BEIJING, Feb. 4, 2013 /PRNewswire-FirstCall/ -- ATA
Inc. ("ATA" or the "Company", Nasdaq: ATAI), a leading provider
of computer-based testing and testing-related services in
China, today announced preliminary
unaudited financial results for its fiscal third quarter ended
December 31, 2012 ("Third Quarter
2013").
Third Quarter 2013 Financial and Operating
Highlights (percentage changes and comparisons are year
over year)
- Net revenues of RMB179.4 million
(US$28.8 million), up 24.9%
- Gross profit of RMB79.7 million
(US$12.8 million), up 5.7%
- Income from operations of RMB39.6
million (US$6.4 million),
compared to RMB44.0 million
- Net income of RMB33.2 million
(US$5.3 million), compared to
RMB38.1 million
- Adjusted net income excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) of RMB35.8 million (US$5.7
million), compared to RMB40.8
million
- Basic and diluted earnings per ADS excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for Third Quarter 2013 were both RMB1.56 (US$0.26)
- Delivered approximately 4.2 million billable tests, up
34.4%
- RMB294.9 million (US$47.3 million) in cash and no long-term debt as
of December 31, 2012
Fiscal Year 2013 Outlook
- For the fiscal year ending March 31,
2013 ("Fiscal Year 2013"), the Company is revising its net
revenue guidance to between RMB352.0 million
and RMB362.0 million, from between RMB390.0 million and RMB410.0 million, and its
non-GAAP net income (net income excluding share-based compensation
expense and foreign currency exchange gain/loss) guidance to
between RMB18.0 million and RMB23.0
million, from between RMB40.0 million
and RMB50.0 million. The revisions to the Company's guidance
primarily result from lower-than-expected results from the TOEIC
and HR Select businesses and weaker demand for the Securities
Association of China ("SAC")
exam.
Mr. Kevin Ma, ATA's Chairman and
Chief Executive Officer, stated, "We are pleased to report that in
October we successfully administered the first computer-based
National Unified Certified Public Accountants exam ("China CPA
exam"), with approximately 1.4 million exams taken across
China and the Hong Kong and Macau Special Administrative
Regions, which we believe makes this particular exam one of the
world's largest computer-based exams ever deployed. We delivered a
total of 4.2 million billable exams in Third Quarter 2013. In
addition to the China CPA exam, we administered large-scale exams
as a part of recruitment efforts by various well-known
corporations, including the Bank of China, Carlsberg, Shanghai Volkswagen, and
Procter & Gamble. While we achieved double-digit growth on the
top line, our gross margin was adversely affected by a
year-over-year decrease in SAC exam volumes, which resulted in
lower contributions as a percentage of total revenues, and
implementation expenses incurred to ensure client satisfaction and
the smooth delivery of the China CPA exam."
Mr. Ma continued, "We continued with our sales and marketing
efforts in our TOEIC and HR Select businesses during Third Quarter
2013, which we believe is key to diversifying our sources of
revenue from government-sponsored exams. The productivity from
these new business initiatives, however, has not met our
expectations despite our proactive sales and marketing efforts, and
we are implementing changes in this area to optimize our use of
resources."
Operating Review
In Third Quarter 2013, ATA delivered a total of 4.2 million
billable tests, an increase of 34.4% from the prior-year period.
ATA had a network of 2,798 authorized test centers throughout
China as of December 31, 2012, which the Company believes to
be the largest test center network of any commercial testing
service provider in China. ATA has
delivered more than 46.8 million billable tests since it began
operations in 1999.
GAAP Results
For Third Quarter 2013, ATA's total net revenues increased 24.9%
to RMB179.4 million (US$28.8 million) from RMB143.6 million in the prior-year period,
primarily due to increased revenues from testing services provided
for the China CPA exam and recruitment projects for various
corporations. Net revenues from TOEIC and HR Select for Third
Quarter 2013 increased 4.3% to RMB44.0
million (US$7.1 million).
