Revenues for the quarter increased by 9% to $58.0 million from $53.0 million for the corresponding quarter of the prior year. Income from operations for the second quarter this year was $6.8 million, compared to $10.7 million for the same quarter of fiscal 2000. Net income for the quarter was $5.4 million compared to $8.0 million for the same quarter last year. Net income per diluted share for the second quarter was $0.24 compared with $0.36 for the same quarter of the prior year.

Revenues for the six months ended March 31, 2001, increased by 17% to $120.1 million from $102.4 million for the same period of the prior year. Income from operations for the six months ended March 31, 2001 increased slightly to $21.4 million from $21.3 million for the same period of the prior year. Net income for the current fiscal year to date increased to $16.3 million from $15.7 million for the same period of the prior year. Year to date net income per diluted share was $0.72 compared to $0.71 for the same period of the prior year.

Dr. David C. Collins, Chairman and CEO of Learning Tree commented, In January and February this year, our enrollment growth rate was lower than it had been in the quarter ended December 31, 2000, and the rate of enrollment growth declined further in March. While current economic conditions make it difficult to forecast future enrollments, we are taking steps to improve our operating results for the remainder of our fiscal year compared to what we achieved in our second quarter.

We remain optimistic about the long-term growth of Learning Tree. During our second quarter, we continued to introduce new courses on topics such as XML, Java, Web technologies, Internetworking, Security, SQL Server 2000, Oracle8i and Crystal Reports. During the quarter ended March 31, 2001 our library of active course titles had grown to 152 multi-day courses, compared to 143 course titles in the same quarter last year, concluded Dr. Collins.