Signatures
|
Exhibit 99.1 – Earnings Press Release for the Quarter Ended December 31, 2010
|
CHINAEDU CORPORATION
|
||||
By:
|
/s/ Julia Huang
|
|||
Name:
|
Julia Huang
|
|||
Title:
|
Chairman and Chief Executive Officer
|
Exhibit No.
|
Description
|
|
99.1
|
Earnings Press Release for the Quarter ended December 31, 2010
|
·
|
Fourth quarter 2010 total net revenue grew 5.7% year-over-year to $15.3 million, in line with Company guidance.
|
·
|
Fourth quarter 2010 net revenue from online degree programs increased 5.6% year-over-year to $12.2 million.
|
·
|
Fourth quarter net income attributable to ChinaEdu decreased 24.7% year-over-year to $1.0 million.
|
·
|
Adjusted net income attributable to ChinaEdu2 decreased 14.4% year-over-year to $1.5 million.
|
·
|
Net income attributable to ChinaEdu per diluted ADS3 in the fourth quarter of 2010 was $0.060.
|
·
|
Adjusted net income attributable to ChinaEdu per diluted ADS4 was $0.088 in the fourth quarter of 2010.
|
·
|
The number of revenue students5 in online degree programs during the 2010 fall semester increased approximately 10.0% year-over-year to approximately 154,000.
|
·
|
Total net revenue for the year 2010 increased 9.6% over the year 2009 to $58.9 million.
|
·
|
Net revenue from online degree programs for the year 2010 increased 8.7% over the year 2009 to $47.0 million.
|
·
|
Net income attributable to ChinaEdu for the year 2010 increased 13.0% over the year 2009 to $6.0 million.
|
·
|
Adjusted net income attributable to ChinaEdu increased 5.5% over the year 2009 to $7.5 million.
|
·
|
Net income attributable to ChinaEdu per diluted ADS was $0.344 for the year 2010.
|
·
|
Adjusted net income attributable to ChinaEdu per diluted ADS was $0.435 for the year 2010.
|
·
|
The number of revenue students in online degree programs for the year 2010 increased approximately 8.4% over the year 2009 to approximately 311,000 students.
|
·
|
General and administrative expenses for the fourth quarter of 2010 were $4.0 million, which represented a 13.8% increase from $3.5 million for the corresponding period in 2009, primarily due to an increase in depreciation expenses associated with the completion of administration-related construction at the Anqing private school.
|
·
|
Selling and marketing expenses were $1.8 million in the fourth quarter of 2010, which represented an 82.1% increase from $1.0 million for the corresponding period in 2009. While selling and marketing expenses were low both in absolute amount and as a percentage of total net revenue in the fourth quarter of 2009, the increase in selling and marketing expenses in the fourth quarter of 2010 was primarily attributable to the expansion of selling and marketing staff and advertising for the 101 online tutoring programs as well as an increase in marketing activities, such as conference attendance and brand promotion activities.
|
·
|
Research and development expenses for the fourth quarter of 2010 were $1.4 million, representing an 11.9% increase from $1.3 million in the corresponding period in 2009, primarily due to an increase in staff and development expenses associated with new courseware. Additionally, there were increases in research and development expenses as a result of the Company’s investments in new business initiatives.
|
·
|
Share-based compensation for the fourth quarter of 2010, which was allocated to the related cost and operating expense line items, increased 29.1% to $0.3 million, compared to $0.2 million in the corresponding period in 2009.
|
·
|
General and administrative expenses for the year 2010 were $12.7 million, representing a 1.5% increase from $12.6 million in year 2009. The slight increase reflects continued tight cost control throughout 2010. As a result, general and administrative expenses as a percentage of total net revenue decreased from 23.4% in the year 2009 to 21.6% in the year 2010.
|
·
|
Selling and marketing expenses for the year 2010 were $5.7 million, representing a 58.9% increase from $3.6 million for the year 2009. The increase was primarily attributable to an increase in advertising expenses for 101 online tutoring programs, the learning centers network, and selected subsidiaries as well as increased sales and marketing headcount at certain subsidiaries.
|
·
|
Research and development expenses for the year 2010 were $5.7 million, representing a 22.9% increase from $4.6 million for the year 2009. This increase was primarily attributable to increased staff and increased depreciation expenses associated with new research and development projects for online degree programs and new business initiatives for non-online degree programs.
