BEIJING, Nov. 21, 2011 /PRNewswire-Asia/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online education services provider in China, today announced its unaudited financial
results for the third quarter and nine months ended September 30, 2011(1).
Key Quarterly Financial and Operating Data
- Total net revenue for the third quarter of 2011 was
$17.9 million, a 12.7 percent
increase from $15.8 million in the
corresponding period in 2010, meeting the high end of Company
guidance.
- Net revenue from online degree programs was $14.2 million, an increase of 12.5 percent from
$12.6 million in the corresponding
period of 2010.
- Net income attributable to ChinaEdu was $0.9 million.
- Adjusted net income attributable to ChinaEdu(2) was
$1.4 million.
- Net income attributable to ChinaEdu per diluted ADS(3) was
$0.056.
- Adjusted net income attributable to ChinaEdu per diluted ADS(4)
was $0.081.
Julia Huang, chairman and chief
executive officer of ChinaEdu commented, "Focusing on growth in our
online degree programs continued to pay off this quarter with net
revenue for the third quarter increasing 12.7 percent over the
corresponding period in 2010 and meeting the high end of our
quarterly revenue guidance. With a solid business in online degree
programs, we continue to expand into other areas that leverage our
core knowledge of interactive learning to find scalability, such as
online tutoring programs. We continue to push to be the market
leader in each of our divisions and we intend to maintain
profitability through this period of investment to continue adding
to our already strong track record of steady profitability since
our IPO in 2007."
Ms. Huang continued, "As we work towards our long-term goals, we
are pleased to have Simon Mei aboard
as our chief financial officer. Mr. Mei brings over nineteen years
of professional experience in audit, accounting and financial
operations and management and a strong Big Four background as well
as experience with educational service providers. He has an
in-depth understanding of the education industry in China and I am confident that he will make
positive contributions to ChinaEdu."
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(1) The
reporting currency of the Company is RMB, but for the convenience
of the reader, the amounts for the three and nine months ended on
September 30, 2010 and September 30, 2011 are presented in U.S.
dollars. Unless otherwise stated, all translations from RMB to U.S.
dollars were made at the rate of RMB6.378 to $1.00, the noon buying
rate in effect on September 30, 2011 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.
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(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.
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(3) "ADS" is American
Depositary Share. Each ADS represents three ordinary
shares.
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(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.
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Financial Results for the Third Quarter
Ended September 30,
2011
Net Revenue
Total net revenue for the third quarter of 2011 was $17.9 million, a 12.7 percent increase from
$15.8 million in the corresponding
period in 2010. Net revenue from online degree programs for the
third quarter of 2011 was $14.2
million, a 12.5 percent increase from $12.6 million for the corresponding period in
2010. The increase was primarily due to the continued expansion of
the Company's learning center network, with organic growth in
revenue students enrolled in online degree programs contributing as
well. As stated in our second quarter 2011 results, enrollment for
2011 Spring semester online degree programs was approximately
159,000 revenue students, a 1.3 percent increase from approximately
157,000 revenue students enrolled in the Spring 2010 semester.
As of September 30, 2011,
ChinaEdu's learning center network was providing online degree
programs for 21 universities with 103 operational learning centers,
of which 59 were proprietary centers(5) and 44 were contracted
centers(6). This compares to 86 operational learning centers as of
the end of the third quarter of 2010, of which 43 were proprietary
and an equal number were contracted centers.
Net revenue from non-degree programs, including online tutoring
programs, private primary and secondary schools and international
and elite curriculum programs, in the third quarter of 2011 was
$3.7 million, a 13.7 percent increase
from $3.2 million in the third
quarter of 2010. Of that, approximately $0.3
million was mainly attributable to increased student
enrollment at our private school in Anqing. Recently, students at
ChinaEdu's private schools have done particularly well on college
and high school entrance exams, increasing awareness of the schools
and thereby driving higher enrollment numbers.
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(5) 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.
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(6) 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.
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Cost of Revenue
Total cost of revenue for the third quarter of 2011 was
$7.5 million, an increase of 28.8
percent, from $5.8 million in the
corresponding period of 2010. Cost of revenue for online degree
programs in the third quarter of 2011 was $5.0 million, an increase of 21.6 percent
compared to $4.1 million in the
corresponding period of 2010. Continued expansion of the Company's
learning center network, as well as spending related to the
development of teacher training programs hosted by collaborative
alliance university partners, drove the increase in cost of revenue
for online degree programs.
Cost of revenue for non-degree programs in the third quarter of
2011 was $2.5 million, an increase of
45.8 percent from $1.7 million in the
third quarter of 2010. The rise in cost was related to an increase
in staff and rental costs associated with the expansion of
international and elite curriculum programs as well as the further
development of interactive and personalized learning products for
online tutoring programs. There were also increased costs
associated with the Anqing School, including continued increases in
teaching staff costs and cafeteria costs related to a growing
student body as well as an increased depreciation charge for the
new campus.
