BEIJING, Feb. 28, 2012 /PRNewswire-Asia-FirstCall/ --
China Distance Education Holdings Limited (NYSE: DL) ("CDEL", or
the "Company"), a leading provider of online education in
China focusing on professional
education, reported today its unaudited financial results for the
first quarter of fiscal year 2012 ended December 31, 2011.
First Quarter Fiscal 2012 Business and Financial
Highlights:
- Total course enrollments from continuing operations was
828,000, an increase of 62.1% from the first quarter of fiscal
2011.
- Net revenues from continuing operations increased 35.8% over
the first quarter of fiscal 2011 to US$9.9
million.
- Gross profit from continuing operations increased 57.3% from
the first quarter of fiscal 2011 to US$5.3
million.
- Non-GAAP(1) gross profit from continuing operations increased
41.0% over the first quarter of fiscal 2011 to US$5.3 million.
- Gross profit margin from continuing operations was 53.3%,
compared to 46.0% in the first quarter of fiscal 2011. Non-GAAP
gross margin from continuing operations was 53.4%, compared to
51.4% in the same period last year.
- Operating income from continuing operations was US$0.2 million, compared to operating loss from
continuing operations of US$1.4
million in the first quarter of fiscal 2011. Non-GAAP
operating income from continuing operations was US$0.4 million, compared to non-GAAP operating
loss from continuing operations of US$0.4
million in the first quarter of fiscal 2011.
- Net income was US$0.4 million,
compared to net loss of US$1.0
million in the first quarter of fiscal
2011.
- Non-GAAP(1) net income was US$0.5
million, compared to non-GAAP(1) net income of US$0.1 million in the first quarter of fiscal
2011.
- Basic and diluted net income per American
Depositary Share ("ADS") were US$0.011 compared to basic and diluted net loss
per ADS of US$0.030, for the first
quarter of fiscal 2011. Each ADS represents four ordinary
shares.
- Basic and diluted non-GAAP(1) net income per ADS were
US$0.015, compared to basic and
diluted non-GAAP(1) net income per ADS of US$0.004, for the first quarter of fiscal
2011.
- Deferred revenue and refundable fees balance was US$15.2 million, a 45.8% increase from the
balance of US$10.4 million for the
fourth quarter of fiscal 2011 and a 28.3% increase from the first
quarter of fiscal 2011.
(1) For more information about the non-GAAP financial
measures contained in this press release, please see "Use of
Non-GAAP Financial Measures" below
Commenting on the results, Mr. Zhengdong
Zhu, CDEL Chairman and Chief Executive Officer said, "We are
pleased to report strong first quarter results with revenues
exceeding our guidance and net profit on both a GAAP and non-GAAP
basis. Despite the first quarter being our seasonally lowest
quarter of the year, we delivered enrollment growth across our
online education courses and average student payment growth for
most of our online test preparation courses. As a result,
total net revenues from continuing operations of our online
education services increased 48.6% year-over-year. In
addition, we have seen increasing contribution from our newer
initiatives, demonstrating that our investment in new courses and
services is beginning to pay dividends.
"Our results were further supported by strong adoption of our
newly launched courseware and services, including mobile learning
platform, mobile learning magazines and our online high-definition
courses. These new delivery channels, made possible by our growing
adoption of mobile technologies and our robust online platform,
provide us with an important competitive advantage and a real
value-add to our students."
"Our positive momentum in recent quarters confirms our belief in
the merits of our strategy to realize the full potential of our
unique business model. We intend to further leverage our
platform in the coming months. With our deep experience in the
education field and our robust online delivery platform, we are
uniquely positioned to capitalize on the strong demand for high
quality results based education and rapidly increasing online
consumer spending in China. We
believe that our business model and strategy position us well to
deliver continued growth and increasing shareholder returns in the
years ahead."
Ms. Ping Wei, Chief Financial
Officer of CDEL, commented, "This quarter's results clearly
demonstrated the scalability of our business model as our revenue
growth outpaced the increase in cost and expenses despite the fact
that we are still operating in an inflationary environment. We
expect this margin expansion trend to continue. Simultaneously, we
strongly believe in the future of online education in China and we will continue to invest prudently
in new online learning models and revenue growth drivers. Going
forward, we expect to maintain our non-GAAP margin from continuing
operations at a level similar to or slightly better than the
non-GAAP margin of fiscal year 2011."