|
·
|
Share-based compensation for the year 2010, which was allocated to the related cost of revenue and operating expense line items, was $1.0 million, representing a decrease of $0.1 million from $1.1 million for the year 2009. This decrease was primarily attributable to a true-up adjustment of forfeited stock options.
|
Company Contacts:
|
Helen Zou, Investor Relations Manager
ChinaEdu Corporation
Phone: +86 10 8418 6655 ext.1150
E-mail: ir@chinaedu.net
|
(in thousands, unaudited)
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
|||||||||
RMB
|
RMB
|
US$
|
||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
203,143 | 190,493 | 28,863 | |||||||||
Term deposits
|
122,304 | 120,500 | 18,258 | |||||||||
Restricted cash
|
365 | - | - | |||||||||
Short-term investments
|
17,706 | 32,469 | 4,920 | |||||||||
Accounts receivable, net
|
28,334 | 35,091 | 5,317 | |||||||||
Inventory
|
1,852 | 358 | 54 | |||||||||
Prepaid expenses and other current assets
|
25,315 | 30,966 | 4,690 | |||||||||
Amounts due from related parties
|
176,802 | 246,925 | 37,413 | |||||||||
Deferred tax assets
|
3,309 | 5,003 | 758 | |||||||||
Total current assets
|
579,130 | 661,805 | 100,273 | |||||||||
Long-term investments
|
4,210 | - | - | |||||||||
Deferred tax assets
|
1,541 | 3,470 | 526 | |||||||||
Rental deposits
|
868 | 936 | 141 | |||||||||
Land use rights
|
27,874 | 27,265 | 4,131 | |||||||||
Property and equipment, net
|
203,995 | 227,507 | 34,471 | |||||||||
Deposits paid for acquisition of property and equipment
|
13,898 | 19,792 | 2,999 | |||||||||
Acquired intangible assets, net
|
66,621 | 65,849 | 9,977 | |||||||||
Goodwill
|
38,155 | 43,255 | 6,554 | |||||||||
Total assets
|
936,292 | 1,049,879 | 159,072 | |||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to ChinaEdu Group of 5,351 and 10,277 as of December 31, 2009 and December 31, 2010)
|
6,467 | 11,410 | 1,729 | |||||||||
Deferred revenues (including deferred revenues of the consolidated VIEs without recourse to ChinaEdu Group of 17,786 and 18,762 as of December 31, 2009 and December 31, 2010)
|
97,853 | 105,891 | 16,044 | |||||||||
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to ChinaEdu Group of 11,066 and 12,486 as of December 31, 2009 and December 31, 2010)
|
68,917 | 83,486 | 12,649 | |||||||||
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to ChinaEdu Group of 2,065 and 2,201 as of December 31, 2009 and December 31, 2010)
|
25,668 | 31,177 | 4,724 | |||||||||
Income taxes payable (including income taxes payable of the consolidated VIEs without recourse to ChinaEdu Group of 7,770 and 8,432 as of December 31, 2009 and December 31, 2010)
|
33,389 | 44,612 | 6,759 | |||||||||
Other taxes payable (including other taxes payable of the consolidated VIEs without recourse to ChinaEdu Group of 2,285 and 2,482 as of December 31, 2009 and December 31, 2010)
|
15,900 | 20,508 | 3,107 | |||||||||
Total current liabilities
|
248,194 | 297,084 | 45,012 | |||||||||
Deferred revenues (including deferred revenues of the consolidated VIEs without recourse to ChinaEdu Group of 113 and 71 as of December 31, 2009 and December 31, 2010)
|
8,075 | 9,804 | 1,486 | |||||||||
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to ChinaEdu Group of 1,381 and 1,057 as of December 31, 2009 and December 31, 2010)
