Ex-99.1
For Immediate Release
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| Contact: |
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ATA Inc.
Carl Yeung, CFO
Phone: +(86) 10 65181122-5107
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CCG Elite Investor Relations
Crocker Coulson, President
Phone: +(1) 646-213-1915
Email: crocker.coulson@ccgir.com
Ed Job, CFA
Phone: +(1) 646-213-1914
Email: ed.job@ccgir.com |
ATA Announces Results for Fiscal Third Quarter 2008
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n |
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Net Revenues Increased by 83.8% Year-Over-Year |
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n |
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Net Income Increased by 151.5% Year-Over-Year |
BEIJING, March 11, 2008 — ATA Inc. (“ATA” or the “Company”) (NASDAQ: ATAI), the
leading provider of computer-based testing and testing-related services in China,
today announced its unaudited financial results for its third quarter ended
December 31, 2007 (“Third Quarter 2008”). The Company’s 2008 fiscal year ends on
March 31, 2008.
Highlights for the Third Quarter Fiscal 2008
| n |
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Net revenues increased by 83.8% year-over-year to RMB66.7 million
(US$9.1 million). |
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Gross profit increased by 76.5% year-over-year to RMB45.7 million
(US$6.3 million). |
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Income from operations increased by 227.3% year-over-year to
RMB21.5 million (US$2.9 million). |
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Net income increased by 151.5% year-over-year to RMB17.4 million
(US$2.4 million), and net income excluding share-based
compensation expense and foreign currency exchange losses, net
(non-GAAP) increased by 183.7% year-over-year to RMB22.1 million
(US$3.0 million). |
| |
| n |
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Basic and diluted earnings per ADS were RMB1.59 (US$0.22) and
RMB0.95 (US$0.13), respectively. Basic and diluted earnings per
ADS excluding share-based compensation expense and foreign
currency exchange losses (non-GAAP) |
| |
|
were RMB2.02 (US$0.28) and
RMB1.21 (US$0.17), respectively. Each ADS represents two common
shares of the Company. |
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For the quarter, ATA successfully completed the delivery of
221,006 exams, the second set of tests in calendar 2007 for the
China Banking Association, concluding China’s initial year launch
of large-scale nationwide bankers certification and driving ATA’s
testing service revenue to increase 242.5% year over year. |
“This was a record quarter in the history of ATA, as we experienced substantial
growth in net revenues driven by the delivery of a record number of computer-based
tests for the financial sector in China” said Kevin Ma, ATA’s Chairman and Chief
Executive Officer. “We continue to benefit from the large-scale implementation of
computer-based testing for the banking, securities and futures industries in
China. In addition, the outlook for our business remains promising as we look
forward to penetrating other industries and as Chinese regulatory bodies begin to
exploit the powerful benefit of computer-based testing from the cost, security and
flexibility perspective and work with ATA to deploy large-scale nationwide
testing.”
ATA’s Chief Financial Officer, Carl Yeung, stated, “The third quarter is generally
ATA’s strongest quarter of the year in terms of net revenues. For the quarter, we
saw good results from our management strategy focusing on higher growth and higher
margin services. We enjoyed rapid revenue growth in our highest margin services,
including test-preparation solutions, as well as the rapid growth in the delivery
of tests for the finance sector, including tests administered by the China Banking
Association, Securities Association of China and China Futures Association. Due to
our unique market position as the only commercial provider of large-scale
nationwide testing, we look forward to completing our most successful fiscal year
in terms of net revenues and net income in the fiscal year ending March 31, 2008.”
Financial Results for the Third Quarter 2008
For the third quarter of 2008, ATA reported net revenues of RMB66.7 million
(US$9.1 million), representing an 83.8 % increase year-over-year. This increase
was mainly driven by a 242.5% increase in net revenues from testing services and a
48.0% increase in net revenues from test
preparation solutions, while net revenues from test-based educational programs
increased by 1.4%.
The overall number of tests delivered declined by 4.4% year-over-year to
approximately 970,341 in the third quarter 2008, while the average price per test
delivered rose to RMB38.4 in the Third Quarter 2008 from RMB10.7 in the same
period of fiscal year 2007. This increase in average revenue per test was due, in
part, to a significant increase in the number of higher priced financial
industry-related tests delivered.
Gross profit increased by 76.5% year-over-year to RMB45.7 million (US$6.3 million)
from RMB25.9 million in the same period of the prior fiscal year. Gross margin
declined
to 68.5% in the Third Quarter 2008 from 71.3% in the quarter ended
December 31, 2006, driven by lower contribution from the Company’s highest gross
margin test preparation solutions business as a percentage of net revenue.