Gross Profit and Gross Margin
Gross profit for the third quarter of 2011 was $10.4 million, compared to $10.1 million in the corresponding period of
2010. Total gross margin decreased to 58.2 percent, compared to
63.4 percent for the corresponding period in 2010. Gross margin for
online degree programs decreased to 65.1 percent for the third
quarter of 2011, compared to 67.7 percent in the corresponding
period of 2010. The decrease in gross margin was primarily due to
the expansion of our learning center network and was also due to
increased costs associated with the development of our teacher
training programs. In the future, we expect gross margin for online
degree programs to continue to decrease somewhat as the percentage
of total net revenue contributed by the Company's learning center
network increases. This is because the learning center network's
sales and service based model results in a higher cost of sales,
whereas the traditional joint venture model is more operationally
driven.
Gross margin for online tutoring programs decreased to 65.6
percent, down from 76.0 percent in third quarter of 2010, largely
due to increased staff costs associated with the expansion of our
interactive course offerings and the addition of more off-line
personalized tutoring services. Gross margin for private schools
decreased to 29.4 percent, compared to 34.2 percent in the
corresponding period in 2010. The decrease was related to an
increased depreciation charge for our Anqing School's new campus as
well as increased staff costs associated with a growing student
body.
Having launched an entirely new program in our international
division this fiscal year, gross margin for the international
curriculum and elite programs was negative 20.0 percent for the
third quarter of 2011, compared to positive 32.2 percent for the
third quarter of 2010. This was primarily due to increases in staff
costs and rental costs related to the expansion of new programs in
this division.
Operating Expenses
Total operating expenses were $7.6
million in the third quarter of 2011, a 23.8 percent
increase from $6.1 million for the
corresponding period in 2010. As a percentage of net revenue, total
operating expenses increased to 42.5 percent, compared to 38.7
percent in the corresponding period in 2010. The increase in total
operating expenses was the result of the following:
- General and administrative expenses for the third quarter of
2011 were $3.7 million, an increase
of 18.9 percent from $3.1 million for
the corresponding period in 2010. As a percentage of net revenue,
general and administrative expenses increased to 20.5 percent from
19.4 percent in the same period in 2010. Increased staff costs and
rising costs associated with leased facilities were the primary
reasons for the increase.
- Selling and marketing expenses were $2.2
million in the third quarter of 2011, an increase of 44.7
percent compared to $1.5 million for
the corresponding period in 2010. As a percentage of net revenue,
selling and marketing expenses increased to 12.5 percent, up from
9.8 percent in the same period in 2010. The increase in selling and
marketing expenses were mainly related to growth in sales force
headcount for online tutoring programs in Beijing and expenses related to promotional
and branding activities on a national level.
- Research and development expenses for the third quarter of 2011
were $1.7 million, an increase of
12.2 percent from $1.5 million in the
corresponding period in 2010. The increase was primarily
attributable to an increase in research and development headcount
in connection with upgrading learning management systems and
enhancing courseware development, particularly for the development
of interactive products. As a percentage of net revenue, the
research and development expense was 9.5 percent in the third
quarter 2011, a slight decrease from 9.6 percent in the same period
of 2010.
- Share-based compensation for the third quarter of 2011, which
is allocated to the related cost and operating expense line items,
remained stable as $0.3 million,
level with the corresponding period in 2010.
Income from Operations
Income from operations in the third quarter of 2011 was
$2.8 million, a decrease of 28.4
percent compared to $3.9 million in
the corresponding period of 2010. Operating margin decreased to
15.7 percent for the third quarter of 2011, compared to 24.7
percent in the corresponding period of 2010.
Adjusted income from operations, a non-GAAP measure defined as
income from operations excluding share-based compensation, and
amortization of intangible assets and land use rights, was
$3.2 million for the third quarter of
2011, a decrease of 25.8 percent compared to $4.4 million in the corresponding period of
2010.
Adjusted operating margin, a non-GAAP measure defined as the
ratio of adjusted income from operations (non-GAAP) over net
revenue, for the third quarter of 2011 decreased to 18.2 percent,
compared to 27.6 percent for the corresponding period of 2010.
Interest Income and Investment Income
Interest income and investment income for the third quarter of
2011 remained stable at $0.3 million,
compared to $0.3 million for the
corresponding quarter of 2010.
Income Tax Expense
In the third quarter of 2011, income tax expense was
$0.5 million and the effective income
tax rate was 14.2 percent, compared with an income tax expense of
$0.7 million and effective income tax
rate of 17.3 percent in same period of 2010.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests remained
stable at $1.8 million in the third
quarter of 2011, compared to $1.7
million in the corresponding period in 2010.
Net Income Attributable to ChinaEdu
Net income attributable to ChinaEdu, which is net income,
excluding net income attributable to non-controlling interests, was
$0.9 million in the third quarter of
2011, representing a decrease of 49.2 percent from $1.8 million in the corresponding period of
2010.
Net income attributable to ChinaEdu per basic and diluted ADS
was $0.059 and $0.056, respectively, for the third quarter of
2011, as compared to $0.114 and
$0.107, respectively, for the
corresponding period in 2010.
Adjusted net income attributable to ChinaEdu (non-GAAP) was
$1.4 million in the third quarter of
2011 compared to $2.3 million in the
corresponding period of 2010. Adjusted net margin, a non-GAAP
measure defined as the ratio of adjusted net income attributable to
ChinaEdu (non-GAAP) over net revenue, was 7.6 percent in the third
quarter of 2011, compared to 14.4 percent in the corresponding
period of 2010.