Fiscal First Quarter 2012 Unaudited Financial
Results
Net Revenues. Total net
revenues from continuing operations for the first quarter of fiscal
2012 were US$9.9 million,
representing a year-over-year increase of 35.8% from US$7.3 million in the first quarter of fiscal
2011.
Online education services net revenues for the first quarter of
fiscal 2012 were US$7.7 million, an
increase of 48.6% from the first quarter of fiscal 2011. The
increase was a result of increased revenue in accounting continuing
education, accounting certificate examinations, Accounting
Professional Qualification Examinations, healthcare and
construction engineering courses. Such increase was partially
offset by decreased revenue in self-taught higher education.
Net revenues from books and reference materials decreased by
17.9% to US$1.0 million for the first
quarter of fiscal 2012 due to slower cash collection from customers
in the quarter.
Net revenues from others increased by 30.8% year-over-year to
US$1.2 million for the first quarter
of fiscal 2012 from US$0.9 million in
the corresponding period of last year. The increase was a result of
increased revenue in offline business start-up training courses
provided by Zhengbao Yucai and other off-line supplementary
training courses. Such increase was partially offset by decreased
revenue from magazine content production, courseware production and
platform production services.
Cost of Sales. Cost of sales from continuing
operations for the first quarter of fiscal 2012 was US$4.63 million, representing a 17.4% increase
over the first quarter of fiscal 2011. Non-GAAP1
cost of sales from continuing operations for the first quarter of
fiscal 2012 was US$4.61 million, an
increase of 30.2% over the same period last year. The increase in
cost of sales was primarily due to the increased salaries and
related expenses, lecturer fees, and rent and related expenses.
Gross Profit and Gross Margin. Gross
profit from continuing operations for the first quarter of fiscal
2012 was US$5.28 million,
representing a 57.3% increase from US$3.4
million in the same period last year. Non-GAAP1
gross profit from continuing operations was US$5.29 million, an increase of 41.0%
year-over-year. Gross profit margin from continuing operations for
the first quarter of fiscal 2012 was 53.3%, compared to 46.0% in
the first quarter of fiscal 2011. Non-GAAP1 gross profit
margin from continuing operations for the first quarter of fiscal
2012 was 53.4%, compared to 51.4% in the same period last
year. The increase in non-GAAP1 gross profit
margin was primarily a result of gross profit contributed from
business start-up training courses and the relatively moderate
increase in salaries and related expenses, server management fees,
depreciation and amortization compared to sales, and smaller
revenue contribution from our lower-margin book and reference
material business. Such increase was partially impacted by the
relatively higher growth in lecturer fees and rent and related
expenses.
Operating Expenses. Total operating expenses from
continuing operations for the first quarter of fiscal 2012 were
US$5.0 million, an increase of 5.3%
year-over-year. Non-GAAP1 operating expenses from
continuing operations were US$4.9
million, representing a year-over-year increase of
18.8%.
Selling expenses from continuing operations amounted to
US$2.87 million for the first quarter
of fiscal 2012, representing a 15.1% increase year-over-year.
Non-GAAP1 selling expenses from continuing operations
were US$2.86 million, a 21.2%
increase from the same period last year primarily as a result of
increased salaries and related expenses, advertising and
promotional activities, and commissions to our agents due to the
increase in sales.
General and administrative expenses from continuing operations
were US$2.2 million in the first
quarter of fiscal 2012, representing a 5.2% year-over-year
decrease. Non-GAAP1 general and administrative
expenses from continuing operations were US$2.1 million, an increase of 15.7%
year-over-year primarily due to the increased salaries and related
expenses.
Income Tax (Expenses) Benefit.
Income tax expenses for the first quarter of fiscal 2012 were
US$0.09 million, compared with income
tax benefit of US$0.3 million in the
same period last year.
Net Income (Loss) from
continuing operations attributable to China Distance
Education Holdings Limited. Net income from continuing
operations was US$0.4 million for the
first quarter of fiscal 2012, compared to net loss of US$0.9 million in the same period last year.
Non-GAAP1 net income from continuing operations for the
first quarter of fiscal 2012 was US$0.5
million, compared to non-GAAP1 net income of
US$0.1 million in the same period
last year.