Operating expenses increased by 25.3% year-over-year to RMB24.2 million (USS$3.3
million) from RMB19.3 million, primarily due to the increase in sales and
marketing expenses to support the rapid growth of the Company’s business.
Sales and marketing expenses increased by 49.4% year-over-year to RMB8.4 million
(US$1.1 million) from RMB5.6 million, primarily due to share-based compensation
expense related to the Company’s October 2007 option grant, an increase in payroll
and welfare expenses as ATA grew sales and marketing staff to 103 at the end of
December 2007 from 91 people at the end of December 2006, and agent fees paid to
distributors of the Company’s educational programs.
General and administrative expenses increased slightly by 4.9% year-over-year to
RMB11.5 million (US$1.5 million) from RMB11.0 million, primarily due to
share-based compensation expense related to the Company’s October 2007 option
grant.
Research and development expenses increased by 57.6% year-over-year to RMB4.3
million (US$0.6 million) from RMB2.7 million, primarily due to increased use of
outsourced research and development (“R&D”) to prepare pre-occupational training
and online test prep solutions and increased bonuses paid to R&D staff.
Income from operations increased by 227.3% year-over-year to RMB21.5 million
(US$2.9 million) from RMB6.6 million in the same period of the prior fiscal year.
Operating margin increased to 32.2% in the Third Quarter 2008 compared to 18.1%
for the comparable period of the prior fiscal year.
ATA’s effective tax rate for the third quarter 2008 was 18.1%, slightly higher
than ATA’s highest statutory tax rate of 15% on any of its PRC subsidiaries and
affiliates due to non-tax deductible expenses.
Net income for the third quarter 2008 was RMB17.4 million (US$2.4 million),
representing a 151.5% increase from the comparable period of the prior fiscal
year. Basic and diluted earnings per common share amounted to RMB0.79 (US$0.11)
and RMB0.48 (US$0.07), respectively, and basic and diluted earnings per ADS were
RMB1.59 (US$0.22) and RMB0.95 (US$0.13), respectively.
Net Income excluding share-based compensation expense and foreign currency
exchange losses (non-GAAP) was RMB22.1 million (US$3.0 million) for the third
quarter 2008 compared to RMB7.8 million in the same period last year. Basic and
diluted earnings per ADS excluding share-based compensation expense and foreign
currency exchange losses (non- GAAP) were RMB2.02 (US$0.28) and RMB1.21 (US$0.17),
respectively.
Cost of revenues and operating expenses included RMB4.3 million (US$0.6 million)
in share-based compensation expense, which was lower than the RMB9.3 (US$1.3
million) million in share-based compensation expenses that the Company estimated
it would incur in its prospectus dated January 28, 2008 filed with the U.S.
Securities and Exchange Commission.
As of December 31, 2007, ATA had cash of RMB44.4 million (US$6.1 million). Net
operating cash outflow for the Third Quarter 2008 was RMB38,799 (US$5,320).
Capital expenditures for the third quarter of fiscal year 2008 were RMB1.8 million
(US$0.2 million), mainly for the leasehold decoration for new office and the
addition of computers and servers.
Other Operating Data
As of December 31, 2007, ATA had 339 staff, 114 of which were in client service
and support, 103 in sales and marketing, 63 in research and development and 59 in
general and administrative functions.
As of December 31, 2007, ATA had 1,835 authorized test centers located throughout
China.
Fourth Quarter 2008 and Fiscal Year 2009 Guidance
For the fiscal fourth quarter 2008, which is generally ATA’s slowest quarter in
terms of net revenues, ATA forecasts net revenues will be in the
range of RMB29 million to RMB31 million, representing year-over-year growth in the
range of 79% to 85%, and that ATA will incur a net loss for the quarter,
consistent with ATA’s disclosure in its prospectus dated January 28, 2008. ATA
expects net revenues for the fiscal year ended March 31, 2009 to be in the range
of RMB340 million to RMB350 million, which is expected to represent a 95% to 103%
growth over fiscal year 2008. This is ATA’s current and preliminary view, which is
subject to change. Our results of operations for the fiscal third quarter 2008 are
not necessarily indicative of our operating results for any future periods.
