Beijing time April 22 afternoon news, a good Future (NYSE:XRS) today announced the unaudited fiscal year 2014 as at February 28, 2014 and the full year earnings. Net revenue grew 45.9% to $87 million year-on-year, operating profits grew 154.2% to 14.4 million dollars year-on-year, and net profits grew 125.1% to 19.3 million dollars year-on-year, based on non-US general accounting standards.
According to Yahoo's financial data, 5 of Wall Street analysts on average expect a non-gaap of $0.78 trillion per share in the next 2014 fiscal year, not according to the US General accounting standards. Earnings showed that for the next 2014 fiscal year non-US general accounting standards earnings per share of 0.88 U.S. dollars, more than analysts expected.
In addition, 7 Wall Street analysts on average expect a good future 2014 fiscal year revenue will reach 312.23 million U.S. dollars. Earnings showed a good 2014 fiscal year revenue of 313.9 million U.S. dollars, more than analysts expected.
Financial results of fiscal year 2014:
Net revenue grew 45.9% per cent to $87 million trillion, up from $59.6 million a year earlier.
Operating profits grew 154.2% per cent to $14.4 million trillion, up from $5.7 million a year earlier.
Net profits, which belong to the good future, rose 144% to 16.7 million trillion dollars, up from $6.8 million a year earlier.
The non-US GAAP net profit, which belongs to the good future, does not include the cost of share compensation, which rose 125.1% to $19.3 million, up from $8.6 million a year earlier.
Basic and diluted the net profit of ads per share is $0.21. Non-US GAAP basic and diluted the net profit for ads per share is USD 0.25 and USD 0.24 respectively. Good future ads per share represents 2 shares of Class A common.
As of February 28, 2014, the good future holds cash, cash equivalents and term deposits of USD 269.9 million, higher than the amount of USD 209.2 million as at February 28, 2013.
The total enrollment of students grew by 38.8% to about 348,000.
As of February 28, 2014, the network of the good future contains 274 learning centers, higher than the November 30, 2013 265.
Annual results of fiscal year 2014:
Net revenue rose 38.9% to 313.9 million dollars, up from $225.9 million trillion in fiscal year 2013.
Operating profits grew 82.7% per cent to $57.4 million trillion, up from $31.4 million trillion in fiscal year 2013.
Net profits, which belong to the good future, rose 81.2% to $60.6 million, up from $33.4 million trillion in fiscal year 2013.
The non-US GAAP net profit, which belongs to the good future, does not include the cost of share compensation, which rose 65.3% to $69 million, up from $41.7 million trillion in fiscal year 2013.
The basic and diluted share net profit of ads per share is USD 0.77 and USD 0.76 respectively. Non-US GAAP basic and diluted the net profit for ads per share is USD 0.88 and USD 0.86 respectively.
In fiscal year 2014, the total number of students enrolled grew 31.6% to about 1,073,950.
As of February 28, 2014, the network of the good future contains 274 learning centers, higher than the February 28, 2013 255.
Financial results for fiscal year 2014:
Net revenue
In fiscal year 2014, the net revenue for the good future report was $87 million, up 45.9% from 59.6 million trillion dollars in the same period last year. This increase was mainly attributable to the increase in student enrolment and the rise in average selling prices. The number of students enrolled is about 348,000, a 38.8% increase from 250,700 people in the same period last year. The increase in student enrolment is mainly attributable to the growth of class enrolment in small classes. The average price rose 5.1% to $250, up from $238 a year earlier. The increase in average selling prices was mainly attributable to the growth of class-hours and exchange rate fluctuations in small classes.
Operating costs and costs
Operating costs and costs were $72.8 million, up 34.8% from 54 million dollars a year earlier. Non-US GAAP operating costs and costs, excluding stock-pay costs, are 70.2 million U.S. dollars, up 34.3% from 52.3 million trillion dollars in the same period last year.
Revenue costs rose 29.9% per cent to $40.8 million trillion, up from $31.4 million a year earlier. The increase in revenue costs is mainly due to the increase in teacher pay, rental costs and other personnel costs as the learning center expands, while wage levels and teacher fees have increased year-on-year. Non-US GAAP revenue costs, excluding stock compensation, rose 29.8% to $40.8 million, up from $31.4 million a year earlier.
