Signatures
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Exhibit 99.1 – ChinaEdu Reports Second Quarter 2011 Results
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Exhibit 99.2 – Press release regarding the Company’s Announcement of Share Repurchase Program
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CHINAEDU CORPORATION
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By:
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/s/ Julia Huang
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Name:
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Julia Huang
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Title:
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Chairman and Chief Executive Officer
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Exhibit No.
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Description
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99.1
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ChinaEdu Reports Second Quarter 2011 Results
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99.2 | Press release regarding the Company’s Announcement of Share Repurchase Program |
·
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Total net revenue for the second quarter of 2011 was $17.0 million, a 10.6 percent increase from $15.4 million in the corresponding period in 2010, exceeding Company guidance of $15.7 million to $16.2 million.
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·
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Net revenue from online degree programs was $13.6 million, an increase of 9.8 percent from $12.4 million in the corresponding period of 2010.
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·
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Net income attributable to ChinaEdu was $0.8 million.
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·
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Adjusted net income attributable to ChinaEdu2 was $1.2 million.
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·
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Net income attributable to ChinaEdu per diluted ADS3 was $0.046, compared to $0.121 in the corresponding period in 2010.
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·
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Adjusted net income attributable to ChinaEdu per diluted ADS4 was $0.070, compared to $0.132 in the corresponding period in 2010.
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·
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The number of revenue students5 in online degree programs was approximately 159,000 during the Spring 2011 semester.
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·
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General and administrative expenses for the second quarter of 2011 were $3.8 million, a 33.8 percent increase from $2.8 million for the corresponding period in 2010. As a percentage of net revenue, general and administrative expenses increased to 22.4 percent, from 18.5 percent in the same period in 2010. Increased staff costs and rising costs associated with leased facilities were the primary reasons for the increase. ChinaEdu’s donation of approximately RMB1 million, or $0.2 million, in supplies to the Beijing Language and Culture University, in line with the Company’s corporate social responsibility efforts, was also included in the quarterly general and administrative expense.
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·
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Selling and marketing expenses were $2.2 million in the second quarter of 2011, an increase of 74.8 percent compared to $1.2 million for the corresponding period in 2010. As a percentage of net revenue, selling and marketing expenses increased to 12.8 percent, up from 8.1 percent in the same period in 2010. The increase in selling and marketing expenses were mainly related to growth in sales force headcount for online tutoring programs in Beijing and expenses related to national promotion and branding activities.
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·
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Research and development expenses for the second quarter of 2011 were $1.6 million, an increase of 10.4 percent from $1.5 million in the corresponding period in 2010. The increase was primarily attributable to an increase in research and development headcount in connection with upgrading learning management systems and enhancing courseware development, particularly for the development of interactive products. As a percentage of net revenue, research and development expense was 9.5 percent in the second quarter 2011, a slight decrease from 9.6 percent in the same period of 2010.
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·
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Share-based compensation for the second quarter of 2011, which is allocated to the related cost and operating expense line items, increased to $0.3 million from $0.1 million in the corresponding period in 2010, due to a true-up adjustment of forfeiture rate that occurred in second quarter of 2010.
