BEIJING, March 15, 2011 /PRNewswire-Asia-FirstCall/ --
ChinaEdu Corporation (Nasdaq: CEDU) ("ChinaEdu" or the "Company"),
a leading online education services provider in China, today announced its unaudited financial
results for the fourth quarter and year ended December 31, 2010.(1)
Fourth Quarter 2010 Highlights
- Fourth quarter 2010 total net revenue grew 5.7% year-over-year
to $15.3 million, in line with
Company guidance.
- Fourth quarter 2010 net revenue from online degree programs
increased 5.6% year-over-year to $12.2
million.
- Fourth quarter net income attributable to ChinaEdu decreased
24.7% year-over-year to $1.0
million.
- Adjusted net income attributable to ChinaEdu(2) decreased 14.4%
year-over-year to $1.5 million.
- Net income attributable to ChinaEdu per diluted ADS(3) in the
fourth quarter of 2010 was $0.060.
- Adjusted net income attributable to ChinaEdu per diluted ADS(4)
was $0.088 in the fourth quarter of
2010.
- The number of revenue students(5) in online degree programs
during the 2010 fall semester increased approximately 10.0%
year-over-year to approximately 154,000.
Fiscal Year 2010 Highlights
- Total net revenue for the year 2010 increased 9.6% over the
year 2009 to $58.9 million.
- Net revenue from online degree programs for the year 2010
increased 8.7% over the year 2009 to $47.0
million.
- Net income attributable to ChinaEdu for the year 2010 increased
13.0% over the year 2009 to $6.0
million.
- Adjusted net income attributable to ChinaEdu increased 5.5%
over the year 2009 to $7.5
million.
- Net income attributable to ChinaEdu per diluted ADS was
$0.344 for the year 2010.
- Adjusted net income attributable to ChinaEdu per diluted ADS
was $0.435 for the year 2010.
- The number of revenue students in online degree programs for
the year 2010 increased approximately 8.4% over the year 2009 to
approximately 311,000 students.
"The fourth quarter of 2010 marked our third anniversary as a
publicly listed company," said Julia
Huang, ChinaEdu's chief executive officer. "Over the years
we have expanded our business and delivered on our plans for
growth. We have built a strong brand and streamlined our operations
in our core business segment of online degree programs. In 2010, we
challenged ourselves to seek out new opportunities and, in the
second half of the year, began investing in a number of new
initiatives that will allow us to capitalize on our expertise and
track record in China's education
market. Initiatives for development and expansion include:
international elite programs, personalized tutoring programs,
learning centers network expansion and interactive content and
platforms for mobile and web applications. While investment in
these new initiatives may cause some short-term pressure on our
margins in the future, we are confident that when these businesses
begin to contribute significant revenues, we will see our margins
return to previous levels."
Financial Results for the Fourth Quarter Ended December 31, 2010
Net Revenue
Total net revenue for the fourth quarter of 2010 was
$15.3 million, representing a 5.7%
increase from $14.5 million for the
corresponding period in 2009. Net revenue from online degree
programs for the fourth quarter of 2010 was $12.2 million, a 5.6% increase from $11.6 million for the corresponding period in
2009. The increase was primarily due to the increase in revenue
students enrolled in online degree programs. In the fourth quarter
of 2009, ChinaEdu recognized a non-recurring revenue contribution
of $0.8 million, the result of
additional tuition fees collected by one of the Company's
university partners. Excluding non-recurring revenue contributions,
net revenue from online degree programs increased 13.1% in the
fourth quarter of 2010 over the corresponding period in 2009.
ChinaEdu's learning centers network continued to expand both
geographically and in terms of university coverage in the fourth
quarter of 2010. By the end of the fourth quarter of 2010, the
Company had 97 operational learning centers of which 54 were
proprietary centers(6) and 43 were contracted centers(7). This
compares to 60 operational learning centers as of the end of the
fourth quarter of 2009, of which 22 were proprietary and 38 were
contracted. Our learning centers network served a total of 21
university online degree programs, as of the end of the fourth
quarter of 2010.
Net revenue from our non-online degree programs (101 online
tutoring programs, private primary and secondary schools and
international curriculum programs) in the fourth quarter of 2010
was $3.1 million, representing a 6.2%
increase from $2.9 million in the
corresponding period in 2009. The increase in net revenue from our
non-online degree programs was mainly attributable to a 16.9%
increase in net revenue contributed by the Anqing private school,
as the result of an increase in student enrollment, as well as a
9.0% increase in net revenue contributed by 101 online tutoring
programs. However, the increases were partially offset by a
decrease in net revenue from the international curriculum program,
in line with management expectations.
Cost of Revenue
Total cost of revenue for the fourth quarter of 2010 was
$6.7 million, representing an
increase of 18.1%, compared to $5.7
million in the corresponding period of 2009. Cost of revenue
for online degree programs for the fourth quarter of 2010 was
$4.6 million, representing an
increase of 14.6% as compared to $4.0
million in the fourth quarter of 2009. The increase in cost
of revenue for online degree programs was primarily the result of
investments made to expand the Company's learning centers network
in the fourth quarter of 2010.
Cost of revenue for non-online degree programs in the fourth
quarter of 2010 was $2.1 million,
representing an increase of 26.4% from $1.7
million in the same period in 2009. This increase was
primarily the result of an increase in costs associated with
additional headcount for personalized tutoring services in our 101
online tutoring programs. The increase in cost of revenue is also
partially attributable to expense increases at the Anqing private
school, including an increase in depreciation expenses.
