Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 29, 2017 | Feb. 01, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | LEARNING TREE INTERNATIONAL, INC. | |
Entity Central Index Key | 1,002,037 | |
Trading Symbol | ltre | |
Current Fiscal Year End Date | --09-28 | |
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 | Dec. 29, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 29, 2017 | Sep. 29, 2017 |
Total assets: | ||
Cash and cash equivalents | $ 5,142 | $ 5,080 |
Trade accounts receivable, net | 9,118 | 9,725 |
Income tax receivable | 205 | 129 |
Prepaid expenses | 1,664 | 1,399 |
Lease deposits | 0 | 1,174 |
Other current assets | 1,761 | 1,333 |
Total current assets | 17,890 | 18,840 |
Education and office equipment | 29,467 | 29,288 |
Transportation equipment | 44 | 44 |
Property and leasehold improvements | 8,094 | 8,107 |
37,605 | 37,439 | |
Less: accumulated depreciation and amortization | (33,234) | (32,909) |
4,371 | 4,530 | |
Restricted interest-bearing investments | 1,480 | 1,477 |
Deferred income taxes | 615 | 505 |
Other assets | 864 | 911 |
Total assets | 25,220 | 26,263 |
Current Liabilities: | ||
Trade accounts payable | 6,383 | 6,245 |
Deferred revenues | 17,053 | 18,383 |
Accrued payroll, benefits and related taxes | 2,167 | 2,207 |
Other accrued liabilities | 680 | 743 |
Income taxes payable | 116 | 54 |
Current portion of deferred facilities rent and loan payable | 1,687 | 1,560 |
Total current liabilities | 28,086 | 29,192 |
Loan payable | 433 | 365 |
Asset retirement obligations | 908 | 1,143 |
Deferred income taxes | 55 | 118 |
Deferred facilities rent and other | 5,212 | 5,415 |
Noncurrent tax liabilities | 1,881 | 1,852 |
Total liabilities | 36,575 | 38,085 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
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 shares issued and outstanding | 1 | 1 |
Additional paid-in capital | 6,511 | 6,487 |
Accumulated other comprehensive loss | (789) | (877) |
Accumulated deficit | (17,078) | (17,433) |
Total stockholders' deficit | (11,355) | (11,822) |
Total liabilities and stockholders' deficit | $ 25,220 | $ 26,263 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 29, 2017 | Sep. 29, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (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) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 13,224,349 | 13,224,349 |
Common stock, shares outstanding (in shares) | 13,224,349 | 13,224,349 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Revenues | $ 17,196 | $ 18,552 |
Cost of revenues | 9,096 | 10,588 |
Gross profit | 8,100 | 7,964 |
Operating expenses: | ||
Course development | 707 | 769 |
Sales and marketing | 3,248 | 3,577 |
General and administrative | 3,562 | 4,122 |
Restructuring charge | 264 | 0 |
Operating expenses | 7,781 | 8,468 |
Income (loss) from operations | 319 | (504) |
Other income (expense): | ||
Interest (expense) income, net | (9) | 15 |
Foreign exchange (loss) gains | (19) | 192 |
Other, net | 1 | (6) |
(27) | 201 | |
Income (loss) from operations before provision for income taxes | 292 | (303) |
(Benefit) provision for income taxes | (63) | 76 |
Net income (loss) | $ 355 | $ (379) |
Income (loss) per share basic and diluted: | ||
Basic and diluted income (loss) per share (in dollars per share) | $ 0.03 | $ (0.03) |
Weighted average shares - basic (in shares) | 13,224 | 13,224 |
Weighted average shares - diluted (in shares) | 13,441 | 13,224 |
Comprehensive income (loss): | ||
Net income (loss) | $ 355 | $ (379) |
Foreign currency translation adjustments | 88 | (427) |
Comprehensive income (loss) | $ 443 | $ (806) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Cash flows - operating activities | ||
Net income (loss) | $ 355 | $ (379) |
Adjustments to reconcile net income (loss) from operations to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 337 | 436 |
Share-based compensation | 24 | 41 |
Deferred income taxes | (182) | (7) |
Provision for doubtful accounts | 36 | 144 |
Accretion on asset retirement obligations | 13 | 16 |
Restructuring charge | 264 | 0 |
Loss on disposal of equipment, property and leasehold improvements | 0 | 71 |
Unrealized foreign exchange gains | (11) | (411) |
Settlement of asset retirement obligation | (254) | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 572 | 1,998 |
Prepaid expenses and other assets | 534 | (589) |
Income tax receivable / payable | 32 | 4 |
Trade accounts payable | 137 | (493) |
Deferred revenues | (1,330) | (1,970) |
