BEIJING, May 29, 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 fourth quarter and year
ended March 31, 2013 ("Fourth Quarter
2013" and "Fiscal Year 2013," respectively).
Fourth Quarter 2013 Financial and Operating Highlights
(percentage changes and comparisons are year over year)
- Net revenues of RMB52.2 million
(US$8.4 million), compared to
RMB60.5 million
- Gross profit of RMB29.8 million
(US$4.8 million), compared to
RMB32.8 million
- Loss from operations of RMB7.4
million (US$1.2 million),
compared to income from operations of RMB4.1
million
- Net loss of RMB6.1 million
(US$1.0 million), compared to net
income of RMB3.3 million
- Adjusted net loss excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) of RMB2.8 million (US$0.5
million), compared to adjusted net income of RMB5.9 million
- Basic and diluted losses per ADS excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for Fourth Quarter 2013 were both RMB0.12 (US$0.02)
- Delivered approximately 1.1 million billable tests, compared to
1.3 million
Fiscal Year 2013 Financial and Operating Highlights
(percentage changes are year over year)
- Net revenues of RMB366.7 million
(US$59.0 million), up 4.1%
- Gross profit of RMB177.8 million
(US$28.6 million), compared to
RMB193.3 million
- Income from operations of RMB27.0
million (US$4.3 million),
compared to RMB64.5 million
- Net income of RMB23.2 million
(US$3.7 million), compared to
RMB55.8 million
- Adjusted net income excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) of RMB36.0 million (US$5.8
million), compared to RMB64.5
million
- Basic and diluted earnings per ADS were both RMB1.00 (US$0.16).
Basic and diluted earnings per ADS excluding share-based
compensation expense and foreign currency exchange gain/loss
(non-GAAP) were both RMB1.58
(US$0.26).
- Net cash generated from operations of RMB67.7 million (US$10.9
million). As of March 31,
2013, ATA's cash and cash equivalents were RMB290.0 million (US$46.7
million) with no long-term debt.
- Delivered approximately 8.7 million billable tests in Fiscal
Year 2013, up 8.9%
Fiscal Year 2014 Outlook
- For the fiscal year ending March 31,
2014 ("Fiscal Year 2014"), ATA expects net revenues of
between RMB403.0 million and RMB423.0
million and non-GAAP net income (net income excluding
share-based compensation expense and foreign currency exchange
gain/loss) of between RMB37.0 million and
RMB47.0 million.
- For the quarter ending June 30,
2013 ("First Quarter 2014"), ATA expects net revenues of
between RMB78.0 million and RMB88.0
million.
Mr. Kevin Ma, ATA's Chairman and
Chief Executive Officer, stated, "In Fiscal Year 2013, we
successfully delivered the first computer-based National Unified
Certified Public Accountants ('CPA') exam on behalf of the highly
respected Chinese Institute of Certified Public Accountants
('CICPA'). We administered approximately 1.4 million CPA exams
across China and the Hong Kong and Macau Special Administrative
Regions in October. During the year, ATA also delivered many exams
for a number of large corporations recruiting new employees as part
of our HR Select service. As a result of these efforts, ATA
delivered 8.7 million billable exams during Fiscal Year 2013, an
8.9% increase over the prior fiscal year. During this fiscal year,
we also experienced some challenges, including decreased demand for
the Securities Association of China ('SAC') exam due to a downturn in
China's financial industry related
to the poor performance of the PRC stock market, which reduced the
demand for qualified securities professionals, and
lower-than-expected results from our TOEIC and HR Select
businesses. Our gross margin for Fiscal Year 2013 was adversely
affected by the year-over-year decrease in SAC exam volumes, lower
revenue contributions from ATA's test preparation and training
solutions business, and implementation expenses incurred to ensure
client satisfaction and the smooth delivery of the CPA exam."
Mr. Ma continued, "Despite the challenges we faced with TOEIC
and HR Select in Fiscal Year 2013, we intend to continue our
efforts to grow these businesses in Fiscal Year 2014, through a
strategic and methodical approach focusing on potential client
leads generated in Fiscal Year 2013 and further developing our
university and college recruitment channel. The goal continues to
be to increase ATA's visibility and flexibility through a more
diversified revenue stream of government-sponsored exams and
corporate assessment exams, which we believe is vital to the
Company's long-term growth potential. Over the past few months, we
have streamlined our operations and expect the solid foundation we
now have in place will not only allow ATA to operate more
efficiently going forward but will also enable us to achieve
greater results in the initiatives we are working on in Fiscal Year
2014."