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2010 was $8.6 million, representing a slight decrease from
$8.8 million in the corresponding
period of 2009. Total gross margin in the fourth quarter of 2010
decreased to 56.0%, as compared to 60.6% for the corresponding
period in 2009. Gross margin for the online degree programs
decreased to 62.3% for the fourth quarter of 2010, as compared to
65.2% in the corresponding period of 2009. Rapid expansion of the
Company's learning centers network has resulted in a decrease in
gross margin for online degree programs. In the future, gross
margin for online degree programs will continue to decrease
somewhat as the percentage of total net revenue contributed by the
Company's learning centers network increases. This is because the
learning centers network sales and service scope results in a
higher cost of sales. Excluding the impact of the non-recurring
revenue contribution of $0.8 million
in the fourth quarter of 2009, total gross margin for the fourth
quarter of 2009 was 58.4% and the gross margin for the online
degree programs was 62.8% in the fourth quarter of 2009.
Gross margin for the 101 online tutoring programs decreased to
67.1% for the fourth quarter of 2010, as compared to 77.8% in the
fourth quarter of 2009, largely due to increased staff costs for
personalized tutoring services and interactive content development.
Gross margin for private primary and secondary schools decreased to
18.1%, as compared to 25.7% in the corresponding period in 2009.
The decrease was primarily attributable to increased depreciation
that occurred in the fourth quarter and increased teaching staff
costs. Management believes the impact of the depreciation charges
taken in the fourth quarter of 2010 is short term in nature and
that annualized gross margins are healthy and positioned to grow as
a result of improved utilization of capacity at the Anqing private
school.
Operating Expenses
Total operating expenses were $7.2
million in the fourth quarter of 2010, representing a 25.2%
increase from $5.8 million for the
corresponding period in 2009. This increase was a result of the
following factors:
- General and administrative expenses for the fourth quarter of
2010 were $4.0 million, which
represented a 13.8% increase from $3.5
million for the corresponding period in 2009, primarily due
to an increase in depreciation expenses associated with the
completion of administration-related construction at the Anqing
private school.
- Selling and marketing expenses were $1.8
million in the fourth quarter of 2010, which represented an
82.1% increase from $1.0 million for
the corresponding period in 2009. While selling and marketing
expenses were low both in absolute amount and as a percentage of
total net revenue in the fourth quarter of 2009, the increase in
selling and marketing expenses in the fourth quarter of 2010 was
primarily attributable to the expansion of selling and marketing
staff and advertising for the 101 online tutoring programs as well
as an increase in marketing activities, such as conference
attendance and brand promotion activities.
- Research and development expenses for the fourth quarter of
2010 were $1.4 million, representing
an 11.9% increase from $1.3 million
in the corresponding period in 2009, primarily due to an increase
in staff and development expenses associated with new courseware.
Additionally, there were increases in research and development
expenses as a result of the Company's investments in new business
initiatives.
- Share-based compensation for the fourth quarter of 2010, which
was allocated to the related cost and operating expense line items,
increased 29.1% to $0.3 million,
compared to $0.2 million in the
corresponding period in 2009.
Income from Operations
As a result of the factors discussed above, income from
operations for the fourth quarter of 2010 was $1.4 million, a decrease of 54.9% as compared to
$3.0 million in the corresponding
period of 2009. Operating margin decreased to 8.9% for the fourth
quarter of 2010, as compared to 20.8% in the corresponding period
of 2009.
Adjusted income from operations, which is a non-GAAP measure
defined as income from operations excluding share-based
compensation, and amortization of intangible assets and land use
rights, was $1.9 million for the
fourth quarter of 2010, representing a decrease of 45.7% as
compared to $3.5 million in the
corresponding period of 2009.
Adjusted operating margin, which is a non-GAAP measure defined
as the ratio of adjusted operating income from operations
(non-GAAP) over net revenue, for the fourth quarter of 2010
decreased to 12.3%, as compared to 23.9% for the corresponding
period of 2009.
Interest Income and Investment Income
Interest income and investment income for the fourth quarter of
2010 increased 70.5% to $0.3 million,
as compared to $0.2 million for the
corresponding quarter of 2009.
Income Tax Expense
Income tax credit in the fourth quarter of 2010 was $0.9 million, compared to an income tax expense
of $0.8 million in the corresponding
period of 2009. This was primarily due to an unrecognized tax
benefit that was reversed in line with the expiration of the open
tax years. It was also due to one of the Company's subsidiaries
being granted "new and high technology enterprises" status at the
end of the fourth quarter of 2010, thus qualifying for a
preferential statutory tax rate of 15% commencing in the fourth
quarter of 2010. As a result, deferred tax liabilities overbooked
in the past three quarters were reversed in the fourth quarter of
2010.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests was
$1.5 million in the fourth quarter of
2010, compared to $1.1 million in the
corresponding period in 2009, primarily attributable to a
non-controlling interest impact related to increased net income
from the Company's online degree programs in the fourth quarter of
2010, as compared to the fourth quarter of 2009.
Net Income attributable to ChinaEdu
Net income attributable to ChinaEdu, which is net income,
excluding net income attributable to non-controlling interest, was
$1.0 million in the fourth quarter of
2010, representing a decrease of 24.7% from $1.4 million in the corresponding period of
2009.