Net Loss from discontinued operations attributable to
China Distance Education Holdings Limited. Net loss from
discontinued operations was US$0.006
million for the first quarter of fiscal 2012, compared to
net loss of US$0.1 million in the
same period last year. Non-GAAP1 net loss from
discontinued operations for the first quarter of fiscal 2012 was
US$0.006 million, compared to
non-GAAP1 net income of US$0.01
million in the same period last year.
Net Income (Loss). Net
income was US$0.4 million for the
first quarter of fiscal 2012, compared to net loss of US$1.0 million in the same period last year.
Non-GAAP1 net income for the first quarter of fiscal
2012 was US$0.5 million, compared to
non-GAAP net income of US$0.1 million
in the same period last year.
Operating Cash Flow.Net operating cash
inflow for the first quarter of fiscal 2012 was US$5.0 million, compared to a net operating cash
inflow of US$1.4 million in the same
period last year. The increase was primarily the result of
increased profit generated in the quarter, decrease in accounts
receivable, increase in accrued expenses and other liabilities,
and higher deferred revenue and refundable fees balance
resulted primarily by increased payments by our students to obtain
our courses. Such increase was partially offset by increase in
prepayment and other current assets, and decrease in income tax
payable.
Cash and Cash Equivalents, Term Deposits and
Restricted Cash. Cash and cash equivalents, term
deposits and restricted cash as of December
31, 2011 decreased to US$49.7
million from US$60.3 million
as of September 30, 2011 primarily
due to the payment of US$15.9 million
of special cash dividend and US$0.3
million of capital expenditures, partially offset by
US$5.0 million of operating cash flow
generated from operations in the quarter.
Second Quarter Fiscal 2012 Guidance
- The Company expects to generate total net revenues from
continuing operations for the second quarter of fiscal 2012 in the
range of US$11.3 million to US$12.2
million, as compared to net revenues from continuing
operations of US$9.0 million in the
second quarter of fiscal 2011, representing a 25% to 35%
year-over-year increase. This represents our current and
preliminary view, which is subject to change.
Share Repurchase Program
Today, the board of directors of CDEL has approved the extension
of the Company's share repurchase program (the "Prior Repurchase
Plan") to April 28, 2013. Under the
extended program, CDEL is authorized to repurchase up to
US$5.84 million worth of its issued
and outstanding ADSs from time to time in open-market transactions
on NYSE, representing the unused portion of the Prior Repurchase
Plan. The repurchases will be made at prevailing market prices, in
negotiated transactions off the market, in block trades, pursuant
to a 10b5-1 plan (which if adopted, will allow CDEL to repurchase
its ADSs during periods in which it may be in possession of
material non-public information) or otherwise. The purchases will
be made subject to restrictions relating to volume, price and
timing. The timing and extent of any purchases will depend upon
market conditions, the trading price of its ADSs and other factors.
CDEL expects to implement this share repurchase program in a manner
consistent with market conditions and the interest of its
shareholders. The board will review the share repurchase program
periodically, and may authorize adjustment of its terms and size
accordingly. The program may be suspended or discontinued at any
time.
Conference Call
China Distance Education Holdings Limited senior management will
host a conference call at 8:00 am
(Eastern) / 5:00 am (Pacific) /
9:00 pm (Beijing/Hong
Kong) on February 29, 2012 to
discuss its first fiscal quarter 2012 financial results and recent
business activity. The conference call may be accessed by
calling +1 866 519 4004 (US), 800 930 346 (Hong Kong), 800 819 0121 (China Land-line), 400 620 8038 (China Mobile),
or 0 808 234 6646 (UK). The pass code is CDEL.
A telephone replay will be available shortly after the call
until March 8, 2012 at +1 866 214
5335 (US), 800 901 596 (Hong
Kong), 10 800 714 0386 (China North), 10 800 140 0386
(China South), or 0 800 731 7846
(UK). The pass code is 48238541.
