1Q11 Net Revenues Increased 23.9%
Year-Over-Year
1Q11 Net Income Increased 73.5%
Year-Over-Year
Announces US$10 Million Share Repurchase
Program
Global Education & Technology Group Ltd. (Nasdaq:GEDU) ("Global
Education" or the "Company"), the largest test preparation provider
for the International English Language Testing System ("IELTS") and
a leading provider of educational courses and related services in
China, today announced unaudited financial results for the first
quarter of 2011 and a share repurchase program adopted by its board
of directors.
First Quarter 2011 Financial Summary
- Total net revenues increased 23.9% year-over-year to RMB76.8
million ($11.7 million1) from RMB62.0 million in the first quarter
of 2010.
- Net income, including share-based compensation and fair value
change in contingent consideration payable attributable to Global
Education, increased 73.5% to RMB11.8 million ($1.8 million), from
RMB6.8 million in the first quarter of 2010.
- Non-GAAP operating income, excluding share-based compensation
of RMB2.0 million ($0.3 million) versus RMB1.1 million for the
first quarter 2010, decreased 63.6% year-over-year to RMB3.6
million ($0.5 million) from RMB9.9 million in the first quarter of
2010. GAAP operating income (including share-based compensation)
decreased 81.8% year-over-year to RMB1.6 million ($0.2 million)
from RMB8.8 million in the first quarter of 2010. In the
quarter, we significantly expanded our learning center network and
marketing tied to our new, high potential business lines of Kids
Science and after school tutoring.
- Non-GAAP net income, excluding share-based compensation and
fair value change in contingent consideration payable attributable
to Global Education, decreased 22.8% year-over-year to RMB6.1
million ($0.9 million) from RMB7.9 million in the first quarter of
2010.
1. This press release
contains translations of certain Renminbi amounts into US dollars
at specified rates solely for the convenience of readers. Unless
otherwise noted, all translations from Renminbi to US dollars for
the quarter ended March 31, 2011 were made at a rate of RMB6.5483
to USD1.00, the U.S. dollar exchange rate against the Renminbi on
March 31, 2011 as set forth in the H.10 weekly statistical release
of Federal Reserve Board. Global Education makes no representation
that the Renminbi or US dollar amounts referred to in this press
release could have been or could be converted into US dollars or
Renminbi, at any particular rate or at all.
- Total course enrollments increased 13.2% year-over-year to
197,401, compared to 174,381 in the first quarter of 2010.
- Total number of learning centers increased to 379, covering 126
cities as of March 31, 2011, up from 351 as of December 31,
2010.
- Total number of directly-owned-and-operated learning centers
increased by 13 to 95 as of March 31, 2011 from 82 as of December
31, 2010. Of these 95 directly-owned-and-operating learning
centers, 65 relates to IELTS and other language test preparation
and 30 are designated for kids related educational services, which
includes Kids English, Kids Science and after school tutoring.
Mr. David Yongqi Zhang, Founder and Chief Executive Officer of
Global Education, commented, "The first half of 2011 marked a
period of significant investment for future growth. During the
first quarter of 2011, we achieved stable revenue and IELTS
enrollment growth. In this quarter, we invested in new
business lines as we believe that rapid expansion into new business
areas will present more revenue opportunities and that our new
offerings such as Kids Science and after school tutoring will build
a solid base for sustainable long-term growth. Although the
diversification brings pressure to our operating margin in the
near-term, with Global Education's strong national brand, superior
service, and experienced team, we believe we are well-positioned to
succeed. We are confident that the Company and its shareholders
will gain over the long-term from this national diversified
expansion strategy."
Mr. Zhang added, "As testament to the degree of our confidence
in this strategy, the board of directors has authorized a $10
million share repurchase program, which we expect to implement at
appropriate times within the second to fourth quarters. We see
the company's expansion and diversification as greatly contributing
to our long-term growth and value."
