BEIJING, Dec. 16, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online educational services provider in China, today announced its unaudited financial
results for the third quarter ended September 30, 2013.[1]
Third Quarter 2013 Highlights
- Total net revenue was $23.0
million for the third quarter of 2013, exceeding the
Company's guidance range for the quarter and representing a 13.6
percent increase from $20.2 million
in the corresponding period of 2012.
- Net revenue from online degree programs was $18.4 million, an increase of 13.6 percent from
$16.2 million in the corresponding
period of 2012.
- Net income attributable to ChinaEdu was $1.6 million, an increase of 207.3 percent from
$0.5 million in the corresponding
period of 2012.
- Adjusted net income attributable to ChinaEdu[2] was
$2.1 million, an increase of 7.2
percent from $2.0 million in the
corresponding period of 2012.
- Net income attributable to ChinaEdu per diluted ADS[3] was
$0.167, an increase of 436.8 percent
from $0.031 million in the
corresponding period of 2012.
- Adjusted net income attributable to ChinaEdu per diluted ADS[4]
was $0.224, an increase of 90.3
percent from $0.118 in the
corresponding period of 2012.
- The number of revenue students[5] enrolled in online degree
programs during the Spring 2013 semester increased by 14.5 percent
year-over-year to approximately 221,000 students.
[1] The reporting
currency of the Company is RMB, but for the convenience of the
reader, the amounts for the three months ended September 30, 2013
are presented in U.S. dollars. Unless otherwise stated, all
translations from RMB to U.S. dollars were made at the rate of
RMB6.1200 to $1.00, the noon buying rate in effect on September 30,
2013 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 non-controlling interests' portion,
amortization of intangible assets and land use rights, and
intangible assets impairment.
|
[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 the 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
September 30, 2013 and 2012 are revenue students in Spring 2013 and
Spring 2012, respectively.
|
Julia Huang, executive chairman
of ChinaEdu commented, "We are pleased with our financial
performance in the third quarter of 2013, particularly our ability
to increase gross margin to 61.9 percent. We continue to see
healthy growth in our core online degree programs as well as our
K-12 offerings. Following execution of technological upgrade plans
laid out at the beginning of 2013, we have developed a trial
version of our next generation technology platform and associated
interactive and mobile learning applications. Once rolled out,
these should enable us to penetrate the market further. At the same
time, we continue to closely monitor and control costs across our
businesses. As we look towards the close of 2013, we are confident
in our full year results while we maintain a conservative outlook
on the upcoming Fall enrollment."
Financial Results for the Third Quarter
Ended September 30,
2013
Net Revenue
Total net revenue for the third quarter of 2013 was $23.0 million, a 13.6 percent increase from
$20.2 million in the corresponding
period of 2012.
Net revenue from online degree programs for the third quarter of
2013 was $18.4 million, a 13.6
percent increase over $16.2 million
in the corresponding period of 2012. The increase in net revenue
from online degree programs was primarily due to organic growth in
revenue students enrolled in online degree programs, and continued
expansion and optimization of the Company's learning centers
network. Enrollment for 2013 Spring semester online degree programs
was approximately 221,000 revenue students, a 14.5 percent increase
from approximately 193,000 revenue students enrolled in the Spring
semester in 2012.
By the end of the third quarter of 2013, ChinaEdu's learning
centers network was providing recruiting services for 23
universities with 131 operational learning centers, of which 59
were proprietary centers[6] and 72 were contracted centers[7]. This
compares to 118 operational learning centers as of September 30, 2012, of which 57 were proprietary
and 61 were contracted centers.
Net revenue from non-degree programs, including online tutoring
programs, private primary and secondary schools and international
curriculum programs in the third quarter of 2013 was $4.6 million, a 13.5 percent increase from
$4.0 million in the third quarter of
2012. Of that, approximately $0.4
million was attributable to enrollment growth and increased
tuition at our private school in Anqing.
[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.
|
Cost of Revenue
Total cost of revenue for the third quarter of 2013 was
$8.8 million, an increase of 10.8
percent, from $7.9 million in the
corresponding period of 2012.
Cost of revenue for online degree programs in the third quarter
of 2013 was $6.3 million, an increase
of 13.8 percent compared to $5.6
million in the corresponding period of 2012. The increase in
cost of revenue was primarily related to staff costs increasing by
$0.2 million, service station fees
increasing by $0.1 million and
conference costs increasing by $0.3
million.
Cost of revenue for non-degree programs in the third quarter of
2013 was $2.4 million, a slight
increase of 3.7 percent from $2.3
million in the third quarter of 2012. The increase in cost
of revenue for non-degree programs was primarily related to
increased maintenance costs associated with our private primary and
secondary schools programs.
Gross Profit and Gross Margin
Gross profit for the third quarter of 2013 was $14.2 million, compared to $12.3 million in the corresponding period of
2012. Gross margin increased to 61.9 percent, compared to 61.0
percent for the corresponding period of 2012.
