BEIJING, March 19 /Xinhua-PRNewswire-FirstCall/ -- ChinaEdu
Corporation (NASDAQ:CEDU), an educational services provider in
China ('ChinaEdu' or the 'Company'), today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2007.(2) Fourth Quarter and Fiscal Year 2007
Highlights -- On December 14, 2007, ChinaEdu successfully completed
its initial public offering and listing on the Nasdaq Global Market
of 6,820,000 American Depositary Shares ('ADSs'), each representing
three ordinary shares, at a price to the public of $10.00 per ADS.
-- The number of revenue students(3) in online degree programs
during the fourth quarter of 2007 increased by 23% to over 91,000
from approximately 74,000 for the same period in 2006. -- The
number of revenue students in online degree programs for the fiscal
year 2007 increased by 36% to over 192,000 from approximately
141,000 for fiscal year 2006. -- Total net revenue for the fourth
quarter of 2007 increased by 37.6% to RMB79.6 million ($10.9
million) from RMB57.9 million for the corresponding period in 2006.
-- Total net revenue for the fiscal year 2007 increased by 24.1% to
RMB265.0 million ($36.3 million) from RMB213.5 million for the
fiscal year 2006. -- Net revenue from online degree programs, the
core business segment of ChinaEdu, increased by 54.5% to RMB64.8
million ($8.9 million) for the fourth quarter of 2007 from RMB41.9
million for the corresponding period in 2006. -- Net revenue from
online degree programs for the fiscal year 2007 increased by 28.9%
to RMB202.2 million ($27.7 million) from RMB156.8 million for the
fiscal year 2006. -- Net income for the fourth quarter of 2007
increased by 220.6% to RMB9.4 million ($1.3 million) from RMB2.9
million for the same period in 2006. Diluted earnings per ordinary
share for the fourth quarter of 2007 increased by 171.4% to RMB0.19
($0.03) from RMB0.07 for the fourth quarter of 2006. -- Net income
excluding share-based compensation, goodwill impairment charges and
write-off of receivables from the prior owner of international
curriculum program (non-GAAP) for the fourth quarter of 2007
increased by 204.8% to RMB10.3 million ($1.4 million) from RMB3.4
million for the same period in 2006. -- Net income for the fiscal
year 2007 decreased by 90.3% to RMB2.5 million ($0.3 million) from
RMB25.5 million for the fiscal year 2006. Diluted earnings per
ordinary share for the fiscal year 2007 decreased by 91.7% to
RMB0.05 ($0.01) per share from RMB0.60 per share for the fiscal
year 2006. -- Net income excluding share-based compensation,
goodwill impairment charges and write-off of receivables from the
prior owner of international curriculum programs (non-GAAP) for the
fiscal year 2007 decreased by 9.9% to RMB24.9 million ($3.4
million) from RMB27.7 million for the fiscal year 2006. 'We are
pleased to report the solid results for the fourth quarter of 2007,
with healthy revenue growth demonstrating scalability of our
business model,' said Ms. Julia Huang, ChinaEdu's Chairman and
Chief Executive Officer. 'These results were driven by our
continued strategy of helping the universities to increase their
enrollment growth in our online degree programs through enhancing
our sales and marketing efforts and improving our quality of
services to the Universities and students, which we believe will
further strengthen our position as a leading education services
provider in China.' Ms. Huang continued, 'We expect to continue to
take advantage of growth opportunities in the Chinese education
market in order to position ourselves to achieve sustainable
long-term growth." Financial Results for the Fourth Quarter Ended
December 31, 2007 ChinaEdu reported total net revenue of RMB79.6
million ($10.9) for the fourth quarter ended December 31, 2007,
representing a 37.6% increase from the corresponding period of
2006. Net revenue from online degree programs for the fourth
quarter of 2007 was RMB64.8 million ($8.9 million), representing a
54.5% increase from RMB41.9 million for the corresponding period in
2006. This increase was attributable primarily to the following
factors: -- Our university partners' online degree programs
experienced significant growth in revenue students in the quarter
ended December 31, 2007 as compared to the corresponding period of
2006. In the aggregate, our university partners had over 91,000
revenue students during the fourth quarter of 2007, representing a
23% increase from the same period in 2006. -- A non-recurring
RMB8.4 million ($1.2 million) payment made by our university
partners during the fourth quarter as a result of excess spending
by the online education colleges, which in turn reduced the tuition
fees payable to ChinaEdu during the previous years. -- Value-added