A live webcast of the conference call and replay will be
available on the investor relations page of China Distance
Education Holdings Limited's website at:
http://ir.cdeledu.com/versions/Financials_en/EarningsAnnouncements_en.html
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education in China
focusing on professional education. The courses offered by the
Company through its websites are designed to help professionals and
other course participants obtain and maintain the skills, licenses
and certifications necessary to pursue careers in China in the areas of accounting, law,
healthcare, construction engineering, and other industries. The
Company also offers online test preparation courses to self-taught
learners pursuing higher education diplomas or degrees and to
secondary school and college students preparing for various
academic and entrance exams. In addition, the Company offers online
foreign language courses and offline business start-up training
courses. For further information please visit
http://ir.cdeledu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "may," "should," "potential," "continue," "expect,"
"anticipate," "future," "intend," "plan," "believe," "is/are likely
to," "estimate" and similar statements. Among other things, the
outlook for the second quarter of the fiscal year 2012 and
quotations from management in this announcement, as well as the
Company's strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the SEC in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and growth strategies; our
future prospects and market acceptance of our online and offline
courses and other products and services; our future business
development and results of operations; projected revenues, profits,
earnings and other estimated financial information; projected
enrollment numbers; our plans to expand and enhance our online and
offline courses and other products and services; competition in the
education and test preparation markets; and Chinese laws,
regulations and policies, including those applicable to the
Internet and Internet content providers, the education and
telecommunications industries, mergers and acquisitions, taxation
and foreign exchange.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and other documents
filed with the SEC. The Company does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is
preliminary and subject to adjustments. Adjustments to the
financial statements may be identified when audit work is performed
for the year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial results
presented in accordance with U.S. generally accepted accounting
principles, or GAAP, the Company uses the following measures
defined as non-GAAP financial measures: non-GAAP net income,
operating income, gross profit, cost of sales, selling expenses,
general and administrative expenses, net income margin, operating
margin, gross profit margin and basic and diluted earnings per ADS
and per share. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliations
of non-GAAP measures to comparable GAAP measures" set forth at the
end of this release.
The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses, and impairment of purchased call option for acquisition
of additional equity interest in Champion Xinlixiang that may not
be indicative of its operating performance from a cash perspective.
The Company believes that both management and investors benefit
from these non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to the Company's historical performance and liquidity.
The Company computes its non-GAAP financial measures using the same
consistent method from quarter to quarter. The Company believes
these non-GAAP financial measures are useful to investors in
allowing for greater transparency with respect to supplemental
information used by management in its financial and operational
decision making. A limitation of excluding share-based compensation
expenses and impairment of purchased call option for acquisition of
additional equity interest in Champion Xinlixiang from the
above-mentioned line items and presenting these non-GAAP measures
