Chinaedu (NASDAQ:CEDU)

Fourth Quarter 2012 Results 

• Total net revenue for the fourth quarter of 2012 was $21.8 million, a 12.4 percent increase from $19.4 million in the corresponding period in 2011. Total net revenue exceeded Company guidance for the quarter.
• Net revenue from online degree programs was $17.7 million, an increase of 13.9 percent from $15.5 million in the corresponding period of 2011.
• Net income attributable to ChinaEdu was $2.4 million, an increase of 552.8 percent from $0.4 million in the corresponding period of 2011.
• Adjusted net income attributable to ChinaEdu[2] was $2.9 million, an increase of 257.9 percent from $0.8 million in the corresponding period of 2011.
• Net income attributable to ChinaEdu per diluted ADS[3] was $0.144, an increase of 542.9 percent from $0.022 in the corresponding period of 2011.
• Adjusted net income attributable to ChinaEdu per diluted ADS[4] was $0.173, an increase of 248.4 percent from $0.050 in the corresponding period of 2011.

Julia Huang, executive chairman of ChinaEdu commented, "2012 was another successful year for ChinaEdu. Remaining focused on growth in our online degree programs, we expanded enrollment during the year to 400,000 revenue students. There were exciting developments in other areas of our business in 2012 as well. Particularly, several non-degree continued education programs for teachers were launched in 2012 and our recently expanded K-12 online interactive tutoring and Q&A programs have already gained traction and are showing encouraging results. Furthermore, enrollments at our private schools grew beyond expectations during the year as our brand name continues to draw in talented students." She continued, "As we look to 2013, we will continue to grow our core business and explore opportunities that leverage our online-learning enabling capabilities. We remain committed to technological innovation in education and will continue to develop next generation technology platforms and interactive and mobile learning applications. Online learning has become more acceptable to users and mobile devices have become more readily available. We plan to penetrate the market further, applying our technological advantage across all areas of our business platform."

Mr. Simon Mei, chief financial officer commented, "Recognizing our success in 2012 and the opportunities that lay ahead, the Company recently decided to make a major reinvestment in our business by negotiating a repurchase of shares. The repurchase program was completed at the end of February 2013. The Company repurchased 19,695,552 ordinary shares or the equivalent 6,565,184 ADSs. This is equal to 36.9% of the total issued ordinary shares of 53,428,219 prior to the transaction. The completion of the stock repurchase reflects the board of directors' and management's continued commitment to enhancing stockholder value, as well as confidence for the company's future business perspectives. Other factors being equal, the stock repurchase will increase the Company's earnings per share."  

First Quarter 2013 Guidance

ChinaEdu management expects total net revenue in the first quarter of 2013 to range from RMB116 million to RMB120 millionor $18.6 million to $19.3 million, representing a 1.8 percent to 5.3 percent increase from RMB114 million or $18.3 millioncompared to the corresponding period in 2012.

BEIJING, January 16, 2013 /PRNewswire/ -- ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading online educational services provider in China, announced today that it has entered into definitive agreements with Columbia Pacific Advisors, LLC, Lake Union Capital Management, LLC and New Vernon Investment Management LLC, pursuant to which ChinaEdu will repurchase 5,175,456 American Depositary Shares (the "ADSs") in the aggregate, each representing three (3) ordinary shares of ChinaEdu, at a purchase price of $5.60per ADS (or $1.87 per ordinary share) for a total purchase price of approximately $29 million through privately negotiated transactions, subject to obtaining necessary financing by the Company.

ChinaEdu's chief executive officer Shawn Ding commented, "The announcement today of the stock repurchase agreements reflects the board of directors' continued confidence in the Company's near and long term financial and operating performance as well as continued commitment to enhancing stockholder value."

BEIJING, Jan. 10, 2013 /PRNewswire/ -- ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading online education services provider in China, today announced that the Company's board of directors has approved a share repurchase program.

Under the terms of the program, the Company is authorized, but not obligated, to repurchase up to US$40 million in aggregate amounts of its ADSs in the open market or through privately negotiated transactions. In privately negotiated transactions, the Company is authorized, but not limited, to reach agreements with each of the following shareholders: Columbia Pacific Advisors, LLC, Lake Union Capital Management, LLC and New Vernon Investment Management LLC to purchase at total of 5,175,456 ADSs at US$5.60 per share.