tax ("VAT") refund of RMB3.5 million ($0.5 million) in the fourth
quarter of 2007, which was recognized as net revenue from online
degree programs when received. Net revenue from the Company's
non-online degree programs (international curriculum programs,
private primary and secondary schools and online tutoring programs)
for the fourth quarter of 2007 was RMB14.8 million ($2.0 million),
representing a 6.9% decrease from RMB15.9 for the corresponding
period in 2006. This decrease was primarily attributable to the
decline in revenue from the FEC program (part of our international
curriculum programs), which has experienced lower student
enrollment and lower per student fees for the academic year started
in September 2007, as compared to the academic year started in
September 2006. This is mainly attributable to intensified
competition among service providers, which increased the bargaining
power of the schools with such service providers, including the
Company. Total cost of revenue for the fourth quarter of 2007 was
RMB24.5 million ($3.4 million), representing a 12.6% increase from
RMB21.8 million for the corresponding period of 2006. This increase
is attributable to the changes discussed below. Cost of revenue for
online degree programs for the fourth quarter of 2007 was RMB15.7
million ($2.2 million), representing a 14.2% increase from RMB13.8
million for the fourth quarter of 2006. This increase was
attributable primarily to an increase in the number of students in
our partners' online degree programs and increased recruiting
expenses. Cost of revenue for non-online degree programs for the
fourth quarter of 2007 was RMB8.8million ($1.2 million),
representing a 9.8% increase from RMB8.0 million for the fourth
quarter of 2006. This increase was attributable primarily to an
increase in the number of faculty members in our private and
primary schools in 2007 in response to projected growth in student
enrollment in one of those schools. As a result of the factors
discussed above, gross profit for the fourth quarter of 2007 was
RMB55.1 million ($7.6 million), representing a 52.7% increase from
RMB36.1 million for the corresponding period of 2006. General and
administrative expenses for the fourth quarter of 2007 were RMB26.1
million ($3.6 million), representing a 79.4% increase from RMB14.6
million for the fourth quarter of 2006. This increase was
attributable primarily to the increase in the number of general and
administrative employees, an increase in performance-based
compensation and additional expenses associated with being a newly
listed public company in the U.S., including increased professional
services fees, specifically increased accounting and legal fees.
Research and development expenses for the fourth quarter of 2007
were RMB6.8 million ($0.9 million), representing a 76.6% increase
from RMB3.9 million for the corresponding period in 2006. This
increase was attributable primarily to increased research and
development activities in some of the Company's collaborative
alliances(4), and increased bonus compensation paid to research and
development personnel. Share-based compensation for the fourth
quarter of 2007, which was allocated to related operating cost and
expense line items, was RMB1.1 million ($0.2), representing an
83.3% increase from RMB0.6 million for the corresponding period in
2006. This increase was attributable primarily to an increase in
share-based compensation due to an increase in the number of
options granted in fiscal year 2007. As a result of the factors
discussed above, income from operations for the fourth quarter of
2007 was RMB18.7 million ($2.6 million), representing a 32.8%
increase from RMB14.1 million for the corresponding period of 2006.
Net income was RMB9.4 million ($1.3 million) for the fourth quarter
of 2007, representing a 220.6% increase from RMB2.9 million for the
corresponding period in 2006. This increase was attributable
primarily to the improved performance of the Company's online
degree programs, as well as the other factors discussed above.
Diluted earnings per ordinary share for the fourth quarter of 2007
increased by 171.4% to RMB0.19 ($0.03) from RMB0.07 per share in
the corresponding period of 2006. As of December 31, 2007, the
Company had cash, cash equivalents and term deposit of RMB503.2
million ($69.0million). Financial Results for the Fiscal Year Ended
December 31, 2007 ChinaEdu reported total net revenue for the
fiscal year ended December 31, 2007 of RMB265.0 million ($36.3
million), representing a 24.1% increase from the fiscal year ended
December 31, 2006. Net revenue from online degree programs for the
fiscal year 2007 was RMB202.2 million ($27.7 million), representing
a 28.9% increase from RMB156.8 million for the fiscal year 2006.