Operating Review
In Fourth Quarter 2013, ATA delivered a total of 1.1 million
billable tests. In Fiscal Year 2013, ATA delivered a total of 8.7
million billable tests, compared to 8.0 million in Fiscal Year
2012. The Company had a network of 2,804 authorized test centers
throughout China as of
March 31, 2013, which the Company
believes to be the largest test center network of any commercial
testing service provider in China.
ATA has delivered more than 47.9 million billable tests since it
began operations in 1999.
GAAP Results
Fourth Quarter 2013
For Fourth Quarter 2013, ATA's total net revenues were
RMB52.2 million (US$8.4 million), compared to RMB60.5 million in the prior-year period. This
decrease was primarily the result of lower volumes of the SAC exam
and lower contributions from the Company's test-based education
business. Net revenues from TOEIC and HR Select for Fourth Quarter
2013 increased 12.3% year over year to RMB16.8 million (US$2.7
million).
Gross profit for Fourth Quarter 2013 was RMB29.8 million (US$4.8
million), compared to RMB32.8
million in the same period last fiscal year. Gross margin
was 57.0% in Fourth Quarter 2013, compared to 54.3% in the
prior-year period, primarily due to revenues for several exams
delivered in Third Quarter 2013 being earned during Fourth Quarter
2013 while the corresponding costs were incurred in Third Quarter
2013.
Loss from operations in Fourth Quarter 2013 was RMB7.4 million (US$1.2
million), compared to income from operations of RMB4.1 million in the prior-year period,
primarily due to increased operating expenses related to our
efforts to streamline operations, which included headcount
reductions.
Net loss for Fourth Quarter 2013 was RMB6.1 million (US$1.0
million), compared to net income of RMB3.3 million in the prior-year period. For
Fourth Quarter 2013, basic and diluted losses per common share were
both RMB0.14 (US$0.02), compared to basic and diluted earnings
per common share of RMB0.07 in the
same period last fiscal year. Basic and diluted losses per ADS were
both RMB0.28 (US$0.04) in Fourth Quarter 2013, compared to
basic and diluted earnings per ADS of RMB0.14 in the prior-year period.
Fiscal Year 2013
For Fiscal Year 2013, net revenues were RMB366.7 million (US$59.0
million), an increase of 4.1% from RMB352.1 million in the fiscal year ended
March 31, 2012 ("Fiscal Year 2012").
The growth in net revenues was driven by higher revenues from
traditional testing services.
Net revenues from the testing services business increased 15.4%
to RMB335.8 million (US$54.1 million), primarily due to increased
volumes of exams delivered for the China Banking Association
("CBA") and revenue contributions from the new CPA exam, which was
partially offset by decreased SAC exam volumes.
Net revenues from test preparation and training solutions was
RMB11.3 million (US$1.8 million) in Fiscal Year 2013, compared to
RMB27.0 million in Fiscal Year 2012,
primarily as a result of decreased revenue contributions from
online continuing education services for the securities and futures
industries.
Other revenues totaled RMB19.5
million (US$3.1 million) in
Fiscal Year 2013, compared to RMB34.2
million in Fiscal Year 2012, primarily due to a 46.3%
decrease to RMB6.8 million
(US$1.1 million) for test-based
education services revenues and a significant decrease in revenues
from certificate delivery as the Company continues to make a
gradual exit from these businesses.
Gross profit for Fiscal Year 2013 was RMB177.8 million (US$28.6
million), compared to RMB193.3
million in Fiscal Year 2012. Gross margin was 48.5% in
Fiscal Year 2013, compared to 54.9% in Fiscal Year 2012, largely
due to a year-over-year decrease in SAC exam volumes, which
resulted in lower contributions as a percentage of revenue;
decreased revenue contributions from the Company's higher-margin
online continuing education services business; and implementation
expenses to ensure client satisfaction and smooth delivery of the
new CPA exam.
Operating expenses for Fiscal Year 2013 were RMB150.8 million (US$24.3
million), compared to RMB128.8
million in Fiscal Year 2012, primarily due to increased
salary and compensation expenses related to ATA's continued efforts
to grow its TOEIC and HR Select businesses.
Income from operations for Fiscal Year 2013 was RMB27.0 million (US$4.3
million), compared to RMB64.5
million in Fiscal Year 2012.
