TAIYUAN CITY, China, Nov. 16, 2010 (GLOBE NEWSWIRE) -- China Bilingual Technology & Education Group Inc. (OTCBB:CBLY) ("China Bilingual" or the "Company"), an education company that owns and operates high-quality, K-12 private boarding schools in China, today announced its financial results for the third quarter and nine months ended September 30, 2010.
Third Quarter Fiscal Year 2010 Financial Highlights: (Year-over-Year, 3-Month Results)
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Revenues increased 15% to $6.3 million, compared with $5.5 million
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Net Income increased 30% to $3.9 million (or 63% of revenues), compared to $3.0 million (or 55% of revenues). As part of China's education sector, the Company is exempt from paying corporate income taxes.
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Basic and Diluted EPS increased to $0.13 per share, compared to Basic and Diluted EPS of $0.10 per share for the three months ended September 30, 2009
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Current Assets increased 153%, or $13.0 million, to $21.5 million as of September 30, 2010
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Net property, equipment, and land use rights were $34.0 million at historical book value as of September 30, 2010; no long-term debt
- Stockholders' Equity increased 48%, or $10.5 million, to $32.2 million as of September 30, 2010
Nine Month Financial Highlights: (Year-over-Year, 9-Month Results)
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Revenues increased 20% to $18.3 million, compared with $15.3 million
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Net Income increased 33% to $9.9 million (or 54% of revenues), compared to $7.4 million (or 48% of revenues). As part of China's education sector, the Company is exempt from paying corporate income taxes.
- Basic and Diluted EPS increased to $0.33 per share, compared to Basic and Diluted EPS of $0.25 per share for the nine months ended September 30, 2009
"Our enrollment and test scores continue to rise, and we are very pleased with the results of our operations in the third quarter and first nine months of 2010," stated Mr. Ren Zhiging, Chairman and CEO of China Bilingual. "We believe we have successfully proven our academic model over our 12 year history. Education in China is highly valued, and we intend to be at the forefront of private, K-12 boarding schools throughout China. We have also proven our business model, and we now want to replicate our curriculum and teaching methods into schools in surrounding regions."
China Bilingual is a fast-growing Chinese education provider that owns and operates two campuses serving over 9,000 students with 1,300 facility and staff.
"We began trading our stock publicly under the symbol 'CBLY' at the end of September 2010. We have applied for listing on NASDAQ, which is the recognized leader in terms of listing Chinese companies," stated Michael Toups, CFO of China Bilingual. "Posting strong earnings, combined with the potential senior exchange listing, should greatly benefit our shareholders and offer a substantial increase in both liquidity and our visibility in the market."
Conference Call and Webcast
Management will host a conference call to discuss these financial results on Wednesday, November 17, 2010 at 11:00 a.m. EST (8:00 a.m. PST).
To participate in the call, please dial (888) 296-4215, or (719) 325-2438 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found at http://ViaVid.net.
A replay of the call will be available for two weeks from 2:00 p.m. EST on November 17, 2010, until 11:59 p.m. EST on December 1, 2010. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the pin number for the replay is 1641396. In addition, a recording of the call will be available at http://www.RedChip.com for one year.
About China Bilingual Technology & Education Group Inc.
China Bilingual Technology & Education Group, Inc. is an education company that owns and operates high-quality, K-12 private boarding schools in China. Founded in 1998, the Company currently operates two schools encompassing the kindergarten, elementary, middle and high school levels with over 9,000 students and 1,300 faculty and staff.
The Company's schools are located in Shanxi and Sichuan Provinces and provide students with an innovative and high-quality education with a focus on fluency and cultural skills in both Chinese and English, as well as a strong core curriculum. The schools regularly rank among the top schools in their respective regions for college entrance rates and national college entrance exam scores. The Company's schools have earned excellent teaching reputations and are recognized for the success of their students and strong faculty.
As China experiences rapid industrialization and economic growth, the government is focused on education as a means to increase worker productivity and raise the standard of living. Parents in China's new middle and upper classes are sending their children to receive private school education to give them an advantage in China's increasingly competitive workforce. The Company's sector in education is not subject to corporate income tax. The Company anticipates its growth will come from both organic growth through increased enrollment and expansion of its business model and teaching methods into new schools, which may be acquired by the Company.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. For additional information, readers should carefully review reports or documents the Company files periodically with the Securities and Exchange Commission.