Gross margin for online degree programs was 65.7 percent, flat
with the corresponding period of 2012.
Gross margin for online tutoring programs increased to 64.7
percent from 63.9 percent in the third quarter of 2012.
Gross margin for private schools in the third quarter of 2013
increased to 41.8 percent, compared to 40.3 percent in the
corresponding period of 2012. The increase in gross margin was
primarily the result of increased net revenue at our Anqing
school.
Operating Expenses
Total operating expenses were $8.8
million in the third quarter of 2013, a decrease of 3.9
percent from $9.2 million in the
corresponding period of 2012. As a percentage of net revenue, total
operating expenses decreased to 38.5 percent, compared to 45.5
percent in the corresponding period in 2012. The decrease in total
operating expense was the result of the following:
- General and administrative expenses for the third quarter of
2013 were $4.7 million, an increase
of 6.0 percent from $4.4 million in
the corresponding period of 2012. As a percentage of net revenue,
general and administrative expenses decreased to 20.5 percent from
22.0 percent in the same period in 2012. The increase in general
and administrative expenses was primarily related to an early
repayment charge related to a bank loan.
- Selling and marketing expenses were $1.9
million in the third quarter of 2013, a decrease of 4.9
percent compared to $2.0 million in
the corresponding period of 2012. As a percentage of net revenue,
selling and marketing expenses decreased to 8.3 percent from 9.9
percent in the same period in 2012. The decrease in selling and
marketing expense was primarily related to decreased advertising
expenses associated with our online tutoring programs.
- Research and development expenses for the third quarter of 2013
were $2.2 million, an increase of
24.2 percent compared to $1.8 million
in the corresponding period of 2012. As a percentage of net
revenue, the research and development expense increased to 9.6
percent in the third quarter of 2013, compared to 8.8 percent in
the corresponding period of 2012. The increase in the research and
development expenses was primarily the result of increased staff
costs associated with the company's investment in technology
upgrades.
Income from Operations
Income from operations in the third quarter of 2013 was
$5.4 million, an increase of 72.2
percent compared to $3.1 million in
the corresponding period of 2012. Operating margin increased to
23.5 percent in the third quarter of 2013, compared to 15.5 percent
in the corresponding period of 2012.
Adjusted income from operations, a non-GAAP measure defined as
income from operations excluding share-based compensation,
amortization of intangible assets, land use rights and intangible
assets impairment, increased 29.0 percent in the third quarter of
2013 compared to $4.6 million in the
corresponding period of 2012.
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 2013 increased to 25.8 percent,
compared to 22.7 percent in the corresponding period of 2012.
Interest expense
Interest expense for the third quarter of 2013 was $0.9 million, which was primarily related to
loans of $36.0 million with The Bank
of East Asia, Limited.
Income Tax Expense
In the third quarter of 2013, the income tax expense was
$1.0 million and the effective income
tax rate was 21.2 percent.
Net Income Attributable to ChinaEdu
Net income attributable to ChinaEdu, which is net income,
excluding net income attributable to non-controlling interests, was
$1.6 million in the third quarter of
2013, representing an increase of 207.3 percent from $0.5 million in the corresponding period of 2012.
The increase was primarily the result of a significant increase in
gross profit, as well as effective cost and expense control.
Net income attributable to ChinaEdu per basic and diluted ADS
was $0.187 and $0.167, respectively, for the third quarter of
2013, compared to $0.033 and
$0.031, respectively, for the
corresponding period of 2012. The increase was the result of a
significant increase in net income attributable to ChinaEdu as well
as a significant decrease in the number of diluted ADS after a
share repurchase of 23,624,376 ordinary shares in aggregate between
January and July 2013.
Adjusted net income attributable to ChinaEdu (non-GAAP) was
$2.1 million in the third quarter of
2013, compared to $2.0 million in the
corresponding period of 2012. Adjusted net margin, a non-GAAP
measure defined as the ratio of adjusted net income attributable to
ChinaEdu (non-GAAP) over net revenue, was 9.2 percent in the third
quarter of 2013, compared to 9.7 percent in the corresponding
period of 2012.
Adjusted net income attributable to ChinaEdu per basic and
diluted ADS (non-GAAP) was $0.251 and
$0.224 respectively, for the third
quarter of 2013, compared to $0.124
and $0.118, respectively, for the
corresponding period of 2012.
Deferred Revenue
As of September 30, 2013, deferred
revenue was $10.1 million, consisting
of current deferred revenue in the amount of $8.4 million and non-current deferred revenue in
the amount of $1.7 million.
In general, Spring semester tuition for online degree programs
is received during the second quarter but is recognized both in the
second quarter and the third quarter of the fiscal year. Private
school revenue is received in September, but amortized over 6 or 12
months while online tutoring program revenue is mostly received at
program enrollment and is amortized within 12 months.
Cash and Cash Equivalents and Term Deposits
As of September 30, 2013, the
Company reported cash and cash equivalents and term deposits of
$59.0 million, which primarily
consisted of cash and cash equivalents, 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 $51.4 million as of September 30, 2013 compared to $49.4 million as of December 31, 2012.
