Learning Tree International, Inc. Financial Ratios — LTRE

Profitability (USD)

	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Return on Common Equity (%)	-0.8	-2.71	-5.48	26.98	17.75	1.67	9.78	10.44	-46.55	-60.73	0.01	- -	- -	- -	- -
Return on Assets (%)	-0.39	-1.25	-2.31	11.28	8.2	0.78	3.7	3.2	-12.46	-11.04	- -	-22.83	-33.62	-7.39	-8.42
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	3.02	354.98	19.26	19.57	13.74	1.05	8	8.69	- -	- -	2.67	- -	- -	- -	- -
Gross Margin (%)	51.5	49.88	50.56	56.38	57.63	55.31	53.56	53.92	51.32	46.06	43.26	41.18	38.52	42.97	43.03
EBITDA Margin (%)	3.05	2.67	3.11	12.58	13.35	6.07	8.58	7.37	-1.65	-1.84	-0.78	-5.66	-9.49	1.48	-0.45
Operating Margin (%)	-1.07	-1.48	-1.72	8.68	9.76	1.5	4.08	3.92	-5.38	-7.01	-5.6	-10.21	-12.96	-1.27	-2.52
Incremental Operating Margin (%)	- -	- -	- -	130.49	22.56	32.23	-63.16	0.79	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	0.28	0.01	0.47	11.21	11.96	2.29	4.51	4	-5.44	-7.08	0.23	-9.84	-15.04	-2.35	-2.99
Profit Margin (%)	-0.36	-1.12	-2.03	10.16	7.61	0.91	3.44	2.42	-9.23	-7.46	- -	-13.25	-15.56	-3.02	-3.2
Net Income to Common Margin (%)	-0.36	-1.12	-2.03	10.16	7.61	0.91	3.44	2.42	-9.23	-7.46	- -	-13.25	-15.56	-3.02	-3.2
Effective Tax Rate (%)	225.87	10,076.47	527.09	9.36	36.37	60.31	23.74	39.42	- -	- -	106.97	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	681.81	- -	-0.34	-0.3	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-0.8	-2.71	-5.48	26.98	17.75	1.67	-56.9	10.44	-46.71	-60.91	0.01	- -	- -	- -	- -

Credit (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	1	3
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	2
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.47	0.87	-8.94
Net Debt/EBITDA	-15.27	-14.01	-9.28	-2.36	-2.14	-5.51	-3.15	-4.09	12.13	12.39	35.74	3.34	1.1	-4.34	8.57
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.34	-1.02	-1.58
Net Debt/EBIT	43.77	25.26	16.81	-3.43	-2.93	-22.35	-6.63	-7.68	3.71	3.25	4.99	1.85	0.81	5.08	1.52
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	47.47	44.88	39.7	43.58	48.73	43.91	29.61	31.75	21.05	14.46	15.07	-5.92	-48.39	-66.37	-86.06
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-21.33	-3.99	-1.48
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.87	2.51	1.1
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-37.05	-7.71	-18.45
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-31.09	-5.52	-15.17
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.48	3.47	11.33
Net Debt to Equity	-107.16	-94.45	-77.99	-64.41	-60.02	-70.49	-99.07	-106.73	-105.22	-169.74	-189.16	-588.64	87.24	38.47	17.67
Net Debt/Capital (%)	1,316.86	-2,033.55	-441.05	-228.91	-161.15	-281.19	719.19	512.7	366.04	160.06	150.1	87.34	42.26	21.06	11.35
EBITDA	5	4	5	21	24	8	11	10	-2	-2	-1	-5	-8	1	- -
EBITDA-CapEx	-1	-3	-5	16	17	6	8	4	-10	-5	-2	-8	-8	1	-1
Operating Income (Loss)	-2	-2	-3	15	18	2	5	5	-7	-8	-6	-10	-11	-1	-2

Liquidity (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Cash Ratio	1.29	1.16	1.03	1.15	1.01	1.22	0.76	0.83	0.61	0.59	0.69	0.51	0.27	0.17	0.16
Current Ratio	1.6	1.54	1.41	1.57	1.45	1.6	1.24	1.31	1.1	1.04	1.22	0.95	0.68	0.65	0.56
Quick Ratio	1.52	1.41	1.27	1.46	1.33	1.48	1.11	1.19	0.97	0.92	1.01	0.82	0.57	0.51	0.47
CFO/Avg Current Liab	0.02	0.04	0.13	0.25	0.25	0.11	0.02	0.19	-0.02	-0.06	-0.07	-0.25	-0.27	-0.11	-0.06
Common Equity/Total Assets	47.47	44.88	39.7	43.58	48.73	43.91	29.61	31.75	21.05	14.46	15.07	-5.92	-48.39	-66.37	-86.06
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-21.33	-3.99	-1.48
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.87	2.51	1.1
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-37.05	-7.71	-18.45
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-31.09	-5.52	-15.17
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.48	3.47	11.33
CFO/Total Liabilities	2.19	3.14	10.52	21.39	20.96	10.13	1.3	15.4	-1.8	-5.19	-6.23	-23.65	-21.72	-8.46	-4.39
CFO/CapEx	0.28	0.33	0.85	3.4	2.63	3.51	0.28	1.75	-0.16	-1.13	-2.17	-4.29	-23.35	-76.71	-5.4
Altman's Z-Score	3.71	3.54	2.69	3.9	3.46	3.12	3.28	3.04	2.19	2.12	2.07	1.54	0.76	1.81	0.72