Conference Call
The Company will host a conference call at 9:00 a.m. ET on March 11, 2008, to
discuss the results for the Third Quarter 2008. Joining Kevin Ma, CEO of ATA Inc.,
will be Walter Wang, Director and President, and Carl Yeung, Chief Financial
Officer. To participate in the conference call, please dial +1(800)299-7635 five
to ten minutes prior to the scheduled conference call time and ask to join the ATA
Inc call. International callers should dial +1(617)786-2901.
If you are unable to participate in the call at this time, a replay will be
available on March 11 at 11:00 a.m. ET, through March 18, 2008. To access the
replay, dial +1(888)286-
8010, international callers should dial +1(617)801-6888,
and enter the pass code 91631251.
This conference call will be broadcast live over the Internet and can be accessed
by all interested parties on ATA Inc.’s website at http://www.ata.net.cn. To
listen to the live webcast, please go to ATA Inc.’s website at least fifteen
minutes prior to the start of the call to register, download, and install any
necessary audio software. For those unable to participate during the live
broadcast, a replay will be available shortly after the call on ATA Inc.’s website
for 90 days.
Additional Information:
Alec Tsui, who joined ATA as an independent director on January 28, 2008 and is a
member of ATA’s audit committee, also serves on the audit committee of eleven
other publicly traded companies, including a number of companies listed on the
Stock Exchange of Hong Kong and Melco PBL Entertainment (Macau) Ltd., which is
listed on the Nasdaq Global Market. While ATA’s audit committee charter, adopted
by its board of directors on January 7, 2008, states that “no Committee member
shall simultaneously serve on the audit committees of more than two other
companies,” ATA determined that an exception should be made for Mr. Tsui given his
extensive relevant experience and other strong credentials, as well as
assurances from Mr. Tsui that he has sufficient time to perform his duties as an
independent director and audit committee member of ATA.
About ATA Inc.:
ATA is the leading provider of computer-based testing services in China. The
Company offers comprehensive services for the creation and delivery of
computer-based tests based on its proprietary testing technologies and test
delivery platform. The Company’s computer-based testing services are used for
professional licensure and certification tests in various industries, including
information technology, or IT, services, banking, teaching, securities, insurance
and accounting. ATA’s test center network comprised 1,835 authorized test centers
located throughout China as of December 31, 2007, which the Company believes is
the largest test center network of any commercial testing service provider in
China. Combined with its test delivery technologies, this network allows ATA’s
clients to administer large-scale nationwide tests in a consistent, secure and
cost-effective manner. ATA has delivered over 23 million tests since it commenced
operations in 1999, and in July 2007 delivered tests to more than 200,000 test
takers in a single day for the China Banking Association, through its test
delivery platform. For further information, please visit:
http://www.ata.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 terminology
such as “look forward to,” “outlook,” “forecast,”
“will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate”
and similar terminology and include, among other things, the Company’s anticipated
financial and operating results for the fiscal quarter ending March 31, 2008,
fiscal year ended March 31, 2008 and the fiscal year ended March 31, 2009. Among
the factors that could cause the Company’s actual financial and operating results
to differ from what the Company currently anticipate may include the Company’s
ability to meet challenges associated with its rapid expansion, the Company’s
ability to meet the expectations of current and future clients, the Company’s
ability to implement and maintain effective internal controls over financial
reporting, the health of the PRC economy, and uncertainties with respect to the
PRC legal and regulatory environments. The financial information contained in
this release should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company’s prospectus dated January
28, 2008, which was filed with the U.S. Securities and Exchange Commission and is
available on the Securities and Exchange Commission’s website at www.sec.gov. For
additional information on these and other important factors that could adversely
affect our business, financial condition, results of operations and prospects, se
“Risk Factors” beginning on page 9 of our prospectus.
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 the Company 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 will turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results.
About Non-GAAP Financial Measures
To supplement ATA’s consolidated financial results presented in accordance with
U.S. generally accepted accounting principles (“GAAP”), ATA uses the following
measures defined as non- GAAP financial measures by the U.S. Securities and
Exchange Commission: net income excluding share-based compensation expenses and
foreign currency exchange losses and basic and diluted earnings per ADS excluding
share-based compensation expenses and foreign currency exchange losses. 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 the most comparable GAAP measures” set forth at the end of this
release.