Net income for Fiscal Year 2013 was RMB23.2 million (US$3.7
million), compared to RMB55.8
million in Fiscal Year 2012. Basic and diluted earnings per
common share for Fiscal Year 2013 were both RMB0.50 (US$0.08),
and basic and diluted earnings per ADS were both RMB1.00 (US$0.16).
Non-GAAP Measures
Adjusted net income for Fiscal Year 2013, which excludes
share-based compensation expense and foreign currency exchange gain
(non-GAAP), totaled RMB36.0 million
(US$5.8 million), compared to
RMB64.5 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 Fiscal Year 2013 were both RMB0.79 (US$0.13).
Basic and diluted earnings per ADS excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for Fiscal Year 2013 were both RMB1.58 (US$0.26),
compared to RMB2.88 and RMB2.82 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 Fourth Quarter 2013 were 22.5 million
and 22.6 million, respectively. The number of weighted average ADSs
used to calculate basic and diluted earnings per ADS for Fiscal
Year 2013 were 22.5 million and 22.6 million, respectively. Each
ADS represents two common shares.
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 Fourth Quarter 2013, the Company had
repurchased 13,220 ADSs at an average stock price of US$3.97. This share repurchase plan will expire
on May 31, 2013.
Guidance for Fiscal Year 2014 and for First Quarter
2014
For First Quarter 2014, ATA expects net revenues of between
RMB78.0 million and RMB88.0
million.
For Fiscal Year 2014, ATA expects net revenues of between
RMB403.0 million and RMB423.0 million
and non-GAAP net income of between RMB37.0
million and RMB47.0 million.
Estimated Financial Results
(unaudited) (RMB in millions)
|
Estimated for the
year ending
March 31, 2014
|
Actual for the year
ended
March 31, 2013
|
Net
Revenues
|
403.0-423.0
|
366.7
|
Non-GAAP Net
Income
|
37.0-47.0
|
36.0
|
|
Estimated for the
quarter ending
June 30, 2013
|
Actual for the
quarter ended
June 30, 2012
|
Net
Revenues
|
78.0-88.0
|
88.3
|
Mr. Ma stated, "The successful delivery of the CPA exam was a
great achievement for ATA and a big step forward for China's computer-based testing market. As
acceptance of the more efficient and cost-effective computer-based
platform for assessment increases, we expect to capitalize on the
increasing momentum of exams transitioning from paper to computer
in Fiscal Year 2014. We will also continue pushing forward with our
efforts in TOEIC and HR Select, as well as security guard exams,
while exploring new test titles and attracting new test takers as
we look to continue growing our core testing services business in
the years to come. Over the past several months, ATA has begun
investing in and working on an exciting new project called the
mobile testing system ('MTS'), which will enable ATA to build
global client relationships. The MTS will allow our clients all
over the world to deliver their exams with ATA's cutting-edge
testing technologies. We anticipate investing up to RMB10 million in the development and rollout of
the new MTS and related systems over the next few quarters and are
pleased that Cambridge ESOL has signed as our first client for
their global junior English exam, which will be launched in four
markets in the second half of 2013."
Mr. Ma concluded, "At the same time, ATA will continue to
operate on the strict cost structure that has been vital to the
success of its scalable business model and its ability to generate
excess cash flow to finance the Company's continued growth. We
remain confident in the long-term growth potential of China's computer-based testing market and look
forward to continue growing our business in Fiscal Year 2014."
These are ATA's current projections, which are subject to
change. You are cautioned that operating results in Fourth Quarter
2013 and in Fiscal Year 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 Thursday, May 30,
2013, during which ATA Chairman and CEO Kevin Ma and Chief Financial Officer and Chief
Accounting Officer Benson Tsang will
discuss the results of Fourth Quarter 2013 and the fiscal year
ended March 31, 2013. 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:
http://www.atai.equisolvewebcast.com/q4-2013.
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.
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
March 31, 2013, ATA's test center
network comprised 2,804 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 47.9 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 First Quarter 2014 and
Fiscal Year 2014 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 growth and results
of operations.