Net income attributable to ChinaEdu per basic and diluted ADS
were $0.065 and $0.060, respectively, for the fourth quarter of
2010, as compared to $0.085 and
$0.077, respectively, for the
corresponding period in 2009.
Adjusted net income attributable to ChinaEdu (non-GAAP) was
$1.5 million for the fourth quarter
of 2010 compared to $1.8 million in
the corresponding period of 2009. Adjusted net margin, which is a
non-GAAP measure defined as the ratio of adjusted net income
attributable to ChinaEdu (non-GAAP) over net revenue, was 10.0% in
the fourth quarter of 2010, as compared to 12.3% in the
corresponding period of 2009.
Adjusted net income attributable to ChinaEdu per basic and
diluted ADS (non-GAAP) were $0.096
and $0.088, respectively, for the
fourth quarter of 2010, as compared to $0.111 and $0.102,
respectively, in the corresponding period of 2009.
Deferred Revenue
At the end of the fourth quarter of 2010 current deferred
revenue was $16.0 million and
non-current deferred revenue was $1.5
million or $17.5 million in
aggregate. In general, fall semester tuition is received during the
fourth quarter but is recognized both in the fourth quarter of the
current year and in the first quarter of the following year.
Cash and Cash Equivalents and Term Deposits
As of December 31, 2010, the
Company reported cash and cash equivalents and term deposits of
$47.1 million, which primarily
consisted of cash, demand deposits with original maturity terms of
three months or less, and term deposits with original maturity
terms of greater than three months but less than one year.
Amounts Due from Related Parties
Amounts due from related parties, which represents cash owed to
the Company by collaborative alliance partners, were $37.4 million as of December 31, 2010.
Fiscal Year 2010 Financial Results
Net Revenue
Total net revenue for the year ended December 31, 2010 was $58.9 million, representing a 9.6% increase from
$53.7 million for the year 2009. Net
revenue from online degree programs for the year 2010 was
$47.0 million, representing an 8.7%
increase from $43.2 million for the
year 2009. This increase was primarily attributable to enrollment
growth in online degree programs in the year 2010. In aggregate,
the number of revenue students enrolled in online degree programs
was approximately 311,000 during the year 2010, representing an
8.4% increase from approximately 287,000 revenue students enrolled
in online degree programs in year 2009.
Net revenue from non-online degree programs for the year 2010
was $11.9 million, representing a
13.4% increase compared to $10.5
million for the year 2009. The increase was primarily
attributable to an increase in student enrollment at the Anqing
private school and an increase in net revenue from the 101 online
tutoring programs in the year 2010, partially offset by a decrease
in net revenue from international curriculum programs.
Cost of Revenue
Total cost of revenue for the year 2010 was $22.4 million, representing an increase of 6.8%
compared to $21.0 million for the
year 2009. Cost of revenue from our online degree programs for the
year 2010 was $15.4 million,
representing a 6.8% increase from $14.5
million in the year 2009. The increase was primarily due to
cost increases related to the expansion of the Company's learning
centers network and an increase in employee-related costs
throughout year 2010 as the Company hired additional staff in
connection with efforts to enhance the current programs and develop
future business initiatives.
Cost of revenue for non-online degree programs for the year 2010
was $6.9 million, representing a 6.7%
increase from $6.5 million for the
year 2009. The increase was primarily attributable to an increase
in cost of revenue at Anqing private school and 101 online tutoring
programs, partially offset by a decrease in cost of revenue for the
international curriculum programs.
Gross Profit
Gross profit for the year 2010 was $36.5
million as compared with $32.8
million for the year 2009, representing an increase of
11.5%.
Gross margin for the year 2010 was 62.0%, as compared with gross
margin of 61.0% for the year 2009. Gross margin for online degree
programs was 67.1% in the year 2010 as compared with gross margin
for online degree programs of 66.5% in the year 2009.
Gross margin for non-online degree programs was 41.9% for the
year 2010 compared with gross margin for non-online degree programs
of 38.2% for the year 2009.
Operating Expenses
Total operating expenses for the year 2010 were $24.1 million, representing a 16.2% increase from
$20.7 million for the year 2009. This
increase was primarily attributable to the following factors:
- General and administrative expenses for the year 2010 were
$12.7 million, representing a 1.5%
increase from $12.6 million in year
2009. The slight increase reflects continued tight cost control
throughout 2010. As a result, general and administrative expenses
as a percentage of total net revenue decreased from 23.4% in the
year 2009 to 21.6% in the year 2010.
- Selling and marketing expenses for the year 2010 were
$5.7 million, representing a 58.9%
increase from $3.6 million for the
year 2009. The increase was primarily attributable to an increase
in advertising expenses for 101 online tutoring programs, the
learning centers network, and selected subsidiaries as well as
increased sales and marketing headcount at certain
subsidiaries.
- Research and development expenses for the year 2010 were
$5.7 million, representing a 22.9%
increase from $4.6 million for the
year 2009. This increase was primarily attributable to increased
staff and increased depreciation expenses associated with new
research and development projects for online degree programs and
new business initiatives for non-online degree programs.
- Share-based compensation for the year 2010, which was allocated
to the related cost of revenue and operating expense line items,
was $1.0 million, representing a
decrease of $0.1 million from
$1.1 million for the year 2009. This
decrease was primarily attributable to a true-up adjustment of
forfeited stock options.
Income from Operations
Income from operations was affected by the Company's decision to
invest in new business initiatives. Management expects income from
operations to return to a healthy growth trajectory in the future.