The method, timing and amount of any repurchase will depend on market conditions, the trading price of the ADSs and other factors. Such repurchases will be subject to, and executed in compliance with, relevant rules under United States securities regulations. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program will be funded with the Company's available working capital as well as bank loans.

Julia Huang , executive chairman commented, "The Company's management team, together with its board of directors, believes the share repurchase transaction is in the best interest of the Company and its shareholders. This decision also demonstrates management's confidence in the Company's long-term growth and profitability. As we move forward, we will continue to leverage our core expertise in interactive learning as well as our nationally recognized brand name to take advantage of the vast opportunities available in our industry in China.

Third Quarter 2012

• Total net revenue for the third quarter of 2012 was $19.7 million, an 8.7 percent increase from $18.1 million in the corresponding period in 2011.
• Net income attributable to ChinaEdu was $0.5 million. There was a non-cash intangible assets impairment charge of $0.9 million and a related deferred income tax impact of $0.6 million in the third quarter of 2012.
• Net income attributable to ChinaEdu per diluted ADS[3] was $0.030. The non-cash intangible assets impairment charge and related deferred income tax impact affected net income attributable to ChinaEdu per diluted ADS by$0.091.
• Adjusted net income attributable to ChinaEdu per diluted ADS[4] was $0.115.

Julia Huang, executive chairman of ChinaEdu commented, "We are pleased with our performance in the third quarter, particularly our ability to increase gross margin to 61.0 percent. We continue to see healthy growth in our online degree programs and are making efforts to build our online professional and certification training programs to help narrow the gap between the skills of the workforce and present-day employers' needs. We are also working to improve our interactive learning capability by integrating mobile and social network applications into our K-12 programs. As these programs begin to benefit from our focus on technology-supported interactive learning, we will look for ways to integrate the platforms into our adult training and degree offerings. At the same time, we continue to closely monitor and control costs across our businesses, enabling us to deliver yet another successful quarter. As we look towards the close of 2012, we are confident in the full year results we will deliver and we are optimistic about the year ahead."

Fourth Quarter 2012 Guidance

ChinaEdu management expects total net revenue in the fourth quarter of 2012 to range from RMB124 million to RMB129 million or $19.7 million to $20.5 million, representing a three to seven percent increase compared to the corresponding period in 2011. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.

Second Quarter 2012 Results

• Total net revenue for the second quarter of 2012 was $18.1 million, a 4.5 percent increase from $17.3 million in the corresponding period in 2011.
• Net revenue from online degree programs was $14.5 million, an increase of 4.5 percent from $13.9 million in the corresponding period of 2011.
• Net income attributable to ChinaEdu was $1.5 million.
• Adjusted net income attributable to ChinaEdu(2) was $1.9 million.
• Adjusted net income attributable to ChinaEdu per basic and diluted ADS (non-GAAP) was $0.121 and $0.114, respectively, for the second quarter of 2012, compared to $0.077 and $0.072, respectively, in the corresponding period of 2011.
• Adjusted net income attributable to ChinaEdu per diluted ADS(4) was $0.114.

Julia Huang, executive chairman of ChinaEdu commented, "The plans we laid for the second quarter of 2012 were well executed and we encountered very few surprises during the quarter. Net revenue for online degree programs increased steadily over the corresponding period in 2011. This growth was complimented by equally steady growth in our non-degree programs, allowing the Company to meet the high end of our quarterly revenue guidance. We continue to leverage our competency in interactive learning to find scalability and persist in our push to be the market leader across our industry. As always, strict cost control measures allow us to build on our strong track record of ongoing profitability."

Third Quarter 2012 Guidance

ChinaEdu management expects total net revenue in the third quarter of 2012 to range from RMB119 million to RMB122 million or $18.7 million to $19.2 million, representing a five percent to seven percent increase compared to the corresponding period in 2011. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.

First Quarter 2012 Results

• Total net revenue for the first quarter of 2012 was $18.1 million, a 24.7 percent increase from $14.5 million in the corresponding period in 2011.
• Net revenue from online degree programs was $14.6 million, an increase of 28.3 percent from $11.4 million in the corresponding period of 2011.
• Net income attributable to ChinaEdu was $1.6 million. 
• Adjusted net income attributable to ChinaEdu[2] was $2.1 million. 
• Net income attributable to ChinaEdu per diluted ADS[3] was $0.098. 
• Adjusted net income attributable to ChinaEdu per diluted ADS[4] was $0.128. 
• Operating margin in the first quarter of 2012 was 19.6 percent. 
• The number of revenue students[5] in online degree programs during the Fall 2011 semester increased roughly 27.9 percent year-over-year to approximately 197,000 students.

