CORRECTION -- Global Education Announces Fourth Quarter and Fiscal Year 2010 Financial Results
07 Marzo 2011 - 5:33PM
In a press release issued earlier today by Global Education &
Technology Group Ltd. (Nasdaq:GEDU) under the same headline, please
note that Franchise fees, study abroad consulting services and
sales of books and course materials for the year ended December 31,
2010 should have read 23,727. The corrected table follows:
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Condensed
Consolidated Statements of Operations |
|
For the year
ended December 31, |
|
2010 |
2009 |
2010 |
|
RMB |
RMB |
USD |
Revenues |
|
|
|
Educational programs and services |
321,848 |
229,491 |
48,765 |
Franchise fees, study abroad consulting
services and sales of books and course materials |
23,727 |
16,739 |
3,595 |
Total revenues |
345,575 |
246,230 |
52,360 |
|
|
|
|
Operating costs and
expenses |
|
|
|
Cost of revenues |
(152,612) |
(101,976) |
(23,123) |
Selling and marketing expenses |
(92,204) |
(64,590) |
(13,970) |
General and administrative expenses |
(40,431) |
(28,968) |
(6,126) |
|
|
|
|
Total operating costs and
expenses |
(285,247) |
(195,534) |
(43,219) |
Operating income |
60,328 |
50,696 |
9,141 |
|
|
|
|
Interest income |
7,507 |
5,510 |
1,137 |
Investment income |
-- |
3,833 |
-- |
Foreign exchange losses, net |
(64) |
(119) |
(10) |
Consideration payable fair value change |
(3,887) |
-- |
(589) |
Other income, net |
561 |
461 |
85 |
|
|
|
|
Income before income
taxes |
64,445 |
60,381 |
9,764 |
|
|
|
|
Income tax expense |
(7,801) |
(4,778) |
(1,182) |
|
|
|
|
Net income |
56,644 |
55,603 |
8,582 |
|
|
|
|
Accretion of convertible redeemable preferred
shares |
2,038 |
(22,083) |
309 |
Income allocated to participating preferred
shareholder |
(14,441) |
(18,699) |
(2,188) |
|
|
|
|
Net income attributable to ordinary
shareholders |
44,241 |
14,821 |
6,703 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
0.72 |
0.30 |
0.11 |
Diluted |
0.70 |
0.30 |
0.11 |
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
Basic |
61,629,049 |
49,030,191 |
61,629,049 |
Diluted |
81,222,352 |
49,030,191 |
81,222,352 |
CONTACT: Global Education & Technology Group Ltd.
Jessica Wang
IR Senior Officer
Phone: +86 10 6212 5800 ext 302
E-mail: ir@globaleducation.cn
jessicawang@globaleducation.cn
ICR LLC.
Michael Tieu
Phone: +86-10-6583-7509
or +1-646-328-2550
E-mail: michael.tieu@icrinc.com
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