Income from operations was $12.4
million for the year 2010, compared to $12.0 million for the year 2009. Operating margin
was 21.1% for the year 2010, as compared to 22.4% for the year
2009.
Adjusted income from operations (non-GAAP) was $14.1 million for the year 2010, representing a
slight increase from $14.0 million
for the year 2009. Correspondingly, adjusted operating margin
(non-GAAP) was 24.0% for the year 2010, as compared to 26.1% for
the year 2009.
Interest Income and Investment Income
Interest income and investment income increased 38.2% to
$1.0 million in the year 2010,
compared to $0.8 million in the year
2009.
Income Tax Expense
Income tax expense for the year 2010 was $2.0 million, as compared with $2.9 million for the year 2009. The decrease was
primarily related to the reversal of unrecognized tax benefits.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests was
$5.6 million in the year 2010,
representing a 14.9% increase, as compared to $4.9 million in the year 2009, primarily
attributable to a non-controlling interest impact related to the
increase in net income from online degree programs in the year
2010.
Net Income attributable to ChinaEdu
Net income attributable to ChinaEdu was $6.0 million for the year 2010, compared with
$5.3 million for the year 2009.
Net income attributable to ChinaEdu per basic and diluted ADS,
were $0.372 and $0.344, respectively for the year 2010, as
compared to $0.324 and $0.301, respectively, for the year 2009.
Adjusted net income attributable to ChinaEdu (non-GAAP)
increased 5.5% to $7.5 million for
the year 2010 as compared to $7.1
million for the year 2009. Adjusted net margin was 12.8% for
the year 2010 compared to 13.3%, for the year 2009.
Adjusted net income attributable to ChinaEdu per basic and
diluted ADS (non-GAAP), were $0.471
and $0.435, respectively, for the
year 2010, increases of 7.5% and 6.6% from $0.438 and $0.408,
respectively, for the year 2009.
First Quarter 2011 Total Net Revenue Guidance
ChinaEdu expects total net revenue in the first quarter of 2011
to range from RMB91 million to RMB96
million or $13.8 million to $14.5
million. This forecast reflects ChinaEdu's current and
preliminary view, which is subject to change.
Conference Call
The Company will host an earnings conference call and live
webcast at 9:00pm US Eastern Standard
Time on Tuesday, March 15, 2011
(9:00 a.m. Beijing/Hong
Kong on Wednesday, March 16,
2011).
The conference call may be accessed by calling (US)
1-866-713-8563/ (International) 1-617-597-5311/ (HK) 852-
3002-1672/ (China)10-800-130-0399;
Passcode: 69980337.
A live and archived webcast of the conference call will be
available on the investor relations page of ChinaEdu's website at
http://ir.chinaedu.net.
A telephone replay will be available beginning two hours after
the conclusion of the conference call through 11:59 p.m. EDT, March 23,
2011 at (US) 1-888-286-8010/ (International) 1-617-801-6888;
Passcode: 96881550.
A live and archived webcast may be accessed via ChinaEdu's
investor relations website at http://ir.chinaedu.net.
Non-GAAP Financial Measures
To supplement the unaudited condensed consolidated financial
information presented in accordance with Generally Accepted
Accounting Principles in the United
States of America ("GAAP"), the Company uses non-GAAP
measures of income from operations and net income attributable to
ChinaEdu, which are adjusted from results based on GAAP to exclude
certain non-cash items of share-based compensation and amortization
of intangible assets and land use rights. These 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 considers the non-GAAP information as important measures
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 17 long-term contracts that generally vary from 10 to
50 years in length. The Company also performs recruiting services
for 21 universities through its nationwide learning centers
network.
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
Annual Report on Form 20-F for the year ended
December 31, 2009, 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) The reporting currency of
the Company is RMB, but for the convenience of the reader, the
amounts for the three and twelve months ended on December 31, 2009
and December 31, 2010 are presented in U.S. dollars. Unless
otherwise stated, all translations from RMB to U.S. dollars were
made at the rate of RMB6.6000 to $1.00, the noon buying rate in
effect on December 31, 2010 in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
RMB or U.S. dollar amounts referred could be converted into U.S.
dollars or RMB, as the case may be, at any particular rate or at
all. 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.
|
|
|
|
(2) “Adjusted net income
attributable to ChinaEdu” is a non-GAAP measure defined as net
income attributable to ChinaEdu excluding share-based compensation
net of noncontrolling interest portion, and amortization of
intangible assets and land use rights.
|
|
|
|
(3) “ADS” is American Depositary
Share. Each ADS represents three ordinary shares.
|
|
|
|
(4) “Adjusted net income
attributable to ChinaEdu per diluted ADS” is a non-GAAP measure
which is computed using adjusted net income attributable to
ChinaEdu over number of ADSs used in net income attributable to
ChinaEdu per diluted ADS calculation.
|
|
|
|
(5) “Revenue students” refers to
students of university online degree programs who have paid
tuitions. The numbers for the three months ended December 31, 2009
and 2010 are revenue students in fall 2009 and fall 2010,
respectively. The numbers for the twelve months ended December 31,
2009 and 2010 are total revenue students in spring 2009 and fall
2009, and total revenue students in spring 2010 and fall 2010,
respectively.
|
|
|
|
(6) Proprietary centers refer to
self-owned learning centers operated either under the Company’s own
brand name or the brand name of a university pursuant to a
licensing arrangement with that university.