Julia Huang, executive chairman commented, "We are pleased with our results in the first quarter of 2012 and are optimistic about the full year. As seen historically, over eighty percent of our net revenue results from student enrollments in our core online degree programs. We continue to focus our attention on our core business and are confident that with continued effort and innovation we will see further organic growth in student enrollments in these programs. We will continue to stay close to our online teaching expertise as we move through 2012 and beyond."

Mr. Simon Mei, chief financial officer commented, "With a strong top line, enhanced by significant increases in student enrollment in online degree programs, careful cost management allowed for an equally well enhanced bottom line in the first quarter of 2012. We have been cautious with headcount increases and marketing spending, even reducing headcount in certain non-essential areas where redundancies were found. Moving forward, we will continue to implement these cost control measures and manage our financial situation, allowing us to successfully navigate a developing industry."

Second Quarter 2012 Guidance

ChinaEdu management expects total net revenue in the second quarter of 2012 to range from RMB111 million to RMB113 million or $17.6 million to $17.8 million, representing a one percent to two percent increase compared to the corresponding period in 2011. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.

Fourth Quarter 2011 Highlights

• Total net revenue for the fourth quarter of 2011 was $19.2 million, a 19.4 percent increase from $16.0 millionin the corresponding period in 2010. Total net revenue exceeded Company guidance for the quarter.
• Net revenue from online degree programs was $15.4 million, an increase of 19.8 percent from $12.8 millionin the corresponding period of 2010.
• Net income attributable to ChinaEdu was $0.4 million.
• Adjusted net income attributable to ChinaEdu[2] was $0.8 million.
• Net income attributable to ChinaEdu per diluted ADS[3] was $0.022.
• Adjusted net income attributable to ChinaEdu per diluted ADS[4] was $0.049.
• The number of revenue students[5] in online degree programs during the Fall 2011 semester increased roughly 27.9 percent year-over-year to approximately 197,000 students.

Julia Huang, chairman of the board of directors of ChinaEdu commented, "We were pleased to see a healthy increase in our online degree enrollment as well as increases in revenue from other business lines in the fourth quarter. Our learning centers network expansion was on track and we also saw the results of our effort to drive increased monetization at each of our learning centers." She continued, "Last year was a year of reinvention in our non-online degree programs. While investment in those areas continued throughout the full fiscal year 2011, we are confident that after school tutoring and international curriculum programs will be important pieces of the Company's business in the years to come. We continue to focus on driving enrollment in our core online degree programs, while prudently expanding the other areas of our business."

Mr. Simon Mei, chief financial officer commented, "By enforcing tight cost control measures throughout 2011, we ended the fourth quarter with general and administrative expenses well under control. At the same time we saw strong revenue increases from our online degree programs as well as from other areas of our business. We will continue to control costs in 2012 and focus on further bolstering online degree program revenue. With a strong balance sheet and steady revenue growth from core business lines, we are well positioned to continue to ramp up operations in our online and offline tutoring programs, private schools and international curriculum programs."

Third Quarter 2011 Results

Second Quarter 2011 Results:

Since our initial public offering completed in December 2007, we have financed our operations primarily through cash flows from operations. As of December 31, 2010, we had RMB311.0 million ($47.1 million) in cash and bank deposit and no borrowings.

We have not encountered any difficulties meeting our cash obligations to date. Since we do not expect making additional significant capital expenditures through the end of 2011, we believe that our current cash and cash equivalents and anticipated future cash flows from operations, will be sufficient to meet our presently anticipated cash needs. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.

To the Shareholders of ChinaEdu Corporation:

The close of 2010 marked our third anniversary as a publicly listed company and each year in business leaves our team even more excited to be in this market than we were the year before. As a management team, we are as committed to and enthusiastic about the long-term success of the company as we were when we established operations in 1999.

Three factors give us confidence in our ability to deliver the long-term results expected by our shareholders.