This increase was attributable primarily to following factors: --
Our university partners' online degree programs experienced
significant growth in revenue students in fiscal year 2007 as
compared to fiscal year 2006. In the aggregate, our university
partners had approximately 192,000 revenue students during fiscal
year 2007, representing a 36% increase from fiscal year 2006. This
increase in revenue students was partially offset by increased
payments to third-party learning centers by our university
partners. The aggregate payment to third-party learning centers by
our university partners in 2007 increased to 41% of gross tuition
receipts in 2007, from 38% in 2006. This increase was attributable
primarily to increased demand by universities for services provided
by a limited number of learning centers. -- A non-recurring RMB8.4
million ($1.2 million) compensation by our university partners
during the fourth quarter for the over spending by the online
education colleges which in turn reduced the tuition fees payable
to ChinaEdu during the previous years. Net revenue from the
Company's non-online degree programs for the fiscal year 2007 was
RMB62.8 million ($8.6 million), representing a 10.8% increase from
RMB56.7 million for the fiscal year 2006. This increase was
attributable primarily to the increase in student enrollment for
the academic year started in September 2006 and ended in August
2007, as compared to the academic year started in September 2005
and ended in August 2006. Total cost of revenue for fiscal year
2007 was RMB96.3 million ($13.2 million), representing a 20% growth
from RMB80.3 million for fiscal year 2006. This increase is
attributable to the changes discussed below. Cost of revenue for
online degree programs for fiscal year 2007 was RMB58.0 million
($7.9 million), representing a 13.3% increase from RMB51.2 million
in the fiscal year 2006. This increase was attributable primarily
to an increase in the number of students enrolled in our university
partners' online degree programs and increased student
recruiting-related expenses. Cost of revenue for non-online degree
programs for the fiscal year 2007 was RMB38.3 million ($5.3
million), representing a 31.7% increase from RMB29.1 million for
the fiscal year 2006. This increase was attributable primarily to
following factors: -- The number of faculty members in the
Company's private primary and secondary schools increased
significantly in 2007, in response to a projected increase in
student enrollment. -- The international curriculum program
organized more overseas student academic tours and overseas
training tours for teachers in fiscal year 2007, as compared to
fiscal year 2006. General and administrative expenses for the
fiscal year 2007 were RMB76.9 million ($10.5 million), representing
a 57.4% growth from RMB48.8 million in fiscal year 2006. The
increase was primarily attributable to the following factors: -- In
the quarter ended September 30, 2007, the Company recorded a write-
off of approximately RMB4.7 million, including write-offs of
approximately RMB4 million in delinquent accounts receivable and
loans due from the prior owner of the international curriculum
program, and a write-off of approximately RMB0.7 million of fixed
assets attributable to the online tutoring program. -- In fiscal
year 2007, the Company incurred additional expenses associated with
being a new public company, including increased professional
services fees, specifically increased accounting and legal fees. --
In fiscal year 2007, the Company substantially increased the number
of employees as a result of continuous business expansions. -- In
fiscal year 2007, the Company paid more in performance-based bonus
compensation due to improved operational results in most of its
collaborative alliances. Selling and marketing expenses for the
fiscal year 2007 were RMB14.3 million ($2.0 million), representing
a 10.7% increase from RMB12.9 million for the fiscal year 2006.
This increase is attributable primarily to an increase in the
number of sales and marketing personnel in fiscal year 2007 in
response to the continuous expansion of our business. Research and
development expenses for the fiscal year 2007 were RMB21.0 million
($2.9 million), representing a 47.4% growth from RMB14.3 million
for the fiscal year 2006. This increase was attributable primarily
to increased research and development activities in some of the
Company's collaborative alliances, and increased bonus compensation
paid to research and development personnel. Income from operations
for fiscal year 2007 was RMB40.3 million ($5.5 million), a 29.6%
decrease from RMB57.2 million for the fiscal year 2006. Income from
operations excluding goodwill impairment charge, share-based
compensation, and write-off of receivables from the prior owner of
the international curriculum programs (non-GAAP) for fiscal year
2007 was RMB64.1 million, representing a 7% increase from RMB59.9
million for the fiscal year 2006. Net income for fiscal year 2007
was RMB2.5 million ($0.3 million), representing a 90.3% decrease
from RMB25.5 million for the fiscal year 2006. Net income excluding
share-based compensation, goodwill impairment charge and write-off
of receivables from the prior owner of international curriculum
program (non-GAAP) was RMB24.9 million ($3.4 million), representing
a 9.9% decrease from RMB27.7 million for the fiscal year 2006.