|
10,143 | 9,836 | 1,490 | |||||||||
Unrecognized tax benefit (including unrecognized tax benefit of the consolidated VIEs without recourse to ChinaEdu Group of 1,145 and 1,251 as of December 31, 2009 and December 31, 2010)
|
7,727 | 3,691 | 559 | |||||||||
Total liabilities
|
274,139 | 320,415 | 48,547 | |||||||||
ChinaEdu shareholders’ equity
|
559,973 | 596,930 | 90,444 | |||||||||
Noncontrolling interests
|
102,180 | 132,534 | 20,081 | |||||||||
Total equity
|
662,153 | 729,464 | 110,525 | |||||||||
Total liabilities and equity
|
936,292 | 1,049,879 | 159,072 |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||
(in thousands,except for percentage, share, and per share information)
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
||||||||||||||||||
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|||||||||||||||||||
Gross Revenue *
|
95,871 | 102,023 | 15,458 | 368,447 | 402,335 | 60,960 | ||||||||||||||||||
Business Tax and Surcharge
|
354 | 1,046 | 158 | 13,741 | 13,493 | 2,044 | ||||||||||||||||||
Net Revenue:
|
||||||||||||||||||||||||
Online degree programs
|
76,457 | 80,742 | 12,234 | 285,178 | 310,005 | 46,970 | ||||||||||||||||||
Online tutoring programs
|
5,510 | 6,004 | 910 | 19,584 | 23,669 | 3,586 | ||||||||||||||||||
Private primary and secondary schools
|
9,816 | 11,472 | 1,738 | 30,627 | 41,054 | 6,221 | ||||||||||||||||||
International curriculum programs
|
3,734 | 2,759 | 418 | 19,317 | 14,114 | 2,139 | ||||||||||||||||||
Total net revenue
|
95,517 | 100,977 | 15,300 | 354,706 | 388,842 | 58,916 | ||||||||||||||||||
Cost of revenue:
|
||||||||||||||||||||||||
Online degree programs
|
26,575 | 30,455 | 4,614 | 95,428 | 101,906 | 15,440 | ||||||||||||||||||
Online tutoring programs
|
1,222 | 1,977 | 300 | 5,713 | 6,101 | 924 | ||||||||||||||||||
Private primary and secondary schools
|
7,298 | 9,401 | 1,424 | 26,109 | 30,279 | 4,588 | ||||||||||||||||||
International curriculum programs
|
2,531 | 2,591 | 393 | 11,112 | 9,416 | 1,427 | ||||||||||||||||||
Total cost of revenue
|
37,626 | 44,424 | 6,731 | 138,362 | 147,702 | 22,379 | ||||||||||||||||||
Gross profit:
|
||||||||||||||||||||||||
Online degree programs
|
49,882 | 50,287 | 7,620 | 189,750 | 208,099 | 31,530 | ||||||||||||||||||
Online tutoring programs
|
4,288 | 4,027 | 610 | 13,871 | 17,568 | 2,662 | ||||||||||||||||||
Private primary and secondary schools
|
2,518 | 2,071 | 314 | 4,518 | 10,775 | 1,633 | ||||||||||||||||||
International curriculum programs
|
1,203 | 168 | 25 | 8,205 | 4,698 | 712 | ||||||||||||||||||
Total gross profit
|
57,891 | 56,553 | 8,569 | 216,344 | 241,140 | 36,537 | ||||||||||||||||||
Online degree programs
|
65.2 | % | 62.3 | % | 62.3 | % | 66.5 | % | 67.1 | % | 67.1 | % | ||||||||||||
Online tutoring programs
|
77.8 | % | 67.1 | % | 67.1 | % | 70.8 | % | 74.2 | % | 74.2 | % | ||||||||||||
Private primary and secondary schools
|
25.7 | % | 18.1 | % | 18.1 | % | 14.8 | % | 26.2 | % | 26.2 | % | ||||||||||||
International curriculum programs
|
32.2 | % | 6.1 | % | 6.1 | % | 42.5 | % | 33.3 | % | 33.3 | % | ||||||||||||
Gross margin
|
60.6 | % | 56.0 | % | 56.0 | % | 61.0 | % | 62.0 | % | 62.0 | % | ||||||||||||
Operating expenses:
|
||||||||||||||||||||||||
General and administrative
|
