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51job's CEO Discusses Q2 2011 Results - Earnings Call Transcript

For additional information on these and other factors that may affect the company’s financial results, please refer to the risk factors section of the company’s filings with the Securities and Exchange Commission. 51job undertakes no obligation to update targets prior to announcing final results for the third quarter of 2011 or as a result of new information, future events or otherwise.

Now I’ll turn the call over to Rick.

Rick Yan

Thank you, Linda, and welcome everyone to today’s call. I will begin with an overview of the second quarter followed by Kathleen with a detailed presentation of our financial results. Then I would discuss current market conditions and our objectives moving forward. Finally, we will open the call to your questions.

We are very pleased to deliver to our shareholders another quarter of solid revenue growth and profitability total revenues for the second quarter were RMB332 million or approximately US$51.4 million, an increase of 27% over the year ago quarter. Non-GAAP EPS exceeded our expectations coming in at RMB1.87 or US$0.58 per ADS.

Looking at each business area, our online business continued to grow robustly as revenue increased 49% year-over-year. We further expanded our customer base in existing and new geographies with nearly 169,000 companies purchasing some type of online recruitment services from us in the second quarter. Average revenue per online customer also increased due to greater demand and competition among employers for talent as well as the impact of the new rate card that was implemented in April of this year.

The transition to the new rate card has been smooth and has not hindered our customer acquisition or retention efforts. In our other HR services area we saw a pickup of activity led by our outsourcing and training businesses. Revenues for the other HR services increased 43% compared to a year ago quarter on the back of growing market acceptance and customer adoption of these services.

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