Working Capital (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Accounts Receivable Turnover	12.32	10.65	9.72	9.42	9.28	7.61	7.62	7.32	7.36	7.56	7.76	7.91	8.15	7.34	7
Days Sales Outstanding	29.62	34.28	37.54	38.77	39.35	47.97	47.92	49.83	49.57	48.26	47.02	46.16	44.77	49.75	52.12
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	5.94	6.16	6.15	5.73	6.47	6.17	7.49	8.19	7.32	7.41	8.63	8.26	7.81	6.53	6.04
Accounts Payable Turnover Days	61.48	59.23	59.32	63.7	56.44	59.14	48.73	44.55	49.88	49.26	42.29	44.19	46.71	55.88	60.45
Cash Conversion Cycle	-31.85	-24.95	-21.79	-24.93	-17.09	-11.17	-0.81	5.29	-0.31	-1.01	4.72	1.97	-1.94	-6.13	-8.33
Inventory to Cash Days	29.62	34.28	37.54	38.77	39.35	47.97	47.92	49.83	49.57	48.26	47.02	46.16	44.77	49.75	52.12
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Market Capitalization	196	182	110	239	168	145	139	100	68	52	31	17	24	40	- -
- Cash & Cash Equivalents	71	57	44	50	52	44	34	40	26	27	30	18	9	5	5
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	1	3
Enterprise Value	112	107	38	151	97	71	99	57	36	25	1	-1	19	36	-2
Total Capital	66	60	54	71	84	60	30	32	19	10	10	-3	-12	-17	-17
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-31.09	-5.52	-15.17
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.19	0.03	-1.19
EV/Sales	0.74	0.7	0.25	0.9	0.54	0.53	0.78	0.43	0.28	0.22	0.01	- -	0.24	0.51	- -
EV/EBITDA	24.18	26.31	7.92	7.17	4.01	8.8	9.09	5.78	- -	- -	- -	- -	- -	34.22	- -
EV/EBIT	- -	- -	- -	10.4	5.49	35.72	19.13	10.86	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	71.43	46.68	4.49	8.13	5.39	9.45	117.24	5.74	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	15.75	11.68	2.06	6.28	3.9	7.36	25.98	3.66	5.78	- -	- -	- -	- -	- -	- -
Diluted Market Cap	196	182	110	239	169	145	139	100	68	52	31	17	24	40	- -
Diluted Enterprise Value	125	125	66	190	117	100	105	60	42	25	1	-1	19	36	-2
EV per Share	6.59	6.32	2.29	9.15	5.88	4.55	7.25	4.23	2.71	1.92	0.08	- -	1.46	2.69	- -
TTM Sales	152	152	154	167	181	133	127	134	129	117	107	95	82	71	64
TTM EBITDA	5	4	5	21	24	8	11	10	-2	-2	-1	-5	-8	1	- -
TTM Operating Income	-2	-2	-3	15	18	2	5	5	-7	-8	-6	-10	-11	-1	-2
TTM Cash Flow to Firm	2	2	8	19	18	7	1	10	-1	-3	-3	-10	-9	-3	-2
TTM Free Cash Flow to Firm	7	9	18	24	25	10	4	16	6	- -	-2	-7	-9	-3	-1