Gross profit for Third Quarter 2013 increased 5.7% to
RMB79.7 million (US$12.8 million) from RMB75.4 million in the same period last fiscal
year.Gross margin was 44.4% in Third Quarter 2013, compared to
52.5% in the prior-year period. The decrease is primarily due
to a year-over-year decrease in SAC exam volumes, which resulted in
lower contributions as a percentage of revenue, and implementation
expenses to ensure client satisfaction and smooth delivery of the
new China CPA exam. In addition, ATA incurred costs to
deliver several exams in Third Quarter 2013 for which the
corresponding revenue will be recognized in Fourth Quarter
2013.
Income from operations in Third Quarter 2013 was RMB39.6 million (US$6.4
million), compared to RMB44.0
million in the prior-year period.
Net income for Third Quarter 2013 was RMB33.2 million (US$5.3
million), compared to RMB38.1
million in the prior-year period. For Third Quarter 2013,
basic and diluted earnings per common share were both RMB0.72 (US$0.12),
compared to RMB0.83 and RMB0.81, respectively, in the same period last
fiscal year. Basic and diluted earnings per ADS were both
RMB1.44 (US$0.24) in Third Quarter 2013, compared to
RMB1.66 and RMB 1.62, respectively, in the prior-year
period.
Non-GAAP Measures
Adjusted net income for Third Quarter 2013, which excludes
share-based compensation expense and foreign currency exchange gain
(non-GAAP), totaled RMB35.8 million
(US$5.7 million), compared to
RMB40.8 million in the prior-year
period. Basic and diluted earnings per common share excluding
share-based compensation expense and foreign currency exchange gain
(non-GAAP) for Third Quarter 2013 were both RMB0.78 (US$0.13).
Basic and diluted earnings per ADS excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for Third Quarter 2013 were both RMB1.56 (US$0.26),
compared to RMB1.80 and RMB1.74 in the same period last fiscal year.
Please see the note about non-GAAP measures and the
reconciliation table at the end of this press release.
Other Data
The number of weighted average ADSs used to calculate basic and
diluted earnings per ADS for Third Quarter 2013 was 22.5 million.
Each ADS represents two common shares. The numbers of weighted
average common shares used to calculate basic and diluted earnings
per common share were 44.9 million and 45.1 million, respectively,
for the period ended December 31,
2012, and 44.7 million and 45.9 million, respectively, for
the period ended December 31,
2011.
Share Repurchase Plan
On November 1, 2012, ATA's Board
of Directors approved a share repurchase plan authorizing the
Company to repurchase up to US$5.0
million worth of its issued and outstanding ADSs in both
open-market and privately negotiated transactions, through block
trades, pursuant to a 10b5-1 plan (which if adopted, will allow ATA
to repurchase its ADSs during periods in which it may be in
possession of material non-public information), or through other
means. By the end of Third Quarter 2013, the Company had
repurchased 8,036 ADSs at an average stock price of US$3.95. This share repurchase plan continues
through May 31, 2013.
Guidance for Fiscal Year 2013 and for Fourth
Quarter 2013
For Fourth Quarter 2013, ATA expects net revenues to be between
RMB38.0 million and RMB48.0
million.
For Fiscal Year 2013, ATA expects net revenues to be between
RMB352.0 million and RMB362.0 million
and non-GAAP net income to be between RMB18.0 million and RMB23.0 million.