2013 Year-to-Date Financial Results
Net Revenue
For the nine months ended September 30,
2013, total net revenue was $65.4
million, representing an increase of 13.5 percent over
$57.6 million in the corresponding
period of 2012. Net revenue from online degree programs for the
first nine months of 2013 was $52.4
million, representing a 13.3 percent increase from
$46.3 million in the corresponding
period of 2012. Net revenue from non-online degree programs for the
first nine months of 2013 was $13.0
million, compared to $11.4
million in 2012, a 14.3 percent increase. Growth in total
net revenue in the first nine months of 2013 was the result of
strong enrollment in online degree programs in the Fall semester of
2012 as well as the Spring semester of 2013. Net revenue at the
Anqing School increased by $1.1
million compared to the corresponding period in 2012, while
the Company saw a continued decrease in revenue contributed by
international and elite curriculum programs.
Cost of Revenue
For the nine months ended September 30,
2013, total cost of revenue was $24.7
million, an increase of 7.4 percent compared to $23.0 million in the corresponding period of
2012. Cost of revenue for online degree programs in the
first nine months of 2013 was $17.4
million, an increase of 11.9 percent compared to
$15.6 million in the corresponding
period of 2012. The increase in cost of revenue in the first nine
months of 2013 was primarily the result of cost increases
associated with a larger headcount and the expansion of the
Company's learning centers network.
Cost of revenue for non-online degree programs in the first nine
months of 2013 was $7.3 million, a
slight decrease of 2.0 percent compared to $7.4 million in the corresponding period of 2012.
The decrease in cost of revenue was primarily related to the
decrease in leasing costs and the decrease in depreciation and
amortization costs associated with international curriculum
programs.
Gross Profit
Gross profit for the nine months ended September 30, 2013 was $40.7 million, an increase of 17.5 percent
compared with $34.6 million for the
corresponding period in 2012.
Income from Operations
Income from operations was $16.5
million for the nine months ended September 30, 2013, representing an increase of
57.5 percent from $10.5 million for
the corresponding period of 2012. Operating margin was 25.2 percent
for the nine months ended September 30,
2013 compared to 18.2 percent for the corresponding period
of 2012. The increase was primary due to increase in total net
revenue as well as the intangible assets impairment in the third
quarter of 2012.
Adjusted income from operations (non-GAAP) was $18.2 million for the first nine months of 2013,
representing an increase of 39.6 percent, compared to $13.0 million in the corresponding period of
2012. Adjusted operating margin (non-GAAP) for the nine months
ended September 30, 2013 was 27.7
percent, compared to 22.6 percent for the corresponding period in
2012.
Interest expense
Interest expense for the first nine months of 2013 was
$1.6 million, which was primarily
related to loans with The Bank of East
Asia, Limited.
Income Tax Expense
Income tax expense for the first nine months of 2013 was
$3.6 million, as compared with
$3.4 million for the corresponding
period of in 2012.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests was
$6.3 million in the first nine months
of 2013, an increase of 12.0 percent compared to $5.6 million in the same period of 2012. The
increase was primarily attributable to the non-controlling interest
impact related to the increase in net income from online degree
programs in the first nine months of 2013.
Net Income attributable to ChinaEdu
Net income attributable to ChinaEdu was $6.2 million for the nine months ended
September 30, 2013. This represents
an increase of 68.2 percent from $3.7
million for the corresponding period of 2012. Net margin was
9.6 percent for the nine months ended September 30, 2013, compared to 6.4 percent for
the corresponding period of 2012.
Adjusted net margin was 12.1 percent for the nine months ended
September 30, 2013, compared to 10.7
percent for the corresponding period of 2012. The increase was
primarily due to increased net income in the first nine months of
2013.
Fourth Quarter 2013
Guidance
ChinaEdu management expects total net revenue in the fourth
quarter of 2013 to range from RMB145 million
to RMB150 million or $23.7 million to
$24.5 million, representing a 7 to 10 percent increase from
RMB136 million or $22.1 million recorded in the fourth quarter of
2012.
Conference Call
ChinaEdu's management will hold an earnings conference call at
8:00 a.m. U.S. Eastern Time on
December 17, 2013 (9:00 p.m. Beijing/Hong Kong Time on December 17, 2013).
Dial-in details for the earnings conference call are as
follows:
China
|
400 120
0539
|
Hong Kong
|
800 905
927
|
United
Kingdom
|
0800 015
9725
|
United
States
|
1 855 298
3404
|
New York City
(Toll)
|
1 631 514
2526
|
Conference
Title:
|
ChinaEdu Q3 2013
Earnings Conference Call
|
Conference
Passcode:
|
ChinaEdu
|
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 December 24,
2013.
