Learning Tree International, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended September 30, 2016. For the quarter, the company announced revenues of $21,695,000 compared to $25,629,000 for the same period a year ago. Loss from operations was $2,042,000 compared to income from operations of $772,000 for the same period a year ago. Loss from continuing operations before income taxes was $1,989,000 compared to income from continuing operations before income taxes of $776,000 for the same period a year ago. Loss from continuing operations was $2,216,000 compared to income from continuing operations of $741,000 for the same period a year ago. Net loss was $2,216,000 or $0.17 per basic and diluted share compared to net income of $741,000 or $0.06 per basic and diluted share for the same period a year ago.

For the full year, the company announced revenues of $81,587,000 compared to $94,884,000 for the same period a year ago. Loss from operations was $12,512,000 compared to $9,691,000 for the same period a year ago. Loss from continuing operations before income taxes was $12,274,000 compared to $9,341,000 for the same period a year ago. Loss from continuing operations was $12,696,000 compared to $9,808,000 for the same period a year ago. Net loss was $12,696,000 or $0.96 per basic and diluted share compared to $12,573,000 or $0.95 per basic and diluted share for the same period a year ago. In fiscal 2016, the company's revenues were 14% lower than revenues in fiscal 2015. This principally resulted from a 10.4% decrease in the average revenue per participant and a 4.1% decrease in the number of participants when compared to prior fiscal year. The decrease in the average revenue per participant was caused primarily by lower average revenue per participant from one-day courses, which we'll begin introducing in the second quarter of fiscal 2015, lower average revenue from the implementation of periodic pricing promotions and strategies and changes of foreign exchange rates, which negatively impacted revenues by 2.2%.

For the first quarter of fiscal 2017, the company currently expects revenues of between $18.2 million and $19.2 million compared to revenues of $20.1 million in the first quarter of fiscal 2016. The company expects the gross profit percentage in the first quarter of fiscal 2017 of between 42.2% and 43.2% compared to 41.1% in the first quarter of fiscal 2016. As a result of the above factors, the company expects to incur a first quarter operating loss of between breakeven and $1 million loss compared with an operating loss of $2.3 million in the first quarter of fiscal 2016. Overall, the company expects to report pretax results for the first quarter of fiscal 2017 of between breakeven and a loss of $1.1 million compared with pretax loss of $2.2 million in the first quarter of fiscal 2016.

As part of the comprehensive cost reduction program, management will continue to review and take appropriate actions in the fiscal year 2017 to streamline its operations in order to reduce or eliminate excess costs. The company believes that the initiative the company has and is implementing is positioning Learning Tree to stabilize and then grow its revenues and improve its operating expenses. Accordingly, the company believes that its company is now positioned to greatly reduce its operating loss in fiscal year 2017 as compared to fiscal year 2016. The company's objective remains to generate a positive operating income for fiscal year 2017.