Write-down of goodwill and intangible assets. In the third quarter
of 2007, the Company recognized a goodwill impairment charge of
RMB16.2 million ($2.2 million). The impairment related to the FEC
program, as management has significantly reduced its profitability
forecast for this portion of the Company's business. Management now
expects future net revenue from the FEC program to be lower than
previous forecasts because of lower student enrollment and lower
per student fees under the Company's contractual arrangements with
participating schools. These developments are the result of
intensified competition among service providers, which increased
the bargaining power of the schools with such service providers,
including the Company, and the Company's expansion of the program
into less affluent areas of China, where tuition and fees tend to
be lower. Recent Developments -- In March 2008, ChinaEdu entered
into a definitive agreement to acquire the remaining 20% equity
interest in the 101 Online School, an online tutoring and test
preparation program in which the Company owned the other 80%
interest, in order to capitalize on the growth potential of the
online tutoring business. -- In March 2008, the Company announced
an exclusive 20-year joint venture agreement with Beijing Forestry
University to provide online education services to the University.
Outlook for the First Quarter of 2008 For the first quarter of
2008, ChinaEdu expects its total net revenue to be in the range of
RMB66 million ($9.0 million) to RMB68 million ($9.3 million). This
forecast reflects ChinaEdu's current and preliminary view, which is
subject to change. Conference Call ChinaEdu will host a conference
call on Thursday, March 20, 2008 at 8:30 AM U.S. Eastern Time, 8:30
PM Beijing/Hong Kong Time on March 20, 2008. Dial-in information
for the earnings conference call is as follows: US: 1.866.761.0749
/ 1.617.614.2707 Hong Kong: 852.3002.1672 China (Mainland):
10.800.130.0399 The passcode for the call is: CEDU. A replay of the
conference call will be available until March 27, 2008 by dialing
1.888.286.8010 or 1.617.801.6888 and entering passcode: 24141533.
Additionally, a live and archived webcast of the conference call
will be available at http://www.chinaedu.net/. Non-GAAP Financial
Measures To supplement the unaudited condensed consolidated
financial information presented in accordance with Accounting
Principles Generally Accepted in the United States of America
('GAAP'), the Company uses non-GAAP measures of income from
operations and net income, which are adjusted from results based on
GAAP to exclude goodwill impairment, share-based compensation and
write-off of receivables from the prior owner of international
curriculum programs. The non-GAAP financial measures are provided
to enhance the investors' overall understanding of the Company's
current and past financial performance in on- going core operations
as well as prospects for the future. These measures should be
considered in addition to results prepared and presented in
accordance with GAAP, but should not be considered a substitute for
or superior to GAAP results. Management uses both GAAP and non-GAAP
information in evaluating and operating business internally and
therefore deems it important to provide all of this information to
investors. About ChinaEdu ChinaEdu Corporation is an educational
services provider in China, incorporated as an exempted limited
liability company in the Cayman Islands. Established in 1999, the
Company's primary business is to provide comprehensive services to
the online degree programs of leading Chinese universities. These
services include academic program development, technology services,
enrollment marketing, student support services and finance
operations. The Company's other lines of businesses include the
operation of private primary and secondary schools, online
interactive tutoring services and providing marketing and support
for international curriculum programs. The Company believes it is
the largest service provider to online degree programs in China in
terms of the number of higher education institutions that are
served and the number of student enrollments supported. The Company
currently has strategic relationships with twelve universities to
operate online degree programs, ten of which are under long-term,
exclusive contracts that vary from 15 to 50 years in length.