is that such charges may continue to be for the foreseeable future
a significant recurring expense in our business. Management
compensates for this limitation by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying table at the end of this release provides more detail
on the reconciliations between GAAP financial measures that are
most directly comparable to non-GAAP financial measures.
Contacts:
China
Distance Education Holdings Limited
Lingling Kong, IR manager
Tel: +86-10-8231-9999 ext1805
Email: IR@cdeledu.com
|
Investor
Relations (HK):
Mahmoud Siddig, Managing Director
Taylor Rafferty
Tel: +852 3196 3712
Email: cdel@taylor-rafferty.com
|
|
|
Financial Tables Follow
China
Distance Education Holdings Limited
|
Consolidated Balance Sheets
|
(in
thousands of US Dollars, except number of shares and per share
data)
|
|
|
|
|
|
|
|
|
September 30, 2011
|
|
December 31, 2011
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Assets:
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
49,738
|
|
41,708
|
|
|
Term
deposit
|
7,839
|
|
7,944
|
|
|
Restricted
cash
|
2,676
|
|
90
|
|
|
Accounts
receivable, net of allowance for doubtful accounts of US$3,190 and
US$3,241 as of September 30, 2011
and December 31, 2011, respectively
|
4,661
|
|
4,179
|
|
|
Inventories
|
363
|
|
448
|
|
|
Prepayment
and other current assets
|
2,861
|
|
3,686
|
|
|
Deferred
tax assets, current portion
|
1,556
|
|
1,562
|
|
|
Deferred
cost
|
1,868
|
|
2,067
|
|
|
Current
assets of discontinued operations
|
2,306
|
|
1,750
|
|
|
Total current assets
|
73,868
|
|
63,434
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Property,
plant and equipment, net
|
8,586
|
|
8,679
|
|
|
Goodwill
|
7,403
|
|
7,501
|
|
|
Other
intangible assets, net
|
2,382
|
|
2,208
|
|
|
Deposit
for purchase of non-current assets
|
242
|
|
320
|
|
|
Long term
loan to employees
|
-
|
|
3,940
|
|
|
Deferred
tax assets, non-current portion
|
668
|
|
685
|
|
|
Other
non-current assets
|
729
|
|
995
|
|
|
Total non-current
assets
|
20,010
|
|
24,328
|
|
|
|
|
|
|
|
|
Total assets
|
93,878
|
|
87,762
|
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued
expenses and other liabilities (including accrued expenses and
other liabilities of the consolidated
VIE without recourse to China Distance Education
Holdings Limited of US$5,738 and US$6,808 as of September 30,
2011 and December 31, 2011,
respectively)
|
6,514
|
|
7,556
|
|
|
Dividend
payable (including dividend payable of the consolidated VIE without
recourse to China Distance Education
Holdings Limited of nil and nil as of September
30, 2011 and December 31, 2011, respectively)
|
-
|
|
348
|
|
|
Income tax
payable (including income tax payable of the consolidated VIE
without recourse to China Distance
Education Holdings Limited of US$2,170 and
US$1,855 as of September 30, 2011 and December 31, 2011,
respectively)
|
2,329
|
|
1,819
|
|
|
Deferred
revenue (including deferred revenue of the consolidated VIE without
recourse to China Distance Education
Holdings Limited of US$7,848 and US$11,858
as of September 30, 2011 and December 31, 2011,
respectively)
|
7,861
|
|
12,251
|
|
|
Refundable
fees (including refundable fees of the consolidated VIE without
recourse to China Distance Education Holdings
Limited of US$2,580 and US$2,971 as of September
30, 2011 and December 31, 2011, respectively)
|
2,580
|
|
2,971
|
|
|
Current
liabilities of discontinued operations (including current
liabilities of discontinued operations of the consolidated VIE
without recourse to China Distance Education
Holdings Limited of US$1,860 and US$1,384 as of September 30,
2011
and December 31, 2011, respectively)
|
1,860
|
|
1,384
|
|
|
Total current
liabilities
|
21,144
|
|
26,329
|
|
|
|
|
|
|
|
|
Total liabilities
|
21,144
|
|
26,329
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary
shares (par value of US$0.0001 per share at September 30, 2011 and
December 31 2011, respectively;
Authorized – 480,000,000 shares at
September 30, 2011 and December 31 2011; Issued and
outstanding – 127,800,673
and 135,554,161 shares at September 30,
2011 and December 31 2011, respectively)