23,014 | 26,185 | 3,967 | 82,858 | 84,110 | 12,744 | ||||||||||||||||||
Selling and marketing
|
6,578 | 11,980 | 1,815 | 23,688 | 37,632 | 5,702 | ||||||||||||||||||
Research and development
|
8,410 | 9,410 | 1,426 | 30,385 | 37,358 | 5,660 | ||||||||||||||||||
Total operating expenses
|
38,002 | 47,575 | 7,208 | 136,931 | 159,100 | 24,106 | ||||||||||||||||||
Income from operations
|
19,889 | 8,978 | 1,361 | 79,413 | 82,040 | 12,431 | ||||||||||||||||||
Operating margin
|
20.8 | % | 8.9 | % | 8.9 | % | 22.4 | % | 21.1 | % | 21.1 | % | ||||||||||||
Other income
|
761 | 141 | 21 | 1,748 | 572 | 87 | ||||||||||||||||||
Interest income
|
1,085 | 1,590 | 241 | 4,980 | 5,552 | 841 | ||||||||||||||||||
Interest expense
|
(1 | ) | (5 | ) | (1 | ) | (2 | ) | (5 | ) | (1 | ) | ||||||||||||
Investment income
|
- | 260 | 39 | - | 1,331 | 202 | ||||||||||||||||||
Income before income tax
|
21,734 | 10,964 | 1,661 | 86,139 | 89,490 | 13,560 | ||||||||||||||||||
Income tax (expense)/credit
|
(5,487 | ) | 6,002 | 909 | (19,287 | ) | (13,333 | ) | (2,020 | ) | ||||||||||||||
Net income
|
16,247 | 16,966 | 2,570 | 66,852 | 76,157 | 11,540 | ||||||||||||||||||
Net income attributable to the noncontrolling interests
|
(7,191 | ) | (10,151 | ) | (1,538 | ) | (32,073 | ) | (36,840 | ) | (5,582 | ) | ||||||||||||
Net income attributable to ChinaEdu
|
9,056 | 6,815 | 1,032 | 34,779 | 39,317 | 5,958 | ||||||||||||||||||
Net margin
|
9.5 | % | 6.7 | % | 6.7 | % | 9.8 | % | 10.1 | % | 10.1 | % | ||||||||||||
Net income attributable to ChinaEdu per ADS:
|
||||||||||||||||||||||||
Basic
|
0.56 | 0.43 | 0.065 | 2.14 | 2.46 | 0.372 | ||||||||||||||||||
Diluted
|
0.51 | 0.39 | 0.060 | 1.99 | 2.27 | 0.344 | ||||||||||||||||||
Weighted average aggregate number of ADSs outstanding:
|
||||||||||||||||||||||||
Basic
|
16,148,719 | 15,976,963 | 15,976,963 | 16,281,535 | 16,001,441 | 16,001,441 | ||||||||||||||||||
Diluted
|
17,589,699 | 17,267,688 | 17,267,688 | 17,506,561 | 17,336,743 | 17,336,743 | ||||||||||||||||||
* Gross revenue are detailed as follows
|
||||||||||||||||||||||||
Online degree programs
|
76,441 | 81,462 | 12,343 | 297,192 | 322,433 | 48,853 | ||||||||||||||||||
Online tutoring programs
|
5,658 | 6,163 | 934 | 20,130 | 23,873 | 3,617 | ||||||||||||||||||
Private primary and secondary schools
|
9,821 | 11,479 | 1,739 | 30,684 | 41,095 | 6,227 | ||||||||||||||||||
International curriculum programs
|
3,951 | 2,919 | 442 | 20,441 | 14,934 | 2,263 |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||
(in thousands, unaudited)
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
||||||||||||||||||
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||
Net income
|
16,247 | 16,966 | 2,570 | 66,852 | 76,157 | 11,540 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||||||||||
Share-based compensation
|
1,611 | 2,079 | 315 | 7,416 | 6,283 | 952 | ||||||||||||||||||
Depreciation and amortization of property and equipment
|
4,560 | 6,504 | 985 | 16,603 | 20,971 | 3,177 | ||||||||||||||||||
Amortization of land use rights
|
152 | 152 | 23 | 619 | 609 | 92 | ||||||||||||||||||
Amortization of acquired intangible assets
|
1,129 | 1,166 | 177 | 5,237 | 4,427 | 671 | ||||||||||||||||||
Provision for amounts due from related parties and account receivables
|
