BEIJING, May 19, 2015 /PRNewswire/ -- China Distance
Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a
leading provider of online education in China focusing on professional education,
today announced unaudited financial results for the second quarter
of fiscal 2015 ended March 31,
2015.
Second Quarter Fiscal 2015 Financial and Operational
Highlights
- Total course enrollments reached 516,000 in the second quarter
of fiscal 2015, an increase of 4.6% from the second quarter of
fiscal 2014.
- Cash receipts from online course registration increased by
16.2% to $28.6 million from the
second quarter of fiscal 2014.
- Net revenue increased by 22.4% to $22.3
million from $18.2 million in
the prior year period, meeting the Company's guidance range of
$21.6 million to $22.8 million.
- Gross profit increased by 30.7% to $11.2
million from $8.6 million in
the prior year period.
- Non-GAAP[1] gross profit increased by 31.3% to
$11.2 million from $8.6 million in the prior year period.
- Gross margin was 50.0%, compared with 46.9% in the prior year
period. Non-GAAP[1] gross margin was 50.3%, compared
with 46.9% in the prior year period.
- Operating income increased by 68.1% to $0.9 million from $0.5
million in the prior year period.
- Non-GAAP[1] operating income increased by 112.6% to
$1.4 million from $0.7 million in the prior year period.
- Net income decreased by 5.8% to $1.2
million from $1.3 million in
the prior year period.
- Non-GAAP[1] net income increased by 21.8% to
$1.8 million from $1.4 million in the prior year period.
- Basic and diluted net income per American Depositary Share
("ADS") was $0.034, representing a
year-over-year decrease of 10.5%, from a basic and diluted net
income per ADS of $0.038 for the
second quarter of fiscal 2014. Each ADS represents four ordinary
shares.
- Basic and diluted non-GAAP[1] net income per ADS was
$0.049, representing a year-over-year
increase of 16.7%, from a basic and diluted non-GAAP[1] net income per
ADS of $0.042 for the second quarter
of fiscal 2014.
- Operating cash flow was $13.0
million, a decrease from $36.9
million in the second quarter of fiscal 2014. Operating cash
flow in the second quarter of fiscal 2014 included $25.0 million of proceeds held temporarily for
certain selling shareholders of our follow-on public offering.
[1]
|
For more information
about the non-GAAP financial measures contained in this press
release, please see "use of Non-GAAP Financial Measures"
below.
|
Mr. Zhengdong Zhu, Chairman and
CEO of CDEL, said, "We are pleased to deliver second quarter
results in-line with our guidance, led by healthy revenue growth
across our three verticals. Our focus remains on providing the
highest quality courses, services and technology to meet the needs
of our course participants as they advance in their careers. We
continue to be at the forefront of online education, and I am very
pleased with the recent launch of our College Cooperation Program
in the accounting vertical. This new initiative leverages our
content and services to benefit students, colleges and
universities, and employers, and demonstrates the power and
flexibility of our education platform. In addition to expanding our
served market to college and university students, we believe the
College Cooperation Program will add another driver to CDEL's
multi-pronged growth strategy."
Mr. Mark Marostica, Co-Chief
Financial Officer of CDEL, added, "Our 16.2% year-over-year growth
in cash receipts from online course registration in the second
quarter of fiscal 2015, given a tough comparable of 59.9%
year-over-year growth in the second quarter of fiscal 2014, was
slower than we expected. The slower-than-anticipated growth in cash
receipts was primarily because of soft overall enrollment growth in
both the accounting and engineering & construction verticals,
due to a high enrollment base in the second quarter of fiscal 2014
for intermediate APQE and stricter enforcement of associate
constructor employment requirements, respectively. Also impacting
the growth in cash receipts this year is the Chinese government's
tabling of the Registered Tax Agent exam as previously disclosed,
and a change in the timing of the CPA exam which will be held in
October this year, one month later than last year."