Dial-in numbers for the replay are as follows:
China
|
4001842240
|
Hong Kong
|
800 966
697
|
United
Kingdom
|
0800 169
7301
|
United
States
|
1 866 846
0868
|
Conference
Title:
|
ChinaEdu Q3 2013
Earnings Conference Call
|
Replay
Passcode:
|
3208385
|
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, amortization of
intangible assets and land use rights and intangible assets
impairment. Adjusted operating margin is defined as the ratio of
adjusted income from operations over net revenue. Adjust net margin
is defined as the ratio of adjusted net income attributable to
ChinaEdu over net revenue. Adjusted net income attributable to
ChinaEdu per basic and diluted ADS are a non-GAAP measure which are
computed using adjusted net income attributable to ChinaEdu over
the number of ADSs used in net income attributable to ChinaEdu per
basic and diluted ADS calculation.
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 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 provides technical, recruiting and other services to 27
universities with online degree programs and provides services and
support to 11 additional universities that are awaiting regulatory
approval to launch their online programs. Of these 38 universities,
13 of them have entered into collaborative alliances with ChinaEdu,
ranging from 15 to 50 years in length. Eight of them have entered
into technology service agreements, ranging from 3 to 20 years in
length. ChinaEdu also performs recruiting services through its
nationwide learning center network for 23 universities, including 6
with which the Company has either established collaborative
alliances or entered into technology service agreements.
Forward-Looking Statements
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, 2012, 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: +1 908-442-9395
E-mail: helen@chinaedu.net
Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86 (10) 84187301
E-mail: simon@chinaedu.net
ChinaEdu
Corporation
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(in thousands,
unaudited)
|
December
31, 2012
|
September
30, 2013
|
September
30, 2013
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
385,922
|
234,976
|
38,395
|
Term
deposits
|
92,028
|
126,373
|
20,649
|
Short-term
investments
|
23,575
|
9,498
|
1,552
|
Accounts
receivable
|
34,917
|
30,340
|
4,958
|
Prepaid expenses and
other current assets
|
23,455
|
24,998
|
4,085
|
Amounts due from
related parties-current
|
260,184
|
272,431
|
44,515
|
Deferred tax
assets-current
|
9,571
|
2,479
|
405
|
Total current
assets
|
829,652
|
701,095
|
114,559
|
Term deposits -non
current
|
-
|
95,850
|
15,662
|
Property and
equipment, net
|
238,563
|
235,409
|
38,466
|
Amounts due from a
related party-non-current
|
41,979
|
41,979
|
6,859
|
Land use
rights
|
26,049
|
25,593
|
4,182
|
Deposits paid for
acquisition of property and equipment
|
3,873
|
-
|
-
|
Deferred tax
assets-non-current
|
2,085
|
2,607
|
426
|
Long-term
investments
|
801
|
731
|
119
|
Rental
deposits
|
1,497
|
1,483
|
242
|
Acquired intangible
assets, net
|
54,499
|
52,148
|
8,521
|
Goodwill
|
43,255
|
43,255
|
7,068
|
Total
assets
|
1,242,253
|
1,200,150
|
196,104
|
|
|
|
|
Liabilities and
equity
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loan
|
-
|
4,578
|
748
|
Accounts payable
(including accounts payable of the consolidated VIE without
recourse to the
Group of RMB2,007 and RMB11,093 as of December 31, 2012 and
September 30, 2013, respectively)
|
2,401
|
11,611
|
1,897
|
Deferred
revenues-current (including deferred revenues of the consolidated
VIE without recourse to
the Group of RMB23,518 and RMB26,725 as of December 31, 2012 and
September 30, 2013, respectively)
|
134,175
|
51,659
|
8,441
|
Accrued expenses and
other current liabilities (including accrued expenses and other
current