Estimated Financial Results
(unaudited) (RMB in millions)
|
Estimated
for the year ending
March 31, 2013
|
Actual for
the year ended
March 31, 2012
|
Net
Revenues
|
352.0-362.0
|
352.1
|
Non-GAAP
Net Income
|
18.0-23.0
|
64.5
|
|
Estimated
for the quarter ending
March 31, 2013
|
Actual for
the quarter ended
March 31, 2012
|
Net
Revenues
|
38.0-48.0
|
60.5
|
Mr. Ma concluded, "While we continue to make progress on our
initiatives in the private sector, we are lowering our net revenue
and non-GAAP net income guidance for Fiscal Year 2013 as we
anticipate weaker demand for the SAC exam in the coming quarter. At
the same time, our efforts in the TOEIC and HR Select businesses
and security guard exams continue to show signs of promise but are
ramping up at a slower-than-expected rate. We are also working to
streamline our operations through a corporate restructuring, which
will include a consolidation of responsibilities among department
heads and management and a new reporting structure for improved
accountability. We believe these changes will drive greater
efficiencies throughout the organization in the coming years and
will better enable us to achieve results as we continue to push
forward with our new business initiatives. Our goal is to create
greater visibility and flexibility by diversifying our revenue
streams away from government-sponsored exams, thereby setting the
Company on a firmer foundation for long-term growth."
These are ATA's current projections, which are subject to
change. You are cautioned that operating results in Third Quarter
2013 are not necessarily indicative of operating results for any
future periods.
Conference Call and Webcast Information (With Accompanying
Presentation)
ATA will host a conference call at 8 a.m.
Eastern Time on Tuesday, February 5,
2013, during which ATA Chairman and CEO Kevin Ma and Chief Financial Officer and Chief
Accounting Officer Benson Tsang will
discuss the results of Third Quarter 2013 and the nine months ended
December 31, 2012. To participate in
the conference call, please use the following dial-in numbers about
10 minutes prior to the scheduled conference call time:
United States: +1 (877) 407-6914
International: +1 (201) 493-6709
A live webcast of the conference call can be accessed at the
investor relations section of ATA's website at www.ata.net.cn or by
clicking the following link: www.atai.equisolvewebcast.com.
An accompanying slide presentation in PDF format will also be
made available 30 minutes prior to the conference call on the same
investor relations section of ATA's website. To listen to the
webcast, please visit ATA's website a few minutes prior to the
start of the call to register, download, and install any necessary
audio software.
For those unable to listen during the live webcast, a replay
will be available shortly after the call on the investor relations
section of ATA's website and will remain available for 90 days.
About ATA Inc.
ATA is a leading provider of computer-based testing services in
China. The Company offers
comprehensive services for the creation and delivery of
computer-based tests based on its proprietary testing technologies
and test delivery platform. ATA's computer-based testing services
are used for professional licensure and certification tests in
various industries, including information technology services,
banking, teaching, securities, insurance, and accounting. As of
December 31, 2012, ATA's test center
network comprised 2,798 authorized test centers located throughout
China. The Company believes that
it has the largest test center network of any commercial
computer-based testing service provider in China.
ATA has delivered more than 46.8 million billable tests since
ATA started operations in 1999.
For more information, please visit ATA's website at
www.ata.net.cn.
Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the Private Securities Litigation Reform Act of
1995.
These forward-looking statements can be identified by terms such
as "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "future," "intend," "look forward to," "outlook,"
"plan," "should," "will," and similar terms and include, among
other things, the Company's guidance relating to anticipated
financial and operating results for the Fourth Quarter 2013 and
Fiscal Year 2013 and statements regarding market demand and trends,
the SAC exam, the potential growth and success of the Company's
security guard exams and other businesses, including its TOEIC and
HR Select businesses, and the Company's future results of
operations, cost structure, cash flow, financial position and
corporate structuring.
The factors that could cause the Company's actual financial and
operating results to differ from what the Company currently
anticipates can include its ability to meet challenges associated
with its rapid expansion, its ability to meet the expectations of
current and future clients, its ability to deploy new test titles,
its ability to win new enterprise contracts, its ability to convert
its existing contracts into actual revenues, the economy of
China, uncertainties with respect
to the China's legal and
regulatory environments, and other factors stated in the Company's
filings with the U.S. Securities and Exchange Commission
("SEC").
The financial information contained in this release should be
read in conjunction with the consolidated financial statements and
related notes included in the Company's annual report on Form 20-F
for its fiscal year ended March 31,
2012, and other filings that ATA has made with the SEC. The
filings are available on the SEC's website at www.sec.gov and at
ATA's website at www.ata.net.cn. For additional information on the
risk factors that could adversely affect the Company's business,
financial condition, results of operations, and prospects, please
see the "Risk Factors" section of the Company's Form 20-F for the
fiscal year ended March 31, 2012.