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U.S. Toll Free Number:
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+1 866 519 4004
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International Dial-in Number:
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+1 718 354 1231
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China Domestic (Mobile Callers):
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400 620 8038
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China Domestic:
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800 819 0121
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Hong Kong:
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+852 2475 0994
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Conference ID:
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95956555
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U.S. Toll Free Number
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+1 866 214 5335
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International Dial-in Number
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+1 718 354 1232
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Conference ID:
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95956555
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ChinaEdu Corporation
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Unaudited Condensed Consolidated Balance Sheets
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||||||||||||
December
|
June
|
June
|
||||||||||
31, 2010 | 30, 2011 | 30, 2011 | ||||||||||
(in thousands, unaudited)
|
||||||||||||
RMB
|
RMB
|
US$
|
||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
190,493 | 172,875 | 26,746 | |||||||||
Term deposits
|
120,500 | 126,099 | 19,509 | |||||||||
Short-term investments
|
32,469 | 38,237 | 5,916 | |||||||||
Accounts receivable
|
35,091 | 37,787 | 5,846 | |||||||||
Inventories
|
358 | - | - | |||||||||
Prepaid expenses and other current assets
|
30,966 | 33,111 | 5,123 | |||||||||
Amounts due from related parties
|
246,925 | 270,626 | 41,870 | |||||||||
Deferred tax assets-current
|
5,003 | 1,209 | 187 | |||||||||
Total current assets
|
661,805 | 679,944 | 105,197 | |||||||||
Deferred tax assets-non-current
|
3,470 | 7,075 | 1,095 | |||||||||
Rental deposits
|
936 | 2,528 | 391 | |||||||||
Land use rights
|
27,265 | 26,961 | 4,171 | |||||||||
Property and equipment, net
|
227,507 | 231,347 | 35,793 | |||||||||
Deposits paid for acquisition of property and equipment
|
19,792 | 27,314 | 4,226 | |||||||||
Acquired intangible assets, net
|
65,849 | 63,815 | 9,873 | |||||||||
Goodwill
|
43,255 | 43,255 | 6,692 | |||||||||
Total assets
|
1,049,879 | 1,082,239 | 167,438 | |||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable (including accounts payable of the consolidated VIE without recourse to the
|
||||||||||||
Group of 10,277 and 8,410 as of December 31, 2010 and June 30, 2011)
|
11,410 | 10,151 | 1,571 | |||||||||
Deferred revenues-current (including deferred revenues of the consolidated VIE without recourse to
|
||||||||||||
the Group of 18,762 and 19,282 as of December 31, 2010 and June 30, 2011)
|
105,891 | 119,279 | 18,454 | |||||||||
Accrued expenses and other current liabilities (including accrued expenses and other current
|
||||||||||||
liabilities of the consolidated VIE without recourse to the Group of 12,486 and 17,723
|
||||||||||||
as of December 31, 2010 and June 30, 2011)
|
83,486 | 93,613 | 14,482 | |||||||||