Second Quarter Fiscal 2015 Financial Results
Net Revenue. Total net revenue increased by 22.4%
to $22.3 million in the second
quarter of fiscal 2015 from $18.2
million in the second quarter of fiscal 2014. This increase
was primarily due to higher revenue in online education services,
books and reference materials and other sources. Net revenue from
online education services, books and reference materials, and other
sources contributed to 75.8%, 9.6% and 14.6% of total net revenue
for the second quarter of fiscal 2015, respectively.
Online education services. Net revenue from online
education services increased by 19.3% to $16.9 million in the
second quarter of fiscal 2015 from $14.2
million in the prior year period, mainly due to healthy
revenue growth from healthcare, engineering and construction, and
accounting courses, as well as from the Open Learning Platform.
Books and reference materials. Net revenue from books and
reference materials increased by 21.2% to $2.1 million in the second quarter of fiscal 2015
from $1.8 million in the second
quarter of fiscal 2014.
Others. Net revenue from other sources increased by 42.9%
to $3.3 million in the second quarter
of fiscal 2015 from $2.3 million in
the second quarter of fiscal 2014. The increase was mainly due to
higher revenue from the "Tax School" program and business start-up
training courses.
Cost of Sales. Cost of sales increased by 15.1% to
$11.2 million in the second quarter
of fiscal 2015 from $9.7 million in
the second quarter of fiscal 2014. Non-GAAP[1] cost of
sales increased by 14.6% to $11.1
million in the second quarter of fiscal 2015 from
$9.7 million in the second quarter of
fiscal 2014. The increase in cost of sales was mainly due to
increased server lease fees and bandwidth costs, salaries and
related expenses, cost of books and reference materials, rental and
related expenses, and other miscellaneous expenses.
Gross Profit. Gross profit increased by
30.7% to $11.2 million in the second
quarter of fiscal 2015 from $8.6
million in the prior year period. Non-GAAP[1]
gross profit increased by 31.3% to $11.2
million in the second quarter of fiscal 2015 from
$8.6 million in the prior year
period. Gross margin was 50.0% in the second quarter of fiscal
2015, as compared to 46.9% in the second quarter of fiscal 2014.
Non-GAAP[1] gross margin was 50.3% in the second quarter
of fiscal 2015, as compared to 46.9% in the second quarter of
fiscal 2014.
Operating Expenses. Total operating expenses
increased by 28.7% to $10.3 million
in the second quarter of fiscal 2015 from $8.0 million in the prior year period.
Non-GAAP[1] total operating expenses increased by 24.9%
to $9.9 million in the second quarter
of fiscal 2015 from $7.9 million in
the prior year period. The increase in operating expenses was
primarily due to higher marketing and promotional expenses,
share-based compensation expenses, and other administrative
expenses. This increase was partially offset by the decrease in
commission to online agents and professional fees.
Selling expenses. Selling expenses increased by 27.2% to
$7.3 million in the second quarter of
fiscal 2015 from $5.7 million in the
prior year period. Non-GAAP[1] selling expenses
increased by 26.7% to $7.2 million in
the second quarter of fiscal 2015 from $5.7
million in the prior year period. The increase in selling
expenses was primarily driven by an expansion of our marketing and
promotional activities as is typically the case during our heavy
enrollment season in the second fiscal quarter. This increase was
partially offset by the decrease in commission to online
agents.
General and administrative expenses. General and
administrative expenses increased by 32.5% to $3.1 million in the second quarter of fiscal 2015
from $2.3 million in the prior year
period. Non-GAAP[1] general and administrative expenses
increased by 20.1% to $2.6 million in
the second quarter of fiscal 2015 from $2.2
million in the prior year period. The increase in general
and administrative expenses was primarily due to the increase in
share-based compensation expenses and other administrative
expenses. This increase was partially offset by the decrease in
professional fees.
Income Tax Expense. Income tax expense decreased
by 4.0% to $312 thousand in the
second quarter of fiscal 2015 from $325
thousand in the prior year period.