Adjusted net income attributable to ChinaEdu per basic and
diluted ADS (non-GAAP) was $0.086 and
$0.081, respectively, for the third
quarter of 2011, compared to $0.141
and $0.132, respectively, in the
corresponding period of 2010.
Deferred Revenue
At the end of the third quarter of 2011, deferred revenue was
$8.8 million, consisting of current
deferred revenue in the amount of $7.1
million and non-current deferred revenue in the amount of
$1.7 million. The majority of the
balance of deferred revenue is comprised of private school and
online tutoring program revenue. Private school revenue is received
in September, but amortized over 6 or 12 months while online
tutoring program revenue is received and mostly amortized over 12
months.
Cash and Cash Equivalents and Term Deposits
As of September 30, 2011, the
Company reported cash and cash equivalents and term deposits of
$48.5 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 $36.0 million as of September 30, 2011 as compared to $38.7 million as of December 31, 2010.
2011 Year-to-Date Financial Results
Net Revenue
For the nine months ended September 30,
2011, total net revenue was $49.4
million, which represented an increase of 9.5 percent over
$45.1 million in the corresponding
period in 2010. Net revenue from online degree programs for the
first nine months of 2011 was $39.2
million, representing a 9.2 percent increase from
$35.9 million in the corresponding
period of 2010. Net revenue from non-online degree programs for the
nine months ended September 30, 2011
was $10.2 million, compared to
$9.2 million in 2010, a 10.8 percent
increase. The growth in total net revenue is mainly the result of
strong enrollment in our online degree programs both in the Fall
semester of 2010 and Spring semester of 2011, particularly through
our learning center network. Growth in net revenue from our Anqing
School and our 101 online tutoring programs also contributed to the
net revenue increase.
Cost of Revenue
For the nine months ended September 30,
2011, total cost of revenue was $20.6
million, an increase from $16.2
million for the corresponding period in 2010. Cost of
revenue for online degree programs for the nine months ended
September 30, 2011 was $13.8 million, an increase of 22.9 percent
compared to $11.2 million in the
corresponding period of 2010. The increase was primarily due to
cost increases related to the expansion of the Company's learning
center network and increases in headcount across business
lines.
Cost of revenue for non-online degree programs in the nine
months of 2011 was $6.8 million, an
increase of 37.3 percent compared to $5.0
million in the corresponding period of 2010. The increase
was primarily attributable to an increase in teaching and
recruiting costs related to the expansion of international and
elite curriculum programs to meet market demand for study-abroad
opportunities. The increase was also due to an increased
depreciation charge at the Anqing School as well as additional
headcount required to develop interactive and personalized learning
products for online tutoring programs.
Gross Profit
Gross profit for the nine months ended September 30, 2011 was $28.8 million, a slight decrease of 0.4 percent
compared with $28.9 million for the
corresponding period in 2010. The decrease was primarily due to a
decrease in gross margin for international and elite curriculum
programs.
Income from Operations
Income from operations was $7.1
million for the nine months ended September 30, 2011, representing a decrease of
37.8 percent from $11.5 million for
the corresponding period in 2010. Operating margin was 14.4 percent
for the nine months ended September 30,
2011 compared to 25.4 percent for the corresponding period
in 2010.
Adjusted income from operations (non-GAAP) was $8.4 million for the nine months ended
September 30, 2011, representing a
decrease of 33.5 percent, compared to $12.7
million in the corresponding period of 2010. Adjusted
operating margin (non-GAAP) for the nine months ended September 30, 2011 was 17.1 percent, compared to
28.1 percent for the corresponding period in 2010.
Interest Income and Investment Income
Interest income and investment income increased 36.5 percent to
$1.1 million in the nine months ended
September 30, 2011, compared to
$0.8 million for the correspondence
period of 2010.
Income Tax Expense
Income tax expense for the nine months ended September 30, 2011 was $1.5 million, compared with $3.0 million for the correspondence period of
2010.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests was
$4.6 million for the nine months
ended September 30, 2011, an increase
of 9.4 percent compared to $4.2
million in the corresponding period of 2010. The increase
was primarily due to a non-controlling interest impact related to
the increase in net income from online degree programs.
Net Income attributable to ChinaEdu
Net income attributable to ChinaEdu was $2.3 million for the nine months ended
September 30, 2011, representing a
decrease of 55.4 percent from $5.1
million for the corresponding period in 2010. Net margin was
4.6 percent for the nine months ended September 30, 2011, compared to 11.3 percent for
the corresponding period in 2010.
Adjusted net margin was 7.1 percent for the nine months ended
September 30, 2011, compared to 13.8
percent for the corresponding period of 2010. The decrease was
primarily due to decreased net profit in the second and third
quarter of 2011.
Fourth Quarter 2011 Guidance
ChinaEdu expects total net revenue in the fourth quarter of 2011
to range from RMB110 million to RMB115
million or $17.4 million to $18.0
million. This forecast reflects ChinaEdu's current and
preliminary view, which is subject to change.