Deferred facilities rent and other | (100) | 25 |
Other accrued liabilities | (370) | 11 |
Net cash provided by (used in) operating activities | 57 | (1,103) |
Cash flows - investing activities: | ||
Purchases of equipment, property and leasehold improvements | (5) | (5) |
Net cash used in investing activities | (5) | (5) |
Cash flows - financing activities: | ||
Payments on capital lease | (29) | 0 |
Payments on long term debt | (55) | 0 |
Net cash used in financing activities | (84) | 0 |
Effects of exchange rate changes on cash and cash equivalents | 94 | (213) |
Net increase (decrease) in cash and cash equivalents | 62 | (1,321) |
Cash and cash equivalents at the beginning of the period | 5,080 | 8,540 |
Cash and cash equivalents at the end of the period | 5,142 | 7,219 |
Supplemental non-cash disclosures: | ||
Non-cash loan payable | 166 | 0 |
Leasehold Improvements [Member] | ||
Supplemental non-cash disclosures: | ||
Non-cash leasehold improvements | $ 166 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 29, 2017 | |
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,” “Company,” “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 The financial statements have been prepared assuming that the Company will continue as a going concern, but due to the Company ’s future liquidity needs, history of net annual losses, and negative cash flows from operations, there is substantial doubt about the Company’s ability to continue as a going concern as more fully described in our Annual Report on Form 10 September 29, 2017. 10 September 29, 2017. As of and for the first 2018, December 29, 2017, $17.1 first three 2018, five December 29, 2017, $5.1 We experienced a 1.8% first 2018 first 2017, $17.2 first 2018 $18.6 first 2017 14.1% 8.1% first 2018, first 2017. $0.3 first 2018 $0.5 first To further address our liquidity needs in the near term, on January 12, 2017, a Financing and Security Agreement (the “Financing Agreement”) with Action Capital Corporation (“Action Capital”), which provides the Company with access to borrowings up to a maximum aggregate principal amount of $3.0 85% not may, 12 We are also continuing to evaluate additional sources of capital and financing and other strategic alternatives. There is no The stabilization of revenues and reduction in cost of revenues and operating expenses are integral to our goal of achieving a break-even operating income line and positive cash flow from operations. We cannot provide assurances that our plans will not not ’s future liquidity needs, history of net losses, and negative cash flows from operations, there is substantial doubt about the Company’s ability to continue as a going concern. The unaudited interim condensed consolidated financial statements do not We use the 52/53 first December 29, 2017 13 first December 30, 2016 13 In the opinion of management, the accompanying unaudited interim 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 December 29, 2017, three December 29, 2017 December 30, 2016, three December 29, 2017 December 30, 2016. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 2 —STOCK-BASED COMPENSATION Stock-based compensation expense related to grants of employee stock options was less than $0.1 three December 29, 2017 December 30, 2016, |
Note 3 - Asset Retirement Oblig
Note 3 - Asset Retirement Obligations | 3 Months Ended |
Dec. 29, 2017 | |
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 December 29, 201 7 September 29, 201 7 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 13 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation 6 18 ARO balance, end of period $ 908 $ 1,143 |
Note 4 - Earnings (Loss) Per Sh
Note 4 - Earnings (Loss) Per Share | 3 Months Ended |
Dec. 29, 2017 | |
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 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 433,000 850,000 three December 29, 2017 December 30, 2016, Three months ended December 29, 201 7 December 30, 201 6 Numerator: Net income (loss) $ 355 $ (379 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 Effect of dilutive securities 217 0 Diluted 13,441 $ 13,224 Income (loss) per common share - basic and diluted: Basic and diluted income (loss) per share $ 0.03 $ (0.03 ) |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5 —INCOME TAXES Our income tax benefit in our first 2018 $0.1 0.1 first 2017. 2018 2017 2017 first 2012 first 2018, Tax Cuts and Jobs Act On December 22, 2017, 2017 “2017 2017 ’s ability to utilize accumulated net operating losses, (iii) allows us to obtain a refund of our minimum tax credit carryforward, (iv) requires a one Pursuant to U.S. GAAP, changes in tax rates and tax laws are accounted for in the period of enactment, and the resulting effects are recorded as discrete components of the income tax provision related to continuing operations in the same period. The changes in the tax law have been accounted for in our income tax provision for the first 2018. 2017 one 965 no |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Dec. 29, 2017 | |
