Learning Tree International Inc. has been a quick study on how to profit from the information technology boom.

It has capitalized on companies’ need to keep employees abreast of the latest computer software and hardware that run their businesses. Learning Tree’s earnings have exceeded analysts’ expectations and its share price reflects growing confidence in a company that continues to fly below the radar screens of many investors.

Earlier in the month, the Century City-based IT educator reported that net income for the fiscal fourth quarter ended Sept. 30 was $9.1 million (40 cents per diluted share), up 59 percent from $5.7 million (26 cents per share) in the year-earlier period. Revenue was $58.6 million vs. $48.5 million. Earnings per share handily exceeded Wall Street’s consensus estimate of 36 cents a share.

Nonetheless, Learning Tree’s share price as of last week had not benefited from the company’s fourth-quarter performance, possibly due to the market’s preoccupation with the U.S. presidency. The stock last week was trading at about $44 a share, well below its record high of $78.88 a share in September. But analysts are confident in the stock’s long-term prospects, and in the company’s ability to take advantage of the IT boom by developing educational programs for systems and software.

“The company is certainly positioned, as a leading provider of IT instruction, to benefit from the rapid proliferation in the IT marketplace,” said Jerry Herman, managing director of equity research at First Union Securities. “They have the wind at their back.”

Last week, even as the stock market roiled amid the uncertain election outcome, Learning Tree’s shares held relatively steady, up considerably from its 52-week low of $18.63 in November 1999.

The stock rose for much of 2000, after the company shrugged off worries in 1999 that its profits would be hurt by corporations bracing for possible Y2K impact on computer systems.

The shifting of resources to prepare for any Y2K problems did mean less money spent on IT training programs in 1998 and 1999, but Learning Tree managed to raise its net income in most quarters. And once Y2K worries subsided in the new year, businesses once again turned toward keeping their employees computer literate, and Learning Tree’s income shot up accordingly.

“Growth in 1998 and 1999 was very slow, largely due to customers having to devote a percentage of their staff to deal with Y2K,” said President Eric R. Garen. “They didn’t need training. Once that was done, we started growing again.”

Several industry observers agreed that, with new IT programs coming out all the time, rendering previous programs obsolete, the need to keep workers on top of developments is paramount. Computer-literate employees are at a premium these days. And since recruiting them is difficult, training existing ones is imperative.

“Going forward, the growth of a company increasingly is propelled by these huge technological changes,” Garen said. “This year, there will be a shortage of 800,000 IT employees nationwide.”

Learning Tree has a library of almost 150 courses, a reflection of the continuing evolution in the marketplace. More than 90 percent of the company’s revenue comes from instructor-based classroom instruction, with the rest coming from computer-based training programs. The company is developing Internet-based education, but that is still in the experimental stage.

Despite its expansive offerings, the company remains relatively obscure. Only three analysts follow the stock. However, all three have a “strong buy” rating on the shares.

“Part of (the reason for the low profile) is that their market cap a year ago was sub-$500 million (it’s now around $980 million),” First Union’s Herman said. “They’re not perceived to be a large organization. Generally, they’re not self-promoters. They let their track record speak for itself.”

After its long steady climb through much of 2000, the company’s share price fell sharply from its record high in September due in part to weakness in the euro. (Almost half of the company’s sales come from Europe.) But Herman remains bullish on the stock’s upside potential, with a one-year target of $70 a share.