|
|
|
|
(7) Contracted centers refer to
agreement with third party learning centers pursuant to which the
Company only provides assistance applying for approval from
provincial level education authorities as well as securing
additional university online degree programs. In return, the
Company receives a percentage of the tuition earned by these third
party learning centers.
|
|
|
|
|
Company
Contacts:
|
|
|
Helen Zou, Investor Relations
Manager
ChinaEdu Corporation
Phone: +86 10 8418 6655
ext.1150
E-mail: ir@chinaedu.net
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
Unaudited Condensed Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
(in thousands, unaudited)
|
December
31,2009
|
December
31,2010
|
December
31,2010
|
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
203,143
|
190,493
|
28,863
|
|
Term deposits
|
122,304
|
120,500
|
18,258
|
|
Restricted cash
|
365
|
-
|
-
|
|
Short-term
investments
|
17,706
|
32,469
|
4,920
|
|
Accounts receivable,
net
|
28,334
|
35,091
|
5,317
|
|
Inventory
|
1,852
|
358
|
54
|
|
Prepaid expenses and other
current assets
|
25,315
|
30,966
|
4,690
|
|
Amounts due from related
parties
|
176,802
|
246,925
|
37,413
|
|
Deferred tax
assets
|
3,309
|
5,003
|
758
|
|
Total current
assets
|
579,130
|
661,805
|
100,273
|
|
Long-term
investments
|
4,210
|
-
|
-
|
|
Deferred tax
assets
|
1,541
|
3,470
|
526
|
|
Rental deposits
|
868
|
936
|
141
|
|
Land use rights
|
27,874
|
27,265
|
4,131
|
|
Property and equipment,
net
|
203,995
|
227,507
|
34,471
|
|
Deposits paid for
acquisition of property and equipment
|
13,898
|
19,792
|
2,999
|
|
Acquired intangible
assets, net
|
66,621
|
65,849
|
9,977
|
|
Goodwill
|
38,155
|
43,255
|
6,554
|
|
Total assets
|
936,292
|
1,049,879
|
159,072
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
(including accounts payable of the consolidated VIEs without
recourse to
ChinaEdu Group of
5,351 and 10,277 as of December 31, 2009 and December 31,
2010)
|
6,467
|
11,410
|
1,729
|
|
Deferred revenues
(including deferred revenues of the consolidated VIEs without
recourse to
ChinaEdu Group of
17,786 and 18,762 as of December 31, 2009 and December 31,
2010)
|
97,853
|
105,891
|
16,044
|
|
Accrued expenses and other
current liabilities (including accrued expenses and other
current
liabilities of the
consolidated VIEs without recourse to ChinaEdu Group of 11,066 and
12,486
as of December 31,
2009 and December 31, 2010)
|
68,917
|
83,486
|
12,649
|
|
Amounts due to related
parties (including amounts due to related parties of the
consolidated VIEs
without recourse to
ChinaEdu Group of 2,065 and 2,201 as of December 31, 2009
and
December 31,
2010)
|
25,668
|
31,177
|
4,724
|
|
Income taxes payable
(including income taxes payable of the consolidated VIEs without
recourse to
ChinaEdu Group of
7,770 and 8,432 as of December 31, 2009 and December 31,
2010)
|
33,389
|
44,612
|
6,759
|
|
Other taxes payable
(including other taxes payable of the consolidated VIEs without
recourse to
ChinaEdu Group of
2,285 and 2,482 as of December 31, 2009 and December 31,
2010)
|
15,900
|
20,508
|
3,107
|
|
Total current
liabilities
|
248,194
|
297,084
|
45,012
|
|
Deferred revenues
(including deferred revenues of the consolidated VIEs without
recourse to
ChinaEdu Group of
113 and 71 as of December 31, 2009 and December 31,
2010)
|
8,075
|
9,804
|
1,486
|
|
Deferred tax liabilities
(including deferred tax liabilities of the consolidated VIEs
without recourse to
ChinaEdu Group of
1,381 and 1,057 as of December 31, 2009 and December 31,
2010)
|
10,143
|
9,836
|
1,490
|
|
Unrecognized tax benefit
(including unrecognized tax benefit of the consolidated VIEs
without
recourse to
ChinaEdu Group of 1,145 and 1,251 as of December 31, 2009 and
December 31, 2010)
|
7,727
|
3,691
|
559
|
|
Total liabilities
|
274,139
|
320,415
|
48,547
|
|
|
|
|
|
|
ChinaEdu shareholders'
equity
|
559,973
|
596,930
|
90,444
|
|
Noncontrolling
interests
|
102,180
|
132,534
|
20,081
|
|
Total
equity
|
662,153
|
729,464
|
110,525
|
|
Total liabilities and
equity
|
936,292
|
1,049,879
|
159,072
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(in thousands, except for percentage, share, and per share information)