The forward-looking statements in this release involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates, and projections about ATA and
the markets in which it operates. The Company undertakes no
obligation to update forward-looking statements, which speak only
of the Company's views as of the date of this release, to reflect
subsequent events or circumstances, or to changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, the Company cannot
assure you that its expectations and assumptions will turn out to
be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.
Currency Convenience Translation
The Company's financial information is stated in Renminbi
("RMB"), the currency of the People's
Republic of China. The translation of RMB amounts for Third
Quarter 2013 ended December 31, 2012,
into U.S. dollars are included solely for the convenience of
readers and have been made at the rate of RMB6.2301 to US$1.00, the noon buying rate as of December 31, 2012, in New York for cable transfers in RMB per U.S.
dollar as set forth in the H.10 weekly statistical release of the
Federal Reserve Board. Such translations should not be construed as
representations that RMB amounts could be converted into U.S.
dollars at that rate or any other rate, or to be the amounts that
would have been reported under U.S. GAAP.
About Non-GAAP Financial Measures
To supplement ATA's consolidated financial information presented
in accordance with U.S. generally accepted accounting principles
("GAAP"), ATA uses the following non-GAAP financial measures: net
income (loss) excluding share-based compensation expense and
foreign currency exchange gain or loss, and basic and diluted
earnings (losses) per common share and ADS excluding share-based
compensation expense and foreign currency exchange gain or
loss.
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. ATA believes these non-GAAP financial measures provide
meaningful supplemental information about its performance by
excluding share-based compensation expense and foreign currency
exchange gains or losses, which may not be indicative of its
operating performance from a cash perspective.
ATA 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 ATA's historical performance. ATA computes its
non-GAAP financial measures using a consistent method from period
to period. ATA 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 using
non-GAAP net income (loss) excluding share-based compensation
expense and foreign currency exchange gains or losses and basic and
diluted earnings (losses) per common share and per ADS excluding
share-based compensation expense and foreign currency exchange gain
or loss is that share-based compensation charges and foreign
currency exchange gains or losses have been, and are expected to
continue to be for the foreseeable future, a significant recurring
expense in ATA's business.
Management compensates for these limitations by providing
specific information regarding the GAAP amounts excluded from each
non-GAAP measure. The table captioned "Unaudited Reconciliations of
Non-GAAP Measures to the Most Comparable GAAP Measures" shown at
the end this news release has more details on the reconciliations
between GAAP financial measures that are most directly comparable
to the non-GAAP financial measures used by ATA.
For more information on our company, please contact the
following individuals:
At the
Company
|
Investor
Relations
|
ATA,
Inc.
|
The Equity
Group Inc.