Spending Power -- When we incorporated in 1999, the average urban household income in China wasRMB1,532 per month. In 2010, it topped RMB4,618 per month. With larger disposable incomes, young families are looking for outlets to spend. While differing from the previous generations in terms of their affinity for spending, this generation carries over the pervasive Chinese convention of prioritizing spending on children foremost, particularly spending on education. Furthermore, spending on education is not limited to the private sector. In 2010, the Ministry of Education (MOE) began to grant special funding to provinces to help cover the costs of continuing education for teachers. Funding by the central government in 2010 amounted to RMB550 million and additional funding was provided by provincial and local governments. Private households and the education system itself are looking for programs like the ones offered by ChinaEdu to meet their education needs.

Infrastructure -- Development in technology infrastructure since we incorporated over ten years ago has been unprecedented. China now has close to a half billion internet users and is the world's second largest market for e-commerce. While our high-end programs target the offline market, our highly scalable web-based products are focused on the mass market. No longer restricted to the slow and faulty dial-up connections of the 1990s, today's internet users have access to Wifi and 3G across China.

Along with increasingly convenient access to the internet, delivery platforms have become more personal, portable and interactive. Particularly for children, teenagers and young adults, newly available smart phones and tablets allow a level of engagement that has never before been seen and our development teams constantly evaluate the market for emerging needs to guide our efforts to update and upgrade our web-based offerings.

Management

Our Chief Operating Officer, Shawn Ding, and I have always felt strongly that opportunities in this industry are plentiful, but can only be effectively leveraged by the best managers. A combination of academic credentials, creativity and actual experience rounds out our management team. We work closely with our managers to set performance goals and allow them to endeavor to make their business lines successful. We believe our multiple growing business lines, supported by a favorable economic environment and growing infrastructure, will define the value of the company and that the financial achievements thereof will drive our stock price.

I would also like to make a few comments on the performance of our business lines in 2010.

Online Degree Programs

Our online degree program continues to make steady progress in adding university partners. In 2010, we added partners that are licensed to offer online degree programs and have also added partners with approvals pending that will contribute to future revenue. Through our constant communications with the MOE, we are encouraged by feedback that online education is becoming more important from the government's perspective. Throughout the year, we have focused on improvements in technology, content and teaching quality. We believe these improvements, measures and controls will be key to continuing to grow the ChinaEdu brand.

Online Non-Degree Programs

We have also continued to grow as planned in online tutoring for K to12 students. In addition to growth driven by marketing and sales programs for existing products, we have also increased our investment in the team and product development. We are confident that these new products and initiatives will see even better performance in 2012 and 2013.

Offline Programs

We continued to see strong growth in our private schools, driven by increased enrollment and rising tuition. In the fourth quarter of 2010, revenue from private schools grew 17% over the previous quarter and 34% year-over-year. Great attention has been paid to teaching quality and promotion of the private schools' brand names. As reported during 2010, complementary offline tutoring programs have been established by leveraging the brand names and facilities of existing schools.

Towards the end of 2010, we created a new model for international programs that appears to be on a strong growth trajectory thus far. The new model and new team aims to meet the needs of Chinese high school students wishing to study abroad in the United States. Our international programs division plans to be the first mover of scale in this space in China.

Our elite programs address academics, extracurricular activities such as music, art and athletics as well as English language and social skill preparation for students in grades 1-9 who plan to study abroad in the future. In line with our full spectrum of educational offerings, I am confident that rising levels of disposable income combined with an overall desire for children to be prepared academically, linguistically and socially for global exposure will drive growth in our elite programs.

When I returned to China 1999, I had two goals. I wanted to create a company built on a scalable model that would be financially successful and I wanted to embark on a career that would change lives for the better. Years later, our company's mission is to change the fundamentals of learning in China from a teacher centric, classroom-based learning experience to one that facilitates interactive learning and engages students who are thereby able to experience the joys of learning. We care deeply about helping individuals reach their educational goals to maximize their potential.

While our online degree programs are growing and profitable, to realize the financial goals of our company, we must look beyond online degree programs. Investment in these types of new initiatives might cause short-term pressure on our margins in 2011, but we are confident that when these businesses begin to contribute revenues, we will see our margins return to or exceed previous levels. We are excited to be in the rapid-growing education market in China, with a strong reputation and established credibility.

Thank you for joining us on this mission.

Sincerely,

Julia Huang

Chief Executive Officer

BEIJING, June 13, 2011 /PRNewswire-Asia/ -- ChinaEdu Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading online education services provider in China, today announced that its board of directors has approved a share repurchase program.