(61 | ) | (540 | ) | (82 | ) | 364 | (540 | ) | (82 | ) | |||||||||||||
Loss from disposal of property and equipment
|
310 | 82 | 12 | 513 | 82 | 12 | ||||||||||||||||||
Deferred income taxes
|
(51 | ) | (4,366 | ) | (662 | ) | 306 | (3,930 | ) | (595 | ) | |||||||||||||
Changes in assets and liabilities
|
||||||||||||||||||||||||
Accounts receivable
|
(15,121 | ) | (10,893 | ) | (1,650 | ) | (13,844 | ) | (5,820 | ) | (882 | ) | ||||||||||||
Inventory
|
(53 | ) | 234 | 35 | (1,852 | ) | 757 | 115 | ||||||||||||||||
Prepaid expenses and other current assets
|
(2,800 | ) | (8,056 | ) | (1,221 | ) | (5,075 | ) | (3,013 | ) | (457 | ) | ||||||||||||
Amounts due from related parties
|
11,511 | (42,571 | ) | (6,450 | ) | (26,330 | ) | (68,791 | ) | (10,423 | ) | |||||||||||||
Rental deposits
|
62 | 126 | 19 | 90 | (61 | ) | (9 | ) | ||||||||||||||||
Land use rights
|
- | - | - | (1,989 | ) | - | - | |||||||||||||||||
Accounts payable
|
(1,373 | ) | (864 | ) | (131 | ) | 115 | 1,128 | 171 | |||||||||||||||
Deferred revenues
|
64,517 | 68,455 | 10,372 | 3,792 | 7,432 | 1,126 | ||||||||||||||||||
Accrued expenses and other current liabilities
|
10,043 | 5,789 | 877 | 19,082 | 14,628 | 2,216 | ||||||||||||||||||
Amounts due to related parties
|
(37,523 | ) | (21,336 | ) | (3,233 | ) | 268 | (153 | ) | (23 | ) | |||||||||||||
Income tax payable
|
5,131 | 1,503 | 228 | 5,472 | 10,553 | 1,599 | ||||||||||||||||||
Other taxes payable
|
2,054 | 4,476 | 678 | 3,892 | 4,555 | 690 | ||||||||||||||||||
Unrecognized tax benefit
|
184 | (4,583 | ) | (694 | ) | 2,254 | (4,036 | ) | (612 | ) | ||||||||||||||
Change in restricted cash
|
(365 | ) | 365 | 55 | (365 | ) | 365 | 55 | ||||||||||||||||
Net cash provided by operating activities
|
60,164 | 14,688 | 2,223 | 83,420 | 61,603 | 9,333 | ||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||
Purchase of property and equipment
|
(6,277 | ) | (4,608 | ) | (698 | ) | (57,071 | ) | (26,859 | ) | (4,070 | ) | ||||||||||||
Purchase of business, net of cash acquired RMB1,382
|
- | 1,122 | 170 | - | (6,338 | ) | (960 | ) | ||||||||||||||||
Deposits paid for acquisition of property and equipment
|
(13,987 | ) | - | - | (11,371 | ) | (19,792 | ) | (2,999 | ) | ||||||||||||||
Purchase of term deposits
|
(33,825 | ) | 40,971 | 6,208 | (58,813 | ) | 1,434 | 217 | ||||||||||||||||
Purchase of investments
|
(6,495 | ) | (1,598 | ) | (242 | ) | (20,578 | ) | (15,016 | ) | (2,275 | ) | ||||||||||||
Proceeds from the sale of investment
|
- | - | - | - | 3,000 | 455 | ||||||||||||||||||
Purchase of contractual right
|
(735 | ) | - | - | (1,235 | ) | - | - | ||||||||||||||||
Proceeds from disposal of property and equipment
|
- | 4 | 1 | - | 112 | 17 | ||||||||||||||||||
Net cash provided by/(used in) investing activities
|
(61,319 | ) | 35,891 | 5,439 | (149,068 | ) | (63,459 | ) | (9,615 | ) | ||||||||||||||
Financing activities:
|
||||||||||||||||||||||||
Proceeds from exercise of share options
|
274 | 3,315 | 502 | 4,163 | 6,075 | 920 | ||||||||||||||||||
Prepayment for shares repurchase
|
- | - | - | - | (1,824 | ) | (276 | ) | ||||||||||||||||
Repurchase and cancellation of ordinary shares
|
(14,740 | ) | (12,070 | ) | (1,829 | ) | (76,634 | ) | (12,393 | ) | (1,877 | ) | ||||||||||||
Short term loan
|
(2,117 | ) | (5,725 | ) | (867 | ) | - | 31 | 5 | |||||||||||||||