|
13
|
|
14
|
|
|
Additional
paid-in capital
|
78,804
|
|
66,569
|
|
|
Accumulated other comprehensive income
|
4,221
|
|
4,787
|
|
|
Cumulative
deficits
|
(10,304)
|
|
(9,937)
|
|
|
Total China Distance Education
Holdings Limited shareholders' equity
|
72,734
|
|
61,433
|
|
|
Total equity
|
72,734
|
|
61,433
|
|
|
Total liabilities and
equity
|
93,878
|
|
87,762
|
|
|
|
|
|
|
|
China
Distance Education Holdings Limited
|
Unaudited Consolidated Statements Of
Operations
|
(in thousands of US dollars, except number
of shares, per share and per ADS data)
|
|
|
Three
Months Ended December
31,
|
|
2010
|
|
2011
|
|
|
|
|
Sales,
net of business tax, value-added tax and related
surcharges:
|
|
|
|
|
Online
education services
|
5,209
|
|
7,741
|
|
Books and
reference materials
|
1,165
|
|
957
|
|
Others
|
921
|
|
1,205
|
|
Total net revenues
|
7,295
|
|
9,903
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
Cost of
services
|
(3,397)
|
|
(4,056)
|
|
Cost of
tangible goods sold
|
(544)
|
|
(571)
|
|
Total cost of sales
|
(3,941)
|
|
(4,627)
|
|
|
|
|
|
Gross
profit
|
3,354
|
|
5,276
|
|
|
|
|
Operating expenses
|
|
|
|
|
Selling
expenses
|
(2,493)
|
|
(2,869)
|
|
General
and administrative expenses
|
(2,297)
|
|
(2,177)
|
|
Total operating
expenses
|
(4,790)
|
|
(5,046)
|
Other
operating income
|
9
|
|
2
|
|
|
|
|
|
Operating income (loss)
|
(1,427)
|
|
232
|
|
|
|
|
Interest
income
|
148
|
|
244
|
Exchange
loss
|
(24)
|
|
(17)
|
|
|
|
|
|
Income
(loss) before income taxes
|
(1,303)
|
|
459
|
Less:
Income tax (expense) benefit
|
267
|
|
(86)
|
Net income
(loss) from continuing operations
|
(1,036)
|
|
373
|
Net loss
of continuing operations attributable to noncontrolling
interest
|
135
|
|
-
|
|
|
|
|
|
Net
income (loss) from continuing operations attributable
to China Distance Education Holdings Limited
|
(901)
|
|
373
|
|
|
|
|
Net loss
from discontinued operations attributable to China Distance
Education Holdings Limited, net of tax
|
(141)
|
|
(6)
|
|
|
|
|
Net
income (loss) attributable to China Distance
Education Holdings Limited
|
(1,042)
|
|
367
|
Net
income (loss) per share:
|
|
|
|
Net
income (loss) attributable to China Distance
Education Holdings Limited shareholders
|
|
|
|
|
Basic from
continuing operations
|
(0.007)
|
|
0.003
|
|
Basic from
discontinued operations
|
(0.001)
|
|
0.000
|
|
Basic
|
(0.008)
|
|
0.003
|
|
|
|
|
|
|
Diluted
from continuing operations
|
(0.007)
|
|
0.003
|
|
Diluted
from discontinued operations
|
(0.001)
|
|
0.000
|
|
Diluted
|
(0.008)
|
|
0.003
|
Net
income (loss) per ADS:
|
|
|
|
Net
income (loss) attributable to China Distance
Education Holdings Limited shareholders
|
|
|
|
|
Basic from
continuing operations
|
(0.026)
|
|
0.011
|
|
Basic from
discontinued operations
|
(0.004)
|
|
0.000
|
|
Basic
|
(0.030)
|
|
0.011
|
|
|
|
|
|
|
Diluted
from continuing operations
|
(0.026)
|
|
0.011
|
|
Diluted
from discontinued operations
|
(0.004)
|
|
0.000
|
|
Diluted
|
(0.030)
|
|
0.011
|
|
|
|
|
Weighted average shares used in calculating
net income (loss) per share:
|
|
|
|
|
Basic
|
136,901,041
|
|
130,075,371
|
|
Diluted
|
136,901,041
|
|
130,089,977
|
China
Distance Education Holdings Limited
|
Unaudited Reconciliation of non-GAAP measures to
comparable GAAP measures from continuing operations
|
(In
thousands of US Dollars, except number of shares, per share and per
ADS data)
|
|
|
|
|
|
Three Months Ended December 31
|
|
|
2010
|
|
2011
|
|
|
|
|
|
Cost of
sales
|
|
3,941
|
|
4,627
|
Share-based compensation expense in cost of
sales
|
|
397
|
|
13
|
Non-GAAP
cost of sales
|
|
3,544
|
|
4,614
|
|
|
|
|
|
Selling
expenses
|
|
2,493
|
|
2,869
|
Share-based compensation expense in selling
expenses
|
|
135
|
|
10
|
Non-GAAP
selling expenses
|
|
2,358
|
|
2,859
|
|
|
|
|
|
General
and administrative expenses
|
|
2,297
|
|
2,177
|
Share-based compensation expense in general and
administrative expenses
|
|
503
|
|
102
|
Non-GAAP
general and administrative expenses
|
|
1,794
|
|
2,075
|
|
|
|
|
|
Gross
profit
|
|
3,354
|
|
5,276
|
Share-based compensation expenses
|
|
397
|
|
13
|
Non-GAAP
gross profit
|
|
3,751
|
|