Recent Developments –CFO Appointment
On November 3, 2011, the Company
announced the appointment of Mr. Simon
Mei as chief financial officer. Simon Mei joined ChinaEdu Corporation from
Deloitte Touche Tohmatsu CPA Ltd., where he was a senior manager in
assurance and advisory services in Beijing. Previously, Mr. Mei held senior
manager and manager positions at Ernst & Young LLP and KPMG LLP
respectively, during his nine years in Canada. His years of Big Four audit work
included the execution of multiple IPO audits including companies
in the education industry. Before going into audit, Mr. Mei was a
finance and administrative manager in Beijing for Kennametal Ltd., a US$3 billion NYSE- listed company that
manufactures metal cutting and mining products in China through its subsidiary Kennametal
(China). There, he was responsible
for financial reporting, strategic planning, treasury, risk
management, investor and bank relations, corporate governance,
taxation, audit and budgeting. Mr. Mei began his career as a
corporate accountant for China Trust and Investment Corporation in
Beijing, where he was responsible
for financial reporting for this RMB20
billion financial institution. Mr. Mei holds a master's
degree in finance from Renmin University of China in Beijing and a bachelor's degree in finance
from Zhong Nan University of Finance and Economics in Wuhan, China. He earned his certified
management accountant designation in the
United States in 2003 and his Canadian chartered accountant
designation in Edmonton, Alberta
in 2006.
Conference Call
ChinaEdu's management will hold an earnings conference call at
8:00 a.m. U.S. Eastern Time on
November 22, 2011 (9:00 p.m. Beijing/Hong Kong Time on November 22, 2011).
Dial-in details for the earnings conference call are as
follows:
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International:
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+65 67239381
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Hong Kong:
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+852 24750994
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United States:
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+1 (718)
354-1231
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Toll-free China,
Mobile:
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4006208038
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Toll-free
China:
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8008190121
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Toll-free United
States:
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1 (866)
519-4004
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Conference ID:
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25374600
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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 and a replay of the conference call may be
accessed by phone until November 29,
2011.
Dial-in numbers for the replay are as follows:
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Toll Free United
States:
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+1 866 214 5335
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International:
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+1 718 354 1232
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Conference ID:
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25374600
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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, support for international and elite curriculum
programs and online learning community for adult students.
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 19 long-term contracts that generally vary from 10 to
50 years in length. ChinaEdu also performs recruiting services for
21 universities through nationwide learning center 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, 2010, 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.
For investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +86 13911672124
E-mail: helen@chinaedu.net
Jin Yu
Investor Relations Manager
ChinaEdu Corporation
Phone: +86 15711096022
E-mail: jinyu@chinaedu.net
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ChinaEdu
Corporation
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Unaudited Condensed Consolidated
Balance Sheets
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(in thousands, unaudited)
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December
31, 2010
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September
30, 2011
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September
30, 2011
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RMB
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RMB
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US$
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Current assets:
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Cash and cash
equivalents
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190,493
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222,421
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34,873
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Term deposits
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120,500
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87,163