Amounts due to related parties (including amounts due to related parties of the consolidated VIE
|
||||||||||||
without recourse to the Group of 2,201 and 1,174 as of December 31, 2010 and June 30, 2011)
|
31,177 | 40,025 | 6,192 | |||||||||
Income taxes payable (including income taxes payable of the consolidated VIE without recourse to the
|
||||||||||||
Group of 8,432 and 8,768 as of December 31, 2010 and June 30, 2011)
|
44,612 | 36,888 | 5,707 | |||||||||
Other taxes payable (including other taxes payable of the consolidated VIE without recourse to the
|
||||||||||||
Group of 2,482 and 2,760 as of December 31, 2010 and June 30, 2011)
|
20,508 | 16,935 | 2,620 | |||||||||
Total current liabilities
|
297,084 | 316,891 | 49,026 | |||||||||
Deferred revenues-non-current (including deferred revenues of the consolidated VIE without recourse
|
||||||||||||
to the Group of 71 and 47 as of December 31, 2010 and June 30, 2011)
|
9,804 | 9,799 | 1,516 | |||||||||
Deferred tax liabilities-non-current (including deferred tax liabilities of the consolidated VIE without
|
||||||||||||
recourse to the Group of 1,057 and 1,037 as of December 31, 2010 and June 30, 2011)
|
9,836 | 9,615 | 1,488 | |||||||||
Unrecognized tax benefit (including unrecognized tax benefit of the consolidated VIE without
|
||||||||||||
recourse to the Group of 1,251 and 1,794 as of December 31, 2010 and June 30, 2011)
|
3,691 | 4,949 | 766 | |||||||||
Total liabilities
|
320,415 | 341,254 | 52,796 | |||||||||
ChinaEdu Corporation shareholders’ equity
|
595,979 | 599,307 | 92,722 | |||||||||
Noncontrolling interests
|
133,485 | 141,678 | 21,920 | |||||||||
Total equity
|
729,464 | 740,985 | 114,642 | |||||||||
Total liabilities and equity
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1,049,879 | 1,082,239 | 167,438 |
ChinaEdu Corporation
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||||||||||||||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations
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Three Months Ended |
Six Months Ended
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|||||||||||||||||||||||||||
June
|
March
|
June
|
June
|
June
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June
|
June
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||||||||||||||||||||||
(in thousands,except for percentage, share, and per
|
30, 2010 | 31, 2011 | 30, 2011 | 30, 2011 | 30, 2010 | 30, 2011 | 30, 2011 | |||||||||||||||||||||
share information)
|
||||||||||||||||||||||||||||
RMB
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RMB
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RMB
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US$
|
RMB
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RMB
|
US$
|
||||||||||||||||||||||
Gross Revenue *
|
104,108 | 95,862 | 115,327 | 17,843 | 195,197 | 211,189 | 32,675 | |||||||||||||||||||||
Business Tax
|
4,591 | 4,512 | 5,296 | 819 | 8,403 | 9,808 | 1,517 | |||||||||||||||||||||
Net Revenue:
|
||||||||||||||||||||||||||||
Online degree programs
|
80,188 | 71,665 | 88,085 | 13,628 | 148,703 | 159,750 | 24,716 | |||||||||||||||||||||
Online tutoring programs
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6,084 | 5,656 | 7,250 | 1,122 | 11,485 | 12,906 | 1,997 | |||||||||||||||||||||
Private primary and secondary schools
|
9,454 | 11,240 | 11,880 | 1,838 | 18,734 | 23,120 | 3,577 | |||||||||||||||||||||
International and elite curriculum programs
|
3,791 | 2,789 | 2,816 | 436 | 7,872 | 5,605 | 868 | |||||||||||||||||||||