|
Benson
Tsang, CFO
|
Carolyne
Yu, Senior Associate
|
+86 10
6518 1122 x5107
|
212-836-9610
|
bensontsang@ata.net.cn
|
+86 10
6587 6435
|
|
cyu@equityny.com
|
|
|
|
Adam
Prior, Vice President
|
|
212-836-9606
|
|
aprior@equityny.com
|
ATA
INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
December 31,
|
|
2012
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
257,167,696
|
|
|
294,933,613
|
|
|
47,340,109
|
Accounts receivable,
net
|
|
81,844,571
|
|
|
69,218,152
|
|
|
11,110,279
|
Inventories
|
|
374,382
|
|
|
582,237
|
|
|
93,455
|
Prepaid expenses and other current assets
|
|
15,682,735
|
|
|
7,442,046
|
|
|
1,194,531
|
Total current
assets
|
|
355,069,384
|
|
|
372,176,048
|
|
|
59,738,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
59,890,306
|
|
|
63,219,070
|
|
|
10,147,360
|
Goodwill
|
|
23,422,850
|
|
|
23,422,850
|
|
|
3,759,627
|
Intangible assets, net
|
|
17,597,266
|
|
|
15,711,472
|
|
|
2,521,865
|
Other assets
|
|
4,740,321
|
|
|
4,342,938
|
|
|
697,090
|
Total
assets
|
|
460,720,127
|
|
|
478,872,378
|
|
|
76,864,316
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accrued expenses and other
payables
|
|
63,732,421
|
|
|
88,787,916
|
|
|
14,251,442
|
Deferred revenues
|
|
27,333,088
|
|
|
8,825,542
|
|
|
1,416,597
|
Total
current liabilities
|
|
91,065,509
|
|
|
97,613,458
|
|
|
15,668,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
3,100,116
|
|
|
2,377,244
|
|
|
381,574
|
Deferred tax
liabilities
|
|
139,931
|
|
|
139,931
|
|
|
22,460
|
Total
liabilities
|
|
94,305,556
|
|
|
100,130,633
|
|
|
16,072,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
Common shares
|
|
3,442,803
|
|
|
3,452,317
|
|
|
554,135
|
Treasury shares
|
|
-
|
|
|
(199,401)
|
|
|
(32,006)
|
Additional paid-in
capital
|
|
440,832,695
|
|
|
424,283,151
|
|
|
68,102,141
|
Accumulated other comprehensive
loss
|
|
(26,004,399)
|
|
|
(26,267,883)
|
|
|
(4,216,286)
|
Accumulated deficit
|
|
(51,856,528)
|
|
|
(22,526,439)
|
|
|
(3,615,741)
|
Total
shareholders' equity
|
|
366,414,571
|
|
|
378,741,745
|
|
|
60,792,243
|
Total
liabilities and shareholders' equity
|
|
460,720,127
|
|
|
478,872,378
|
|
|
76,864,316
|
ATA
INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Three-month Period Ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2011
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenues:
|
|
|
|
|
|
Testing services
|
127,147,496
|
|
169,296,094
|
|
27,173,897
|
Test preparation and training
solutions
|
8,236,523
|
|
4,603,983
|
|
738,990
|
Other revenue
|
8,220,320
|
|
5,532,213
|
|
887,981
|
Total net
revenues
|
143,604,339
|
|
179,432,290
|
|
28,800,868
|
Cost of
revenues
|
68,191,081
|
|
99,694,283
|
|
16,002,036
|
Gross profit
|
75,413,258
|
|
79,738,007
|
|
12,798,832
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Research
and development
|
4,286,517
|
|
5,746,192
|
|
922,327
|
Sales and
marketing
|
12,319,201
|
|
13,430,506
|
|
2,155,745
|
General
and administrative
|
14,780,333
|
|
20,921,582
|
|
3,358,145
|
Total operating
expenses
|
31,386,051
|
|
40,098,280
|
|
6,436,217
|
Income
from operations
|
44,027,207
|
|
39,639,727
|
|
6,362,615
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
Interest
income
|
481,075
|
|
743,505
|
|
119,341
|
Foreign
currency exchange gain, net
|
876,637
|
|
157,397
|
|
25,264
|
Total other
income
|
1,357,712
|
|
900,902
|
|
144,605
|
Income
before income taxes
|
45,384,919
|
|
40,540,629
|
|
6,507,220
|
|
|
|
|
|
|
Income tax
expense
|