Ms. Hannah Lee, Vice President & Chief Financial Officer of
Global Education, stated, "We are pleased with the 23.9%
year-over-year revenue growth in the first quarter. As discussed on
last quarter's call, 2011 and 2012 are our investment and expansion
years. Operating expenses in the first quarter of 2011 increased
mainly due to acceleration of the expansion of our Kids Science and
after school tutoring businesses through adding 11 centers outside
of Beijing, hiring teachers, and promoting our sub-brands for these
segments. To reiterate Mr. Zhang's points, although such investment
may impact our margins in the following quarters, we believe these
new areas of education service present tremendous potential and the
expansion will leverage our costs over the long-term."
First Quarter 2011 Financial Performance
First quarter 2011 net revenues increased by
23.9% year-over-year to RMB76.8 million ($11.7 million) from
RMB62.0 million in the same period of 2010. The increase was
primarily due to the following:
- Net revenues from educational programs and
services increased by 23.9% to RMB72.0 million ($11.0
million) in the first quarter of 2011 compared to RMB58.1 million
in the first quarter of 2010, due to an increase in test
preparation course enrollments.
- Net revenues from franchise fees, study abroad
consulting services and sales of books and course
materials increased by 23.1% to RMB4.8 million ($0.7
million) in the first quarter of 2011, compared to RMB3.9 million
in the prior year period, driven primarily by increased fees and
commissions earned in relation to our study abroad consulting
services.
Cost of revenues, which primarily consisted of
salaries and benefits, rent payments, and books and course material
printing costs, increased 34.6% to RMB38.5 million ($5.9 million)
in the first quarter of 2011 compared to RMB28.6 million in the
same period of 2010, primarily due to larger teaching faculty and
increased rental expenses and costs related to the expansion of the
Company's network of directly operated learning centers, especially
in the area of Kids Science and after school tutoring by opening 11
related centers outside of Beijing in this quarter. As a
result, cost of revenues represented 50.1% of net revenues in the
first quarter of 2011, up from 46.1% of net revenues in the same
period of 2010.
Selling and marketing expenses increased 51.2%
to RMB26.0 million ($4.0 million) in the first quarter of 2011
compared to RMB17.2 million in the same period in 2010, reflecting
an increase in sales and marketing staff as well as increase in
commissions to sales agents and additional marketing and
promotional activities especially relating to those for Kids
Science and after school tutoring for promotion of the related
sub-brands. As a result, selling and marketing expenses
represented 33.9% of net revenues in the first quarter of 2011, up
from 27.7% of net revenues in the same period of 2010.
General and administrative expenses increased
44.0% to RMB10.8 million ($1.6 million) in the first quarter of
2011 compared to RMB7.5 million in the same period of 2010 mainly
due to higher share-based compensation expenses of RMB1.5 million
in the first quarter of 2011 versus RMB0.6 million in 2010, and
increased professional fees compared to the first quarter in 2010
when we were still a private company. General and
administrative expenses represented 12.1% of net revenues in the
first quarter of 2010, compared to 14.1% in the same period of
2011.
Operating income decreased 81.8% to RMB1.6
million ($0.2 million) in the first quarter of 2011, from RMB8.8
million in the same period of 2010, mainly due to a combined
increase in cost of revenues, sales and marketing expenses, and
general and administrative expenses aforementioned above partly due
to investment in the new areas of Kids Science and after school
tutoring.
As a result, operating margin for the first
quarter of 2011 was 2.1%, compared to 14.2% in the same period of
last year.
Fair value change in contingent consideration
payable resulted in a gain of RMB7.7 million ($1.2
million) as this non-cash gain relates to mark-to-market adjustment
of our contingent consideration payable for performance-linked
equity of the Shenyang and Kaiyu schools acquisitions. This fair
value change is calculated by multiplying the change of our share
price between December 31, 2010 and March 31, 2011 by the number of
contingent performance-based shares outstanding.
Income tax expense in the first quarter of 2011
was RMB1.0 million ($0.2 million), representing an effective tax
rate of 7.8%, a decrease of 70.6% compared to income tax expenses
of RMB3.4 million in the same period of 2010. The effective
tax rate was 7.8% in the first quarter of 2011, compared to an
effective tax rate of 33.1% in the same period of 2010. The
decrease in effective tax rate was mainly due to the effect of the
gain on fair value change of contingent consideration payable,
which was not taxable, and that IPO-related expenses paid in the
quarter which were deductable for tax purposes and were accounted
as a reduction of paid-in capital that did not reduce net income
for accounting purposes in accordance with US GAAP.