Total net revenue
|
99,517 | 91,350 | 110,031 | 17,024 | 186,794 | 201,381 | 31,158 | |||||||||||||||||||||
Cost of revenue:
|
||||||||||||||||||||||||||||
Online degree programs
|
24,417 | 26,712 | 29,500 | 4,564 | 45,465 | 56,212 | 8,697 | |||||||||||||||||||||
Online tutoring programs
|
1,473 | 2,013 | 2,077 | 321 | 2,638 | 4,090 | 633 | |||||||||||||||||||||
Private primary and secondary schools
|
7,016 | 8,361 | 8,395 | 1,299 | 13,740 | 16,756 | 2,592 | |||||||||||||||||||||
International and elite curriculum programs
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2,052 | 2,665 | 4,168 | 645 | 4,463 | 6,833 | 1,057 | |||||||||||||||||||||
Total cost of revenue
|
34,958 | 39,751 | 44,140 | 6,829 | 66,306 | 83,891 | 12,979 | |||||||||||||||||||||
Gross profit:
|
||||||||||||||||||||||||||||
Online degree programs
|
55,771 | 44,953 | 58,585 | 9,064 | 103,238 | 103,538 | 16,019 | |||||||||||||||||||||
Online tutoring programs
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4,611 | 3,643 | 5,173 | 801 | 8,847 | 8,816 | 1,364 | |||||||||||||||||||||
Private primary and secondary schools
|
2,438 | 2,879 | 3,485 | 539 | 4,994 | 6,364 | 985 | |||||||||||||||||||||
International and elite curriculum programs
|
1,739 | 124 | (1,352 | ) | (209 | ) | 3,409 | (1,228 | ) | (189 | ) | |||||||||||||||||
Total gross profit
|
64,559 | 51,599 | 65,891 | 10,195 | 120,488 | 117,490 | 18,179 | |||||||||||||||||||||
Online degree programs
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69.6 | % | 62.7 | % | 66.5 | % | 66.5 | % | 69.4 | % | 64.8 | % | 64.8 | % | ||||||||||||||
Online tutoring programs
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75.8 | % | 64.4 | % | 71.4 | % | 71.4 | % | 77.0 | % | 68.3 | % | 68.3 | % | ||||||||||||||
Private primary and secondary schools
|
25.8 | % | 25.6 | % | 29.3 | % | 29.3 | % | 26.7 | % | 27.5 | % | 27.5 | % | ||||||||||||||
International and elite curriculum programs
|
45.9 | % | 4.4 | % | (48.0 | %) | (48.0 | %) | 43.3 | % | (21.9 | %) | (21.9 | %) | ||||||||||||||
Gross margin
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64.9 | % | 56.5 | % | 59.9 | % | 59.9 | % | 64.5 | % | 58.3 | % | 58.3 | % | ||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||
General and administrative
|
18,400 | 21,897 | 24,612 | 3,808 | 38,320 | 46,509 | 7,196 | |||||||||||||||||||||
Selling and marketing
|
8,056 | 9,068 | 14,083 | 2,179 | 15,796 | 23,151 | 3,582 | |||||||||||||||||||||
Research and development
|
9,512 | 9,758 | 10,501 | 1,625 | 18,283 | 20,259 | 3,134 | |||||||||||||||||||||
Total operating expenses
|
35,968 | 40,723 | 49,196 | 7,612 | 72,399 | 89,919 | 13,912 | |||||||||||||||||||||
Income from operations
|
28,591 | 10,876 | 16,695 | 2,583 | 48,089 | 27,571 | 4,267 | |||||||||||||||||||||
Operating margin
|
28.7 | % | 11.9 | % | 15.2 | % | 15.2 | % | 25.7 | % | 13.7 | % | 13.7 | % | ||||||||||||||
Other income
|
144 | 123 | 299 | 46 | 288 | 422 | 65 | |||||||||||||||||||||
Interest income
|
1,345 | 1,910 | 2,139 | 331 | 2,402 | 4,049 | 626 | |||||||||||||||||||||
Investment income
|
522 | - | 629 | 97 | 522 | 629 | 97 | |||||||||||||||||||||
Income before income tax
|
30,602 | 12,909 | 19,762 | 3,057 | 51,301 | 32,671 | 5,055 | |||||||||||||||||||||
Income tax expense
|
(6,441 | ) | (2,475 | ) | (3,981 | ) | (616 | ) | (14,612 | ) | (6,456 | ) | (999 | ) | ||||||||||||||
Net income
|
24,161 | 10,434 | 15,781 | 2,441 | 36,689 | 26,215 | 4,056 | |||||||||||||||||||||
