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TheStreet Open House

Xueda Education Group Announces Fourth Quarter And Full Year 2010 Financial Results

Xueda Education Group (NYSE: XUE) (“Xueda” or the “Company”), the leading national provider of tutoring services for primary and secondary school students in China with a focus on offering personalized tutoring services, today announced its unaudited financial results for the fourth quarter and full year of 2010.

Fourth Quarter 2010 Highlights

  • Total net revenue for the fourth quarter 2010 increased by 89.3% year-over-year to $37.3 million from $19.7 million for the fourth quarter of 2009.
  • Gross profit for the fourth quarter 2010 increased by 79.5% to $9.3 million from $5.2 million for the fourth quarter of 2009.
  • Net income for the fourth quarter of 2010 was $0.9 million, compared to net income of $0.5 million for the fourth quarter of 2009.
  • Non-GAAP 1 net income for the fourth quarter of 2010 was $1.5 million, compared to non-GAAP net income of $0.5 million for the fourth quarter of 2009.
  • Diluted net income per ADS in the fourth quarter of 2010 was $0.01, compared to net income per ADS of $0.01 for the fourth quarter of 2009.
  • Non-GAAP diluted net income per ADS in the fourth quarter of 2010 was $0.02, compared to net income per ADS of $0.01 for the fourth quarter of 2009.
  • Total number of learning centers increased to 207, covering 53 cities, as of the end of the fourth quarter of 2010, up from 178 centers covering 51 cities as of the end of the previous quarter.
  • Course hours delivered in the fourth quarter of 2010 increased by 72.7% year-over-year to 1.7 million hours.
  • Total number of students served in the fourth quarter of 2010 increased by 64.7% year-over-year to approximately 45,000.
  • Average hourly course fee increased to $23.3 in the fourth quarter of 2010 from $21.2 in the fourth quarter of 2009.

Full Year 2010 Highlights

  • Total net revenue for the full year 2010 increased by 99.7% to $154.1 million from $77.2 million in 2009.
  • Gross profit for the full year 2010 increased by 155.0% to $50.6 million from $19.9 million in 2009.
  • Net income for the full year 2010 was $10.3 million, compared to net loss of $1.6 million in 2009.
  • Non-GAAP net income for the full year 2010 was $12.2 million, compared to net loss of $1.6 million in 2009.
  • Diluted net income per ADS in the full year 2010 was $0.18, compared to net loss per ADS of $0.04 for the full year 2009.
  • Non-GAAP diluted net income per ADS in the full year 2010 was $0.21, compared to net loss per ADS of $0.04 for the full year 2009.
  • Total number of learning centers increased to 207, covering 53 cities, as of the end of the full year 2010, up from 131 learning centers covering 33 cities as of the end of the previous year.
  • Course hours delivered in the full year 2010 increased by 80.3% year-over-year to 7.0 million hours.
  • Total number of students served in the full year 2010 increased by 64.0% year-over-year to 89,000.
  • Average hourly course fee increased to $22.9 in the full year 2010 from $20.9 in the full year 2009.

Mr. Xin Jin, co-founder and Chief Executive Officer of Xueda, commented, “We are very pleased that our fourth quarter revenue exceeded our previously provided guidance for the quarter, supported by the continued strong demand for one-on-one tutoring services and balanced execution of our growth strategy and businesses plans. We are continually improving our service quality, branding and management team, while further expanding our market leadership for one-on-one tutoring. At the same time, our effective management controls resulted in improved efficiency and larger operating scale. We firmly believe that the combination of Xueda’s established nationwide network, highly recognized brand, scalable operating platform and unmatched expertise in the tutoring market continue to provide us with sustainable competitive advantages.”

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