Net income increased 73.5% to RMB11.8 million
($1.8 million) in the first quarter of 2011, compared to RMB6.8
million in the same quarter of 2010.
Basic and diluted earnings per ADS were RMB0.44
($0.07) in the first quarter of 2011. The number of weighted
average ADSs used to calculate basic and diluted earnings per ADS
were 25.9 million and 26.1 million, respectively. Each ADS
represents four ordinary shares. The Company had
approximately 103.7 million ordinary shares, representing 25.9
million ADS, outstanding as of March 31, 2011.
Non-GAAP net income, excluding share-based
compensation expenses and fair value change in contingent
consideration payable attributable to Global Education, was RMB6.1
million ($0.9 million) in the first quarter of 2011, representing a
22.8% decrease from the same period of 2010.
Basic and diluted non-GAAP net income per ADS,
excluding share-based compensation expenses and fair value change
in contingent consideration payable attributable to Global
Education, for the first quarter of 2011 were both RMB0.24
($0.04).
As of March 31, 2011, the Company had cash and cash
equivalents of RMB814.3 million ($124.4 million), compared
to RMB301.5 million as of March 31, 2010.
Net cash provided by operating activities in
the three months ended March 31, 2011 was approximately RMB19.8
million ($3.0 million) compared to RMB22.3 million in the three
months ended March 31, 2010. The slight decrease was primarily due
to our increased efforts in expanding our learning center network
with the opening of 13 new learning centers, and our increased
promotional and marketing activities, especially in relation to
promoting our new sub-brands for Kids Science and after school
tutoring.
Deferred revenues increased to RMB105.1 million
($16.0 million) as of March 31, 2011, from RMB88.7 million as at
March 31, 2010. This increase was mainly due to continued
business growth.
Financial Outlook for Second Quarter of
2011
The Company estimates that its net revenues for the second
quarter of 2011 will be in the range of RMB88 million ($13.4
million) to RMB93 million ($14.2 million), an increase of
approximately 24.3% to 31.3% over the same quarter in the previous
year.
This forecast reflects the Company's current and preliminary
view, which is subject to change.
"As we look towards the second quarter and the remainder of the
year, we expect the study abroad market to maintain its strong
upward trend, as our IELTS business remains the backbone of our
topline growth. These revenue increases will be increasingly
bolstered by our expansion into synergistic areas such as Kids
Science, after school tutoring, and TOEFL test preparation. While
optimizing our utilization of existing learning centers, extending
into complementary services, and improving our human resources
structure, we plan to control costs while taking advantage of the
growth opportunities in China's fast growing education services
market," stated Mr. Zhang, founder and Chief Executive Officer.
"I and the board of directors have full faith in the wisdom of
the Company's business development strategy. Our commitment to
sustainable growth and profitability is reflected in our initiation
of a new share repurchase program, which will serve to further
align our interests with that of existing shareholders," concluded
Mr. Zhang.
Share Repurchase Program
Global Education's board of directors has approved a share
repurchase program effective May 26, 2011. According to the
approved share repurchase program, Global Education is authorized
to repurchase, in one or more transactions, up to US$10 million
worth of its issued and outstanding ADSs traded on the Nasdaq
Global Select Market. 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 the
Company 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 Company expects to implement this share
repurchase program over the next six months, in a manner consistent
with market conditions and the interest of its shareholders. The
timing and extent of any purchases will depend upon market
conditions, the trading price of its ADSs and other factors. Global
Education's board of directors 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
The Company will hold a conference call at 8:00 pm ET on
Tuesday, May 24 2011, to discuss its unaudited first quarter 2011
financial results. Listeners may access the call by dialing:
US Toll Free: +1-800-860-2442 |
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International: +1-412-858-4600 |
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Access code: Global Education &
Technology |
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A replay of the call will be
available through June 1, 2011. Listeners may access the
replay by dialing: |
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US Toll
Free: +1-877-344-7529 |
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International: +1-412-317-0088 |
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Access code: 451076 |
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A webcast will also be available
through the Company's website at http://ir.globaleducation.cn. |
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About Global Education
Global Education & Technology Group Ltd. (Nasdaq:GEDU) is
the largest test preparation provider for IELTS and a leading
provider of educational courses and related services in China.