Acquisition of noncontrolling interests
|
- | - | - | - | (998 | ) | (151 | ) | ||||||||||||||||
Cash dividends paid to noncontrolling shareholders
|
(4,098 | ) | - | - | (14,698 | ) | (1,666 | ) | (252 | ) | ||||||||||||||
Capital contributions by noncontrolling shareholders
|
735 | 490 | 74 | 1,715 | 490 | 74 | ||||||||||||||||||
Net cash used in financing activities
|
(19,946 | ) | (13,990 | ) | (2,120 | ) | (85,454 | ) | (10,285 | ) | (1,557 | ) | ||||||||||||
Effect of foreign exchange rate changes
|
4 | (84 | ) | (11 | ) | 312 | (509 | ) | (77 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period
|
224,240 | 153,988 | 23,332 | 353,933 | 203,143 | 30,779 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period
|
203,143 | 190,493 | 28,863 | 203,143 | 190,493 | 28,863 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(21,097 | ) | 36,505 | 5,531 | (150,790 | ) | (12,650 | ) | (1,916 | ) |
Three Months Ended
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
||||||||||||||||||
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|||||||||||||||||||
Net revenue
|
95,517 | 100,977 | 15,300 | 354,706 | 388,842 | 58,916 | ||||||||||||||||||
Income from operations
|
19,889 | 8,978 | 1,361 | 79,413 | 82,040 | 12,431 | ||||||||||||||||||
Adjustment:
|
||||||||||||||||||||||||
Share-based compensation
|
1,611 | 2,079 | 315 | 7,416 | 6,283 | 952 | ||||||||||||||||||
Amortization
|
1,281 | 1,318 | 200 | 5,856 | 5,036 | 763 | ||||||||||||||||||
Adjusted income from operations (non-GAAP)
|
22,781 | 12,375 | 1,876 | 92,685 | 93,359 | 14,146 | ||||||||||||||||||
Adjusted operating margin (non-GAAP)
|
23.9 | % | 12.3 | % | 12.3 | % | 26.1 | % | 24.0 | % | 24.0 | % |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||
(in thousands, unaudited)
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
December
31, 2009
|
December
31, 2010
|
December
31, 2010
|
||||||||||||||||||
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|||||||||||||||||||
Net revenue
|
95,517 | 100,977 | 15,300 | 354,706 | 388,842 | 58,916 | ||||||||||||||||||
Net income attributable to ChinaEdu
|
9,056 | 6,815 | 1,032 | 34,779 | 39,317 | 5,958 | ||||||||||||||||||
Adjustment:
|
||||||||||||||||||||||||
Share-based compensation
|
1,611 | 2,079 | 315 | 7,416 | 6,283 | 952 | ||||||||||||||||||
Share-based compensation attributable to the noncontrolling interest
|
(183 | ) | (140 | ) | (21 | ) | (925 | ) | (913 | ) | (138 | ) | ||||||||||||
Amortization
|
1,281 | 1,318 | 200 | 5,856 | 5,036 | 763 | ||||||||||||||||||
Adjusted net income attributable to ChinaEdu (non-GAAP)
|
11,765 | 10,072 | 1,526 | 47,126 | 49,723 | 7,535 | ||||||||||||||||||
Adjusted net margin (non-GAAP)
|
12.3 | % | 10.0 | % | 10.0 | % | 13.3 | % | 12.8 | % | 12.8 | % | ||||||||||||
Adjusted net income attributable to ChinaEdu per ADS (non-GAAP)
|
||||||||||||||||||||||||
Basic
|
0.73 | 0.63 | 0.096 | 2.89 | 3.11 | 0.471 | ||||||||||||||||||
Diluted
|
0.67 | 0.58 | 0.088 | 2.69 | 2.87 | 0.435 | ||||||||||||||||||
Weighted average aggregate number of ADSs outstanding:
|
||||||||||||||||||||||||
Basic
|
16,148,719 | 15,976,963 | 15,976,963 | 16,281,535 | 16,001,441 | 16,001,441 | ||||||||||||||||||
Diluted
|
17,589,699 | 17,267,688 | 17,267,688 | 17,506,561 | 17,336,743 | 17,336,743 |