|
|
December
31,2009
|
|
December
31,2010
|
|
December
31,2010
|
|
December
31,2009
|
|
December
31,2010
|
|
December
31,2010
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue
*
|
|
95,871
|
|
102,023
|
|
15,458
|
|
368,447
|
|
402,335
|
|
60,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Tax and
Surcharge
|
|
354
|
|
1,046
|
|
158
|
|
13,741
|
|
13,493
|
|
2,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
76,457
|
|
80,742
|
|
12,234
|
|
285,178
|
|
310,005
|
|
46,970
|
|
Online tutoring
programs
|
|
5,510
|
|
6,004
|
|
910
|
|
19,584
|
|
23,669
|
|
3,586
|
|
Private primary and secondary
schools
|
|
9,816
|
|
11,472
|
|
1,738
|
|
30,627
|
|
41,054
|
|
6,221
|
|
International curriculum
programs
|
|
3,734
|
|
2,759
|
|
418
|
|
19,317
|
|
14,114
|
|
2,139
|
|
Total net revenue
|
|
95,517
|
|
100,977
|
|
15,300
|
|
354,706
|
|
388,842
|
|
58,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
26,575
|
|
30,455
|
|
4,614
|
|
95,428
|
|
101,906
|
|
15,440
|
|
Online tutoring
programs
|
|
1,222
|
|
1,977
|
|
300
|
|
5,713
|
|
6,101
|
|
924
|
|
Private primary and secondary
schools
|
|
7,298
|
|
9,401
|
|
1,424
|
|
26,109
|
|
30,279
|
|
4,588
|
|
International curriculum
programs
|
|
2,531
|
|
2,591
|
|
393
|
|
11,112
|
|
9,416
|
|
1,427
|
|
Total cost of revenue
|
|
37,626
|
|
44,424
|
|
6,731
|
|
138,362
|
|
147,702
|
|
22,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
49,882
|
|
50,287
|
|
7,620
|
|
189,750
|
|
208,099
|
|
31,530
|
|
Online tutoring
programs
|
|
4,288
|
|
4,027
|
|
610
|
|
13,871
|
|
17,568
|
|
2,662
|
|
Private primary and secondary
schools
|
|
2,518
|
|
2,071
|
|
314
|
|
4,518
|
|
10,775
|
|
1,633
|
|
International curriculum
programs
|
|
1,203
|
|
168
|
|
25
|
|
8,205
|
|
4,698
|
|
712
|
|
Total gross profit
|
|
57,891
|
|
56,553
|
|
8,569
|
|
216,344
|
|
241,140
|
|
36,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
65.2%
|
|
62.3%
|
|
62.3%
|
|
66.5%
|
|
67.1%
|
|
67.1%
|
|
Online tutoring
programs
|
|
77.8%
|
|
67.1%
|
|
67.1%
|
|
70.8%
|
|
74.2%
|
|
74.2%
|
|
Private primary and secondary
schools
|
|
25.7%
|
|
18.1%
|
|
18.1%
|
|
14.8%
|
|
26.2%
|
|
26.2%
|
|
International curriculum
programs
|
|
32.2%
|
|
6.1%
|
|
6.1%
|
|
42.5%
|
|
33.3%
|
|
33.3%
|
|
Gross margin
|
|
60.6%
|
|
56.0%
|
|
56.0%
|
|
61.0%
|
|
62.0%
|
|
62.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
23,014
|
|
26,185
|
|
3,967
|
|
82,858
|
|
84,110
|
|
12,744
|
|
Selling and marketing
|
|
6,578
|
|
11,980
|
|
1,815
|
|
23,688
|
|
37,632
|
|
5,702
|
|
Research and
development
|
|
8,410
|
|
9,410
|
|
1,426
|
|
30,385
|
|
37,358
|
|
5,660
|
|
Total operating
expenses
|
|
38,002
|
|
47,575
|
|
7,208
|
|
136,931
|
|
159,100
|
|
24,106
|
|
Income from
operations
|
|
19,889
|
|
8,978
|
|
1,361
|
|
79,413
|
|
82,040
|
|
12,431
|
|
Operating margin
|
|
20.8%
|
|
8.9%
|
|
8.9%
|
|
22.4%
|
|
21.1%
|
|
21.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
761
|
|
141
|
|
21
|
|
1,748
|
|
572
|
|
87
|
|
Interest income
|
|
1,085
|
|
1,590
|
|
241
|
|
4,980
|
|
5,552
|
|
841
|
|
Interest expense
|
|
(1)
|
|
(5)
|
|
(1)
|
|
(2)
|
|
(5)
|
|
(1)
|
|
Investment income
|
|
-
|
|
260
|
|
39
|
|
-
|
|
1,331
|
|
202
|
|
Income before income
tax
|
|
21,734
|
|
10,964
|
|
1,661
|
|
86,139
|
|
89,490
|
|
13,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense)/credit
|
|
(5,487)
|
|
6,002
|
|
909
|
|
(19,287)
|
|
(13,333)
|
|
(2,020)
|
|
Net income
|
|
16,247
|
|
16,966
|
|
2,570
|
|
66,852
|
|
76,157
|
|
11,540
|
|
Net income attributable to the
noncontrolling interests
|
|
(7,191)
|
|
(10,151)
|
|
(1,538)
|
|
(32,073)
|
|
(36,840)
|
|
(5,582)
|
|
Net income attributable to
ChinaEdu
|
|
9,056
|
|
6,815
|
|
1,032
|
|
34,779
|
|
39,317
|
|
5,958
|
|
Net margin
|
|
9.5%
|
|
6.7%
|
|
6.7%
|
|
9.8%
|
|
10.1%
|
|
10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
ChinaEdu per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.56
|
|
0.43
|
|
0.065
|
|
2.14
|
|
2.46
|
|
0.372
|
|
Diluted
|
|
0.51
|
|
0.39
|
|
0.060
|
|
1.99
|
|
2.27
|
|
0.344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average aggregate
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,148,719