Forward-Looking Statement This press release contains
'forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including certain plans,
expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. Forward-looking statements
involve known and unknown risks, uncertainties and contingencies,
many of which are beyond our control which may cause actual
results, levels of activity, performance or achievements to differ
materially from any future results, levels of activity, performance
or achievements expressed or implied by such forward-looking
statements. The Company's actual results could differ materially
from those contained in the forward-looking statements due to a
number of factors, including those described under the heading
'Risk Factors' in the Company's final prospectus filed with the
Securities and Exchange Commission on December 11, 2007, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. Unless required by law, the
Company undertakes no obligation to (and expressly disclaim any
such obligation to) update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. (1) This announcement contains translations of
certain Renminbi ('RMB') amounts into U.S. dollar ('$') amounts at
specified rates solely for the convenience of the reader. Unless
otherwise stated, all translations from RMB to U.S. dollars were
made at the rate of RMB7.2946 to $1.00, the noon buying rate in
effect on December 31, 2007 in The City of New York for cable
transfers of RMB as certified for customs purposes by the Federal
Reserve Bank of New York. The Company makes no representation that
the RMB or U.S. dollar amounts referred to could be converted into
U.S. dollars or RMB, as the case may be, at any particular rate or
at all. (2) For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release. An explanation of the Company's
non-GAAP financial measures is included in the section entitled
'Non-GAAP Financial Measures' below, and the related
reconciliations to GAAP financial measures are presented in the
accompanying financial statements. (3) 'Revenue students' refers to
students of university online degree programs who have paid tuition
in the applicable period. (4) 'Collaborative alliance' or
'Collaborative alliances' refer to the subsidiary or subsidiaries
that the Company formed with certain university partners to provide
services to their online degree programs, which subsidiaries are
majority owned by the Company. ChinaEdu Corporation Unaudited
Condensed Consolidated Balance Sheets Dec 31, Sep 30, Dec 31, Dec
31, (in thousands) 2006 2007 2007 2007 RMB RMB RMB USD Current
assets: Cash and cash equivalents 148,315 128,834 497,114 68,148
Accounts receivable, net 12,578 1,425 1,238 170 Term deposit 10,000
10,200 6,042 828 Prepaid expenses and other current assets 8,999
15,241 17,492 2,398 Amounts due from related parties 59,979 62,320
105,522 14,466 Deferred tax assets 5,347 1,700 9,521 1,305 Total
current assets 245,218 219,720 636,929 87,315 Cost method
investment 1,210 1,210 1,210 166 Land use rights, net 25,287 25,589
26,949 3,694 Property and equipment, net 43,657 61,954 130,745
17,924 Deposits paid for acquisition of property and equipment --
28,624 2,025 278 Intangible assets, net 102,836 108,019 105,852
14,511 Deferred tax assets 2,057 2,188 1,416 194 Rental deposits
436 1,387 1,623 222 Goodwill 76,509 73,319 73,319 10,051 Total
assets 497,210 522,010 980,068 134,355 Liabilities, minority
interest and shareholders' equity Current liabilities: Accounts
payable 8,413 3,309 2,773 380 Deferred revenues 78,746 27,888
83,816 11,490 Accrued expenses and other current liabilities 21,754
20,178 42,096 5,771 Amounts due to related parties 7,121 18,901
28,316 3,882 Income taxes payable 12,960 13,409 22,455 3,078 Other
taxes payable 3,752 4,483 6,666 914 Total current liabilities
132,746 88,168 186,122 25,515 Long term debt -- -- 25,724 3,526