liabilities of the consolidated VIE without recourse to the Group
of RMB22,113 and RMB26,161
as of December 31, 2012 and September 30, 2013,
respectively)
|
113,558
|
131,669
|
21,515
|
Amounts due to
related parties-current (including amounts due to related parties
of the consolidated
VIE without recourse to the Group of RMB1,926 and RMB1,892 as of
December 31, 2012 and September 30, 2013,
respectively)
|
35,507
|
41,678
|
6,810
|
Income taxes payable
(including income taxes payable of the consolidated VIE without
recourse to the
Group of RMB10,004 and RMB11,256 as of December 31, 2012 and
September 30, 2013, respectively)
|
49,294
|
43,237
|
7,066
|
Other taxes payable
(including other taxes payable of the consolidated VIE without
recourse to the
Group of RMB4,442 and RMB3,964 as of December 31, 2012 and
September 30, 2013, respectively)
|
27,294
|
24,285
|
3,968
|
Total current
liabilities
|
362,229
|
308,717
|
50,445
|
Long-term
loan
|
-
|
215,516
|
35,215
|
Deferred
revenues-non-current (including deferred revenues of the
consolidated VIE without recourse
to the Group of RMB29 and RMB29 as of December 31, 2012 and
September 30, 2013, respectively)
|
10,654
|
10,342
|
1,690
|
Deferred tax liabilities-non-current (including deferred tax
liabilities of the consolidated VIE without
recourse to the Group of RMB978 and RMB949 as of December 31, 2012
and September 30, 2013, respectively)
|
13,473
|
13,319
|
2,176
|
Unrecognized tax
benefit (including unrecognized tax benefit of the consolidated VIE
without
recourse to the Group of RMB3,555 and RMB4,591 as of December 31,
2012 and September 30, 2013,
respectively)
|
8,795
|
10,666
|
1,743
|
Total
liabilities
|
395,151
|
558,560
|
91,269
|
|
|
|
|
|
Total ChinaEdu
Corporation shareholders' equity
|
650,191
|
418,089
|
68,315
|
Noncontrolling
interests
|
196,911
|
223,501
|
36,520
|
Total
equity
|
847,102
|
641,590
|
104,835
|
Total liabilities
and equity
|
1,242,253
|
1,200,150
|
196,104
|
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, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue
*
|
|
129,012
|
|
143,116
|
|
23,385
|
|
368,163
|
|
408,880
|
|
66,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Tax
|
|
5,192
|
|
2,440
|
|
399
|
|
15,383
|
|
8,507
|
|
1,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
99,097
|
|
112,620
|
|
18,402
|
|
283,113
|
|
320,751
|
|
52,410
|
Online tutoring
programs
|
|
6,025
|
|
7,160
|
|
1,170
|
|
18,423
|
|
21,538
|
|
3,519
|
Private primary and
secondary schools
|
|
16,311
|
|
18,776
|
|
3,068
|
|
43,662
|
|
51,205
|
|
8,367
|
International
curriculum programs
|
|
2,387
|
|
2,120
|
|
346
|
|
7,582
|
|
6,879
|
|
1,124
|
Total net
revenue
|
|
123,820
|
|
140,676
|
|
22,986
|
|
352,780
|
|
400,373
|
|
65,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
33,982
|
|
38,676
|
|
6,320
|
|
95,336
|
|
106,666
|
|
17,429
|
Online tutoring
programs
|
|
2,178
|
|
2,529
|
|
413
|
|
7,599
|
|
7,452
|
|
1,218
|
Private primary and
secondary schools
|
|
9,740
|
|
10,930
|
|
1,786
|
|
29,751
|
|
33,132
|
|
5,414
|
International
curriculum programs
|
|
2,422
|
|
1,417
|
|
232
|
|
8,105
|
|
3,967
|
|
648
|
Total cost of
revenue
|
|
48,322
|
|
53,552
|
|
8,751
|
|
140,791
|
|
151,217
|
|
24,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
65,115
|
|
73,944
|
|
12,082
|
|
187,777
|
|
214,085
|
|
34,981
|
Online tutoring
programs
|
|
3,847
|
|
4,631
|
|
757
|
|
10,824
|
|
14,086
|
|
2,301
|
Private primary and
secondary schools
|
|
6,571
|
|
7,846
|
|
1,282
|
|
13,911
|
|
18,073
|
|
2,953
|
International
curriculum programs
|
|
(35)
|
|
703
|
|
114
|
|
(523)
|
|
2,912
|
|
476
|
Total gross
profit
|
|
75,498
|
|
87,124
|
|
14,235
|
|
211,989
|
|
249,156
|
|
40,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
65.7%
|
|
65.7%
|
|
65.7%
|
|
66.3%
|
|
66.7%
|
|
66.7%
|
Online tutoring
programs
|
|
63.9%
|
|
64.7%