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 |
Note 7 - Segment Reporting
Note 7 - Segment Reporting | 3 Months Ended |
Dec. 29, 2017 | |
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 similar 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 10% three months periods ended December 29, 2017 December 30, 2016. We conduct and manage our business globally and have reportable segments that operate in five Summarized financial information by country for the three December 29, 2017 December 30, 2016 Three months ended Decmber 29 , Decmber 30 , 201 7 201 6 Revenues: United States $ 9,751 $ 10,700 Canada 1,825 1,911 North America 11,576 12,611 United Kingdom 4,117 4,306 Sweden 947 1,025 Japan 556 610 Total $ 17,196 $ 18,552 Gross profit: United States $ 4,547 $ 4,648 Canada 925 794 North America 5,472 5,442 United Kingdom 1,690 1,486 Sweden 551 596 Japan 387 440 Total $ 8,100 $ 7,964 Decmber 29 , Decmber 30 , 201 7 201 6 Total assets: United States 11,749 12,987 Canada 2,351 3,184 North America 14,100 16,171 United Kingdom 7,396 7,559 Sweden 2,170 2,527 Japan 1,554 1,363 Total $ 25,220 $ 27,620 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Dec. 29, 2017 | |
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. Accounting Standards Codification ( “ ” 820 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 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. The Company periodically re-assessed its obligations and concluded that no three December 29, 2017 December 30, 2016. |
Note 9 - Deferred Facilities Re
Note 9 - Deferred Facilities Rent and Other | 3 Months Ended |
Dec. 29, 2017 | |
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 December 29, September 29, 2017 2017 Reston lease liability $ 931 $ 895 Deferred rent and other 454 412 Current portion of loan payable 214 167 Capital lease obligations 88 86 $ 1,687 $ 1,560 Deferred Facilities Rent and Other December 29, Spetember 29, 2017 2017 Deferred rent and other $ 3,367 $ 3,434 Reston lease liability 1,574 1,687 Capital lease obligations 271 294 $ 5,212 $ 5,415 |
Note 10 - Recent Accounting Pro
Note 10 - Recent Accounting Pronouncements | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE 10 —RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 five August 2015, No. 2015 14 Revenue from Contracts with Customers (Topic 606 2015 14” 2014 09 one December 15, 2017. December 15, 2016. September 30, 2018 In August 2014, No. 2014 15, “Presentation of Financial Statements - Going Concern (Subtopic 205 40 2014 15” one 2014 15 December 15, 2016, 2014 15 September 30, 2017. one In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17” 2015 17 December 15, 2016. may September 30, 2017. 2015 17 No. 2015 17 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02” twelve December 15, 2018, September 28, 2019. In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 2016 09” 2016 09 December 15, 2016, 2016 09 September 30, 2017. No. 2016 09 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15” December 15, 2017, September 30, 2018 not In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 2016 18” December 15, 2017, September 30, 2018 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, not, |
Note 11 - Restructuring Activit
Note 11 - Restructuring Activity | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 11 —RESTRUCTURING ACTIVITY In September 2016, 81% no $1.9 420, Exit or Disposal Cost Obligations, March 2017, $0.4 second 2017. the first quarter of fiscal year 2018, $0.1 December 29, 2017, 40% On December 21, 2017, ’s lease agreement, dated March 6, 2000, March 31, 2018. $0.2 Restructuring liability is recorded as part of Deferred Facilities Rent and Other in the consolidated balance sheets. December 29 , September 29 , 201 7 201 7 Balance at beginning of perio d $ 2,582 3,160 Additions : RTC cease-use charg e 104 386 Toronto surrender agreemen t 160 0 Accretion expens e 47 175 311 561 Reductions : Payment on Toronto surrender agreemen t (101 ) 0 Rent payments net of deferred ren t (228 ) (1,139 ) (329 ) (1,139 ) Balance at end of perio d $ 2,564 2,582 |