Sales and marketing costs rose 33.6% to $10.2 million a year earlier, up from $7.6 million trillion over the same period. Non-US general accounting standards Sales marketing costs, excluding stock compensation, rose 34.9% to $9.9 million, up from $7.3 million a year earlier. The increase in sales marketing costs is mainly due to a year-on-year rise in the remuneration of sales and marketing staff to support a large number of projects and services.
General management costs rose 51.9% per cent to $21.8 million trillion, up from 14.4 million dollars a year earlier. This growth was mainly attributable to the increase in the remuneration of general managers in the process of supporting a large number of projects and services in which the performance of the relevant personnel exceeded expectations. Non-US general accounting standards, excluding share-price fees, rose 51.1% to $19.6 million, up from $12.9 million a year earlier.
The total cost of shares paid to related operating costs and costs rose 49.7% to $2.6 million, up from $1.7 million a year earlier.
Gross profit
Gross profits rose 63.6% per cent to $46.2 million trillion, up from $28.3 million a year earlier.
Operating profit
Operating profits grew 154.2% per cent to $14.4 million trillion, up from $5.7 million a year earlier. Non-US GAAP operating profits, excluding share-price fees, rose 129.8% per cent to $17 million trillion, up from $7.4 million a year earlier.
Other income/(cost)
The other cost is USD 400,000, up from 100,000 dollars over the same period last year. Other costs are mainly for the company's contribution to a university foundation.
Income tax expenses
The income tax was $100,000 trillion, compared with 100,000 in the same period last year.
Net profit attributable to the good future education group
Net profits, which belong to the good future, rose 144% to 16.7 million trillion dollars, up from $6.8 million a year earlier. The non-US GAAP net profit, which belongs to the good future, does not include the cost of share compensation, which rose 125.1% to $19.3 million, up from $8.6 million a year earlier.
Basic and diluted share net profit per share ads
Basic and diluted the net profit of ads per share is USD 0.21. Non-US GAAP basic and diluted per share net profit for ads, excluding stock remuneration costs, respectively, 0.25 U.S. dollars and 0.24 U.S. dollars.
Financial results for fiscal year 2014:
Net revenue
In fiscal year 2014, the net revenue for good future reports was $313.9 million, up 38.9% from 2013 's 225.9 million. This increase was mainly attributable to the increase in student enrolment and the rise in average selling prices. The total enrollment of students grew by 31.6% per cent year-on-year, from 816,110 to 1,073,950. The increase in student enrolment is mainly attributable to the growth of class enrolment in small classes. Average prices rose 5.6% from 277 to $292. The increase in average selling prices was mainly attributable to the growth of class-hours and exchange rate fluctuations in small classes.
Operating costs and costs
Operating costs and costs of 257.6 million U.S. dollars, compared to the 2013 fiscal year 195.1 million U.S. dollar growth of 32%. Non-US general accounting standards operating costs and costs, excluding stock compensation costs, for 249.3 million U.S. dollars, compared to the 2013 fiscal year 186.9 million U.S. dollar growth of 33.4%.
Revenue costs rose 30.9% to 151.5 million dollars, up from $115.7 million trillion in fiscal year 2013. The increase in revenue costs is mainly due to the increase in teacher pay, rental costs and other personnel costs as the learning Center expands. Non-US GAAP revenue costs, excluding share-price costs, rose 31% per cent to $151.5 million trillion, up from $115.6 million trillion in fiscal year 2013.
Sales and marketing costs rose 29.2% to 35.8 million dollars, up from $27.7 million trillion in fiscal year 2013. Non-US general accounting standards Sales marketing costs, excluding stock compensation fees, rose 33.8% to 34.6 million US dollars, up from 25.9 million dollars in fiscal year 2013. The increase in sales marketing costs is mainly due to the increase in the number of sales and marketing personnel, as well as the increase in pay in support of future learning centers, more projects and services in more cities.