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13,666
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Short-term
investments
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32,469
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35,456
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5,559
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Accounts receivable
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35,091
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23,445
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3,676
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Inventories
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358
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-
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-
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Prepaid expenses and other
current assets
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30,966
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27,192
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4,263
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Amounts due from related
parties
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246,925
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229,308
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35,953
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Deferred tax
assets-current
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5,003
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1,400
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220
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Total current
assets
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661,805
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626,385
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98,210
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Deferred tax
assets-non-current
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3,470
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9,761
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1,530
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Rental deposits
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936
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2,622
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411
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Land use rights
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27,265
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26,809
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4,203
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Property and equipment,
net
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227,507
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241,835
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37,917
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Deposits paid for acquisition of
property and equipment
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19,792
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14,990
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2,350
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Acquired intangible assets,
net
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65,849
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64,716
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10,147
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Goodwill
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43,255
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43,255
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6,782
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Total assets
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1,049,879
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1,030,373
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161,550
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Liabilities and
equity
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Current
liabilities:
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Accounts payable (including
accounts payable of the consolidated VIE without recourse to
the
Group of 10,277 and 10,895
as of December 31, 2010 and September 30, 2011)
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11,410
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11,719
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1,837
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Deferred revenues-current
(including deferred revenues of the consolidated VIE without
recourse to
the Group of 18,762 and
23,147 as of December 31, 2010 and September 30, 2011)
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105,891
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45,315
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7,105
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Accrued expenses and other
current liabilities (including accrued expenses and other
current
liabilities of the
consolidated VIE without recourse to the Group of 12,486 and
19,184
as of December 31, 2010
and September 30, 2011)
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83,486
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101,504
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15,915