Note 12 - Debt
Note 12 - Debt | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12 — DEBT In connection with the lease agreement assignments by Learning Tree International Limited, a company incorporated under the laws of the United Kingdom (“Learning Tree Limited”) and subsidiary of the Company, Learning Tree Limited continued to occupy and lease the ground and the basement floors in the Euston House building in London, England. In order to continue to offer training courses at the Euston House location, Learning Tree Limited renovated these two £0.5 $0.7 five third 36 7.5%. may 36 one may one may 1 2 3 4 5 6 13 Under the terms of each Financing Agreement, the equipment and other materials for the Euston House Renovation are purchased from the equipment and materials suppliers with the financing received by Learning Tree Limited from the lenders with such lenders retaining ownership of the purchased equipment and materials financed. Learning Tree Limited provides each lender with indemnification in each Financing Agreement from and against losses, damage, claims and demands that a lender may ’s negligence. December 29 , September 29 , 201 7 201 7 Balance at beginning of perio d $ 532 $ 0 Additions : Euston House financing agreement s 166 536 Reductions : Payments on Euston House debt (55 ) (4 ) Foreign currency translation 4 0 Balance at end of perio d $ 647 $ 532 On January 12, 2017, $3.0 ’s agreed advance rate of up to 85% Under the Financing Agreement, the Company is required to pay Action Capital (i) interest on the outstanding advances at a rate equal to the prime rate of Wells Fargo Bank, N.A. in effect on the last business day of the prior month plus 1.75%, 0.70% 0.25% 90 ’s obligations under the Financing Agreement are secured by Acceptable Accounts, accounts receivable due from U.S. based account debtors and any contract rights, chattel paper, documents, instruments, general intangibles (excluding general intangibles consisting of intellectual property or intellectual property rights), reserves, reserve accounts, deposit and demand accounts, rebates, and books and records pertaining to any Acceptable Accounts that are assigned to Action Capital and all proceeds of the foregoing property. As of December 29, 2017, not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Dec. 29, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13 —SUBSEQUENT EVENTS On January 17, 2018, 13D 13D 13D may third 13D ’s Board of Directors that they intend to work cooperatively with the Company in connection therewith. Based on their Schedule 13D 56.7% f Dr. and Mrs. Collins were to complete the sale or disposition of all or a substantial portion of their shares of Company common stock, such transaction(s) may may may third 12 We have evaluated all other events subsequent to the balance sheet date of December 29, 2017 no |
Note 3 - Asset Retirement Obl19
Note 3 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Three months ended December 29, 201 7 September 29, 201 7 ARO balance, beginning of period $ 1,143 $ 1,369 Accretion expense 13 66 Settlement of ARO liability (254 ) (310 ) Foreign currency translation 6 18 ARO balance, end of period $ 908 $ 1,143 |
Note 4 - Earnings (Loss) Per 20
Note 4 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended December 29, 201 7 December 30, 201 6 Numerator: Net income (loss) $ 355 $ (379 ) Denominator: Weighted average shares outstanding Basic 13,224 13,224 Effect of dilutive securities 217 0 Diluted 13,441 $ 13,224 Income (loss) per common share - basic and diluted: Basic and diluted income (loss) per share $ 0.03 $ (0.03 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three months ended Decmber 29 , Decmber 30 , 201 7 201 6 Revenues: United States $ 9,751 $ 10,700 Canada 1,825 1,911 North America 11,576 12,611 United Kingdom 4,117 4,306 Sweden 947 1,025 Japan 556 610 Total $ 17,196 $ 18,552 Gross profit: United States $ 4,547 $ 4,648 Canada 925 794 North America 5,472 5,442 United Kingdom 1,690 1,486 Sweden 551 596 Japan 387 440 Total $ 8,100 $ 7,964 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Decmber 29 , Decmber 30 , 201 7 201 6 Total assets: United States 11,749 12,987 Canada 2,351 3,184 North America 14,100 16,171 United Kingdom 7,396 7,559 Sweden 2,170 2,527 Japan 1,554 1,363 Total $ 25,220 $ 27,620 |
Note 9 - Deferred Facilities 22