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 Fiscal
Year 2013 and Fourth Quarter 2013 ended March 31, 2013, into U.S. dollars are included
solely for the convenience of readers and have been made at the
rate of RMB6.2108 to US$1.00, the noon buying rate as of March 29, 2013, 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, Senior
Vice President
|
|
212-836-9606
|
|
aprior@equityny.com
|
ATA INC. AND
SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
|
2012
|
|
2013
|
|
2013
|
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
|
257,167,696
|
|
290,029,715
|
|
46,697,642
|
Accounts
receivable, net
|
|
81,844,571
|
|
51,114,718
|
|
8,229,973
|
Inventories
|
|
374,382
|
|
313,573
|
|
50,489
|
Prepaid
expenses and other current assets
|
|
15,682,735
|
|
13,312,090
|
|
2,143,378
|
Total current assets
|
|
355,069,384
|
|
354,770,096
|
|
57,121,482
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
59,890,306
|
|
61,310,690
|
|
9,871,625
|
Goodwill
|
|
23,422,850
|
|
23,422,850
|
|
3,771,310
|
Intangible
assets, net
|
|
17,597,266
|
|
15,082,874
|
|
2,428,491
|
Other
assets
|
|
4,740,321
|
|
3,231,971
|
|
520,379
|
Total assets
|
|
460,720,127
|
|
457,818,481
|
|
73,713,287
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Accrued
expenses and other payables
|
|
63,732,421
|
|
72,191,260
|
|
11,623,504
|
Deferred
revenues
|
|
27,333,088
|
|
7,376,527
|
|
1,187,694
|
Total current liabilities
|
|
91,065,509
|
|
79,567,787
|
|
12,811,198
|
|
|
|
|
|
|
|
Deferred
revenues
|
|
3,100,116
|
|
2,644,294
|
|
425,757
|
Deferred
tax liabilities
|
|
139,931
|
|
58,681
|
|
9,448
|
Total liabilities
|
|
94,305,556
|
|
82,270,762
|
|
13,246,403
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Common
shares
|
|
3,442,803
|
|
3,461,060
|
|
557,265
|
Treasury
shares
|
|
-
|
|
(329,357)
|
|
(53,030)
|
Additional
paid-in capital
|
|
440,832,695
|
|
427,443,700
|
|
68,822,648
|
Accumulated other comprehensive loss
|
|
(26,004,399)
|
|
(26,379,146)
|
|
(4,247,302)
|
Accumulated deficit
|
|
(51,856,528)
|
|
(28,648,538)
|
|
(4,612,697)
|
Total shareholders' equity
|
|
366,414,571
|
|
375,547,719
|
|
60,466,884
|
Total liabilities and shareholders' equity
|
|
460,720,127
|
|
457,818,481
|
|
73,713,287
|
ATA INC. AND
SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
Three-month Period
Ended
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
2012
|
|
2013
|
|
2013
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenues:
|
|
|
|
|
|
Testing
services
|
45,279,957
|
|
44,719,538
|
|
7,200,286
|
Test
preparation and training solutions
|
3,088,554
|
|
2,424,388
|
|
390,350
|
Other
revenue
|
12,102,961
|
|
5,084,067
|
|
818,586
|
Total
net revenues
|
60,471,472
|
|
52,227,993
|
|
8,409,222
|
Cost of
revenues
|
27,658,474
|
|
22,436,934
|
|
3,612,568
|
Gross
profit
|
32,812,998
|
|
29,791,059
|
|
4,796,654
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
3,569,069
|
|
5,608,320
|
|
902,995
|
Sales and
marketing
|
11,428,746
|
|
8,107,845
|
|
1,305,443
|
General and
administrative
|
13,680,260
|
|
23,498,509
|
|
3,783,491
|
Total
operating expenses
|
28,678,075
|
|
37,214,674
|
|
5,991,929
|
Income (loss) from
operations
|
4,134,923
|
|
(7,423,615)
|
|
(1,195,275)
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
Interest
income
|
478,122
|
|
734,966
|
|
118,337
|
Foreign currency
exchange gain (loss), net
|
(47,642)
|
|
37,257
|
|
5,999
|
Total
other income
|
430,480
|
|
772,223
|
|
124,336
|
Income (loss)
before income taxes
|
4,565,403
|
