111,000 | 2,636,000 | 3,820,000 |
Sales and marketing | 4,890,000 | 6,080,000 | 9,509,000 | 11,612,000 |
General and administrative | 5,044,000 | 4,991,000 | 9,658,000 | 9,855,000 |
Operating expenses | 11,256,000 | 13,182,000 | 21,803,000 | 25,287,000 |
Loss from operations | (5,227,000) | (4,992,000) | (7,497,000) | (6,423,000) |
Other income (expense): | ||||
Interest income, net | 6,000 | 5,000 | 15,000 | 11,000 |
Foreign exchange gains (losses) | (58,000) | 173,000 | 10,000 | 388,000 |
Other, net | (33,000) | (12,000) | (34,000) | (12,000) |
Other operating items | (85,000) | 166,000 | (9,000) | 387,000 |
Loss from continuing operations before provision for income taxes | (5,312,000) | (4,826,000) | (7,506,000) | (6,036,000) |
Provision for income taxes | 59,000 | 52,000 | 144,000 | 210,000 |
Loss from continuing operations | (5,371,000) | (4,878,000) | (7,650,000) | (6,246,000) |
Discontinued operations (Note 11) | ||||
Loss from discontinued operations, net of tax | 0 | (482,000) | 0 | (264,000) |
Loss on disposal of discontinued segment | 0 | (2,501,000) | 0 | (2,501,000) |
Loss from discontinued operations, net of tax | 0 | (2,983,000) | 0 | (2,765,000) |
Net loss | $ (5,371,000) | $ (7,861,000) | $ (7,650,000) | $ (9,011,000) |
Loss per common share - basic and diluted: | ||||
Continuing operations (in dollars per share) | $ (0.41) | $ (0.37) | $ (0.58) | $ (0.47) |
Discontinued operations (in dollars per share) | 0 | (0.23) | 0 | (0.21) |
Basic and diluted loss per share (in dollars per share) | $ (0.41) | $ (0.60) | $ (0.58) | $ (0.68) |
Denominator: | ||||
Weighted average shares - basic (in shares) | 13,224,000 | 13,224,000 | 13,224,000 | 13,224,000 |
Weighted average shares - diluted (in shares) | 13,224,000 | 13,224,000 | 13,224,000 | 13,224,000 |
Comprehensive loss: | ||||
Net Loss | $ (5,371,000) | $ (7,861,000) | $ (7,650,000) | $ (9,011,000) |
Foreign currency translation adjustments | 84,000 | 173,000 | (128,000) | (344,000) |
Comprehensive loss | $ (5,287,000) | $ (7,688,000) | $ (7,778,000) | $ (9,355,000) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 01, 2016 | Apr. 03, 2015 | |
Leasehold Improvements [Member] | ||
Supplemental non-cash disclosures: | ||
Non-cash leasehold improvements | $ 1,221,000 | $ 0 |
Net Loss | (7,650,000) | (9,011,000) |
Loss on sale | 0 | 2,501,000 |
Loss from discontinued operations, net of tax | 0 | 264,000 |
Loss from continuing operations | (7,650,000) | (6,246,000) |
Depreciation and amortization | 1,491,000 | 2,360,000 |
Share-based compensation | 83,000 | 12,000 |
Deferred income taxes | 0 | 98,000 |
Provision for doubtful accounts | 68,000 | 61,000 |
Accretion on asset retirement obligations | 40,000 | 40,000 |
(Gain) loss on disposal of equipment, property and leasehold improvements | (2,000) | 2,000 |
Unrealized foreign exchange loss (gains) | 3,000 | (358,000) |
Settlement of asset retirement obligation | (106,000) | 0 |
Trade accounts receivable | 1,475,000 | 4,028,000 |
Prepaid expenses and other assets | (756,000) | (521,000) |
Income tax receivable / payable | 5,000 | (119,000) |
Trade accounts payable | (1,224,000) | 353,000 |
Deferred revenues | 234,000 | (2,232,000) |
Deferred facilities rent and other | 349,000 | (771,000) |
Other accrued liabilities | (415,000) | (1,575,000) |
Net cash used in operating activities of continuing operations | (6,405,000) | (4,868,000) |
Net cash used in operating activities of discontinued operations | 0 | (206,000) |
Net cash used in operating activities | (6,405,000) | (5,074,000) |
Purchases of equipment, property and leasehold improvements | (716,000) | (2,159,000) |
Proceeds from sale of equipment, property and leasehold improvements | 2,000 | 0 |
Net cash used in investing activities of continuing operations | (714,000) | (2,159,000) |
Net cash used in investing activities of discontinued operations | 0 | (745,000) |
Net cash used in investing activities | (714,000) | (2,904,000) |
Effects of exchange rate changes on cash and cash equivalents of continuing operations | (48,000) | (524,000) |
Effects of exchange rate changes on cash and cash equivalents of discontinued operations | 0 | (246,000) |
Effects of exchange rate changes on cash and cash equivalents | (48,000) | (770,000) |
Net change in cash and cash equivalents of discontinued operations | 0 | 1,197,000 |