Note 9 - Deferred Facilities Rent and Other (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Schedule of Current Portion of Deferred Facilities Rent and Other [Table Text Block] | December 29, September 29, 2017 2017 Reston lease liability $ 931 $ 895 Deferred rent and other 454 412 Current portion of loan payable 214 167 Capital lease obligations 88 86 $ 1,687 $ 1,560 |
Schedule of Long Term Portion of Deferred Facilities Rent and Other [Table Text Block] | December 29, Spetember 29, 2017 2017 Deferred rent and other $ 3,367 $ 3,434 Reston lease liability 1,574 1,687 Capital lease obligations 271 294 $ 5,212 $ 5,415 |
Note 11 - Restructuring Activ23
Note 11 - Restructuring Activity (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | December 29 , September 29 , 201 7 201 7 Balance at beginning of perio d $ 2,582 3,160 Additions : RTC cease-use charg e 104 386 Toronto surrender agreemen t 160 0 Accretion expens e 47 175 311 561 Reductions : Payment on Toronto surrender agreemen t (101 ) 0 Rent payments net of deferred ren t (228 ) (1,139 ) (329 ) (1,139 ) Balance at end of perio d $ 2,564 2,582 |
Note 12 - Debt (Tables)
Note 12 - Debt (Tables) | 3 Months Ended |
Dec. 29, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 29 , September 29 , 201 7 201 7 Balance at beginning of perio d $ 532 $ 0 Additions : Euston House financing agreement s 166 536 Reductions : Payments on Euston House debt (55 ) (4 ) Foreign currency translation 4 0 Balance at end of perio d $ 647 $ 532 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 29, 2017 | Dec. 30, 2016 | Sep. 29, 2017 | Jan. 12, 2017 | Sep. 30, 2016 | |
Retained Earnings (Accumulated Deficit) | $ (17,078) | $ (17,433) | |||
Cash and Cash Equivalents, at Carrying Value | $ 5,142 | $ 7,219 | $ 5,080 | $ 8,540 | |
Percentage of Increase (Decrease) in Number of Attendees | 1.80% | ||||
Revenues | $ 17,196 | 18,552 | |||
Reduction in Cost of Revenues, Percentage | 14.10% | ||||
Reduction in Operating Expenses, Percentage | 8.10% | ||||
Operating Income (Loss) | $ 319 | $ (504) | |||
Action Capital [Member] | Line of Credit [Member] | Financing Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||
Percentage of Net Amount of Certain Customer Accounts Receivable | 85.00% |
Note 2 - Stock-based Compensa26
Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 |
Note 3 - Asset Retirement Obl27
Note 3 - Asset Retirement Obligations - Liabilities Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 29, 2017 | Sep. 29, 2017 | Dec. 30, 2016 | |
ARO balance, beginning of period | $ 1,143 | $ 1,369 | |
Accretion expense | 13 | 66 | $ 16 |
Settlement of ARO liability | (254) | (310) | |
Foreign currency translation | 6 | 18 | |
ARO balance, end of period | $ 908 | $ 1,143 |
Note 4 - Earnings (Loss) Per 28
Note 4 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 433,000 | 850,000 |
Note 4 - Earnings (Loss) Per 29
Note 4 - Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Numerator: | ||
Net income (loss) | $ 355 | $ (379) |
Denominator: | ||
Basic (in shares) | 13,224 | 13,224 |
Effect of dilutive securities (in shares) | 217 | 0 |
Diluted (in shares) | 13,441 | 13,224 |
Basic and diluted income (loss) per share (in dollars per share) | $ 0.03 | $ (0.03) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Income Tax Expense (Benefit) | $ (63) | $ 76 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Number of Countries in which Entity Operates | 5 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Number of Major Customers | 0 | 0 |
Note 7 - Segment Reporting - Fi
Note 7 - Segment Reporting - Financial Information by Reportable Segment, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 29, 2017 | Dec. 30, 2016 | |
Revenues: | ||
Revenues | $ 17,196 | $ 18,552 |
Gross profit: | ||
Gross Profit | 8,100 | 7,964 |
UNITED STATES | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 9,751 | 10,700 |
Gross profit: | ||
Gross Profit | 4,547 | 4,648 |
CANADA | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 1,825 | 1,911 |
Gross profit: | ||
Gross Profit | 925 | 794 |
North America [Member] | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 11,576 | 12,611 |
Gross profit: | ||
Gross Profit | 5,472 | 5,442 |
UNITED KINGDOM | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 4,117 | 4,306 |
Gross profit: | ||
Gross Profit | 1,690 | 1,486 |
SWEDEN | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 947 | 1,025 |
Gross profit: | ||
Gross Profit | 551 | 596 |
JAPAN | Continuing Operations [Member] | ||