|
|
64.7%
|
|
58.8%
|
|
65.4%
|
|
65.4%
|
Private primary and
secondary schools
|
|
40.3%
|
|
41.8%
|
|
41.8%
|
|
31.9%
|
|
35.3%
|
|
35.3%
|
International
curriculum programs
|
|
(1.5%)
|
|
33.2%
|
|
33.2%
|
|
(6.9%)
|
|
42.3%
|
|
42.3%
|
Gross
margin
|
|
61.0%
|
|
61.9%
|
|
61.9%
|
|
60.1%
|
|
62.2%
|
|
62.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
27,182
|
|
28,825
|
|
4,710
|
|
77,243
|
|
77,927
|
|
12,733
|
Selling and
marketing
|
|
12,315
|
|
11,711
|
|
1,914
|
|
34,094
|
|
33,668
|
|
5,501
|
Research and
development
|
|
10,914
|
|
13,554
|
|
2,215
|
|
30,585
|
|
36,494
|
|
5,963
|
Intangible assets
impairment
|
|
5,901
|
|
-
|
|
-
|
|
5,901
|
|
-
|
|
-
|
Total operating
expenses
|
|
56,312
|
|
54,090
|
|
8,839
|
|
147,823
|
|
148,089
|
|
24,197
|
Income(loss) from
operations
|
|
19,186
|
|
33,034
|
|
5,396
|
|
64,166
|
|
101,067
|
|
16,514
|
Operating
margin
|
|
15.5%
|
|
23.5%
|
|
23.5%
|
|
18.2%
|
|
25.2%
|
|
25.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
3,352
|
|
1,600
|
|
261
|
|
9,923
|
|
8,191
|
|
1,338
|
Interest
expense
|
|
-
|
|
(5,403)
|
|
(883)
|
|
-
|
|
(10,082)
|
|
(1,647)
|
Gain on disposal of
assets
|
|
1,303
|
|
-
|
|
-
|
|
1,303
|
|
-
|
|
-
|
Investment
income
|
|
-
|
|
-
|
|
-
|
|
1,460
|
|
368
|
|
60
|
Other
income
|
|
404
|
|
487
|
|
80
|
|
917
|
|
1,350
|
|
221
|
Foreign exchange
loss
|
|
-
|
|
(592)
|
|
(97)
|
|
-
|
|
(2,728)
|
|
(446)
|
Income before income
tax and equity method investments
|
|
24,245
|
|
29,126
|
|
4,757
|
|
77,769
|
|
98,166
|
|
16,040
|
Income tax
expense
|
|
(9,510)
|
|
(6,172)
|
|
(1,008)
|
|
(20,824)
|
|
(22,015)
|
|
(3,597)
|
Net income before
income from equity method investments
|
|
14,735
|
|
22,954
|
|
3,749
|
|
56,945
|
|
76,151
|
|
12,443
|
Income from equity
method investments, net of taxes
|
|
-
|
|
(93)
|
|
(15)
|
|
-
|
|
410
|
|
67
|
Net income
|
|
14,735
|
|
22,861
|
|
3,734
|
|
56,945
|
|
76,561
|
|
12,510
|
Net income
attributable to the noncontrolling interests
|
|
(11,611)
|
|
(13,262)
|
|
(2,167)
|
|
(34,204)
|
|
(38,315)
|
|
(6,261)
|
Net income
attributable to ChinaEdu
|
|
3,124
|
|
9,599
|
|
1,567
|
|
22,741
|
|
38,246
|
|
6,249
|
Net margin
|
|
2.5%
|
|
6.8%
|
|
6.8%
|
|
6.4%
|
|
9.6%
|
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ChinaEdu per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.20
|
|
1.15
|
|
0.187
|
|
1.44
|
|
3.93
|
|
0.642
|
Diluted
|
|
0.19
|
|
1.02
|
|
0.167
|
|
1.36
|
|
3.56
|
|
0.582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
aggregate number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
15,884,264
|
|
8,373,355
|
|
8,373,355
|
|
15,827,795
|
|
9,730,559
|
|
9,730,559
|
Diluted
|
|
16,625,395
|
|
9,374,564
|
|
9,374,564
|
|
16,771,477
|
|
10,745,260
|
|
10,745,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Gross revenue are
detailed as follows
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
103,920
|
|
114,723
|
|
18,746
|
|
297,506
|
|
328,482
|
|
53,674
|
Online tutoring
programs
|
|
6,181
|
|
7,398
|
|
1,209
|
|
18,849
|
|
22,046
|
|
3,602
|
Private primary and
secondary schools
|
|
16,382
|
|
18,839
|
|
3,078
|
|
43,777
|
|
51,329
|
|
8,387
|
International
curriculum programs
|
|
2,529
|
|
2,156
|
|
352
|
|
8,031
|
|
7,023
|
|
1,148
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
unaudited)
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
14,735
|
|
22,861
|
|
3,734
|
|
56,945
|
|
76,561
|
|
12,510
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,885
|
|
2,371
|
|
387
|
|
5,996
|
|
7,217
|
|
1,179
|
Depreciation
and amortization of property and equipment
|
|
6,355
|
|
6,370
|
|
1,041
|
|
18,963
|
|
19,126
|
|
3,125
|
Amortization
of land use rights
|
|
152
|
|
152
|
|
25
|
|
456
|
|
456
|
|
75
|
Amortization
of acquired intangible assets
|
|
1,035
|
|
758
|
|
124
|
|
3,056
|
|
2,351
|
|
384
|
Intangible