Net decrease in cash and cash equivalents | (7,167,000) | (7,551,000) |
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 | $ 10,769,000 | $ 22,330,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Apr. 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 second quarter of the current fiscal year ended on April 1, 2016 and encompassed 13 weeks, while our second quarter of the prior fiscal year ended on April 3, 2015 and 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 April 1, 2016, and our results of operations for the three months and six months ended April 1, 2016 and April 3, 2015, and our cash flows for the six months ended April 1, 2016 and April 3, 2015. Certain items in the condensed consolidated financial statements have been reclassified to conform to the current presentation. |
Note 2 - Share-based Compensati
Note 2 - Share-based Compensation | 6 Months Ended |
Apr. 01, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 2—SHARE-BASED COMPENSATION Share-based compensation expense related to grants of employee stock options and restricted stock units was less than $0.1 million for both the three months ended April 1, 2016 and April 3, 2015, and was charged in a manner consistent with the related employee salary costs. Share based compensation expense for the six month periods ended April 1, 2016 and April 3, 2015, were, in each case, also less than $0.1 million. |
Note 3 - Asset Retirement Oblig
Note 3 - Asset Retirement Obligations | 6 Months Ended |
Apr. 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 from continuing operations, which are primarily related to the restoration of classroom facilities in our Learning Tree Education Centers: Six months ended April 1, 2016 Year ended October 2, 2015 ARO balance, beginning of period $ 1,669 $ 1,656 Accretion expense 40 79 Settlement of ARO liability (106 ) 0 Foreign currency translation (70 ) (66 ) ARO balance, end of period $ 1,533 $ 1,669 |
Note 4 - Loss Per Share
Note 4 - Loss Per Share | 6 Months Ended |
Apr. 01, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4—LOSS PER SHARE Basic loss per share is computed by dividing net 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 loss per share is computed similarly to basic 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 250,000 stock options were excluded from the computations of diluted earnings per share for the three and six month periods ended April 1, 2016 and April 3, 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 Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Numerator: Loss from continuing operations $ (5,371 ) $ (4,878 ) $ (7,650 ) $ (6,246 ) Loss from discontinued operations 0 (2,983 ) 0 (2,765 ) Net loss $ (5,371 ) $ (7,861 ) $ (7,650 ) $ (9,011 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 13,224 13,224 Effect of dilutive securities 0 0 0 0 Diluted $ 13,224 $ 13,224 $ 13,224 $ 13,224 Loss per common share - basic and diluted: Continuing operations $ (0.41 ) $ (0.37 ) $ (0.58 ) $ (0.47 ) Discontinued operations - (0.23 ) - (0.21 ) Basic and diluted loss per share $ (0.41 ) $ (0.60 ) $ (0.58 ) $ (0.68 ) |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Apr. 01, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5—INCOME TAXES Our income tax provision for continuing operations in our second quarters of fiscal years 2016 and 2015, respectively, was $0.1 million. Our income tax provision for continuing operations for our first six months of fiscal year 2016 was $0.1 million, as compared to $0.2 million for the first six months of fiscal year 2015. Our second quarter and six months to date 2016 and 2015 provisions were comprised 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 second quarter of fiscal year 2016. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Apr. 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 | 6 Months Ended |