Net Income. As a result of the foregoing, net
income decreased by 5.8% to $1.2
million in the second quarter of fiscal 2015 from
$1.3 million in the prior year
period. Non-GAAP[1] net income increased by 21.8% to
$1.8 million in the second quarter of
fiscal 2015 from $1.4 million in the
prior year period.
Operating Cash Flow. Net operating cash
inflow was $13.0 million in the
second quarter of fiscal 2015, as compared to net operating cash
inflow of $36.9 million in the prior
year period. Net operating cash inflow in the second quarter of
fiscal 2014 included $25 million of
net proceeds received on behalf of certain selling shareholders in
the follow-on public offering. The operating cash inflow was
attributable to net income before non-cash items generated in the
second quarter of fiscal 2015. The decrease in deferred cost and
the increase in deferred revenue also contributed to the cash
inflow. This operating cash inflow was partially offset by the
increase in accounts receivable, and other non-current assets, and
the decrease in refundable fees.
Cash and Cash Equivalents, Term Deposits and Restricted
Cash. Cash and cash equivalents, term deposits and
restricted cash as of March 31, 2015
decreased by 10.5% to $130.4 million,
as compared to $145.7 million as of
December 31, 2014, mainly due to the
distribution of a $27.2 million
dividend. This decrease was partially offset by robust cash flow
generated from operating activities in the second quarter of fiscal
2015.
Outlook
For the third quarter of fiscal 2015, the Company expects to
generate total net revenue in the range of $27.5 million to $28.7 million, representing
year-over-year growth of approximately 10% to 15%.
For the 2015 fiscal year, the Company expects to generate total
net revenue in the range of $116.6 million
to $121.5 million, representing year-over-year growth of
approximately 20% to 25%. The Company's prior fiscal 2015 full year
total net revenue guidance range was $123.4
million to $128.3 million.
The above guidance reflects the Company's current view, which is
subject to change.
Conference Call
The Company will host a conference call at 8:00 a.m. Eastern Time on May 20, 2015 to discuss its second quarter fiscal
2015 financial results and recent developments. The conference call
may be accessed by calling 1-855-298-3404 (US), 1-631-5142-526
(International), 400-120-0539 (China), 800-905-927 (Hong Kong), or 44-(0)20-3078-7622 (UK). The
passcode is 3917557.
A telephone replay will be available shortly after the call
until May 26, 2015 at 1-866-846-0868
(US), 61-2-9641-7900 (International), 400-184-2240 (China), 800-966-697 (Hong Kong), or 0800-169-7301 (UK). The
conference ID is 3917557.
A live and archived webcast of the conference call will be
available at http://ir.cdeledu.com.
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education in China
focusing on professional education. The courses offered by the
Company through its websites are designed to help professionals
seeking to obtain and maintain professional licenses and to enhance
their job skills through our professional development courses in
China in the areas of accounting,
healthcare, engineering & construction, and other industries.
The Company also offers other professional education courses for
the national judicial examination, online test preparation courses
for self-taught learners pursuing higher education diplomas or
degrees, test preparation courses for university students intending
to take the nationwide graduate school entrance exam, and online
language courses. We also offer third-party developed online
courses through our Online Open Learning Platform, a proprietary
education platform that allows people to share their educational
content or deliver live courses online. For further information,
please visit http://ir.cdeledu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "may," "should," "potential," "continue," "expect,"
"predict," "anticipate," "future," "intend," "plan," "believe,"
"is/are likely to," "estimate" and similar statements. Among other
things, the outlook for the third quarter of fiscal year 2015 and
the full fiscal year 2015 and quotations from management in this
announcement, as well as the Company's strategic and operational
plans (in particular, the Company's College Cooperation Program
initiative and its intended benefits) contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic and annual reports to
the SEC, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our goals and growth strategies; our future prospects
and market acceptance of our courses and other products and
services; our future business development and results of
operations; projected revenues, profits, earnings and other
estimated financial information; projected enrollment numbers; our
plans to expand and enhance our courses and other products and
services; competition in the education and test preparation
markets; and changes of Chinese laws, regulations and policies,
including those applicable to the Internet and Internet content
providers, the education and telecommunications industries, mergers
and acquisitions, taxation and foreign exchange.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and other documents
filed or furnished with the SEC. All information provided in this
press release is as of the date of this press release. The Company
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth in this press
release is preliminary and subject to adjustments. Adjustments to
the financial statements may be identified when audit work is
performed for the year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial results
presented in accordance with U.S. generally accepted accounting
principles, or GAAP, the Company uses the following measures
defined as non-GAAP financial measures: non-GAAP net income,
operating income, gross profit, cost of sales, selling expenses,
general and administrative expenses, net income margin, operating
margin, gross profit margin and basic and diluted earnings per ADS
and per share. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliations
of non-GAAP measures to comparable GAAP measures" set forth at the
end of this release.