5,289
|
|
|
|
|
|
Gross
profit margin
|
|
46.0%
|
|
53.3%
|
Non-GAAP
gross profit margin
|
|
51.4%
|
|
53.4%
|
|
|
|
|
|
Operating
income (loss)
|
|
(1,427)
|
|
232
|
Share-based compensation expenses
|
|
1,035
|
|
125
|
Non-GAAP
operating income (loss)
|
|
(392)
|
|
357
|
|
|
|
|
|
Operating
margin
|
|
(19.6%)
|
|
2.3%
|
Non-GAAP
operating margin
|
|
(5.4%)
|
|
3.6%
|
|
|
|
|
|
Net income
(loss) attributable to China Distance Education Holdings
Limited
|
|
(901)
|
|
373
|
Share-based compensation expenses
|
|
1,035
|
|
125
|
Non-GAAP
net income attributable to China Distance Education Holdings
Limited
|
|
134
|
|
498
|
|
|
|
|
|
Net income
margin attributable to China Distance Education Holdings
Limited
|
|
(12.4%)
|
|
3.8%
|
Non-GAAP
net income margin attributable to China Distance Education Holdings
Limited
|
|
1.8%
|
|
5.0%
|
|
|
|
|
|
Net income
(loss) per share-basic
|
|
(0.007)
|
|
0.003
|
Net income
(loss) per share-diluted
|
|
(0.007)
|
|
0.003
|
Non-GAAP
net income per share-basic
|
|
0.001
|
|
0.004
|
Non-GAAP
net income per share-diluted
|
|
0.001
|
|
0.004
|
|
|
|
|
|
Net income
(loss) per ADS attributable to China Distance Education Holdings
Limited shareholders-basic (note 1)
|
|
(0.026)
|
|
0.011
|
Net income
(loss) per ADS attributable to China Distance Education Holdings
Limited shareholders-diluted (note 1)
|
|
(0.026)
|
|
0.011
|
Non-GAAP
net income per ADS attributable to China Distance Education
Holdings Limited shareholders-basic (note 1)
|
|
0.004
|
|
0.015
|
Non-GAAP
net income per ADS attributable to China Distance Education
Holdings Limited shareholders-diluted (note 1)
|
|
0.004
|
|
0.015
|
|
|
|
|
|
Weighted
average shares used in calculating basic net income (loss) per
share
|
|
136,901,041
|
|
130,075,371
|
Weighted
average shares used in calculating diluted net income (loss) per
share
|
|
136,901,041
|
|
130,089,977
|
Weighted
average shares used in calculating basic non-GAAP net income per
share
|
|
136,901,041
|
|
130,075,371
|
Weighted
average shares used in calculating diluted non-GAAP net income per
share
|
|
136,989,839
|
|
130,089,977
|
|
|
|
|
|
China
Distance Education Holdings Limited
|
Unaudited reconciliation of non-GAAP measures to
comparable GAAP measures from discontinued
operations
|
(In
thousands of US Dollars, except number of shares, per share and per
ADS data)
|
|
|
|
|
|
Three
months Ended December 31
|
|
|
2010
|
|
2011
|
|
|
|
|
|
Net loss
attributable to China Distance Education Holdings
Limited
|
|
(141)
|
|
(6)
|
Impairment
of purchased call option (net, tax effect US$51 and nil for three
months ended December 31, 2010 and 2011, respectively)
|
|
151
|
|
-
|
Non-GAAP
net (loss) income attributable to China Distance Education Holdings
Limited
|
|
10
|
|
(6)
|
|
|
|
|
|
Net loss
per share-basic
|
|
(0.001)
|
|
0.000
|
Net loss
per share-diluted
|
|
(0.001)
|
|
0.000
|
Non-GAAP
net (loss) income per share-basic
|
|
0.000
|
|
0.000
|
Non-GAAP
net (loss) income per share-diluted
|
|
0.000
|
|
0.000
|
|
|
|
|
|
Net loss
per ADS attributable to China Distance Education Holdings Limited
shareholders-basic (note 1)
|
|
(0.004)
|
|
0.000
|
Net loss
per ADS attributable to China Distance Education Holdings Limited
shareholders-diluted (note 1)
|
|
(0.004)
|
|
0.000
|
Non-GAAP
net (loss) income per ADS attributable to China Distance Education
Holdings Limited shareholders-basic (note 1)
|
|
0.000
|
|
0.000
|
Non-GAAP
net (loss) income per ADS attributable to China Distance Education
Holdings Limited shareholders-diluted (note 1)
|
|
0.000
|
|
0.000
|
|
|
|
|
|
Weighted
average shares used in calculating basic net loss per
share
|
|
136,901,041
|
|
130,075,371
|
Weighted
average shares used in calculating diluted net loss per
share
|
|
136,901,041
|
|
130,075,371
|
Weighted
average shares used in calculating basic non-GAAP net (loss) income
per share
|
|
136,901,041
|
|
130,075,371
|
Weighted
average shares used in calculating diluted non-GAAP net (loss)
income per share
|
|
136,989,839
|
|
130,075,371
|
|
|
|
|
|
Note 1: Each ADS represents four ordinary shares
SOURCE China Distance Education Holdings Limited