Monday, Learning Tree International, Inc. (LTRE) reported a decline in the fourth quarter earnings, due to absence of income tax benefit.
The Reston, Virginia-based company reported net income for the fourth quarter of $2.8 million or $0.17 per share, down from $7.8 million or $0.48 per share in the prior-year quarter.
Two analysts polled by First Call/Thomson Financial expected the company to earn $0.16 per share for the quarter. Analysts' estimate typically excludes special items.
Net income and earnings per share for the fourth quarter of fiscal 2007 had been significantly augmented by one-time adjustments to the income tax provision.
Revenues for the quarter remained flat with the previous year at $44.2 million, and missed analysts' revenue consensus of $45.60 million.
Total operating expenses for the quarter decreased to $21.90 million from $22.81 million in the year-ago quarter.
Provision for income tax was $1.24 million, compared to a benefit from income tax of $4.33 million in the fourth quarter of 2007.
For the full year, net income declined to $13.80 million or $0.83 per share from $16.99 million or $1.03 per share last year. Analysts were expecting net income of $0.83 per share.
Revenues for fiscal 2008 increased to $181.28 million from $167.19 million a year ago. Analysts expected revenue of $182.65 million.
LTRE closed Monday's regular trading session at $12.18, down $1.20 or 10.93%. However, the stock lost $0.17 or 1.42% in the after-hour trade.
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