The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses. However, non-GAAP financial measures may not be
indicative of the Company's operating performance from a cash
perspective. The Company believes that both management and
investors benefit from these non-GAAP financial measures in
assessing its performance and when planning and forecasting future
periods. These non-GAAP financial measures also facilitate
management's internal comparisons to the Company's historical
performance and liquidity. The Company computes its non-GAAP
financial measures using the same consistent method from quarter to
quarter. The Company believes these non-GAAP financial measures are
useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of
excluding share-based compensation expenses from the
above-mentioned line items and presenting these non-GAAP measures
is that such charges may continue to be for the foreseeable future
a significant recurring expense in our business. Management
compensates for this limitation by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying table at the end of this release provides more detail
on the reconciliations between GAAP financial measures that are
most directly comparable to non-GAAP financial measures.
Contacts:
|
|
China Distance
Education Holdings Limited
Lingling Kong, IR
manager
Tel: +86-10-8231-9999
ext1805
Email:
IR@cdeledu.com
|
The Piacente Group |
Investor Relations
Brandi
Piacente
Tel: +1
212-481-2050
Email: dl@tpg-ir.com
|
(Financial Tables Follow)
China Distance
Education Holdings Limited
|
Consolidated
Balance Sheets
|
(in thousands of
US Dollars, except number of shares and per share
data)
|
|
|
|
|
|
|
September 30,
2014
|
|
March
31,2015
|
|
|
(Derived from
Audited)
|
|
(Unaudited)
|
|
Assets:
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
118,075
|
|
94,703
|
|
Term
deposits
|
5,702
|
|
19,519
|
|
Restricted cash
|
16,637
|
|
16,223
|
|
Accounts receivable, net of
allowance for doubtful accounts of US$535 and
US$1,250
as of March 31, 2015 and September 30, 2014,
respectively
|
1,637
|
|
2,783
|
|
Inventories
|
449
|
|
1,099
|
|
Prepayment and other current assets
|
3,749
|
|
5,078
|
|
Deferred
tax assets, current portion
|
2,116
|
|
1,926
|
|
Deferred
cost
|
1,248
|
|
254
|
|
Total current
assets
|
149,613
|
|
141,585
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
Property, plant and equipment, net
|
10,721
|
|
10,763
|
|
Goodwill
|
7,689
|
|
7,614
|
|
Other
intangible assets, net
|
1,384
|
|
1,187
|
|
Deposit
for purchase of non-current assets
|
94
|
|
1,057
|
|
Other
non-current assets
|
2,128
|
|
2,696
|
|
Total non-current
assets
|
22,016
|
|
23,317
|
|
|
|
|
|
|
Total
assets
|
171,629
|
|
164,902
|
|
|
|
|
|
|
Liabilities and
equity:
|
|
|
|
Current
liabilities:
|
|
|
|
Bank
borrowing
|
16,583
|
|
16,617
|
|
Accrued
expenses and other liabilities (including accrued expenses and
other
liabilities of the consolidated VIE without recourse to China
Distance Education
Holdings
Limited of US$20,268 and US$21,275 as of March 31, 2015
and
September 30, 2014, respectively)
|
22,695
|
|
23,724
|
|
Income
tax payable (including income tax payable of the consolidated VIE
