ATA Declares Cash Dividend of $0.41 per ADS
BEIJING, June 01, 2017 (GLOBE NEWSWIRE) -- ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI), a leading provider of advanced testing technologies and testing-related services in China, today announced that its Board of Directors has declared a cash dividend of US$0.205 per common share, or US$0.41 per American Depositary Share (ADS).
The total amount of cash distributed in the dividend is expected to be approximately US$10.0 million. The dividend will be paid on or around June 30, 2017, to all shareholders of record as of the close of business on June 12, 2017.
The number of weighted average ADSs used to calculate both basic and diluted earnings per ADS for the quarter ended March 31, 2017, and for the fiscal year ended March 31, 2017, were 22.9 million. Each ADS represents two common shares.
Mr. Kevin Ma, ATA's Chairman and Chief Executive Officer, stated, “We feel that this dividend is a strong indicator of our ability to produce free cash flow and are pleased to return capital to our loyal shareholders.”
As of March 31, 2017, the Company had US$32.3 million in cash and cash equivalents on a consolidated basis.
About ATA Inc.
ATA is a leading provider of advanced testing technologies in China. The Company offers comprehensive services for the creation and delivery of assessments based on its proprietary testing technologies and test delivery platform. ATA’s testing technologies are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, asset management, insurance, and accounting. As of March 31, 2017, ATA's test center network comprised 3,147 authorized test centers located throughout China. The Company believes that it has the largest test center network of any commercial testing service provider in China.
ATA has delivered more than 88.4 million billable tests since ATA started operations in 1999. For more information, please visit ATA’s website at www.atai.net.cn.
Cautionary Note Regarding 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 expectations about its future performance.
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Released June 1, 2017