Under its "Global" brand, the Company also offers diversified
services that span a student's educational life cycle, including
after-school courses, overseas study consulting, and professional
certification test preparation. As of March 31, 2011, the
Company's network comprised 95 directly operated and 284 franchised
learning centers across China, as well as an online course delivery
platform with more than one million registered members. For
more information, please visit www.gedu.org.
The Global Education & Technology Group Ltd. logo is
available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8354
Forward-looking Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the Private Securities Litigation Reform Act of
1995.
These forward-looking statements can be identified by terms such
as "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "future," "intend," "look forward to," "outlook,"
"plan," "should," "will," and similar terms and include, among
other things, the Company's guidance relating to anticipated
financial and operating results for the second quarter of 2011, the
Company's future plans and the growth prospects of the Company's
business and industry, including without limitation the Company's
Kids Science, after school tutoring and TOEFL test preparation
businesses. The factors that could cause the Company's actual
financial and operating results to differ from what the Company
currently anticipates can include its ability to meet challenges
associated with its rapid expansion, its ability to anticipate and
meet market demand, the growth of China's economy and education
market, uncertainties with respect to the China's legal and
regulatory environments, and other factors, including those stated
in the Company's filings with the U.S. Securities and Exchange
Commission (the "SEC"). The financial information contained in this
release should be read in conjunction with the consolidated
financial statements and related notes included in the Company's
prospectus dated October 7, 2010 which was filed with the SEC and
is available on the SEC's website at www.sec.gov.
The forward-looking statements in this release involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates, and projections about Global
Education and the markets in which it operates. The Company
undertakes no obligation to update forward-looking statements,
which speak only of the Company's views as of the date of this
release, to reflect subsequent events or circumstances, or to
changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, the Company cannot
assure you that its expectations and assumptions will turn out to
be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.
About Non-GAAP Measures
To supplement Global Education's unaudited consolidated
financial results presented in accordance with United States
Generally Accepted Accounting Principles (GAAP), the Company uses
the following measures defined as non-GAAP financial measures: net
income attributable to Global Education excluding share-based
compensation expenses and fair value change in contingent
consideration, operating income excluding share-based compensation
expenses, operating costs and expenses excluding share-based
compensation expenses, general and administrative expenses
excluding share-based compensation expenses, operating margin
excluding share-based compensation expenses, and basic and diluted
net income per ADS attributable to the Company excluding
share-based compensation expenses and fair value change in
contingent consideration payable.
Global Education believes that these non-GAAP financial measures
are useful for its management and investors to assess and analyze
the Company's core operating results as share-based compensation
expense and fair value change in contingent consideration payable
is not directly attributable to the underlying performance of the
Company's business operations and may not be indicative of its
operating performance from a cash perspective. These non-GAAP
financial measures also facilitate management's internal
comparisons to its historical performance and liquidity. A
limitation of using these non-GAAP financial measures is that these
non-GAAP measures exclude the share-based compensation charge and
fair value change in contingent consideration payable that have
been and will continue to be for the foreseeable future a
significant recurring expense in Global Education's business.