Net income attributable to the noncontrolling interests
|
(10,616 | ) | (6,940 | ) | (10,741 | ) | (1,662 | ) | (15,912 | ) | (17,681 | ) | (2,736 | ) | ||||||||||||||
Net income attributable to ChinaEdu
|
13,545 | 3,494 | 5,040 | 779 | 20,777 | 8,534 | 1,320 | |||||||||||||||||||||
Net margin
|
13.6 | % | 3.8 | % | 4.6 | % | 4.6 | % | 11.1 | % | 4.2 | % | 4.2 | % | ||||||||||||||
Net income attributable to ChinaEdu per ADS:
|
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Basic
|
0.84 | 0.22 | 0.32 | 0.049 | 1.30 | 0.54 | 0.083 | |||||||||||||||||||||
Diluted
|
0.78 | 0.20 | 0.30 | 0.046 | 1.20 | 0.50 | 0.077 | |||||||||||||||||||||
Weighted average aggregate number of ADSs outstanding:
|
||||||||||||||||||||||||||||
Basic
|
16,029,983 | 15,910,224 | 15,853,838 | 15,853,838 | 15,992,637 | 15,881,875 | 15,881,875 | |||||||||||||||||||||
Diluted
|
17,376,199 | 17,229,640 | 17,000,614 | 17,000,614 | 17,386,445 | 17,114,971 | 17,114,971 | |||||||||||||||||||||
* Gross revenue are detailed as follows
|
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Online degree programs
|
84,365 | 75,809 | 93,028 | 14,393 | 156,823 | 168,837 | 26,122 | |||||||||||||||||||||
Online tutoring programs
|
6,278 | 5,850 | 7,414 | 1,147 | 11,311 | 13,264 | 2,052 | |||||||||||||||||||||
Private primary and secondary schools
|
9,454 | 11,252 | 11,905 | 1,842 | 18,734 | 23,157 | 3,583 | |||||||||||||||||||||
International curriculum programs
|
4,011 | 2,951 | 2,980 | 461 | 8,329 | 5,931 | 918 |
ChinaEdu Corporation
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Unaudited Condensed Consolidated Statements of Cash Flow
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Three Months Ended |
Six Months Ended
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June
|
March
|
June
|
June
|
June
|
June
|
June
|
||||||||||||||||||||||
(in thousands, unaudited)
|
30, 2010 | 31, 2011 | 30, 2011 | 30, 2011 | 30, 2010 | 30, 2011 | 30, 2011 | |||||||||||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
24,161 | 10,434 | 15,781 | 2,441 | 36,689 | 26,215 | 4,056 | |||||||||||||||||||||
Adjustments to reconcile net income to net cash provided
|
||||||||||||||||||||||||||||
by operating activities:
|
||||||||||||||||||||||||||||
Share-based compensation
|
366 | 1,555 | 1,649 | 255 | 2,504 | 3,204 | 496 | |||||||||||||||||||||
Depreciation and amortization of property and equipment
|
4,820 | 5,787 | 5,748 | 889 | 9,510 | 11,535 | 1,785 | |||||||||||||||||||||
Amortization of land use rights
|
153 | 152 | 152 | 24 | 305 | 304 | 47 | |||||||||||||||||||||
Amortization of acquired intangible assets
|
1,093 | 1,017 | 1,017 | 158 | 2,173 | 2,034 | 316 | |||||||||||||||||||||
Gain on sale of investment
|
(522 | ) | - | (687 | ) | (106 | ) | (522 | ) | (687 | ) | (106 | ) | |||||||||||||||
Loss on sale of bonds
|
- | - | 58 | 9 | - | 58 | 9 | |||||||||||||||||||||
Loss on discontinued operations
|
- | 16 | - | - | (4 | ) | 16 | 2 | ||||||||||||||||||||
Loss from disposal of property and equipment
|
(8 | ) | 65 | 17 | 3 | - | 82 | 13 | ||||||||||||||||||||
Deferred income taxes
|
269 | 1,047 | (1,079 | ) | (167 | ) | 754 | (32 | ) | (5 | ) | |||||||||||||||||
Changes in assets and liabilities
|
||||||||||||||||||||||||||||
Accounts receivable
|
(16,907 | ) | 19,796 | (22,492 | ) | (3,480 | ) | (4,027 | ) | (2,696 | ) | (417 | ) | |||||||||||||||
Inventory
|
119 | (2 | ) | 360 | 56 | 519 | 358 | 55 | ||||||||||||||||||||
Prepaid expenses and other current assets
|
