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Xueda Education's Q1 profit down 90% YoY

May. 24, 2012 (China Knowledge) - Xueda Education Group<UE>, a leading national provider of tutoring services for primary and secondary school students in China, has posted US$600,000-net profit for the first quarter of this year, much less than US$5.9 million it realized in the same period of 2011.

On a non-GAAP basis, the New York-listed firm's net profit for the first quarter of 2012 reached US$1.5 million, compared with US$6.5 million in the corresponding period of last year.

Total revenue for the three months ended Mar. 31, 2012 increased by 32.2% Y-o-Y to US$67.2 million from US$50.8 million.

Basic earnings per American Depositary Share for the first quarter of 2012 were US$0.01, compared with $0.09 in the first quarter of 2011.

The firm's gross profit for the first quarter of 2012 decreased by 2.3% YoY to US$16.8 million with gross margin declining to 25%.

As of Mar. 31, 2012, the company had US$245.4 million in cash short-term investments.

Xueda Education also expects its operating revenue for the second quarter of 2012 to be in the range of US$87.8 million to US$91.3 million, up 22.5% to 27.5% from a year earlier.

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