without
recourse
to China Distance Education Holdings Limited of US$1,589
and
US$3,504 as of March 31, 2015 and September 30, 2014,
respectively)
|
4,209
|
|
1,969
|
|
Deferred
revenue (including deferred revenue of the consolidated VIE
without
recourse
to China Distance Education Holdings Limited of US$40,579
and
US$23,319 as of March 31, 2015 and September 30, 2014,
respectively)
|
23,423
|
|
40,601
|
|
Refundable fees (including refundable fees of the
consolidated VIE without
recourse
to China Distance Education Holdings Limited of US$3,168
and
US$5,199
as of March 31, 2015 and September 30, 2014,
respectively)
|
5,199
|
|
3,168
|
|
Dividend
payable
|
-
|
|
1,000
|
|
Total current
liabilities
|
72,109
|
|
87,079
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred
tax liabilities, non-current portion
|
1,110
|
|
1,348
|
|
Total non-current
liabilities
|
1,110
|
|
1,348
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
73,219
|
|
88,427
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
Ordinary
shares (par value of US$0.0001 per share at March 31, 2015
and
September 30, 2014, respectively; Authorized –500,000,000
shares at March 31,
2015 and
September 30, 2014, respectively; Issued and outstanding
–143,420,745
and
142,752,873 shares at March 31, 2015 and September 30, 2014,
respectively)
|
14
|
|
14
|
|
Additional paid-in capital
|
77,270
|
|
57,388
|
|
Accumulated other comprehensive income
|
6,220
|
|
5,376
|
|
Retained
Earnings
|
14,906
|
|
13,697
|
|
Total
equity
|
98,410
|
|
76,475
|
|
Total liabilities and
equity
|
171,629
|
|
164,902
|
|
|
|
|
|
|
China Distance
Education Holdings Limited
|
Unaudited
Consolidated Statements Of Operations
|
(in
thousands of US dollars, except number of shares, per share and per
ADS data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2014
|
|
2015
|
|
|
|
|
Sales, net of
business tax, value-added tax and related
surcharges:
|
Online
education services
|
14,196
|
|
16,930
|
Books
and reference materials
|
1,765
|
|
2,140
|
Others
|
2,286
|
|
3,266
|
Total net
revenues
|
18,247
|
|
22,336
|
|
|
|
|
Cost of
sales
|
|
|
Cost of
services
|
(8,561)
|
|
(9,837)
|
Cost of
tangible goods sold
|
(1,134)
|
|
(1,321)
|
Total cost of
sales
|
(9,695)
|
|
(11,158)
|
|
|
|
|
Gross
profit
|
8,552
|
|
11,178
|
|
|
|
|
Operating
expenses
|
|
|
Selling
expenses
|
(5,708)
|
|
(7,259)
|
General
and administrative expenses
|
(2,331)
|
|
(3,088)
|
Total operating
expenses
|
(8,039)
|
|
(10,347)
|
Other operating
income
|
5
|
|
40
|
|
|
|
|
Operating
income
|
518
|
|
871
|
|
|
|
|
Interest
income
|
683
|
|
780
|
Interest
expense
|
(97)
|
|
(97)
|
Exchange (loss)
gain
|
522
|
|
(17)
|
|
|
|
|
Income before
income taxes
|
1,626
|
|
1,537
|
Less: Income tax
expense
|
(325)
|
|
(312)
|
|
|
|
|
Net income
attributable to China Distance Education Holdings
Limited
|
1,301
|
|
1,225
|
|
|
|
|
Net income per
share:
|
Net income
attributable to China Distance Education Holdings
Limited
shareholders
|
Basic
|
0.009
|
|
0.009
|
Diluted
|
0.009
|
|
0.009
|
|
|
|
|
Net income per
ADS:
|
Net income
attributable to China Distance Education Holdings
Limited
shareholders
|
Basic
|
0.038
|
|
0.034