assets impairment
|
|
5,901
|
|
-
|
|
-
|
|
5,901
|
|
-
|
|
-
|
Investment
income
|
|
-
|
|
-
|
|
-
|
|
(227)
|
|
(368)
|
|
(60)
|
Amortization
of debt discount
|
|
-
|
|
3,014
|
|
492
|
|
-
|
|
3,601
|
|
588
|
Exchange
loss
|
|
-
|
|
592
|
|
97
|
|
-
|
|
2,728
|
|
446
|
Gain on
disposal of assets
|
|
(1,303)
|
|
-
|
|
-
|
|
(1,303)
|
|
-
|
|
-
|
Loss from
equity method investment
|
|
-
|
|
93
|
|
15
|
|
-
|
|
70
|
|
11
|
Provision for
accounts receivables
|
|
-
|
|
-
|
|
-
|
|
340
|
|
261
|
|
43
|
Loss(gain)
from disposal of property and equipment
|
|
586
|
|
15
|
|
2
|
|
1,414
|
|
(29)
|
|
(5)
|
Changes in
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
8,242
|
|
8,125
|
|
1,328
|
|
(7,851)
|
|
4,316
|
|
705
|
Prepaid
expenses and other current assets
|
|
1,239
|
|
6,662
|
|
1,090
|
|
(1,351)
|
|
3,584
|
|
586
|
Amounts due
from related parties
|
|
40,792
|
|
79,645
|
|
13,015
|
|
(23,351)
|
|
(12,290)
|
|
(2,008)
|
Rental
deposits
|
|
296
|
|
(99)
|
|
(16)
|
|
733
|
|
14
|
|
2
|
Accounts
payable
|
|
2,951
|
|
3,118
|
|
509
|
|
7,789
|
|
9,210
|
|
1,505
|
Deferred
revenues
|
|
(74,887)
|
|
(86,903)
|
|
(14,200)
|
|
(74,508)
|
|
(82,787)
|
|
(13,527)
|
Accrued
expenses and other current liabilities
|
|
17,532
|
|
20,872
|
|
3,410
|
|
26,673
|
|
18,619
|
|
3,041
|
Amounts due to
related parties
|
|
8,265
|
|
7,944
|
|
1,298
|
|
11,621
|
|
(13,728)
|
|
(2,243)
|
Income taxes
payable
|
|
3,462
|
|
2,121
|
|
347
|
|
(3,119)
|
|
(6,056)
|
|
(990)
|
Other taxes
payable
|
|
5,559
|
|
(5,119)
|
|
(836)
|
|
2,157
|
|
(3,009)
|
|
(492)
|
Deferred
income taxes
|
|
2,909
|
|
870
|
|
142
|
|
5,873
|
|
6,416
|
|
1,048
|
Unrecognized
tax benefit
|
|
637
|
|
680
|
|
111
|
|
1,863
|
|
1,871
|
|
306
|
Net cash provided
by operating activities
|
|
46,343
|
|
74,142
|
|
12,115
|
|
38,070
|
|
38,134
|
|
6,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
property and equipment
|
|
(6,283)
|
|
(4,810)
|
|
(786)
|
|
(9,157)
|
|
(12,209)
|
|
(1,995)
|
Proceeds from
discontiued operations
|
|
4,000
|
|
-
|
|
-
|
|
4,000
|
|
-
|
|
-
|
Purchase of
term deposits
|
|
(3,000)
|
|
(6,635)
|
|
(1,084)
|
|
(100,865)
|
|
(130,254)
|
|
(21,283)
|
Purchase of
investments
|
|
-
|
|
-
|
|
-
|
|
(12,571)
|
|
-
|
|
-
|
Proceeds from
sale of investments
|
|
-
|
|
-
|
|
-
|
|
24,952
|
|
5,482
|
|
896
|
Proceeds from
disposal of exclusive partnership with
universities
|
|
-
|
|
-
|
|
-
|
|
(980)
|
|
-
|
|
-
|
Proceeds from
disposal of property and equipment
|
|
94
|
|
2
|
|
-
|
|
95
|
|
140
|
|
23
|
Proceeds from
disposal of equity method investments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,000
|
|
1,307
|
Net cash used in
investing activities
|
|
(5,189)
|
|
(11,443)
|
|
(1,870)
|
|
(94,526)
|
|
(128,841)
|
|
(21,052)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
paid to noncontrolling shareholders
|
|
(16,799)
|
|
(7,533)
|
|
(1,231)
|
|
(21,441)
|
|
(7,533)
|
|
(1,231)
|
Capital
contributions by noncontrolling shareholders
|
|
-
|
|
-
|
|
-
|
|
980
|
|
-
|
|
-
|
Proceeds from
exercise of share options
|
|
16
|
|
2,524
|
|
412
|
|
3,738
|
|
2,790
|
|
456
|
Financing cost
in connection with loans
|
|
-
|
|
(4,806)
|
|
(785)
|
|
-
|
|
(8,557)
|
|
(1,398)
|
Prepayment for
shares repurchase
|
|
-
|
|
-
|
|
-
|
|
(886)
|
|
-
|
|
-
|
Proceeds from
borrowings of short-term debt
|
|
-
|
|
-
|
|
-
|
|
-
|
|
68,410
|
|
11,178
|
Proceeds from
borrowings of long-term debt
|
|
-
|
|
220,511
|
|
36,031
|
|
-
|
|
380,261
|
|
62,134
|
Repurchase and
cancellation of ordinary shares
|
|
(2,343)
|
|
(32,316)
|
|
(5,280)
|
|
(2,728)
|
|
(285,603)
|
|
(46,667)
|
Repayment of
borrowings of short-term debt
|
|
-
|
|
(62,815)
|
|
(10,264)
|
|
-
|
|
(62,815)
|
|
(10,264)
|
Repayment of
borrowings of long-term debt
|
|
-
|
|
(159,750)
|
|
(26,103)
|
|
-
|
|
(159,750)
|
|
(26,103)
|
Repayment of
loan from related party
|
|