Apr. 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 a consistent 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 three and six month periods ended April 1, 2016 or April 3, 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 three months and six months ended April 1, 2016 and April 3, 2015 from continuing operations are as follows: Three months ended Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Revenues: United States $ 11,130 $ 12,170 $ 22,965 $ 25,473 Canada 2,559 2,808 4,445 5,289 North America 13,689 14,978 27,410 30,762 United Kingdom 3,884 5,249 8,864 11,953 Sweden 616 1,375 1,590 2,948 Japan 499 550 955 889 Total $ 18,688 $ 22,152 $ 38,819 $ 46,552 Gross profit: United States $ 3,075 $ 3,544 $ 7,824 $ 8,748 Canada 1,275 1,345 2,081 2,805 North America 4,350 4,889 9,905 11,553 United Kingdom 1,047 1,964 2,913 4,777 Sweden 286 973 831 1,960 Japan 346 364 657 574 Total $ 6,029 $ 8,190 $ 14,306 $ 18,864 April 1, 2016 April 3, 2015 Total assets: United States $ 16,980 $ 26,363 Canada 3,920 4,476 North America 20,900 30,839 United Kingdom 10,205 12,439 Sweden 3,058 3,837 Japan 1,668 1,459 Total $ 35,831 $ 48,574 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Apr. 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 and six months ended April 1, 2016 and April 3, 2015. |
Note 9 - Deferred Facilities Re
Note 9 - Deferred Facilities Rent and Other | 6 Months Ended |
Apr. 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 April 1, 2016 October 2, 2015 Deferred rent $ 909 $ 1,074 LA lease liability 54 327 $ 963 $ 1,401 Deferred Facilities Rent and Other April 1, 2016 October 2, 2015 Deferred rent $ 4,556 $ 2,575 $ 4,556 $ 2,575 |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 6 Months Ended |
Apr. 01, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 10—RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes 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 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 | 6 Months Ended |
Apr. 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, the Company 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 sale of LTRE(FR) resulted in a loss on sale of $2.5 million. This loss plus the results of operations for LTRE(FR) for the three and six months ended April 3, 2015 have been reclassified to the loss from discontinued operations line on the Condensed Consolidated Statements of Operations and Comprehensive Loss presented herein. In addition, historical Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Cash Flow amounts at and for the three and six months ended April 3, 2015 have also been reclassified as discontinued operations. Calculation of the loss on disposal of LTRE(FR): (in thousands) Investment in Learning Tree International S.A. $ 1,324 Costs of sale 619 Cumulative translation adjustment realized 558 Loss on sale $ 2,501 The summarized operating results of LTRE(FR) included in our Condensed Consolidated Statement of Operations and Comprehensive Loss are as follows: Three months ended Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Revenues $ 0 $ 508 $ 0 $ 3,335 Cost of revenues 0 483 0 2,045 Gross profit 0 25 0 1,290 Operating expenses 0 594 0 1,626 Loss from operations 0 (569 ) 0 (336 ) Other (expense) income, net 0 (32 ) 0 (45 ) Loss from discontinued operation before income taxes 0 (601 ) 0 (381 ) Income taxes 0 119 0 117 $ 0 $ (482 ) $ 0 $ (264 ) |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Apr. 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 April 1, 2016 through the date these condensed consolidated financial statements were filed with the SEC, and have determined that there are no subsequent events to be disclosed: [To be updated as needed] |
Note 3 - Asset Retirement Obl18
Note 3 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Apr. 01, 2016 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Six months ended April 1, 2016 Year ended October 2, 2015 ARO balance, beginning of period $ 1,669 $ 1,656 Accretion expense 40 79 Settlement of ARO liability (106 ) 0 Foreign currency translation (70 ) (66 ) ARO balance, end of period $ 1,533 $ 1,669 |
Note 4 - Loss Per Share (Tables
Note 4 - Loss Per Share (Tables) | 6 Months Ended |
Apr. 01, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Numerator: Loss from continuing operations $ (5,371 ) $ (4,878 ) $ (7,650 ) $ (6,246 ) Loss from discontinued operations 0 (2,983 ) 0 (2,765 ) Net loss $ (5,371 ) $ (7,861 ) $ (7,650 ) $ (9,011 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 13,224 13,224 Effect of dilutive securities 0 0 0 0 Diluted $ 13,224 $ 13,224 $ 13,224 $ 13,224 Loss per common share - basic and diluted: Continuing operations $ (0.41 ) $ (0.37 ) $ (0.58 ) $ (0.47 ) Discontinued operations - (0.23 ) - (0.21 ) Basic and diluted loss per share $ (0.41 ) $ (0.60 ) $ (0.58 ) $ (0.68 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 6 Months Ended |
