Ambow Education Announces Second Quarter 2011 Unaudited Financial Results Strong Enrollment Growth Results in 90.0% Year-over-Year Revenue Increase in Career Enhancement

   Date:2011/08/25

BEIJING, Aug. 24, 2011 /PRNewswire via COMTEX/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") /quotes/zigman/605317/quotes/nls/ambo AMBO +3.87% , a leading national provider of educational and career enhancement services in China, today reported its unaudited financial results for the second quarter of 2011.

Financial Highlights for the Quarter Ended June 30, 2011:

Total net revenues increased 26.1% to $77.8 million(1) from $61.7 million for the same period in 2010.

Tutoring revenues increased 20.3% to $33.7 million from $28.0 million for the same period in 2010.

Career Enhancement revenues increased 90.0% to $20.8 million from $11.0 million for the same period in 2010.

The growth layer, which consists of Tutoring and Career Enhancement, achieved 39.9% year-over-year revenue growth. Excluding revenue of $6.2 million from acquisition, our organic growth is 24.0%.

EBITDA(2) increased 27.3% to $25.2 million from $19.8 million for the same period in 2010.

Operating income increased 33.3% to $20.4 million from $15.3 million for the same period in 2010.

Net income(3) increased 22.2% to $16.7 million from $13.6 million for the same period in 2010.

Diluted non-GAAP net income per adjusted ADS attributable to Ambow(4) increased to $0.24 as compared to $0.22 for the same period in 2010.

Total student enrollments increased to 298,000.

Financial Highlights for the Six Months Ended June 30, 2011:

Total net revenues increased 27.5% to $130.0 million from $102.0 million for the same period in 2010.

Tutoring revenues increased 22.1% to $59.3 million from $48.6 million for the same period in 2010.

Career Enhancement revenues increased 98.8% to $32.8 million from $16.5 million for the same period in 2010.

The growth layer, which consists of Tutoring and Career Enhancement, achieved 41.5% year-over-year revenue growth. Excluding revenue of $8.3 million from acquisition, our organic growth is 28.8%.

EBITDA increased 28.0% to $32.9 million from $25.7 million for the same period in 2010.

Operating income increased 38.1% to $23.3 million from $16.9 million for the same period in 2010.

Net income increased 27.7% to $18.2 million from $14.2 million for the same period in 2010.

Diluted non-GAAP net income per adjusted ADS attributable to Ambow increased to $0.27 as compared to $0.25 for the same period in 2010.

Total student enrollments increased to 497,000.

Source:Marketwatch

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