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. The Company is only providing these non-GAAP performance
measures in the press release, and will not incorporate into GAAP
financial statements. For more information on these non-GAAP
financial measures, please see the tables captioned "Reconciliation
of Unaudited non-GAAP measures to the Most comparable GAAP
measures" set forth at the end of this press release
GLOBAL
EDUCATION & TECHNOLOGY GROUP LIMITED |
Unaudited
Condensed Consolidated Balance Sheets |
(In
thousands) |
|
|
|
|
|
As of
March |
As of
December |
As of
March |
|
31,
2011 |
31,
2010 |
31,
2011 |
|
RMB |
RMB |
USD |
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
814,337 |
807,589 |
124,359 |
Restricted cash |
771 |
-- |
118 |
Term deposits |
5,000 |
5,271 |
764 |
Accounts receivable, net of
allowance |
2,968 |
2,690 |
453 |
Prepaid expenses and other current
assets |
23,403 |
18,785 |
3,573 |
Deferred tax assets, current |
5,605 |
5,721 |
856 |
Amounts due from a related party |
-- |
-- |
-- |
Total current
assets |
852,084 |
840,056 |
130,123 |
|
|
|
|
Property and equipment, net |
85,674 |
85,406 |
13,083 |
Acquired intangible assets, net |
5,168 |
5,609 |
789 |
Goodwill |
35,906 |
35,906 |
5,483 |
Other non-current assets |
4,908 |
6,463 |
750 |
Total
Assets |
983,740 |
973,440 |
150,228 |
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|
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LIABILITIES, REDEEMABLE
CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS'
EQUITY |
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Current liabilities: |
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|
|
|
|
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Accounts payable |
14,605 |
20,412 |
2,230 |
Deferred revenue |
104,968 |
88,704 |
16,030 |
Accrued expenses and other current
liabilities |
34,794 |
37,945 |
5,314 |
Deferred tax liabilities, current |
366 |
354 |
56 |
Tax payable |
6,961 |
7,190 |
1,063 |
Dividend payable |
-- |
-- |
-- |
Total current
liabilities |
161,694 |
154,605 |
24,693 |
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Contingent consideration payable |
15,386 |
23,103 |
2,349 |
Deferred tax liabilities, non-current |
2,042 |
2,065 |
310 |
Other non-current liabilities |
4,204 |
1,275 |
642 |
Total
Liabilities |
183,326 |
181,048 |
27,996 |
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|
|
|
Redeemable convertible
preferred shares |
-- |
-- |
-- |
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Condensed
Consolidated Balance Sheets |
(In
thousands) |
|
|
|
|
|
As of March |
As of December |
As of March |
|
31, 2011 |
31, 2010 |
31, 2011 |
|
RMB |
RMB |
USD |
Shareholders' Equity |
|
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|
Ordinary shares |
75 |
75 |
11 |
Additional paid-in capital |
706,888 |
705,927 |
107,950 |
Statutory reserves |
26,252 |
25,605 |
4,009 |
Retained earnings |
74,674 |
63,481 |
11,404 |
Accumulated other comprehensive
loss |
(7,475) |
(2,696) |
(1,142) |
Total Shareholders'
Equity |
800,414 |
792,392 |
122,232 |
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Total Liabilities, Redeemable
Convertible Preferred Shares and Shareholders' Equity |
983,740 |
973,440 |
150,228 |
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GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Interim
Condensed Consolidated Statements of Operations |
(In thousands, except
ADS and per ADS data) |
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For the three
months ended March 31, |
|
2011 |
2010 |
2011 |
|
RMB |
RMB |
USD |
Revenues |
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Educational programs and services |
71,965 |
58,056 |
10,990 |
Franchise fees, study abroad consulting
services and sales of books |
4,871 |
3,965 |
744 |
and course materials |
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Total revenues |
76,836 |
62,021 |
11,734 |
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Operating costs and
expenses |
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Cost of revenues |