(7,326,622)
|
|
(7,387,355)
|
|
(1,185,752)
|
Net
income
|
38,058,297
|
|
33,153,274
|
|
5,321,468
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss:
|
|
|
|
|
|
Foreign
currency translation adjustment, net
|
|
|
|
|
|
of nil
income taxes
|
(589,813)
|
|
(383,292)
|
|
(61,523)
|
Comprehensive income
|
37,468,484
|
|
32,769,982
|
|
5,259,945
|
|
|
|
|
|
|
Basic
earnings per common share
|
0.83
|
|
0.72
|
|
0.12
|
|
|
|
|
|
|
Diluted
earnings per common share
|
0.81
|
|
0.72
|
|
0.12
|
|
|
|
|
|
|
Basic
earnings per ADS
|
1.66
|
|
1.44
|
|
0.24
|
|
|
|
|
|
|
Diluted
earnings per ADS
|
1.62
|
|
1.44
|
|
0.24
|
ATA
INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Nine-month Period Ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2011
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenues:
|
|
|
|
|
|
Testing services
|
245,601,332
|
|
291,071,151
|
|
46,720,141
|
Test preparation and training
solutions
|
23,907,500
|
|
8,918,678
|
|
1,431,547
|
Other revenue
|
22,105,256
|
|
14,457,673
|
|
2,320,616
|
Total net
revenues
|
291,614,088
|
|
314,447,502
|
|
50,472,304
|
Cost of
revenues
|
131,159,567
|
|
166,394,939
|
|
26,708,229
|
Gross profit
|
160,454,521
|
|
148,052,563
|
|
23,764,075
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Research
and development
|
14,833,097
|
|
16,237,985
|
|
2,606,376
|
Sales and
marketing
|
34,916,540
|
|
41,286,625
|
|
6,626,960
|
General
and administrative
|
50,353,818
|
|
56,090,910
|
|
9,003,212
|
Total operating
expenses
|
100,103,455
|
|
113,615,520
|
|
18,236,548
|
Income
from operations
|
60,351,066
|
|
34,437,043
|
|
5,527,527
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
Interest
income
|
1,582,898
|
|
2,387,338
|
|
383,194
|
Foreign
currency exchange gain, net
|
3,681,185
|
|
39,983
|
|
6,418
|
Total other
income
|
5,264,083
|
|
2,427,321
|
|
389,612
|
Income
before income taxes
|
65,615,149
|
|
36,864,364
|
|
5,917,139
|
|
|
|
|
|
|
Income tax
expense
|
(13,069,409)
|
|
(7,534,275)
|
|
(1,209,335)
|
Net
income
|
52,545,740
|
|
29,330,089
|
|
4,707,804
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss:
|
|
|
|
|
|
Foreign
currency translation adjustment, net
|
|
|
|
|
|
of nil
income taxes
|
(3,717,906)
|
|
(263,484)
|
|
(42,292)
|
Comprehensive income
|
48,827,834
|
|
29,066,605
|
|
4,665,512
|
|
|
|
|
|
|
Basic
earnings per common share
|
1.14
|
|
0.64
|
|
0.10
|
|
|
|
|
|
|
Diluted
earnings per common share
|
1.11
|
|
0.64
|
|
0.10
|
|
|
|
|
|
|
Basic
earnings per ADS
|
2.28
|
|
1.28
|
|
0.20
|
|
|
|
|
|
|
Diluted
earnings per ADS
|
2.22
|
|
1.28
|
|
0.20
|
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
TO THE MOST COMPARABLE GAAP MEASURES
|
|
Three-month Period Ended
|
|
Nine-month Period Ended
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
38,058,297
|
|
|
33,153,274
|
|
|
52,545,740
|
|
|
29,330,089
|
Share-based compensation expenses
|
|
3,635,098
|
|
|
2,794,477
|
|
|
9,668,402
|
|
|
9,548,872
|
Foreign
currency exchange gain, net
|
|
(876,637)
|
|
|
(157,397)
|
|
|
(3,681,185)
|
|
|
(39,983)
|
Non-GAAP net income
|
|
40,816,758
|
|
|
35,790,354
|
|
|
58,532,957
|
|
|
38,838,978
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.83
|
|
|
0.72
|
|
|
1.14
|
|
|
0.64
|
Basic
|
|
|
|
|
|
|
|
Diluted
|
|
0.81
|
|
|
0.72
|
|
|
1.11
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.90
|
|
|
0.78
|
|
|
1.28
|
|
|
0.85
|
Diluted
|
|
0.87
|
|
|
0.78
|
|
|
1.24
|
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE ATA Inc.