|
|
15,976,963
|
|
15,976,963
|
|
16,281,535
|
|
16,001,441
|
|
16,001,441
|
|
Diluted
|
|
17,589,699
|
|
17,267,688
|
|
17,267,688
|
|
17,506,561
|
|
17,336,743
|
|
17,336,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Gross revenue are detailed as
follows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
76,441
|
|
81,462
|
|
12,343
|
|
297,192
|
|
322,433
|
|
48,853
|
|
Online tutoring
programs
|
|
5,658
|
|
6,163
|
|
934
|
|
20,130
|
|
23,873
|
|
3,617
|
|
Private primary and secondary
schools
|
|
9,821
|
|
11,479
|
|
1,739
|
|
30,684
|
|
41,095
|
|
6,227
|
|
International curriculum
programs
|
|
3,951
|
|
2,919
|
|
442
|
|
20,441
|
|
14,934
|
|
2,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated
Statements of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(in thousands, unaudited)
|
|
December
31,2009
|
|
December
31,2010
|
|
December
31,2010
|
|
December
31,2009
|
|
December
31,2010
|
|
December
31,2010
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
16,247
|
|
16,966
|
|
2,570
|
|
66,852
|
|
76,157
|
|
11,540
|
|
Adjustments to reconcile net income to net cash provided by operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,611
|
|
2,079
|
|
315
|
|
7,416
|
|
6,283
|
|
952
|
|
Depreciation and
amortization of property and equipment
|
|
4,560
|
|
6,504
|
|
985
|
|
16,603
|
|
20,971
|
|
3,177
|
|
Amortization of land use
rights
|
|
152
|
|
152
|
|
23
|
|
619
|
|
609
|
|
92
|
|
Amortization of acquired
intangible assets
|
|
1,129
|
|
1,166
|
|
177
|
|
5,237
|
|
4,427
|
|
671
|
|
Provision for amounts due from related parties and account receivables
|
|
(61)
|
|
(540)
|
|
(82)
|
|
364
|
|
(540)
|
|
(82)
|
|
Loss from disposal of
property and equipment
|
|
310
|
|
82
|
|
12
|
|
513
|
|
82
|
|
12
|
|
Deferred income
taxes
|
|
(51)
|
|
(4,366)
|
|
(662)
|
|
306
|
|
(3,930)
|
|
(595)
|
|
Changes in
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(15,121)
|
|
(10,893)
|
|
(1,650)
|
|
(13,844)
|
|
(5,820)
|
|
(882)
|
|
Inventory
|
|
(53)
|
|
234
|
|
35
|
|
(1,852)
|
|
757
|
|
115
|
|
Prepaid expenses and other
current assets
|
|
(2,800)
|
|
(8,056)
|
|
(1,221)
|
|
(5,075)
|
|
(3,013)
|
|
(457)
|
|
Amounts due from related
parties
|
|
11,511
|
|
(42,571)
|
|
(6,450)
|
|
(26,330)
|
|
(68,791)
|
|
(10,423)
|
|
Rental deposits
|
|
62
|
|
126
|
|
19
|
|
90
|
|
(61)
|
|
(9)
|
|
Land use rights
|
|
-
|
|
-
|
|
-
|
|
(1,989)
|
|
-
|
|
-
|
|
Accounts
payable
|
|
(1,373)
|
|
(864)
|
|
(131)
|
|
115
|
|
1,128
|
|
171
|
|
Deferred
revenues
|
|
64,517
|
|
68,455
|
|
10,372
|
|
3,792
|
|
7,432
|
|
1,126
|
|
Accrued expenses and other
current liabilities
|
|
10,043
|
|
5,789
|
|
877
|
|
19,082
|
|
14,628
|
|
2,216
|
|
Amounts due to related
parties
|
|
(37,523)
|
|
(21,336)
|
|
(3,233)
|
|
268
|
|
(153)
|
|
(23)
|
|
Income tax payable
|
|
5,131
|
|
1,503
|
|
228
|
|
5,472
|
|
10,553
|
|
1,599
|
|
Other taxes
payable
|
|
2,054
|
|
4,476
|
|
678
|
|
3,892
|
|
4,555
|
|
690
|
|
Unrecognized tax
benefit
|
|
184
|
|
(4,583)
|
|
(694)
|
|
2,254
|
|
(4,036)
|
|
(612)
|
|
Change in restricted
cash
|
|
(365)
|
|
365
|
|
55
|
|
(365)
|
|
365
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
60,164
|
|
14,688
|
|
2,223
|
|
83,420
|
|
61,603
|
|
9,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment
|
|
(6,277)
|
|
(4,608)
|
|
(698)
|
|
(57,071)
|
|
(26,859)
|
|
(4,070)
|
|
Purchase of
business, net of cash acquired RMB1,382
|
|
-
|
|
1,122
|
|
170
|
|
-
|
|
(6,338)
|
|
(960)
|
|
Deposits paid for
acquisition of property and equipment
|
|
(13,987)
|
|
-
|
|
-
|
|
(11,371)
|
|
(19,792)
|
|
(2,999)
|
|
Purchase of term
deposits
|
|
(33,825)
|
|
40,971
|
|
6,208
|
|
(58,813)
|
|
1,434
|
|
217
|
|
Purchase of
investments
|
|
(6,495)
|
|
(1,598)
|
|
(242)
|
|
(20,578)
|
|
(15,016)
|
|
(2,275)
|
|
Proceeds from the sale of
investment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,000
|
|
455
|
|
Purchase of contractual
right
|
|
(735)
|
|
-
|
|
-
|
|
(1,235)
|
|
-
|
|
-
|
|
Proceeds from disposal of
property and equipment
|
|
-
|
|
4
|
|
1
|
|
-
|
|
112
|
|
17
|
|
Net cash provided by/(used in)
investing activities
|
|
(61,319)
|
|
35,891
|
|
5,439
|
|
(149,068)
|
|
(63,459)