Deferred revenues 289 103 3,124 428 Convertible notes 30,654 23,333
-- -- Deferred tax liabilities 19,879 23,528 24,036 3,295
Unrecognized tax benefit -- 4,198 4,332 594 Total liabilities
183,568 139,330 243,338 33,358 Minority interests 49,323 61,690
57,996 7,951 Shareholders' equity: Total shareholders' equity
264,319 320,990 678,734 93,046 Total liabilities, minority
interest, and shareholders' equity 497,210 522,010 980,068 134,355
ChinaEdu Corporation Unaudited Condensed Consolidated Statements of
Operations (in thousands except for For the three Months Ended
share, per share December September December December information)
31, 2006 30, 2007 31, 2007 31, 2007 RMB RMB RMB USD Net Revenue:
Online degree programs 41,950 48,647 64,813 8,886 International
curriculum programs 7,772 8,957 6,640 910 Online tutoring programs
4,856 4,351 4,488 615 Private primary and secondary schools 3,277
3,457 3,672 503 Total net revenue 57,855 65,412 79,613 10,914 Cost
of revenue: Online degree programs 13,774 18,557 15,729 2,156
International curriculum programs 5,042 7,528 4,663 639 Online
tutoring programs 879 1,031 720 99 Private primary and secondary
schools 2,093 2,649 3,414 468 Total cost of revenue 21,788 29,765
24,526 3,362 Gross profit: Online degree programs 28,176 30,090
49,084 6,729 International curriculum programs 2,730 1,429 1,977
271 Online tutoring programs 3,977 3,320 3,768 517 Private primary
and secondary schools 1,184 808 258 35 Total gross profit 36,067
35,647 55,087 7,552 Online degree programs 67.2% 61.9% 75.7% 75.7%
International curriculum programs 35.1% 16.0% 29.8% 29.8% Online
tutoring programs 81.9% 76.3% 84.0% 84.0% Private primary and
secondary schools 36.1% 23.4% 7.0% 7.0% Gross profit margin 62.3%
54.5% 69.2% 69.2% Operating expenses: General and administrative
14,551 20,824 26,106 3,579 Selling and marketing 3,590 4,722 3,491
479 Research and development 3,861 5,605 6,818 935 Goodwill
impairment 16,192 Total operating expenses 22,002 47,343 36,415
4,993 Income/(loss) from operations 14,065 -11,696 18,672 2,559
Operating margin 24.3% -17.9% 23.5% 23.5% Other income -- -- -- --
Interest income 379 516 2,398 329 Interest expense (570) (674)
(475) (65) Income/(loss) before income tax provisions and minority
interest 13,874 (11,854) 20,595 2,823 Income tax expense (1,730)
(2,505) (2,519) (345) Minority interest, net of taxes (9,201)
(5,065) (8,639) (1,184) Net income/(loss) 2,943 (19,424) 9,437
1,294 Net margin 5.1% -29.7% 11.9% 11.9% Net income/(loss) per
share: Basic 0.07 -0.47 0.21 0.03 Diluted 0.07 -0.47 0.19 0.03 Net
income/(loss) per ADS: Basic 0.21 -1.41 0.63 0.09 Diluted 0.21
-1.41 0.57 0.09 Weighted average aggregate number of ordinary
shares outstanding: Basic 39,643,130 41,722,746 45,015,332
45,015,332 Diluted 42,774,398 41,722,746 50,477,265 50,477,265
ChinaEdu Corporation Unaudited Condensed Consolidated Statements of
Operations Twelve Months Ended (in thousands except for share, per
December December December share information) 31, 2006 31, 2007 31,
2007 RMB RMB USD Net Revenue: Online degree programs 156,845
202,185 27,717 International curriculum programs 28,428 31,434
4,309 Online tutoring programs 17,384 18,013 2,469 Private primary
and secondary schools 10,874 13,356 1,831 Total net revenue 213,531
264,988 36,326 Cost of revenue: Online degree programs 51,215
58,027 7,955 International curriculum programs 17,212 23,503 3,222
Online tutoring programs 3,452 3,875 531 Private primary and
secondary schools 8,429 10,944 1,500 Total cost of revenue 80,308
96,349 13,208 Gross profit: Online degree programs 105,630 144,158
19,762 International curriculum programs 11,216 7,931 1,087 Online
tutoring programs 13,932 14,138 1,938 Private primary and secondary
schools 2,445 2,412 331 Total gross profit 133,223 168,639 23,118
Online degree programs 67.3% 71.3% 71.3% International curriculum