|
(6,651,392)
|
|
(1,070,939)
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(1,269,673)
|
|
529,293
|
|
85,221
|
Net income
(loss)
|
3,295,730
|
|
(6,122,099)
|
|
(985,718)
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
(69,304)
|
|
(111,263)
|
|
(17,915)
|
Comprehensive
income (loss)
|
3,226,426
|
|
(6,233,362)
|
|
(1,003,633)
|
|
|
|
|
|
|
Basic earnings
(losses) per common share
|
0.07
|
|
(0.14)
|
|
(0.02)
|
|
|
|
|
|
|
Diluted earnings
(losses) per common share
|
0.07
|
|
(0.14)
|
|
(0.02)
|
|
|
|
|
|
|
Basic earnings
(losses) per ADS
|
0.14
|
|
(0.28)
|
|
(0.04)
|
|
|
|
|
|
|
Diluted earnings
(losses) per ADS
|
0.14
|
|
(0.28)
|
|
(0.04)
|
ATA INC. AND
SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
Year
Ended
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
2012
|
|
2013
|
|
2013
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenues:
|
|
|
|
|
|
Testing
services
|
290,881,289
|
|
335,790,689
|
|
54,065,610
|
Test
preparation and training solutions
|
26,996,054
|
|
11,343,066
|
|
1,826,345
|
Other
revenue
|
34,208,217
|
|
19,541,740
|
|
3,146,413
|
Total
net revenues
|
352,085,560
|
|
366,675,495
|
|
59,038,368
|
Cost of
revenues
|
158,818,041
|
|
188,831,873
|
|
30,403,792
|
Gross
profit
|
193,267,519
|
|
177,843,622
|
|
28,634,576
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development
|
18,402,166
|
|
21,846,305
|
|
3,517,470
|
Sales and
marketing
|
46,345,286
|
|
49,394,470
|
|
7,952,996
|
General and
administrative
|
64,034,078
|
|
79,589,419
|
|
12,814,681
|
Total
operating expenses
|
128,781,530
|
|
150,830,194
|
|
24,285,147
|
Income from
operations
|
64,485,989
|
|
27,013,428
|
|
4,349,429
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
Interest
income
|
2,061,020
|
|
3,122,304
|
|
502,722
|
Foreign currency
exchange gain, net
|
3,633,543
|
|
77,240
|
|
12,436
|
Total
other income
|
5,694,563
|
|
3,199,544
|
|
515,158
|
Income before
income taxes
|
70,180,552
|
|
30,212,972
|
|
4,864,587
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(14,339,082)
|
|
(7,004,982)
|
|
(1,127,871)
|
Net
income
|
55,841,470
|
|
23,207,990
|
|
3,736,716
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
(3,787,210)
|
|
(374,747)
|
|
(60,338)
|
Comprehensive
income
|
52,054,260
|
|
22,833,243
|
|
3,676,378
|
|
|
|
|
|
|
Basic earnings per
common share
|
1.22
|
|
0.50
|
|
0.08
|
|
|
|
|
|
|
Diluted earnings per
common share
|
1.19
|
|
0.50
|
|
0.08
|
|
|
|
|
|
|
Basic earnings per
ADS
|
2.44
|
|
1.00
|
|
0.16
|
|
|
|
|
|
|
Diluted earnings per
ADS
|
2.38
|
|
1.00
|
|
0.16
|
UNAUDITED
RECONCILIATIONS OF NON-GAAP MEASURES
|
TO THE MOST
COMPARABLE GAAP MEASURES
|
|
|
|
|
|
|
|
|
|
Three-month Period
Ended
|
|
Year
Ended
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
|
|
|
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
3,295,730
|
|
(6,122,099)
|
|
55,841,470
|
|
23,207,990
|
Share-based
compensation expenses
|
2,595,995
|
|
3,325,184
|
|
12,264,397
|
|
12,874,056
|
Foreign currency
exchange (gain) loss, net
|
47,642
|
|
(37,257)
|
|
(3,633,543)
|
|
(77,240)
|
Non-GAAP net income
(loss)
|
5,939,367
|
|
(2,834,172)
|
|
64,472,324
|
|
36,004,806
|
|
|
|
|
|
|
|
|
GAAP earnings
(losses) per common share
|
|
|
|
|
|
|
|
Basic
|
0.07
|
|
(0.14)
|
|
1.22
|
|
0.50
|
Diluted
|
0.07
|
|
(0.14)
|
|
1.19
|
|
0.50
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
(losses) per common share
|
|
|
|
|
|
|
|
Basic
|
0.13
|
|
(0.06)
|
|
1.44
|
|
0.79
|
Diluted
|
0.13
|
|
(0.06)
|
|
1.41
|
|
0.79
|
SOURCE ATA Inc.