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Amounts due to related parties
(including amounts due to related parties of the consolidated
VIE
without recourse to the
Group of 2,201 and 1,786 as of December 31, 2010 and September 30,
2011)
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31,177
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23,190
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3,636
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Income taxes payable (including
income taxes payable of the consolidated VIE without recourse to
the
Group of 8,432 and 9.033
as of December 31, 2010 and September 30, 2011)
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44,612
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42,129
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6,605
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|
Other taxes payable (including
other taxes payable of the consolidated VIE without recourse to
the
Group of 2,482 and 2,774
as of December 31, 2010 and September 30, 2011)
|
20,508
|
18,490
|
2,899
|
|
|
Total current
liabilities
|
297,084
|
242,347
|
37,997
|
|
|
Deferred revenues-non-current
(including deferred revenues of the consolidated VIE without
recourse
to the Group of 71 and 38
as of December 31, 2010 and September 30, 2011)
|
9,804
|
11,005
|
1,725
|
|
|
Deferred tax
liabilities-non-current (including deferred tax liabilities of the
consolidated VIE without
recourse to the Group of
1,057 and 1,027 as of December 31, 2010 and September 30,
2011)
|
9,836
|
9,384
|
1,471
|
|
|
Unrecognized tax benefit
(including unrecognized tax benefit of the consolidated VIE
without
recourse to the Group of
1,251 and 2,079 as of December 31, 2010 and September 30,
2011)
|
3,691
|
5,422
|
850
|
|
|
Total liabilities
|
320,415
|
268,158
|
42,043
|
|
|
|
|
|
|
|
ChinaEdu shareholders'
equity
|
595,979
|
601,947
|
94,379
|
|
|
Noncontrolling
interests
|
133,485
|
160,268
|
25,128
|
|
|
Total
equity
|
729,464
|
762,215
|
119,507
|
|
|
Total liabilities and
equity
|
1,049,879
|
1,030,373
|
161,550
|
|
|
|
|
|
|
ChinaEdu Corporation
|
|
|
Unaudited Condensed Consolidated Statements of Operations
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
(in thousands, except for
percentage, share, and per share information)
|
|
September
30, 2010
|
|
June
30, 2011
|
|
September
30, 2011
|
|
September
30, 2011
|
|
September
30, 2010
|
|
September
30, 2011
|
|
September
30, 2011
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue
*
|
|
105,115
|
|
115,327
|
|
118,800
|
|
18,626
|
|
300,312
|
|
329,989
|
|
51,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Tax
|
|
4,044
|
|
5,296
|
|
4,880
|
|
765
|
|
12,447
|
|
14,688
|
|
2,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
80,560
|
|
88,085
|
|
90,597
|
|
14,204
|
|
229,263
|
|
250,347
|
|
39,251
|
|
|
Online tutoring
programs
|
|
6,180
|
|
7,250
|
|
6,792
|
|
1,065
|
|
17,665
|
|
19,698
|
|
3,089
|
|
|
Private primary and secondary
schools
|
|
10,848
|
|
11,880
|
|
12,445
|
|
1,951
|
|
29,582
|
|
35,565
|
|
5,576
|
|
|
International and elite
curriculum programs
|
|
3,483
|
|
2,816
|
|
4,086
|
|
641
|
|
11,355
|
|
9,691
|
|
1,520
|
|
|
Total net revenue
|
|
101,071
|
|
110,031
|
|
113,920
|
|
17,861
|
|
287,865
|
|
315,301
|
|
49,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
25,986
|
|
29,500
|
|
31,597
|
|
4,954
|
|
71,451
|
|
87,809
|
|
13,767
|
|
|
Online tutoring
programs
|
|
1,486
|
|
2,077
|
|
2,334
|
|
366
|
|
4,124
|
|
6,424
|
|
1,007
|
|
|
Private primary and secondary
schools
|
|
7,138
|
|
8,395
|
|
8,782
|
|
1,377
|
|
20,878
|
|
25,538
|
|
4,004
|
|
|
International and elite
curriculum programs
|
|
2,362
|
|
4,168
|
|
4,902
|
|
769
|
|
6,825
|
|
11,735
|
|
1,840
|
|
|
Total cost of revenue
|
|
36,972
|
|
44,140
|
|
47,615
|
|
7,466
|
|
103,278
|
|
131,506
|
|
20,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
54,574
|
|
58,585
|
|
59,000
|
|
9,250
|
|
157,812
|
|
162,538
|
|
25,484
|
|
|
Online tutoring
programs
|
|
4,694
|
|
5,173
|
|
4,458
|
|
699
|
|
13,541
|
|
13,274
|
|
2,082
|
|
|
Private primary and secondary
schools
|
|
3,710
|
|
3,485
|
|
3,663
|
|
574
|
|
8,704
|
|
10,027
|
|
1,572
|
|
|
International and elite
curriculum programs
|
|
1,121
|
|
(1,352)
|
|
(816)
|
|
(128)
|
|
4,530
|
|
(2,044)
|
|
(320)
|
|
|
Total gross profit
|
|
64,099
|
|
65,891
|
|
66,305
|
|
10,395
|
|
184,587
|
|
183,795
|
|
28,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
67.7%
|
|
66.5%
|
|
65.1%
|
|
65.1%
|
|
68.8%
|
|
64.9%
|
|
64.9%
|
|
|
Online tutoring
programs
|
|
76.0%
|
|
71.4%
|
|
65.6%
|
|
65.6%
|
|
76.7%
|
|
67.4%
|
|
67.4%
|
|
|
Private primary and secondary
schools
|
|
34.2%
|
|
29.3%
|
|
29.4%
|
|
29.4%
|
|
29.4%
|
|
28.2%
|
|
28.2%
|
|
|
International and elite
curriculum programs
|
|
32.2%
|
|
(48.0%)
|
|
(20.0%)
|
|
(20.0%)
|
|
39.9%
|
|
(21.1%)
|
|
(21.1%)
|
|
|
Gross margin
|
|
63.4%
|
|
59.9%
|
|
58.2%
|
|
58.2%
|
|
64.1%
|
|
58.3%
|
|
58.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
19,605
|
|
24,612
|
|
23,320
|
|
3,656
|
|
57,925
|
|
69,829
|
|
10,948
|
|
|
Selling and marketing
|
|
9,856
|
|
14,083
|
|
14,264
|
|
2,236
|
|
25,652
|
|
37,415
|
|
5,866
|
|
|
Research and
development
|
|
9,665
|
|
10,501
|
|
10,843
|
|
1,700
|
|
27,948
|
|
31,102
|
|
4,876
|
|
|