Multiples (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Price/Free Cash Flow	27.53	19.94	5.99	9.97	6.77	15.02	36.33	6.41	10.86	-165.86	-18.28	-2.23	-2.81	-12.6	- -
EV/EBIT	- -	- -	- -	10.4	5.49	35.72	19.13	10.86	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	112	107	38	151	97	71	99	57	36	25	1	-1	19	36	-2
Low Price	12.06	11.2	7.19	7.87	11.1	6.01	8	7.1	4	2.91	2.11	0.9	0.6	1.6	0.75
EV/Sales	0.74	0.7	0.25	0.9	0.54	0.53	0.78	0.43	0.28	0.22	0.01	- -	0.24	0.51	- -
EV/EBITDA	24.18	26.31	7.92	7.17	4.01	8.8	9.09	5.78	- -	- -	- -	- -	- -	34.22	- -
Price/Earnings	- -	- -	- -	14.09	12.17	120.23	31.65	30.73	- -	- -	30,937.14	- -	- -	- -	- -
Price/Earnings Average	-408.91	-108.81	-47.95	9.24	17.24	103.71	31.36	38.36	-6.41	-6.44	37,997.09	-1.71	-1.17	-14.25	- -
Price/Earnings High	-615.93	-162.88	-84.99	17.46	33.16	170.48	51.6	46.57	-9.73	-8.89	51,958.53	-2.65	-1.95	-18.75	- -
Price/Earnings Low	-380.54	-111.37	-38.19	7.64	13.28	77.62	25.02	29.52	-4.5	-4.41	27,896.31	-0.95	-0.62	-10	- -
Price/Book Value	2.99	3.05	2.02	3.35	2	2.41	4.68	3.07	3.64	5.2	3.1	-6.37	-1.58	-2.3	- -
Price/Book Value Average	3.37	3.1	2.75	2.2	2.83	2.08	4.64	3.83	4.07	5.63	3.81	-8.26	-0.97	-1.75	- -
Price/Book Value High	5.08	4.64	4.87	4.15	5.45	3.41	7.63	4.65	6.19	7.77	5.21	-12.83	-1.62	-2.3	- -
Price/Book Value Low	3.14	3.17	2.19	1.82	2.18	1.55	3.7	2.95	2.86	3.85	2.8	-4.58	-0.52	-1.23	- -
Price/Tangible Book Value	2.96	3.03	1.93	3.1	1.94	2.3	3.99	2.64	2.78	3.31	1.96	5.43	-2.47	-3.39	- -
Price/Tangible Book Value Average	3.34	3.07	2.63	2.03	2.75	1.98	3.96	3.29	3.11	3.58	2.41	7.04	-1.51	-2.58	- -
Price/Tangible Book Value High	5.03	4.6	4.66	3.84	5.3	3.26	6.51	4	4.73	4.95	3.29	10.95	-2.53	-3.39	- -
Price/Tangible Book Value Low	3.11	3.14	2.09	1.68	2.12	1.49	3.16	2.54	2.19	2.45	1.77	3.91	-0.81	-1.81	- -
Price/Sales	1.29	1.2	0.71	1.43	0.93	1.09	1.09	0.74	0.53	0.44	0.29	0.17	0.3	0.57	- -
Price/Sales Average	1.45	1.22	0.97	0.94	1.31	0.94	1.08	0.93	0.59	0.48	0.35	0.23	0.18	0.43	- -
Price/Sales High	2.19	1.82	1.72	1.77	2.52	1.55	1.78	1.13	0.9	0.66	0.49	0.35	0.3	0.57	- -
Price/Sales Low	1.35	1.25	0.77	0.78	1.01	0.7	0.86	0.72	0.42	0.33	0.26	0.13	0.1	0.3	- -
Price/Cash Flow	124.81	79.67	13.04	12.9	9.31	19.3	163.76	10.04	-58.81	-18.78	-9.86	-1.71	-2.69	-12.44	- -
Price/Cash Flow Average	140.46	80.87	17.73	8.46	13.19	16.65	162.29	12.54	-65.86	-20.31	-12.11	-2.22	-1.65	-9.45	- -
Price/Cash Flow High	211.58	121.06	31.43	15.98	25.38	27.37	267	15.22	-100.03	-28.05	-16.56	-3.45	-2.75	-12.44	- -
Price/Cash Flow Low	130.72	82.77	14.12	6.99	10.17	12.46	129.45	9.65	-46.22	-13.91	-8.89	-1.23	-0.88	-6.63	- -
Price/Free Cash Flow Average	30.98	20.24	8.15	6.54	9.6	12.96	36	8	12.16	-179.32	-22.45	-2.89	-1.72	-9.57	- -
Price/Free Cash Flow High	46.66	30.3	14.45	12.35	18.46	21.3	59.24	9.71	18.48	-247.74	-30.7	-4.5	-2.87	-12.6	- -
Price/Free Cash Flow Low	28.83	20.72	6.49	5.4	7.39	9.7	28.72	6.16	8.54	-122.82	-16.48	-1.61	-0.92	-6.72	- -
EV/Sales Average	0.99	0.84	0.68	0.64	1.03	0.61	0.81	0.63	0.39	0.25	0.08	0.04	0.12	0.37	- -
EV/Sales High	1.72	1.45	1.43	1.48	2.24	1.21	1.51	0.83	0.7	0.44	0.21	0.16	0.24	0.51	- -
EV/Sales Low	0.89	0.87	0.49	0.48	0.73	0.37	0.59	0.41	0.22	0.1	- -	- -	0.04	0.24	- -
EV/EBITDA Average	32.28	31.57	21.99	5.1	7.69	10	9.44	8.52	-23.78	-13.77	-9.71	-0.65	-1.28	25.05	7.54
EV/EBITDA High	56.35	54.21	46.15	11.74	16.76	19.99	17.56	11.22	-42.4	-23.76	-26.41	-2.87	-2.56	34.22	7.54
EV/EBITDA Low	28.98	32.64	15.63	3.8	5.43	6.1	6.89	5.62	-13.07	-5.53	2.37	1.12	-0.39	16.4	7.54
EV/EBIT Average	-92.53	-56.91	-39.85	7.4	10.52	40.57	19.85	16.02	-7.28	-3.61	-1.35	-0.36	-0.94	-29.32	1.34
EV/EBIT High	-161.54	-97.73	-83.62	17.02	22.94	81.08	36.94	21.09	-12.98	-6.23	-3.69	-1.59	-1.87	-40.07	1.34
EV/EBIT Low	-83.07	-58.84	-28.32	5.52	7.43	24.74	14.49	10.56	-4	-1.45	0.33	0.62	-0.29	-19.2	1.34
Last Price	11.52	10.78	6.64	14.51	10.17	9.3	10.12	7.39	5.09	3.93	2.34	1.25	1.83	3	1.2
High Price	19.52	16.38	16	17.98	27.71	13.19	16.5	11.2	8.66	5.87	3.93	2.52	1.87	3	3
Enterprise Value Average	150	128	105	107	186	80	103	84	51	30	8	4	10	26	-2
Enterprise Value High	262	220	221	247	406	161	192	111	90	51	22	15	20	36	-2
Enterprise Value Low	135	132	75	80	131	49	75	55	28	12	-2	-6	3	17	-2