(38,475) |
(28,560) |
(5,876) |
Selling and marketing expenses |
(26,032) |
(17,161) |
(3,975) |
General and administrative expenses |
(10,769) |
(7,497) |
(1,645) |
Total operating costs and
expenses |
(75,276) |
(53,218) |
(11,496) |
Operating income |
1,560 |
8,803 |
238 |
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Interest income |
3,100 |
1,455 |
473 |
Foreign exchange losses, net |
(50) |
(6) |
(8) |
Consideration payable fair value change |
7,717 |
-- |
1,179 |
Other income/(expense), net |
510 |
(100) |
78 |
Income before income
taxes |
12,837 |
10,152 |
1,960 |
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Income tax expense |
(997) |
(3,359) |
(152) |
Net income |
11,840 |
6,793 |
1,808 |
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|
|
|
Accretion of convertible redeemable preferred
shares |
-- |
(1,916) |
-- |
Income allocated to participating preferred
shareholder |
-- |
(2,246) |
-- |
|
|
|
|
Net income attributable to ordinary
shareholders |
11,840 |
2,631 |
1,808 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
0.11 |
0.05 |
0.02 |
Diluted |
0.11 |
0.05 |
0.02 |
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
Basic |
103,668,861 |
49,110,791 |
103,668,861 |
Diluted |
104,532,006 |
49,644,269 |
104,532,006 |
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|
|
|
|
|
|
|
For the three
months ended March 31, |
|
2011 |
2010 |
2011 |
Share-based compensation expense included
in: |
RMB |
RMB |
USD |
Cost of revenues |
176 |
141 |
27 |
Selling and marketing expenses |
302 |
360 |
46 |
General and administrative expenses |
1,524 |
590 |
233 |
Total |
2,002 |
1,091 |
306 |
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GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Reconciliation of
Unaudited Non-GAAP Measures to the Most Comparable GAAP
Measures |
(In thousands, except
ADS and per ADS data) |
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|
|
|
For the three
months ended March 31, |
|
2011 |
2010 |
2011 |
|
RMB |
RMB |
USD |
|
|
|
|
General and administrative expenses |
10,769 |
7,497 |
1,645 |
Share-based compensation expense in general
and administrative expenses |
1,524 |
590 |
233 |
Non-GAAP general and administrative
expenses |
9,245 |
6,907 |
1,412 |
|
|
|
|
Total operating costs and expenses |
75,276 |
53,218 |
11,496 |
Share-based compensation expenses |
2,002 |
1,091 |
306 |
Non-GAAP operating costs and expenses |
73,274 |
52,127 |
11,190 |
|
|
|
|
Operating income |
1,560 |
8,803 |
238 |
Share-based compensation expenses |
2,002 |
1,091 |
306 |
Non-GAAP operating income |
3,562 |
9,894 |
544 |
|
|
|
|
Operating margin |
2.0% |
14.2% |
2.0% |
Non-GAAP operating margin |
4.6% |
16.0% |
4.6% |
|
|
|
|
Net income |
11,840 |
6,793 |
1,808 |
Share-based compensation expenses |
2,002 |
1,091 |
306 |
Fair value change in contingent consideration
payable |
(7,717) |
-- |
(1,179) |
Non-GAAP net income |
6,125 |
7,884 |
935 |
|
|
|
|
Net income per ADS attributable to ordinary
shareholders |
0.44 |
0.20 |
0.07 |
- Basic (Note 1) |
|
|
|
Net income per ADS attributable to ordinary
shareholders |
0.44 |
0.20 |
0.07 |
- Diluted (Note 1) |
|
|
|
|
|
|
|
Non-GAAP Net income per ADS attributable to
ordinary shareholders - Basic (Note 1) |
0.24 |
0.28 |
0.04 |
Non-GAAP Net income per ADS attributable to
ordinary shareholders - Diluted (Note 1) |
0.24 |
0.28 |
0.04 |
|
|
|
|
Weighted average shares used in calculating
basic net income per ADS (Note 1) |
103,668,861 |
49,110,791 |
103,668,861 |
Weighted average shares used in calculating
diluted net income per ADS (Note 1) |
104,532,006 |
49,644,269 |
104,532,006 |
|
|
|
|
Note 1: Each ADS represents four common
shares |
|
|
|
|
|
|
|
CONTACT: Global Education & Technology Group Ltd.
Hannah Lee, VP and CFO
Phone: +86 10 6212 5800
E-mail: ir@globaleducation.cn
ICR Inc.
William Zima
Phone: +86-10-6583-7511 or +1-646-328-2520
E-mail: william.zima@icrinc.com
Global Education & Technology Grp. Ltd ADS (MM) (NASDAQ:GEDU)
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