Revenues: | ||
Revenues | 556 | 610 |
Gross profit: | ||
Gross Profit | $ 387 | $ 440 |
Note 7 - Segment Reporting - 33
Note 7 - Segment Reporting - Financial Information by Reportable Segment, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Sep. 29, 2017 | Dec. 30, 2016 |
Total assets: | |||
Assets | $ 25,220 | $ 26,263 | $ 27,620 |
UNITED STATES | Continuing Operations [Member] | |||
Total assets: | |||
Assets | 11,749 | 12,987 | |
CANADA | Continuing Operations [Member] | |||
Total assets: | |||
Assets | 2,351 | 3,184 | |
North America [Member] | Continuing Operations [Member] | |||
Total assets: | |||
Assets | 14,100 | 16,171 | |
UNITED KINGDOM | Continuing Operations [Member] | |||
Total assets: | |||
Assets | 7,396 | 7,559 | |
SWEDEN | Continuing Operations [Member] | |||
Total assets: | |||
Assets | 2,170 | 2,527 | |
JAPAN | Continuing Operations [Member] | |||
Total assets: | |||
Assets | $ 1,554 | $ 1,363 |
Note 9 - Deferred Facilities 34
Note 9 - Deferred Facilities Rent and Other - Current Portion of Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Sep. 29, 2017 |
Reston lease liability | $ 931 | $ 895 |
Deferred rent and other | 454 | 412 |
Current portion of loan payable | 214 | 167 |
Capital lease obligations | 88 | 86 |
Current portion | $ 1,687 | $ 1,560 |
Note 9 - Deferred Facilities 35
Note 9 - Deferred Facilities Rent and Other - Deferred Facilities Rent and Other (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Sep. 29, 2017 |
Deferred rent and other | $ 3,367 | $ 3,434 |
Capital lease obligations | 271 | 294 |
Deferred | 5,212 | 5,415 |
Reston [Member] | ||
Reston lease liability | $ 1,574 | $ 1,687 |
Note 11 - Restructuring Activ36
Note 11 - Restructuring Activity (Details Textual) - USD ($) $ in Thousands | Dec. 21, 2017 | Dec. 29, 2017 | Sep. 30, 2016 | Dec. 29, 2017 | Mar. 31, 2017 | Dec. 30, 2016 |
Restructuring Charges | $ 264 | $ 0 | ||||
Contract Termination [Member] | Lease Amending Agreement Surrender Agreement [Member] | ||||||
Restructuring Charges | $ 200 | |||||
Reston Town Center Facility [Member] | ||||||
Restructuring and Related Activities, Renewed Sublease Surplus Space | 81.00% | |||||
Restructuring Charges | $ 100 | $ 1,900 | $ 400 | |||
Subleased Surplus Space, Percentage | 40.00% | 40.00% |
Note 11 - Restructuring Activ37
Note 11 - Restructuring Activity - Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 29, 2017 | Sep. 29, 2017 | |
Balance at beginning of period | $ 2,582 | $ 3,160 |
Additions to restructuring reserve | 311 | 561 |
Reductions to restructuring reserve | (329) | (1,139) |
Balance at end of period | 2,564 | 2,582 |
RTC Cease-Use Charge [Member] | Facility Closing [Member] | ||
Additions to restructuring reserve | 104 | 386 |
Lease Amending Agreement Surrender Agreement [Member] | Contract Termination [Member] | ||
Additions to restructuring reserve | 160 | 0 |
Reductions to restructuring reserve | (101) | 0 |
Accretion Expense 1 [Member] | Facility Closing [Member] | ||
Additions to restructuring reserve | 47 | 175 |
Rent Payments [Member] | Facility Closing [Member] | ||
Reductions to restructuring reserve | $ (228) | $ (1,139) |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) | Jan. 12, 2017USD ($) | Dec. 29, 2017USD ($) | Dec. 29, 2017EUR (€) |
Renovation Cost | $ 700 | € 500 | |
Financing Agreement [Member] | |||
Debt Instrument, Term | 3 years | 3 years | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Financing Agreement [Member] | Action Capital [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | ||
Percentage of Net Amount of Certain Customer Accounts Receivable | 85.00% | ||
Debt Instrument, Monthly Fee, Percentage of Outstanding Advances | 0.70% | ||
Debt Instrument, Fee, Percentage of Maximum Aggregate Principle Amount | 0.25% | ||
Long-term Line of Credit | $ 0 | ||
Financing Agreement [Member] | Action Capital [Member] | Line of Credit [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 12 - Debt - Financing Agre
Note 12 - Debt - Financing Agreement Activities (Details) - Financing Agreement [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 29, 2017 | Sep. 29, 2017 | |
Balance at beginning of period | $ 532 | $ 0 |
Additions | 166 | 536 |
Reduction | (55) | (4) |
Foreign currency translation | 4 | 0 |
Balance at end of period | $ 647 | $ 532 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | Jan. 17, 2018 |
Subsequent Event [Member] | Dr. David C. Collins and Mrs. Mary C. Collins [Member] | |
Percentage of Ownership | 56.70% |