programs 39.5% 25.2% 25.2% Online tutoring programs 80.1% 78.5%
78.5% Private primary and secondary schools 22.5% 18.1% 18.1% Gross
profit margin 62.4% 63.6% 63.6% Operating expenses: General and
administrative 48,846 76,893 10,541 Selling and marketing 12,893
14,277 1,957 Research and development 14,263 21,021 2,882 Goodwill
impairment 16,192 2,220 Total operating expenses 76,002 128,383
17,600 Income/(loss) from operations 57,221 40,256 5,518 Operating
margin 26.8% 15.2% 15.2% Other income -- 394 54 Interest income
1,172 4,118 565 Interest expense (2,279) (2,130) (292)
Income/(loss) before income tax provisions and minority interest
56,114 42,638 5,845 Income tax expense (6,994) (15,003) (2,057)
Minority interest, net of taxes (23,581) (25,148) (3,447) Net
income/(loss) 25,539 2,487 341 Net margin 12.0% 0.9% 0.9% Net
income/(loss) per share: Basic 0.65 0.06 0.01 Diluted 0.60 0.05
0.01 Net income/(loss) per ADS: Basic 1.95 0.18 0.03 Diluted 1.80
0.15 0.03 Weighted average aggregate number of ordinary shares
outstanding: Basic 39,209,606 42,147,170 42,147,170 Diluted
42,708,213 47,322,184 47,322,184 ChinaEdu Corporation
Reconciliations of non-GAAP results of operations measures to GAAP
measures Three Months Ended December September December December
(in thousands, unaudited) 31, 2006 30, 2007 31, 2007 31, 2007 RMB
RMB RMB US$ Income (loss) from operations GAAP Result 14,065
(11,696) 18,672 2,559 Adjustment-Share-based compensation 588 1,180
1,148 157 Adjustment-Goodwill impairment -- 16,192 -- -- Adjustment
for write-off of receivables from prior owner of International
Curriculum Program 4,031 Non-GAAP Result 14,653 9,707 19,820 2,716
Net income (loss) GAAP Result 2,943 (19,424) 9,437 1,294 Adjustment
for operation profit 588 21,403 1,148 157 Adjustment-Minority
interest for Share-based compensation (145) (273) (265) (36)
Adjustment-Deferred tax benefit for write-off of receivables from
prior owner of International Curriculum Programs (636) Non-GAAP
Result 3,386 1,070 10,320 1,415 ChinaEdu Corporation
Reconciliations of non-GAAP results of operations measures to GAAP
measures Twelve Months Ended December December December (in
thousands, unaudited) 31, 2006 31, 2007 31, 2007 RMB RMB US$ Income
(loss) from operations GAAP Result 57,221 40,256 5,518
Adjustment-Share-based compensation 2,711 3,643 499
Adjustment-Goodwill impairment -- 16,192 2,220 Adjustment for
write-off of receivables from prior owner of International
Curriculum Program 4,031 553 Non-GAAP Result 59,932 64,122 8,790
Net income (loss) GAAP Result 25,539 2,487 341 Adjustment for
operation profit 2,711 23,866 3,272 Adjustment-Minority interest
for Share-based compensation (569) (774) (106) Adjustment-Deferred
tax benefit for write-off of receivables from prior owner of
International Curriculum Programs (636) (87) Non-GAAP Result 27,681
24,943 3,420 For more information, please contact: In China:
Michael Xu Chief Financial Officer ChinaEdu Corporation Tel:
+86-10-8418-6655 x1002 Email: Pamela Leung Taylor Rafferty, Hong
Kong Tel: +852-3196-3712 Email: In the United States: Jessica
McCormick Taylor Rafferty, New York Tel: +1-212-889-4350 Email:
DATASOURCE: ChinaEdu Corporation CONTACT: In China, Michael Xu,
Chief Financial Officer of ChinaEdu Corporation, +86-10-8418-6655
x1002, or ; or Pamela Leung of Taylor Rafferty, Hong Kong,
+852-3196-3712, or , or in the United States, Jessica McCormick of
Taylor Rafferty, New York, +1- 212-889-4350, or , both for ChinaEdu
Web Site: http://www.chinaedu.net/
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Chinaedu Corp. ADS, Each Representing Three Ordinary Shares (MM) (NASDAQ:CEDU)
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From Jun 2024 to Jul 2024
Chinaedu Corp. ADS, Each Representing Three Ordinary Shares (MM) (NASDAQ:CEDU)
Historical Stock Chart
From Jul 2023 to Jul 2024