ATA believes that these non-GAAP financial measures provide meaningful
supplemental information regarding its performance and liquidity by excluding
share-based expenses
and foreign currency exchange losses, which may not be
indicative of its operating performance from a cash perspective. ATA 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
ATA’s historical performance and liquidity. ATA computes its non-GAAP financial
measures using the consistent method
from quarter to quarter. ATA 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 using non-GAAP net income excluding share-based compensation
expenses and basic and diluted earnings per share and per ADS excluding
share-based compensation expenses is that share-based compensation charges have
been and are expected to continue to be for the foreseeable future a significant
recurring expense in ATA’s business. Management compensates for these limitations
by providing specific information regarding the GAAP amounts excluded from each
non-GAAP measure. The accompanying table captioned “Reconciliaitons of Non-GAAP
measures to the most comparable GAAP measures” set forth at the end this release,
has more details on the reconciliations between GAAP financial measures that are
most directly comparable to the non-GAAP financial measures used by ATA.
Currency Convenience Translation
The Company’s financial information is stated in RMB. The translation of RMB
amounts at and for the Third Quarter 2008 into United States dollar (“US$”) is
included solely for the convenience of the readers and has been made at the rate
of RMB7.2946 to US$1.00, the noon buying rate as of December 31, 2007 in the City
of New York for cable transfers in RMB per US dollar as certified for customs
purposes by the Federal Reserve Bank of New York. Such translations should not be
construed as representations that RMB amounts could be converted into US$ at that
rate or any other rate, or to be the amounts that would have been reported under
US GAAP.
—
FINANCIAL TABLES FOLLOW —
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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|
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|
| |
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March 31, |
|
|
December 31, |
|
|
December 31, |
|
| |
|
2007 |
|
|
2007 |
|
|
2007 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
45,019,114 |
|
|
|
44,394,611 |
|
|
|
6,085,956 |
|
Accounts receivable, net |
|
|
16,977,651 |
|
|
|
67,106,107 |
|
|
|
9,199,421 |
|
Due from related parties |
|
|
19,770 |
|
|
|
— |
|
|
|
— |
|
Inventories |
|
|
2,405,912 |
|
|
|
3,011,004 |
|
|
|
412,772 |
|
Prepaid expenses and other current assets |
|
|
12,233,295 |
|
|
|
9,515,890 |
|
|
|
1,304,512 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
76,655,742 |
|
|
|
124,027,612 |
|
|
|
17,002,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in Wendu Education |
|
|
3,162,548 |
|
|
|
— |
|
|
|
— |
|
Property and equipment, net |
|
|
7,543,184 |
|
|
|
9,753,000 |
|
|
|
1,337,016 |
|
Goodwill |
|
|
6,880,123 |
|
|
|
6,880,123 |
|
|
|
943,180 |
|
Deferred initial public offering costs |
|
|
9,462,485 |
|
|
|
19,761,696 |
|
|
|
2,709,086 |
|
Other assets |
|
|
4,461,368 |
|
|
|
8,981,747 |
|
|
|
1,231,288 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
108,165,450 |
|
|
|
169,404,178 |
|
|
|
23,223,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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|
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|
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|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
5,546,140 |
|
|
|
6,789,394 |
|
|
|
930,742 |
|
Accrued expenses and other payables |
|
|
13,732,392 |
|
|
|
36,939,893 |
|
|
|
5,064,006 |
|
Deferred revenues |
|
|
26,341,019 |
|
|
|
31,557,149 |
|
|
|
4,326,097 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
45,619,551 |
|
|
|
75,286,436 |
|
|
|
10,320,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues |
|
|
7,897,234 |
|
|
|
7,441,761 |
|
|
|
1,020,174 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
53,516,785 |
|
|
|
82,728,197 |
|
|
|
11,341,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
Series A preferred shares: |
|
|
533,451 |
|
|
|
533,451 |
|
|
|
73,130 |
|
Series A-1 preferred shares: |
|
|
70,848 |
