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 first quarter of 2011.
First Quarter 2011 Highlights
- Total net revenue for the first quarter 2011 increased by 64.2% year-over-year to $50.8 million from $30.9 million for the first quarter of 2010.
- Gross profit for the first quarter 2011 increased by 67.4% to $17.2 million from $10.3 million for the first quarter of 2010.
- Gross margin increased to 33.9% in the first quarter of 2011 from 33.2% for the first quarter of 2010.
- Income from operations in the first quarter of 2011 increased by 58.9% to $5.8 million from $3.7 million for the first quarter of 2010.
- Net income for the first quarter of 2011 increased by 71.0% to $5.9 million from $3.4 million for the first quarter of 2010.
- Non-GAAP 1 net income for the first quarter of 2011 increased by 83.9% to $6.5 million from $3.5 million for the first quarter of 2010.
- Total number of learning centers increased to 218, covering 54 cities, as of the end of the first quarter of 2011, up from 207 centers covering 53 cities as of the end of the previous quarter.
- Course hours delivered in the first quarter of 2011 increased by 50.1% year-over-year to 2.2 million hours.
- Total number of students served in the first quarter of 2011 increased by 54.3% year-over-year to approximately 56,700.
- Average hourly course fee increased to $24.7 in the first quarter of 2011 from $22.5 in the first quarter of 2010.
Mr. Xin Jin, co-founder and Chief Executive Officer of Xueda, commented, “We are very pleased that our first quarter revenues once again exceeded our previously stated guidance for the quarter, as we continue to see strong demand for our differentiated, one-on-one tutoring services and benefit from our strong brand and nationwide network. We anticipate rapid growth to meet this strong demand, while at the same time we will continue to improve our service quality and brand recognition. Our performance in the first quarter continues to demonstrate that we can improve efficiency while quickly expanding the scale of our operations. Xueda has established a nationwide network, a highly recognized brand and unmatched expertise in the tutoring market, and we intend to leverage these advantages to continue our strong growth.”
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