|
|
(9,615)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of
share options
|
|
274
|
|
3,315
|
|
502
|
|
4,163
|
|
6,075
|
|
920
|
|
Prepayment for shares
repurchase
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,824)
|
|
(276)
|
|
Repurchase and
cancellation of ordinary shares
|
|
(14,740)
|
|
(12,070)
|
|
(1,829)
|
|
(76,634)
|
|
(12,393)
|
|
(1,877)
|
|
Short term loan
|
|
(2,117)
|
|
(5,725)
|
|
(867)
|
|
-
|
|
31
|
|
5
|
|
Acquisition of
noncontrolling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(998)
|
|
(151)
|
|
Cash dividends paid to
noncontrolling shareholders
|
|
(4,098)
|
|
-
|
|
-
|
|
(14,698)
|
|
(1,666)
|
|
(252)
|
|
Capital contributions by
noncontrolling shareholders
|
|
735
|
|
490
|
|
74
|
|
1,715
|
|
490
|
|
74
|
|
Net cash used in financing
activities
|
|
(19,946)
|
|
(13,990)
|
|
(2,120)
|
|
(85,454)
|
|
(10,285)
|
|
(1,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rate
changes
|
|
4
|
|
(84)
|
|
(11)
|
|
312
|
|
(509)
|
|
(77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS,
beginning of period
|
|
224,240
|
|
153,988
|
|
23,332
|
|
353,933
|
|
203,143
|
|
30,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end
of period
|
|
203,143
|
|
190,493
|
|
28,863
|
|
203,143
|
|
190,493
|
|
28,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents
|
|
(21,097)
|
|
36,505
|
|
5,531
|
|
(150,790)
|
|
(12,650)
|
|
(1,916)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations from income from
operations to adjusted income from operations (non-GAAP) and
adjusted operating margin (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(in thousands, unaudited)
|
|
December
31,2009
|
|
December
31, 2010
|
|
December
31, 2010
|
|
December
31,2009
|
|
December
31, 2010
|
|
December
31, 2010
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
95,517
|
|
100,977
|
|
15,300
|
|
354,706
|
|
388,842
|
|
58,916
|
|
Income from
operations
|
|
19,889
|
|
8,978
|
|
1,361
|
|
79,413
|
|
82,040
|
|
12,431
|
|
Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,611
|
|
2,079
|
|
315
|
|
7,416
|
|
6,283
|
|
952
|
|
Amortization
|
|
1,281
|
|
1,318
|
|
200
|
|
5,856
|
|
5,036
|
|
763
|
|
Adjusted income from operations
(non-GAAP)
|
|
22,781
|
|
12,375
|
|
1,876
|
|
92,685
|
|
93,359
|
|
14,146
|
|
Adjusted operating margin
(non-GAAP)
|
|
23.9%
|
|
12.3%
|
|
12.3%
|
|
26.1%
|
|
24.0%
|
|
24.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations from net income
attributable to ChinaEdu to adjusted net income attributable to
ChinaEdu (non-GAAP), adjusted net margin (non-GAAP) and adjusted
net income per ADS (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(in thousands, unaudited)
|
|
December
31,2009
|
|
December
31, 2010
|
|
December
31, 2010
|
|
December
31,2009
|
|
December
31, 2010
|
|
December
31, 2010
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
95,517
|
|
100,977
|
|
15,300
|
|
354,706
|
|
388,842
|
|
58,916
|
|
Net income attributable to
ChinaEdu
|
|
9,056
|
|
6,815
|
|
1,032
|
|
34,779
|
|
39,317
|
|
5,958
|
|
Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,611
|
|
2,079
|
|
315
|
|
7,416
|
|
6,283
|
|
952
|
|
Share-based compensation attributable to
the noncontrolling interest
|
|
(183)
|
|
(140)
|
|
(21)
|
|
(925)
|
|
(913)
|
|
(138)
|
|
Amortization
|
|
1,281
|
|
1,318
|
|
200
|
|
5,856
|
|
5,036
|
|
763
|
|
Adjusted net income attributable to
ChinaEdu (non-GAAP)
|
|
11,765
|
|
10,072
|
|
1,526
|
|
47,126
|
|
49,723
|
|
7,535
|
|
Adjusted net margin
(non-GAAP)
|
|
12.3%
|
|
10.0%
|
|
10.0%
|
|
13.3%
|
|
12.8%
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to ChinaEdu
per ADS (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.73
|
|
0.63
|
|
0.096
|
|
2.89
|
|
3.11
|
|
0.471
|
|
Diluted
|
|
0.67
|
|
0.58
|
|
0.088
|
|
2.69
|
|
2.87
|
|
0.435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average aggregate number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,148,719
|
|
15,976,963
|
|
15,976,963
|
|
16,281,535
|
|
16,001,441
|
|
16,001,441
|
|
Diluted
|
|
17,589,699
|
|
17,267,688
|
|
17,267,688
|
|
17,506,561
|
|
17,336,743
|
|
17,336,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE ChinaEdu Corporation