General management costs rose 37.5% to 70.3 million US dollars, up from 51.1 million dollars in fiscal year 2013. The increase in general management costs is mainly attributable to the increase in the remuneration of general managers, the depreciation of office space purchased in Beijing and the rise in professional service fees. Non-US General accounting standards for general management fees, excluding stock compensation fees, rose 41.1% to 63.2 million US dollars, up from 44.8 million dollars in fiscal year 2013.
The total cost of shares paid to related operating costs and expenses rose 0.7% to $8.3 million, up from $8.3 million trillion in fiscal year 2013.
Gross profit
Gross profits rose 37.3% per cent to $162.4 million trillion, up from $110.2 million trillion in fiscal year 2013.
Operating profit
Operating profits grew 82.7% per cent to $57.4 million trillion, up from $31.4 million trillion in fiscal year 2013. Non-US GAAP operating profits, excluding share-price fees, rose 65.6% to $65.7 million, up from $39.7 million trillion in fiscal year 2013.
Other income/(cost)
The total other income is USD 100,000, which includes other costs of USD 1.3 million and other income of USD 1.4 million, while the 2013 fiscal year is the total other income of 800,000 dollars. Other costs for fiscal year 2014 include a good future contribution to the Yaan earthquake victims, good future charitable foundations, and a university foundation. Other revenue in fiscal year 2014 is mainly exchange rate earnings. Since most of the cash in the future is in renminbi, but reporting results in dollars, a stronger renminbi would yield gains, while a stronger dollar would lead to losses.
Income tax expenses
The income tax cost is 6.7 million dollars, more than 4.1 million dollars in the 2013 fiscal year.
Net profit attributable to the good future education group
Net profits, which belong to the good future, rose 81.2% to $60.6 million, up from $33.4 million trillion in fiscal year 2013. The non-US GAAP net profit, which belongs to the good future, does not include the cost of share compensation, which rose 65.3% to $69 million, up from $41.7 million trillion in fiscal year 2013.
Basic and diluted share net profit per share ads
The basic and diluted share net profit of ads per share is USD 0.77 and USD 0.76 respectively. Non-US GAAP basic and diluted per share net profit for ads, excluding stock remuneration costs, respectively, 0.88 U.S. dollars and 0.86 U.S. dollars.
Capital expenditure
Capital expenditure was $10.9 million trillion, up 4 million dollars over 6.9 million dollars in fiscal 2013. This growth is mainly due to improved leasing rights and the purchase of servers, computers, software systems and other hardware to support the company's operations.
Cash, cash equivalents and term deposits
As of February 28, 2014, the good future holds 269.9 million dollars in cash and cash equivalents, with no fixed deposit. And February 28, 2013 for holding 185.1 million dollars in cash and cash equivalents, fixed deposit for 24.1 million dollars. Net cash from operating activities in fiscal 2014 was about $100.5 million trillion, up 53.6% per cent year-on-year.
Deferred revenue
As of February 28, 2014, the future of the deferred revenue of 132.4 million U.S. dollars, higher than February 28, 2013 of 102.5 million U.S. dollars, an increase of 29.2%.
Performance Outlook
Based on the company's current expectations, assuming there is no significant exchange rate fluctuations, net revenue for the first quarter of 2015 is expected to be 85.9 million U.S. dollars to 88.4 million U.S. dollars, an increase of 40% to 44%.
This data reflects the current expectations of a good future and is still likely to change.
Conference
Good future will be in the United States Eastern Time April 22 8:00 (Beijing time April 22 20:00) to hold a financial conference call.
The access mode of teleconference is as follows:
American toll-free number: +1-866-519-4004
HONG Kong Free Tel: 800-930-346
China free Tel: 400-620-8038
International other area Toll Tel: +65-6723-9381
Password: 23492298
Good future will be through the company's website Investor Relations section to provide teleconferencing online live and audio recordings, the site is en.100tal.com.
In the United States, April 30, 2014 23:59 (Beijing time May 1, 2014 11:59), the good future will be through the following telephone number to provide teleconferencing recordings.
American toll-free number: +1-855-452-5696
HONG Kong Free Tel: 800-963-117
China free Tel: 400-632-2162
International other area Toll Tel: +61-2-8199-0299
Password: 23492298 (Lili)
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