|
Diluted
|
0.038
|
|
0.034
|
|
|
|
|
Weighted average
shares used in calculating net income per share:
|
Basic
|
137,332,420
|
|
142,753,373
|
Diluted
|
138,246,073
|
|
143,785,371
|
China Distance
Education Holdings Limited
|
Reconciliations of
non-GAAP measures to comparable GAAP measures
|
(In thousands of
US Dollars, except number of shares, per share and per ADS
data)
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
2014
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
Cost of
sales
|
|
9,695
|
|
11,158
|
Share-based
compensation expense in cost of sales
|
|
-
|
|
48
|
Non-GAAP cost of
sales
|
|
9,695
|
|
11,110
|
|
|
|
|
|
Selling
expenses
|
|
5,708
|
|
7,259
|
Share-based
compensation expense in selling expenses
|
|
-
|
|
25
|
Non-GAAP selling
expenses
|
|
5,708
|
|
7,234
|
|
|
|
|
|
General and
administrative expenses
|
|
2,331
|
|
3,088
|
Share-based
compensation expense in general and administrative
expenses
|
|
143
|
|
461
|
Non-GAAP general and
administrative expenses
|
|
2,188
|
|
2,627
|
|
|
|
|
|
Gross
profit
|
|
8,552
|
|
11,178
|
Share-based
compensation expenses
|
|
-
|
|
48
|
Non-GAAP gross
profit
|
|
8,552
|
|
11,226
|
|
|
|
|
|
Gross profit
margin
|
|
46.9%
|
|
50.0%
|
Non-GAAP gross profit
margin
|
|
46.9%
|
|
50.3%
|
|
|
|
|
|
Operating
income
|
|
518
|
|
871
|
Share-based
compensation expenses
|
|
143
|
|
534
|
Non-GAAP operating
income
|
|
661
|
|
1,405
|
|
|
|
|
|
Operating
margin
|
|
2.8%
|
|
3.9%
|
Non-GAAP operating
margin
|
|
3.6%
|
|
6.3%
|
|
|
|
|
|
Net income
|
|
1,301
|
|
1,225
|
Share-based
compensation expenses
|
|
143
|
|
534
|
Non-GAAP net
income
|
|
1,444
|
|
1,759
|
|
|
|
|
|
Net income
margin
|
|
7.1%
|
|
5.5%
|
Non-GAAP net income
margin
|
|
7.9%
|
|
7.9%
|
|
|
|
|
|
Net income per
share—basic
|
|
0.009
|
|
0.009
|
Net income per
share—diluted
|
|
0.009
|
|
0.009
|
Non-GAAP net income
per share—basic
|
|
0.011
|
|
0.012
|
Non-GAAP net income
per share—diluted
|
|
0.010
|
|
0.012
|
|
|
|
|
|
Net income per ADS
attributable to China Distance Education Holdings Limited
shareholders—basic (note 1)
|
|
0.038
|
|
0.034
|
Net income per
ADS attributable to China Distance Education Holdings Limited
shareholders—diluted (note 1)
|
|
0.038
|
|
0.034
|
Non-GAAP net income
per ADS attributable to China Distance Education Holdings
Limited shareholders—basic (note
1)
|
|
0.042
|
|
0.049
|
Non-GAAP net income
per ADS attributable to China Distance Education Holdings
Limited shareholders—diluted (note
1)
|
|
0.042
|
|
0.049
|
|
|
|
|
|
Weighted average
shares used in calculating basic net income per share
|
|
137,332,420
|
|
142,753,373
|
Weighted average
shares used in calculating diluted net income per share
|
|
138,246,073
|
|
143,785,371
|
Weighted average
shares used in calculating basic non-GAAP net income per
share
|
|
137,332,420
|
|
142,753,373
|
Weighted average
shares used in calculating diluted non-GAAP net income per
share
|
|
138,246,073
|
|
143,785,371
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-distance-education-holdings-limited-reports-financial-results-for-the-second-quarter-of-fiscal-2015-300085714.html
SOURCE China Distance Education Holdings Limited