	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Shares Outstanding	17	17	16	17	17	14	14	13	13	13	13	13	13	13	13
Diluted Weighted Avg Shares	17	17	17	16	17	16	14	14	13	13	13	13	13	13	- -
Basic Weighted Avg Shares	17	17	17	16	17	16	14	13	13	13	13	13	13	13	- -
Revenue per Share	8.92	8.99	9.29	10.13	10.98	8.53	9.29	9.92	9.64	8.84	8.1	7.17	6.17	5.29	- -
EBITDA per Share	0.27	0.24	0.29	1.28	1.47	0.52	0.8	0.73	-0.16	-0.16	-0.06	-0.41	-0.59	0.08	- -
Operating Income per Share	-0.1	-0.13	-0.16	0.88	1.07	0.13	0.38	0.39	-0.52	-0.62	-0.45	-0.73	-0.8	-0.07	- -
Basic EPS, GAAP	-0.03	-0.1	-0.19	1.03	0.84	0.08	0.32	0.24	-0.89	-0.66	- -	-0.95	-0.96	-0.16	- -
Basic EPS from Cont Ops	-0.03	-0.1	-0.19	1.03	0.84	0.08	0.32	0.24	-0.89	-0.66	- -	-0.74	-0.96	-0.16	- -
Diluted EPS, GAAP	-0.03	-0.1	-0.19	1.03	0.83	0.08	0.32	0.24	-0.89	-0.66	- -	-0.95	-0.96	-0.16	- -
Diluted EPS from Cont Ops	-0.03	-0.1	-0.19	1.03	0.83	0.08	0.32	0.24	-0.89	-0.66	- -	-0.74	-0.96	-0.16	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	2.18	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.09	0.14	0.51	1.12	1.09	0.48	0.06	0.74	-0.09	-0.21	-0.24	-0.73	-0.68	-0.24	- -
Free Cash Flow per Basic Share	-0.23	-0.27	-0.09	0.79	0.68	0.34	-0.16	0.32	-0.64	-0.39	-0.35	-0.9	-0.71	-0.24	- -
Cash & Equivalents per Share	4.92	4.46	4.35	5.36	4.28	4.75	2.87	3.16	2.38	2.01	2.26	1.36	0.65	0.38	- -
Book Value per Share	3.85	3.53	3.28	4.33	5.09	3.86	2.16	2.41	1.4	0.76	0.75	-0.2	-1.16	-1.31	- -
Tangible Book Value per Share	3.88	3.56	3.43	4.68	5.23	4.04	2.53	2.8	1.83	1.19	1.19	0.23	-0.74	-0.89	- -

Learning Tree International, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)