(4,805 | ) | (489 | ) | (1,576 | ) | (244 | ) | 4,695 | (2,065 | ) | (319 | ) | |||||||||||||||
Amounts due from related parties
|
(112,040 | ) | 72,795 | (96,759 | ) | (14,970 | ) | (77,209 | ) | (23,964 | ) | (3,708 | ) | |||||||||||||||
Rental deposits
|
(111 | ) | (1,317 | ) | (275 | ) | (43 | ) | (122 | ) | (1,592 | ) | (246 | ) | ||||||||||||||
Accounts payable
|
1,164 | 1,321 | 3,261 | 505 | 356 | 4,582 | 709 | |||||||||||||||||||||
Deferred revenues
|
70,558 | (61,272 | ) | 74,726 | 11,561 | 9,637 | 13,454 | 2,082 | ||||||||||||||||||||
Accrued expenses and other current liabilities
|
9,310 | (6,952 | ) | 17,173 | 2,657 | 3,864 | 10,221 | 1,581 | ||||||||||||||||||||
Amounts due to related parties
|
27,653 | (10,005 | ) | 8,368 | 1,295 | 38,383 | (1,637 | ) | (253 | ) | ||||||||||||||||||
Income tax payable
|
6,401 | (11,259 | ) | 3,535 | 547 | 4,090 | (7,724 | ) | (1,195 | ) | ||||||||||||||||||
Other taxes payable
|
3,380 | (6,974 | ) | 3,401 | 526 | (1,454 | ) | (3,573 | ) | (553 | ) | |||||||||||||||||
Unrecognized tax benefit
|
125 | 596 | 662 | 102 | 487 | 1,258 | 195 | |||||||||||||||||||||
Net cash provided by operating activities
|
15,179 | 16,311 | 13,040 | 2,018 | 30,628 | 29,351 | 4,544 | |||||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Purchase of property and equipment
|
(3,509 | ) | (7,921 | ) | (6,355 | ) | (983 | ) | (10,199 | ) | (14,276 | ) | (2,209 | ) | ||||||||||||||
Proceeds from discontinued operations
|
- | 233 | - | - | (57,337 | ) | 233 | 36 | ||||||||||||||||||||
Deposits paid for acquisition of property and equipment
|
- | - | (14,546 | ) | (2,250 | ) | - | (14,546 | ) | (2,250 | ) | |||||||||||||||||
Purchase of term deposits
|
(55,318 | ) | (43,000 | ) | 37,401 | 5,786 | - | (5,599 | ) | (866 | ) | |||||||||||||||||
Purchase of investments
|
(19,924 | ) | (6,000 | ) | (11,000 | ) | (1,702 | ) | (19,924 | ) | (17,000 | ) | (2,630 | ) | ||||||||||||||
Proceeds from the sale of investment
|
8,522 | - | 8,687 | 1,344 | 8,522 | 8,687 | 1,344 | |||||||||||||||||||||
Proceeds from the sale of bonds
|
- | - | 2,859 | 442 | - | 2,859 | 442 | |||||||||||||||||||||
Proceeds from disposal of property and equipment
|
59 | - | 1 | - | 108 | 1 | - | |||||||||||||||||||||
Net cash (used in) provided by investing activities
|
(70,170 | ) | (56,688 | ) | 17,047 | 2,637 | (78,830 | ) | (39,641 | ) | (6,133 | ) | ||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Proceeds from exercise of share options
|
847 | 280 | 94 | 15 | 2,186 | 374 | 58 | |||||||||||||||||||||
Prepayment for shares repurchase
|
(1,824 | ) | - | (130 | ) | (20 | ) | (1,824 | ) | (130 | ) | (20 | ) | |||||||||||||||
Repurchase and cancellation of ordinary shares
|
(213 | ) | - | (5,723 | ) | (885 | ) | (326 | ) | (5,723 | ) | (885 | ) | |||||||||||||||
Repayment of related party's loan
|
- | - | (25,000 | ) | (3,868 | ) | - | (25,000 | ) | (3,868 | ) | |||||||||||||||||
Loan from related party
|
- | 35,500 | - | - | - | 35,500 | 5,492 | |||||||||||||||||||||
Cash dividends paid to noncontrolling shareholders
|
- | (13,461 | ) | - | - | (1,470 | ) | (13,461 | ) | (2,083 | ) | |||||||||||||||||
Capital contributions by noncontrolling shareholders
|
- | 1,000 | - | - | - | 1,000 | 155 | |||||||||||||||||||||
Net cash (used in) provided by financing activities
|
(1,190 | ) | 23,319 | (30,759 | ) | (4,758 | ) | (1,434 | ) | (7,440 | ) | (1,151 | ) | |||||||||||||||
Effect of foreign exchange rate changes
|
(210 | ) | 151 | (39 | ) | (7 | ) | (214 | ) | 112 | 14 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, beginning of period
