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16.07.2012 20:35
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China Bilingual Announces Financial Results for the Third Quarter of Fiscal 2012
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PR Newswire
TAIYUAN CITY, China, July 16, 2012
TAIYUAN CITY, China, July 16, 2012 /PRNewswire-Asia-FirstCall/ -- China Bilingual Technology & Education Group Inc. (OTCBB: CBLY) ("China Bilingual" or the "Company"), an education company that owns and operates high-quality, K-12 private boarding schools in China, today announced its financial results for the third quarter ended May 31, 2012.
Third Quarter Fiscal Year 2012 Financial Highlights: (Three-Month Results)
- Revenues increased 63.4% year-over-year to $10.2 million, compared to $6.2 million for the three months ended May 31, 2012. The increase was primarily attributable to the acquisition of the Shanxi South School (formerly Shanxi Rising School), which increased the Company's total enrollment from approximately 9,200 students to 13,881 students for the current school year, as well as a slight tuition increase.
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") increased 71.5% year-over-year to $5.2 million, compared to $3.1 million for the three months ended May 31, 2011.
- The schools owned by the Company are exempt from paying corporate income taxes because of its classification in China's primary education sector.
- Net property, equipment, and land use rights were $125.5 million at historical book value as of May 31, 2012, an increase of 294.7% from $31.8 million as of December 31, 2010.
- Stockholders' equity was $48.0 million as of May 31, 2012, an increase of 51.3% from $31.7 million as of December 31, 2010.
Nine Months Fiscal Year 2012 Financial Highlights: (Year-over-Year, Nine-Month Results)
- Revenues increased 72.5% year-over-year to $31.5 million, compared to $18.3 million for the nine months ended May 31, 2011. The increase was primarily attributable to the acquisition of the Shanxi South School.
- EBITDA increased 68.8% year-over-year to $14.5 million, compared to $8.6 million for the nine months ended May 31, 2011.
"China's middle class continues to grow, driving demand for private education," stated Mr. Ren Zhiqing, Chairman and CEO of China Bilingual. "Recent added support for private education from the Ministry of Education of the People's Republic of China will further accelerate this growing demand. Our reputation for academic excellence positions us to greatly benefit from these market dynamics, and with our schools at less than 70% of total capacity, we have the ability to dramatically improve revenue and earnings growth as our enrollments increase."
"Private education is a sunrise industry in China, with overall education and training spending in the country growing at an estimated compound annual growth rate of at least 20 percent from 2008 to 2013." (ChinaDaily.com.cn, January 21, 2011).
Conference Call and Webcast
Management will host a conference call to discuss these financial results Tuesday, July 17, 2012 at 10:00 a.m. Eastern time (7:00 a.m. Pacific).
To participate in the call, please dial (877) 941-1427, or (480) 629-9664 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found at http://ViaVid.net.
A replay of the call will be available for two weeks from 1:00 p.m. ET on July 17, 2012, until 11:59 p.m. ET on July 31, 2012. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the pin number for the replay is 4553596. In addition, a recording of the call will be available at http://www.RedChip.com for one year.
About China Bilingual Technology & Education Group Inc.
China Bilingual Technology and Education Group Inc. is an education company that owns and operates high-quality, K-12 private boarding schools in China. Founded in 1998, the Company currently operates three schools encompassing the kindergarten, elementary, middle and high school levels with approximately 13,881 students and 1,876 faculty and staff.
The Company's schools are located in Shanxi and Sichuan Provinces and provide students with an innovative and high-quality education with a focus on fluency and cultural skills in both Chinese and English. The schools regularly rank among the top schools in their respective regions for college entrance rates and national college entrance exam scores. The Company's schools have earned excellent teaching reputations and are recognized for the success of their students and strong faculty.
As China experiences rapid industrialization and economic growth, the government is focused on education as a means to increase worker productivity and raise the standard of living. Parents in China's new middle and upper classes are sending their children to receive private school education to give them an advantage in China's increasingly competitive workforce. The Company's sector in education is not subject to corporate income tax, and the Company anticipates its growth will come from both organic growth through increased enrollment and expansion of its business model and teaching methods into new schools to be acquired by the Company.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
miketoups@gmail.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
info@redchip.com
http://www.RedChip.com
| China Bilingual Technology & Education Group Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| | ||||||||
| | May 31, 2012 | August 31, 2011 | | |||||
| ASSETS | (unaudited) | | ||||||
| CURRENT ASSETS: | | | | | | |||
| Cash and cash equivalents | | $ | 9,012,557 | | $ | 15,090,521 | | |
| Inventory | | | 71,574 | | | 3,489 | | |
| Prepayment and other current assets | | | 2,982,030 | | | 9,606,682 | | |
| Total Current Assets | | | 12,066,161 | | | 24,700,692 | | |
| | | | | | | | | |
| LONG-TERM ASSETS: | | | | | | | | |
| Property, plant and equipment, net | | | 80,246,741 | | | 81,958,342 | | |
| Land use rights, net | | | 45,266,573 | | | 45,783,579 | | |
| Deposit paid for long-term assets | | | - | | | 18,778 | | |
| | | | | | | | | |
| Total Long-Term Assets | | | 125,513,314 | | | 127,760,699 | | |
| | | | | | | | | |
| TOTAL ASSETS | | $ | 137,579,475 | | $ | 152,461,391 | | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| | | | | | | | | |
| CURRENT LIABILITIES | | | | | | | | |
| Accounts payable | | $ | 99,974 | | $ | 48,824 | | |
| Short-term payable-acquisition | | | 18,721,361 | | | 21,177,319 | | |
| Due to related parties | | | 8,139,302 | | | 7,842,522 | | |
| Other payables | | | 514,545 | | | 333,202 | | |
| Refundable deposits | | | 545,664 | | | 795,848 | | |
| Prepaid school fees | | | 18,782,157 | | | 39,498,972 | | |
| Home purchase down payment | | | 930,366 | | | 878,668 | | |
| Short-term bank loan | | | 15,770,632 | | | 15,685,044 | | |
| Accrued expenses and other current liabilities | | | 934,231 | | | 908,268 | | |
| | | | | | | | | |
| Total Current Liabilities | | | 64,438,232 | | | 87,168,667 | | |
| | | | | | | | | |
| Long-term payable-acquisition | | | 25,171,348 | | | 22,656,106 | | |
| | | | | | | | | |
| TOTAL LIABILITIES | | $ | 89,609,580 | | $ Werbung Mehr Nachrichten zur CHINA BILINGUAL ED Aktie kostenlos abonnieren
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