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Beijing Xueda Education turns profit into loss in Q4

Feb. 29, 2012 (China Knowledge) - Beijing Xueda Education & Technology Co Ltd<XUE>, a leading educational service provider in China, suffered US$9.9 million in net loss in the fourth quarter of 2011 where it earned US$900,000 in net profit in the same period of 2010.

On a non-GAAP basis, the U.S.-listed firm's net loss for the fourth quarter of 2011 was US$9.3 million, compared with non-GAAP net profit of US$1.5 million in the corresponding period of 2010.

Diluted loss per American Depositary Share for the fourth quarter of 2011 was US$0.15, compared with diluted earnings per ADS of US$0.01 in the fourth quarter of 2010. Each ADS represents two ordinary shares.

In the three months ended Dec. 31, 2011, the educational service provider saw its operating revenue surge 28.2% year on year to US$47.8 million from US$37.3 million.

For the whole year of 2011, the company reaped US$4.8 million in net profit, much less than US$10.3 million in 2010. Non-GAAP net profit for last year stood at US$8.9 million.

Operating revenue grew by 43.9% to US$221.7 million in 2011.

As of Dec. 31, 2011, the company had US$225.7 million in cash.

Beijing Xueda Education & Technology also expects its operating revenue to reach between US$59.7 million and US$62.2 million in the first quarter of 2012. For the whole year, operating revenue is expected to reach between US$272 million and US$282 million.

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