|
209,684 | 190,493 | 173,586 | 26,856 | 203,143 | 190,493 | 29,472 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS, end of period
|
153,293 | 173,586 | 172,875 | 26,746 | 153,293 | 172,875 | 26,746 | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(56,391 | ) | (16,907 | ) | (711 | ) | (110 | ) | (49,850 | ) | (17,618 | ) | (2,726 | ) |
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||||||||||
June
|
March
|
June
|
June
|
June
|
June
|
June
|
||||||||||||||||||||||
(in thousands, unaudited)
|
30, 2010 | 31, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | |||||||||||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
||||||||||||||||||||||
Net revenue
|
99,517 | 91,350 | 110,031 | 17,024 | 186,794 | 201,381 | 31,158 | |||||||||||||||||||||
Income from operations
|
28,591 | 10,876 | 16,695 | 2,583 | 48,089 | 27,571 | 4,267 | |||||||||||||||||||||
Adjustment:
|
||||||||||||||||||||||||||||
Share-based compensation
|
366 | 1,555 | 1,649 | 255 | 2,504 | 3,204 | 496 | |||||||||||||||||||||
Amortization of intangible assets and land use rights
|
1,246 | 1,169 | 1,169 | 182 | 2,478 | 2,338 | 363 | |||||||||||||||||||||
Adjusted income from operations (non-GAAP)
|
30,203 | 13,600 | 19,513 | 3,020 | 53,071 | 33,113 | 5,126 | |||||||||||||||||||||
Adjusted operating margin (non-GAAP)
|
30.3 | % | 14.9 | % | 17.7 | % | 17.7 | % | 28.4 | % | 16.4 | % | 16.4 | % |
ChinaEdu Corporation
|
||||||||||||||||||||||||||||
Reconciliations from net income attributable to ChinaEdu to adjusted net income attributable to ChinaEdu (non-GAAP),
|
||||||||||||||||||||||||||||
adjusted net margin (non-GAAP) and adjusted net income per ADS (non-GAAP)
|
||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||||||||||
June
|
March
|
June
|
June
|
June
|
June
|
June
|
||||||||||||||||||||||
(in thousands, unaudited)
|
30, 2010 | 31, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | 30, 2011 | |||||||||||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
||||||||||||||||||||||
Net revenue
|
99,517 | 91,350 | 110,031 | 17,024 | 186,794 | 201,381 | 31,158 | |||||||||||||||||||||
Net income attributable to ChinaEdu
|
13,545 | 3,494 | 5,040 | 779 | 20,777 | 8,534 | 1,320 | |||||||||||||||||||||
Adjustment:
|
||||||||||||||||||||||||||||
Share-based compensation
|
366 | 1,555 | 1,649 | 255 | 2,504 | 3,204 | 496 | |||||||||||||||||||||
Share-based compensation attributable to the noncontrolling interest
|
(381 | ) | (134 | ) | (122 | ) | (19 | ) | (624 | ) | (256 | ) | (40 | ) | ||||||||||||||
Amortization of intangible assets and land use rights
|
1,246 | 1,169 | 1,169 | 182 | 2,478 | 2,338 | 363 | |||||||||||||||||||||
Adjusted net income attributable to ChinaEdu (non-GAAP)
|
14,776 | 6,084 | 7,736 | 1,197 | 25,135 | 13,820 | 2,139 | |||||||||||||||||||||
Adjusted net margin (non-GAAP)
|
14.8 | % | 6.7 | % | 7.0 | % | 7.0 | % | 13.5 | % | 6.9 | % | 6.9 | % | ||||||||||||||
Adjusted net income attributable to ChinaEdu per ADS (non-GAAP)
|
||||||||||||||||||||||||||||
Basic
|
0.92 | 0.38 | 0.49 | 0.076 | 1.57 | 0.87 | 0.135 | |||||||||||||||||||||
Diluted
|
0.85 | 0.35 | 0.46 | 0.070 | 1.45 | 0.81 | 0.125 | |||||||||||||||||||||
Weighted average aggregate number of ADSs outstanding:
|
||||||||||||||||||||||||||||
Basic
|
16,029,983 | 15,910,224 | 15,853,838 | 15,853,838 | 15,992,637 | 15,881,875 | 15,881,875 | |||||||||||||||||||||
Diluted
|
17,376,199 | 17,229,640 | 17,000,614 | 17,000,614 | 17,386,445 | 17,114,971 | 17,114,971 |