Total operating
expenses
|
|
39,126
|
|
49,196
|
|
48,427
|
|
7,592
|
|
111,525
|
|
138,346
|
|
21,690
|
|
|
Income from
operations
|
|
24,973
|
|
16,695
|
|
17,878
|
|
2,803
|
|
73,062
|
|
45,449
|
|
7,128
|
|
|
Operating margin
|
|
24.7%
|
|
15.2%
|
|
15.7%
|
|
15.7%
|
|
25.4%
|
|
14.4%
|
|
14.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
143
|
|
299
|
|
297
|
|
47
|
|
431
|
|
719
|
|
113
|
|
|
Interest income
|
|
1,560
|
|
2,139
|
|
2,153
|
|
338
|
|
3,962
|
|
6,202
|
|
972
|
|
|
Investment income
|
|
549
|
|
629
|
|
37
|
|
6
|
|
1,071
|
|
666
|
|
104
|
|
|
Income before income
tax
|
|
27,225
|
|
19,762
|
|
20,365
|
|
3,194
|
|
78,526
|
|
53,036
|
|
8,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(4,723)
|
|
(3,981)
|
|
(2,897)
|
|
(454)
|
|
(19,335)
|
|
(9,353)
|
|
(1,466)
|
|
|
Net income
|
|
22,502
|
|
15,781
|
|
17,468
|
|
2,740
|
|
59,191
|
|
43,683
|
|
6,851
|
|
|
Net income attributable to the
noncontrolling interests
|
|
(10,777)
|
|
(10,741)
|
|
(11,514)
|
|
(1,805)
|
|
(26,689)
|
|
(29,195)
|
|
(4,577)
|
|
|
Net income attributable to
ChinaEdu
|
|
11,725
|
|
5,040
|
|
5,954
|
|
935
|
|
32,502
|
|
14,488
|
|
2,274
|
|
|
Net margin
|
|
11.6%
|
|
4.6%
|
|
5.2%
|
|
5.2%
|
|
11.3%
|
|
4.6%
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
ChinaEdu per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.73
|
|
0.32
|
|
0.38
|
|
0.059
|
|
2.03
|
|
0.91
|
|
0.144
|
|
|
Diluted
|
|
0.68
|
|
0.30
|
|
0.36
|
|
0.056
|
|
1.87
|
|
0.85
|
|
0.134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average aggregate
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,043,240
|
|
15,853,838
|
|
15,753,809
|
|
15,753,809
|
|
16,009,690
|
|
15,838,717
|
|
15,838,717
|
|
|
Diluted
|
|
17,306,106
|
|
17,000,614
|
|
16,720,855
|
|
16,720,855
|
|
17,359,851
|
|
16,983,130
|
|
16,983,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Gross revenue are detailed as
follows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
84,148
|
|
93,028
|
|
95,073
|
|
14,906
|
|
240,971
|
|
263,910
|
|
41,378
|
|
|
Online tutoring
programs
|
|
6,399
|
|
7,414
|
|
6,940
|
|
1,088
|
|
17,710
|
|
20,204
|
|
3,168
|
|
|
Private primary and secondary
schools
|
|
10,882
|
|
11,905
|
|
12,463
|
|
1,954
|
|
29,616
|
|
35,620
|
|
5,585
|
|
|
International curriculum
programs
|
|
3,686
|
|
2,980
|
|
4,324
|
|
678
|
|
12,015
|
|
10,255
|
|
1,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash Flow
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
(in thousands,
unaudited)
|
|
September
30, 2010
|
|
June
30, 2011
|
|
September
30, 2011
|
|
September
30, 2011
|
|
September
30, 2010
|
|
September
30, 2011
|
|
September
30, 2011
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
22,502
|
|
15,781
|
|
17,468
|
|
2,740
|
|
59,191
|
|
43,683
|
|
6,851
|
|
|
Adjustments to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
1,700
|
|
1,649
|
|
1,619
|
|
253
|
|
4,204
|
|
4,823
|
|
756
|
|
|
Depreciation and amortization of property and equipment
|
|
4,957
|
|
5,748
|
|
5,728
|
|
898
|
|
14,467
|
|
17,263
|
|
2,707
|
|
|
Amortization of land use rights
|
|
152
|
|
152
|
|
152
|
|
23
|
|
457
|
|
456
|
|
71
|
|
|
Amortization of acquired intangible assets
|
|
1,088
|
|
1,017
|
|
1,059
|
|
166
|
|
3,261
|
|
3,093
|
|
485
|
|
|
Loss(gain) on sale of bonds
|
|
-
|
|
58
|
|
(37)
|
|
(6)
|
|
-
|
|
21
|
|
3
|
|
|
Gain on sale of investment
|
|
-
|
|
(687)
|
|
-
|
|
-
|
|
-
|
|
(687)
|
|
(108)
|
|
|
Loss from disposal of property and equipment
|
|
4
|
|
17
|
|
55
|
|
9
|
|
-
|
|
153
|
|
24
|
|
|
Deferred income taxes
|
|
(318)
|
|
(1,079)
|
|
(3,108)
|
|
(487)
|
|
436
|
|
(3,140)
|
|
(492)
|
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Accounts receivable
|
|
9,100
|
|
(22,492)
|
|
14,342
|
|
2,249
|
|
5,073
|
|
11,646
|
|
1,826
|
|
|
Inventory
|
|
4
|
|
360
|
|
-
|
|
-
|
|
523
|
|
358
|
|
56
|
|
|
Prepaid expenses and other current assets
|
|
348
|
|
(1,576)
|
|
5,087
|
|
798
|
|
5,043
|
|
3,022
|
|
474
|
|
|
Amounts due from related parties
|
|
50,989
|
|
(96,759)
|
|
41,318
|
|
6,478
|
|
(26,220)
|
|
17,354
|
|
2,721
|
|
|
Rental deposits
|
|
(65)
|
|
(275)
|
|
(94)
|
|
(15)
|
|
(187)
|
|
(1,686)
|
|
(264)
|
|
|
Accounts payable
|
|
1,636
|
|
3,261
|
|
1,854
|
|
291
|
|
1,992
|
|
6,436
|
|
1,009
|
|
|
Deferred revenues
|
|
(70,660)
|
|
74,726
|
|
(72,711)
|
|
(11,400)
|
|
(61,023)
|
|
(59,257)
|
|
(9,291)
|
|
|
Accrued expenses and other current liabilities
|
|
4,975
|
|
17,173
|
|
7,943
|
|
1,245
|
|
8,839
|
|
18,164
|
|
2,848
|
|
|
Amounts due to related parties
|
|
(17,200)
|
|
8,368
|
|
(7,944)
|
|
(1,246)
|
|
21,183
|
|
(12,791)
|
|
(2,005)
|
|
|
Income tax payable
|
|
4,960
|
|
3,535
|
|
5,241
|
|
822
|
|
9,050
|
|
(2,483)
|
|
(389)
|
|
|
Other taxes payable
|
|
1,533
|
|
3,401
|
|
1,555
|
|
244
|
|
79
|
|
(2,018)
|
|
(316)
|
|
|
Unrecognized tax benefit
|
|
60
|
|
662
|
|
473
|
|
74
|
|
547
|
|
1,731
|
|
271
|
|
|
Net cash provided by operating activities
|
|
15,765
|
|
13,040
|
|
20,000
|
|
3,136
|
|
46,915
|
|
46,141
|
|
7,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
(12,052)
|
|
(6,355)
|
|
(3,810)
|
|
(597)
|
|
(22,251)
|
|
(18,086)
|
|
(2,836)
|
|
|
Prepaid acquisition cost
|
|
(7,460)
|
|
-
|
|
|
|
-
|
|
(7,460)
|
|
-
|
|
-
|
|
|
Deposits paid for acquisition of property and equipment
|
|
(19,792)
|
|
(14,546)
|
|
(444)