(5,500)
|
|
(68,900)
|
|
(11,258)
|
|
(5,500)
|
|
(68,900)
|
|
(11,258)
|
Loan from
related party
|
|
-
|
|
55,200
|
|
9,020
|
|
5,500
|
|
81,200
|
|
13,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(24,626)
|
|
(57,885)
|
|
(9,458)
|
|
(20,337)
|
|
(60,497)
|
|
(9,885)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
|
9
|
|
(179)
|
|
(29)
|
|
(2)
|
|
258
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
180,414
|
|
230,341
|
|
37,637
|
|
273,746
|
|
385,922
|
|
63,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
|
196,951
|
|
234,976
|
|
38,395
|
|
196,951
|
|
234,976
|
|
38,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease
(increase) in cash and cash equivalents
|
|
16,537
|
|
4,635
|
|
758
|
|
(76,795)
|
|
(150,946)
|
|
(24,664)
|
ChinaEdu
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
unaudited)
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income
(loss)
|
|
14,735
|
|
22,861
|
|
3,734
|
|
56,945
|
|
76,561
|
|
12,510
|
Other comprehensive
income, net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
|
(121)
|
|
504
|
|
82
|
|
6
|
|
3,834
|
|
626
|
Change in fair
value of available for sale investments
|
|
515
|
|
215
|
|
35
|
|
957
|
|
(787)
|
|
(129)
|
Comprehensive
income
|
|
15,129
|
|
23,580
|
|
3,851
|
|
57,908
|
|
79,608
|
|
13,007
|
Less: comprehensive
income attributable to the noncontrollng interest
|
|
13,591
|
|
13,842
|
|
2,262
|
|
35,143
|
|
41,923
|
|
6,850
|
Comprehensive
income attributable to ChinaEdu
|
|
1,538
|
|
9,738
|
|
1,589
|
|
22,765
|
|
37,685
|
|
6,157
|
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, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
123,820
|
|
140,676
|
|
22,986
|
|
352,780
|
|
400,373
|
|
65,420
|
Income(loss) from
operations
|
|
19,186
|
|
33,034
|
|
5,396
|
|
64,166
|
|
101,067
|
|
16,514
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,885
|
|
2,371
|
|
387
|
|
5,996
|
|
7,217
|
|
1,179
|
Amortization of
intangible assets and land use rights
|
|
1,187
|
|
910
|
|
149
|
|
3,512
|
|
2,807
|
|
459
|
Intangible
assets impairment
|
|
5,901
|
|
-
|
|
-
|
|
5,901
|
|
-
|
|
-
|
Adjusted income
from operations (non-GAAP)
|
|
28,159
|
|
36,315
|
|
5,932
|
|
79,575
|
|
111,091
|
|
18,152
|
Adjusted operating
margin (non-GAAP)
|
|
22.7%
|
|
25.8%
|
|
25.8%
|
|
22.6%
|
|
27.7%
|
|
27.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
September
30, 2012
|
|
September
30, 2013
|
|
September
30, 2013
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
123,820
|
|
140,676
|
|
22,986
|
|
352,780
|
|
400,373
|
|
65,420
|
Net income(loss)
attributable to ChinaEdu
|
|
3,124
|
|
9,599
|
|
1,567
|
|
22,741
|
|
38,246
|
|
6,249
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,885
|
|
2,371
|
|
387
|
|
5,996
|
|
7,217
|
|
1,179
|
Share-based
compensation attributable to the noncontrolling interest
|
|
(82)
|
|
-
|
|
-
|
|
(369)
|
|
-
|
|
-
|
Amortization of
intangible assets and land use rights
|
|
1,187
|
|
910
|
|
149
|
|
3,512
|
|
2,807
|
|
459
|
Intangible
assets impairment
|
|
5,901
|
|
-
|
|
-
|
|
5,901
|
|
-
|
|
-
|
Adjusted net
income attributable to ChinaEdu (non-GAAP)
|
|
12,015
|
|
12,880
|
|
2,103
|
|
37,781
|
|
48,270
|
|
7,887
|
Adjusted net margin
(non-GAAP)
|
|
9.7%
|
|
9.2%
|
|
9.2%
|
|
10.7%
|
|
12.1%
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to ChinaEdu per ADS (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.76
|
|
1.54
|
|
0.251
|
|
2.39
|
|
4.96
|
|
0.811
|
Diluted
|
|
0.72
|
|
1.37
|
|
0.224
|
|
2.25
|
|
4.49
|
|
0.734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
aggregate number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
15,884,264
|
|
8,373,355
|
|
8,373,355
|
|
15,827,795
|
|
9,730,559
|
|
9,730,559
|
Diluted
|
|
16,625,395
|
|
9,374,564
|
|
9,374,564
|
|
16,771,477
|
|
10,745,260
|
|
10,745,260
|
SOURCE ChinaEdu Corporation