|
|
|
70,848 |
|
|
|
9,712 |
|
Common shares: |
|
|
2,093,877 |
|
|
|
2,093,877 |
|
|
|
287,045 |
|
Treasury shares |
|
|
(16,106,940 |
) |
|
|
(16,106,940 |
) |
|
|
(2,208,063 |
) |
Additional paid-in capital |
|
|
203,139,446 |
|
|
|
209,275,110 |
|
|
|
28,689,045 |
|
Accumulated deficit |
|
|
(135,082,017 |
) |
|
|
(109,190,365 |
) |
|
|
(14,968,657 |
) |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
54,648,665 |
|
|
|
86,675,981 |
|
|
|
11,882,212 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
|
108,165,450 |
|
|
|
169,404,178 |
|
|
|
23,223,231 |
|
|
|
|
|
|
|
|
|
|
|
ATA INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| |
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| |
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Three-month Period Ended |
|
| |
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
| |
|
2006 |
|
|
2007 |
|
|
2007 |
|
|
2007 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
36,288,060 |
|
|
|
49,778,999 |
|
|
|
66,679,479 |
|
|
|
9,140,937 |
|
Testing services |
|
|
10,874,875 |
|
|
|
21,383,383 |
|
|
|
37,246,748 |
|
|
|
5,106,071 |
|
Test-based educational services |
|
|
11,964,292 |
|
|
|
10,201,565 |
|
|
|
12,129,552 |
|
|
|
1,662,812 |
|
Test preparation solutions |
|
|
10,021,855 |
|
|
|
15,956,775 |
|
|
|
14,833,274 |
|
|
|
2,033,460 |
|
Other revenue |
|
|
3,427,038 |
|
|
|
2,237,276 |
|
|
|
2,469,905 |
|
|
|
338,594 |
|
Cost of revenues |
|
|
10,417,427 |
|
|
|
20,060,241 |
|
|
|
21,006,379 |
|
|
|
2,879,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
25,870,633 |
|
|
|
29,718,758 |
|
|
|
45,673,100 |
|
|
|
6,261,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,742,548 |
|
|
|
2,735,526 |
|
|
|
4,323,493 |
|
|
|
592,698 |
|
Sales and marketing |
|
|
5,597,373 |
|
|
|
6,166,789 |
|
|
|
8,361,547 |
|
|
|
1,146,265 |
|
General and administrative |
|
|
10,967,527 |
|
|
|
10,815,611 |
|
|
|
11,503,629 |
|
|
|
1,577,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
19,307,448 |
|
|
|
19,717,926 |
|
|
|
24,188,669 |
|
|
|
3,315,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
6,563,185 |
|
|
|
10,000,832 |
|
|
|
21,484,431 |
|
|
|
2,945,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income of an affiliate |
|
|
170,445 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain from sale of an affiliate |
|
|
— |
|
|
|
2,837,451 |
|
|
|
— |
|
|
|
— |
|
Interest income |
|
|
133,018 |
|
|
|
149,365 |
|
|
|
136,084 |
|
|
|
18,655 |
|
Foreign currency exchange losses, net |
|
|
(279,373 |
) |
|
|
(94,307 |
) |
|
|
(428,868 |
) |
|
|
(58,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
6,587,275 |
|
|
|
12,893,341 |
|
|
|
21,191,647 |
|
|
|
2,905,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
316,050 |
|
|
|
(3,592,213 |
) |
|
|
(3,830,160 |
) |
|
|
(525,068 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
6,903,325 |
|
|
|
9,301,128 |
|
|
|
17,361,487 |
|
|
|
2,380,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
|
0.32 |
|
|
|
0.42 |
|
|
|
0.79 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
|
0.20 |
|
|
|
0.25 |
|
|
|
0.48 |
|
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per ADS |
|
|
0.63 |
|
|
|
0.85 |
|
|
|
1.59 |
|
|
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS |
|
|
0.40 |
|
|
|
0.50 |
|
|
|
0.95 |
|
|
|
0.13 |
|
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE
GAAP MEASURES
| |
|
|
|
|
|
|
|
|
| |
|
Three-month Period Ended |
| |
|
2006 |
|
2007 |
| |
|
RMB |
|
RMB |
GAAP net income |
|
|
6,903,325 |
|
|
|
17,361,487 |
|
Share-based compensation expenses |
|
|
607,942 |
|
|
|
4,307,792 |
|
Foreign currency exchange losses |
|
|
279,373 |
|
|
|
428,868 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
7,790,640 |
|
|
|
22,098,147 |
|
|
|
|
|
|
|
|
|
|
GAAP earnings per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
|
0.63 |
|
|
|
1.59 |
|
Diluted |
|
|
0.40 |
|
|
|
0.95 |
|
Share-based compensation expenses per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
|
0.06 |
|
|
|
0.39 |
|
Diluted |
|
|
0.03 |
|
|
|
0.24 |
|
Foreign currency exchange losses per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
|
0.02 |
|
|
|
0.04 |
|
Diluted |
|
|
0.02 |
|
|
|
0.02 |
|
Non-GAAP earnings per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
|
0.71 |
|
|
|
2.02 |
|
Diluted |
|
|
0.45 |
|
|
|
1.21 |
|