|
|
(70)
|
|
(19,792)
|
|
(14,990)
|
|
(2,350)
|
|
|
Purchase of term deposits
|
|
17,800
|
|
37,401
|
|
38,936
|
|
6,105
|
|
(39,537)
|
|
33,337
|
|
5,227
|
|
|
Purchase of investments
|
|
(1,494)
|
|
(11,000)
|
|
-
|
|
-
|
|
(13,418)
|
|
(17,000)
|
|
(2,665)
|
|
|
Proceeds from the sale of investment
|
|
3,000
|
|
11,546
|
|
1,674
|
|
262
|
|
3,000
|
|
13,220
|
|
2,073
|
|
|
Acquisition of noncontrolling interest
|
|
(998)
|
|
-
|
|
-
|
|
-
|
|
(998)
|
|
-
|
|
-
|
|
|
Purchase of exclusive partnership
|
|
-
|
|
-
|
|
(1,960)
|
|
(307)
|
|
-
|
|
(1,960)
|
|
(307)
|
|
|
Proceeds from disposal of property and equipment
|
|
-
|
|
1
|
|
21
|
|
3
|
|
108
|
|
255
|
|
40
|
|
|
Net cash (used in) provided by investing activities
|
|
(20,996)
|
|
17,047
|
|
34,417
|
|
5,396
|
|
(100,348)
|
|
(5,224)
|
|
(818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of share options
|
|
574
|
|
94
|
|
204
|
|
32
|
|
2,760
|
|
578
|
|
91
|
|
|
Prepayment for shares repurchase
|
|
-
|
|
(130)
|
|
-
|
|
-
|
|
(1,824)
|
|
(130)
|
|
(20)
|
|
|
Repurchase and cancellation of ordinary shares
|
|
-
|
|
(5,723)
|
|
(1,026)
|
|
(161)
|
|
(323)
|
|
(6,749)
|
|
(1,058)
|
|
|
Repayment of loan from related party
|
|
-
|
|
(25,000)
|
|
(8,000)
|
|
(1,254)
|
|
-
|
|
(33,000)
|
|
(5,174)
|
|
|
Short term loan
|
|
5,756
|
|
-
|
|
-
|
|
-
|
|
5,756
|
|
-
|
|
-
|
|
|
Loan from related party
|
|
-
|
|
-
|
|
2,000
|
|
314
|
|
-
|
|
37,500
|
|
5,880
|
|
|
Cash dividends paid to noncontrolling shareholders
|
|
(196)
|
|
-
|
|
-
|
|
-
|
|
(1,666)
|
|
(10,251)
|
|
(1,607)
|
|
|
Capital contributions by noncontrolling shareholders
|
|
-
|
|
-
|
|
1,960
|
|
307
|
|
-
|
|
2,960
|
|
464
|
|
|
Net cash (used in) provided by financing activities
|
|
6,134
|
|
(30,759)
|
|
(4,862)
|
|
(762)
|
|
4,703
|
|
(9,092)
|
|
(1,424)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes
|
|
(208)
|
|
(39)
|
|
(9)
|
|
(2)
|
|
(425)
|
|
103
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, beginning of period
|
|
153,293
|
|
173,586
|
|
172,875
|
|
27,105
|
|
203,143
|
|
190,493
|
|
29,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of period
|
|
153,988
|
|
172,875
|
|
222,421
|
|
34,873
|
|
153,988
|
|
222,421
|
|
34,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
695
|
|
(711)
|
|
49,546
|
|
7,768
|
|
(49,155)
|
|
31,928
|
|
5,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited reconciliations from
income from operations to adjusted income from operations
(non-GAAP) and adjusted operating margin (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
(in thousands,
unaudited)
|
|
September
30, 2010
|
|
June
30, 2011
|
|
September
30, 2011
|
|
September
30, 2011
|
|
September
30, 2010
|
|
September
30, 2011
|
|
September
30, 2011
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
101,071
|
|
110,031
|
|
113,920
|
|
17,861
|
|
287,865
|
|
315,301
|
|
49,436
|
|
|
Income from
operations
|
|
24,973
|
|
16,695
|
|
17,878
|
|
2,803
|
|
73,062
|
|
45,449
|
|
7,128
|
|
|
Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,700
|
|
1,649
|
|
1,619
|
|
253
|
|
4,204
|
|
4,823
|
|
756
|
|
|
Amortization of intangible
assets and land use rights
|
|
1,240
|
|
1,169
|
|
1,211
|
|
189
|
|
3,718
|
|
3,549
|
|
556
|
|
|
Adjusted income from operations
(non-GAAP)
|
|
27,913
|
|
19,513
|
|
20,708
|
|
3,245
|
|
80,984
|
|
53,821
|
|
8,440
|
|
|
Adjusted operating margin
(non-GAAP)
|
|
27.6%
|
|
17.7%
|
|
18.2%
|
|
18.2%
|
|
28.1%
|
|
17.1%
|
|
17.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited 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
|
|
Nine Months Ended
|
|
|
(in thousands,
unaudited)
|
|
September
30, 2010
|
|
June
30, 2011
|
|
September
30, 2011
|
|
September
30, 2011
|
|
September
30, 2010
|
|
September
30, 2011
|
|
September
30, 2011
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
101,071
|
|
110,031
|
|
113,920
|
|
17,861
|
|
287,865
|
|
315,301
|
|
49,436
|
|
|
Net income attributable to
ChinaEdu
|
|
11,725
|
|
5,040
|
|
5,954
|
|
935
|
|
32,502
|
|
14,488
|
|
2,274
|
|
|
Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,700
|
|
1,649
|
|
1,619
|
|
253
|
|
4,204
|
|
4,823
|
|
756
|
|
|
Share-based compensation
attributable to the noncontrolling interest
|
|
(149)
|
|
(134)
|
|
(122)
|
|
(19)
|
|
(624)
|
|
(376)
|
|
(59)
|
|
|
Amortization of intangible
assets and land use rights
|
|
1,240
|
|
1,169
|
|
1,211
|
|
189
|
|
3,718
|
|
3,549
|
|
556
|
|
|
Adjusted net income attributable
to ChinaEdu (non-GAAP)
|
|
14,516
|
|
7,724
|
|
8,662
|
|
1,358
|
|
39,800
|
|
22,484
|
|
3,527
|
|
|
Adjusted net margin
(non-GAAP)
|
|
14.4%
|
|
7.0%
|
|
7.6%
|
|
7.6%
|
|
13.8%
|
|
7.1%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable
to ChinaEdu per ADS (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.90
|
|
0.49
|
|
0.55
|
|
0.086
|
|
2.49
|
|
1.42
|
|
0.223
|
|
|
Diluted
|
|
0.84
|
|
0.45
|
|
0.52
|
|
0.081
|
|
2.29
|
|
1.32
|
|
0.208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average aggregate
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
16,043,240
|
|
15,853,838
|
|
15,753,809
|
|
15,753,809
|
|
15,992,637
|
|
15,838,717
|
|
15,838,717
|
|
|
Diluted
|
|
17,306,106
|
|
17,000,614
|
|
16,720,855
|
|
16,720,855
|
|
17,386,445
|
|
16,983,130
|
|
16,983,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE ChinaEdu Corporation