Apr. 01, 2016 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Revenues: United States $ 11,130 $ 12,170 $ 22,965 $ 25,473 Canada 2,559 2,808 4,445 5,289 North America 13,689 14,978 27,410 30,762 United Kingdom 3,884 5,249 8,864 11,953 Sweden 616 1,375 1,590 2,948 Japan 499 550 955 889 Total $ 18,688 $ 22,152 $ 38,819 $ 46,552 Gross profit: United States $ 3,075 $ 3,544 $ 7,824 $ 8,748 Canada 1,275 1,345 2,081 2,805 North America 4,350 4,889 9,905 11,553 United Kingdom 1,047 1,964 2,913 4,777 Sweden 286 973 831 1,960 Japan 346 364 657 574 Total $ 6,029 $ 8,190 $ 14,306 $ 18,864 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 1, 2016 April 3, 2015 Total assets: United States $ 16,980 $ 26,363 Canada 3,920 4,476 North America 20,900 30,839 United Kingdom 10,205 12,439 Sweden 3,058 3,837 Japan 1,668 1,459 Total $ 35,831 $ 48,574 |
Note 9 - Deferred Facilities 21
Note 9 - Deferred Facilities Rent and Other (Tables) | 6 Months Ended |
Apr. 01, 2016 | |
Notes Tables | |
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | April 1, 2016 October 2, 2015 Deferred rent $ 909 $ 1,074 LA lease liability 54 327 $ 963 $ 1,401 |
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | April 1, 2016 October 2, 2015 Deferred rent $ 4,556 $ 2,575 $ 4,556 $ 2,575 |
Note 11 - Discontinued Operat22
Note 11 - Discontinued Operations (Tables) | 6 Months Ended |
Apr. 01, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Calculation of the loss on disposal of LTRE(FR): (in thousands) Investment in Learning Tree International S.A. $ 1,324 Costs of sale 619 Cumulative translation adjustment realized 558 Loss on sale $ 2,501 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Table Text Block] | Three months ended Six months ended April 1, 2016 April 3, 2015 April 1, 2016 April 3, 2015 Revenues $ 0 $ 508 $ 0 $ 3,335 Cost of revenues 0 483 0 2,045 Gross profit 0 25 0 1,290 Operating expenses 0 594 0 1,626 Loss from operations 0 (569 ) 0 (336 ) Other (expense) income, net 0 (32 ) 0 (45 ) Loss from discontinued operation before income taxes 0 (601 ) 0 (381 ) Income taxes 0 119 0 117 $ 0 $ (482 ) $ 0 $ (264 ) |
Note 2 - Share-based Compensa23
Note 2 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 3 - Asset Retirement Obl24
Note 3 - Asset Retirement Obligations Liabilities Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Apr. 01, 2016 | Apr. 03, 2015 | Oct. 02, 2015 | |
ARO balance, beginning of period | $ 1,669,000 | $ 1,656,000 | $ 1,656,000 |
Accretion on asset retirement obligations | 40,000 | $ 40,000 | 79,000 |
Settlement of ARO liability | (106) | 0 | |
Foreign currency translation | (70,000) | (66,000) | |
ARO balance, end of period | $ 1,533,000 | $ 1,669,000 |
Note 4 - Loss Per Share (Detail
Note 4 - Loss Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 850,000 | 250,000 | 850,000 | 250,000 |
Note 4 - Basic and Diluted Earn
Note 4 - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Numerator: | ||||
Loss from continuing operations | $ (5,371,000) | $ (4,878,000) | $ (7,650,000) | $ (6,246,000) |
Loss from discontinued operations | 0 | (2,983,000) | 0 | (2,765,000) |
Net loss | $ (5,371,000) | $ (7,861,000) | $ (7,650,000) | $ (9,011,000) |
Denominator: | ||||
Basic (in shares) | 13,224,000 | 13,224,000 | 13,224,000 | 13,224,000 |
Effect of dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Diluted (in shares) | 13,224,000 | 13,224,000 | 13,224,000 | 13,224,000 |
Loss per common share - basic and diluted: | ||||
Continuing operations (in dollars per share) | $ (0.41) | $ (0.37) | $ (0.58) | $ (0.47) |
Discontinued operations (in dollars per share) | (0.23) | (0.21) | ||
Basic and diluted loss per share (in dollars per share) | $ (0.41) | $ (0.60) | $ (0.58) | $ (0.68) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Income Tax Expense (Benefit) | $ 59,000 | $ 52,000 | $ 144,000 | $ 210,000 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) | Apr. 01, 2016 |
Number of Countries in which Entity Operates | 5 |
Note 7 - Financial Information
Note 7 - Financial Information by Reportable Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
UNITED STATES | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | $ 11,130,000 | $ 12,170,000 | $ 22,965,000 | $ 25,473,000 |
Gross profit: | ||||
Gross Profit | 3,075,000 | 3,544,000 | 7,824,000 | 8,748,000 |
CANADA | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 2,559,000 | 2,808,000 | 4,445,000 | 5,289,000 |
Gross profit: | ||||
Gross Profit | 1,275,000 | 1,345,000 | 2,081,000 | 2,805,000 |
North America [Member] | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 13,689,000 | 14,978,000 | 27,410,000 | 30,762,000 |
Gross profit: | ||||
Gross Profit | 4,350,000 | 4,889,000 | 9,905,000 | 11,553,000 |
UNITED KINGDOM | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 3,884,000 | 5,249,000 | 8,864,000 | 11,953,000 |
Gross profit: | ||||
Gross Profit | 1,047,000 | 1,964,000 | 2,913,000 | 4,777,000 |
SWEDEN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 616,000 | 1,375,000 | 1,590,000 | 2,948,000 |
Gross profit: | ||||
Gross Profit | 286,000 | 973,000 | 831,000 | 1,960,000 |
JAPAN | Continuing Operations [Member] | ||||
Revenues: | ||||
Revenues | 499,000 | 550,000 | 955,000 | 889,000 |
Gross profit: | ||||
Gross Profit | 346,000 | 364,000 | 657,000 | 574,000 |
Revenues | 18,688,000 | 22,152,000 | 38,819,000 | 46,552,000 |
Total-Revenue | 18,688,000 | 22,152,000 | 38,819,000 | 46,552,000 |
Gross Profit | 6,029,000 | 8,190,000 | 14,306,000 | 18,864,000 |
Total | $ 6,029,000 | $ 8,190,000 | $ 14,306,000 | $ 18,864,000 |
Note 7 - Assets (Details)
Note 7 - Assets (Details) - USD ($) | Apr. 01, 2016 | Oct. 02, 2015 | Apr. 03, 2015 |
UNITED STATES | Continuing Operations [Member] | |||
Assets | $ 16,980,000 | $ 26,363,000 | |
CANADA | Continuing Operations [Member] | |||
Assets | 3,920,000 | 4,476,000 | |
North America [Member] | Continuing Operations [Member] | |||
Assets | 20,900,000 | 30,839,000 | |
UNITED KINGDOM | Continuing Operations [Member] | |||
Assets | 10,205,000 | 12,439,000 | |
SWEDEN | Continuing Operations [Member] | |||
Assets | 3,058,000 | 3,837,000 | |
JAPAN | Continuing Operations [Member] | |||
Assets | 1,668,000 | 1,459,000 | |
Assets | $ 35,831,000 | $ 43,921,000 | $ 48,574,000 |
Note 9 - Current Portion of Def
Note 9 - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Oct. 02, 2015 |
Deferred rent | $ 909 | $ 1,074 |
LA lease liability | 54 | 327 |
Current portion | $ 963 | $ 1,401 |
Note 9 - Deferred Facilities 32
Note 9 - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Oct. 02, 2015 |
Deferred rent | $ 4,556 | $ 2,575 |
Deferred | $ 4,556 | $ 2,575 |
Note 11 - Discontinued Operat33
Note 11 - Discontinued Operations (Details Textual) | Mar. 03, 2015USD ($) | Apr. 01, 2016USD ($) | Apr. 03, 2015USD ($) | Apr. 01, 2016USD ($) | Apr. 03, 2015USD ($) | Mar. 03, 2015EUR (€) |
Learning Tree International S.A. [Member] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | € | € 1 | |||||
Discontinued Operation, Period of Continuing Involvement after Disposal | 2 years | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (2,501,000) | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ (2,501,000) | $ 0 | $ (2,501,000) |
Note 11 - Calculation of the Lo
Note 11 - Calculation of the Loss On Disposal (Details) - USD ($) | Mar. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 |
Learning Tree International S.A. [Member] | |||||
Calculation of the loss on disposal of LTRE(FR): | |||||
Investment in Learning Tree International S.A. | $ 1,324,000 | ||||
Costs of sale | 619,000 | ||||
Cumulative translation adjustment realized | 558,000 | ||||
Loss on sale | $ 2,501,000 | ||||
Loss on sale | $ 0 | $ 2,501,000 | $ 0 | $ 2,501,000 |
Note 11 - Condensed Income Stat
Note 11 - Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 01, 2016 | Apr. 03, 2015 | Apr. 01, 2016 | Apr. 03, 2015 | |
Learning Tree International S.A. [Member] | ||||
Revenues | $ 0 | $ 508,000 | $ 0 | $ 3,335,000 |
Cost of revenues | 0 | 483,000 | 0 | 2,045,000 |
Gross profit | 0 | 25,000 | 0 | 1,290,000 |
Operating expenses | 0 | 594,000 | 0 | 1,626,000 |
Loss from operations | 0 | (569,000) | 0 | (336,000) |
Other (expense) income, net | 0 | (32,000) | 0 | (45,000) |
Loss from discontinued operation before income taxes | 0 | (601,000) | 0 | (381,000) |
Income taxes | 0 | 119,000 | 0 | 117,000 |
Loss from discontinued operations, net of tax | 0 | (482,000) | 0 | (264,000) |
Loss from discontinued operations, net of tax | $ 0 | $ (2,983,000) | $ 0 | $ (2,765,000) |