Under the terms of the repurchase program, the Company is authorized, but not obligated, to repurchase up to US$10 million worth of its own American Depository Shares ("ADSs"). The repurchases may be made from time to time over a period of 24 months. The method, timing and amount of any repurchase will depend on market conditions, the trading price of the ADSs and other factors. Such repurchases will be subject to, and executed in compliance with, relevant rules under United States securities regulations. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program will be funded with the Company's available working capital.

Julia Huang, ChinaEdu Corporation chairman and chief executive officer said, "The board and management team's decision to repurchase shares reflects our joint belief that current share price levels do not accurately reflect the fundamental strength of our business. We are confident that our management team will continue to leverage our core expertise in education and our nationally recognized brand name to develop new revenue streams, allowing the company access to the tremendous opportunities presented by the Chinese education market."

First Quarter Results:

• First quarter 2011 total net revenue grew 4.7 percent year-over-year to $14.0 million, in line with Company guidance.
• First quarter 2011 net revenue from online degree programs increased 4.6 percent year-over-year to $10.9 million.
• Operating margin in the first quarter of 2011 was 11.9 percent.
• Net income attributable to ChinaEdu per diluted ADS(2) in the first quarter of 2011 was $0.031.
• Adjusted net income attributable to ChinaEdu per diluted ADS(3) was $0.054 compared to $.092 in the first quarter of 2010.

The number of revenue students(4) in online degree programs during the 2010 fall semester increased 10 percent year-over-year from approximately 140,000 to approximately 154,000.(5)

Julia Huang, chairman and chief executive officer of ChinaEdu commented, "Our financial results for the first quarter are in line with our expectations and we are pleased with the progress we've made executing our growth strategy. During the first quarter, recognizing a growing market demand for more consumer-focused products and services, we launched a series of marketing campaigns that will expand throughout 2011 and are focused on enhancing brand awareness among students, institutions and parents. These marketing efforts have already started to impact engagement with our student-centric learning products in the first quarter. Traffic of users and teachers to our new web-based interactive tutoring question and answer service grew dramatically, reaching 17 million accumulated page views in the first quarter. In our off-line businesses in the first quarter, management focused on building and training targeted marketing and operational teams to complete the groundwork for our newly launched Elite and International programs. Efforts have begun to pay off as the market reaction to these programs has been very positive. With our degree programs contributing consistent revenue, we are well positioned to leverage our educational expertise and well-known brand name to access the tremendous opportunities presented by today's education market."

ChinaEdu expects total net revenue in the second quarter of 2011 to range from RMB100 million to RMB105 million or $15.3 million to $16.0 million. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.

Fourth Quarter Highlights:

Third Quarter 2010 Highlights

• Total net revenue grew by 12.6% to $15.1 million for the third quarter of 2010 from $13.4 million for the corresponding period in 2009, exceeding our guidance for the third quarter of 2010 of $14.3 million to $14.8 million.
• Net revenue from online degree programs increased by 12.7% to $12.0 millionfor the third quarter of 2010 from $10.7 millionfor the corresponding period in 2009.The number of revenue students in online degree programs during 2010 spring semester increased by approximately 6.8% to over 157,000 from approximately 147,000 for the corresponding period in 2009.
• Adjusted EBITDA increased by 24.5% to $5.0 millionin the third quarter of 2010 from $4.0 millionfor the corresponding period in 2009.
• Net income attributable to ChinaEdu increased by 60.6% to $1.8 millionin the third quarter of 2010 from $1.1 millionfor the corresponding period in 2009.
• Adjusted net income attributable to ChinaEdu increased by 46.9% to $2.2 millionin the third quarter of 2010 from $1.5 millionfor the corresponding period in 2009.
• Net income attributable to ChinaEdu per diluted ADS was $0.101for the third quarter of 2010, as compared to $0.061for the corresponding period in 2009.
• Adjusted net income attributable to ChinaEdu per diluted ADS was $0.125for the third quarter of 2010, as compared to $0.084for the corresponding period in 2009.

"Our third quarter performance continued on track." said Ms. Julia Huang, ChinaEdu's Chairman and Chief Executive Officer, "Similar to our second quarter results, online degree programs grew steadily in the third quarter as a result of healthy spring semester enrollment. While we continue to improve our margins, we are committing significant efforts in developing and expanding businesses in our learning centers, both online and offline after school tutoring, and international curriculum programs to drive future growth.  As we see increasing demand of learning and education contents from Internet and mobile users, we are also committed to further developing our education contents and improving user learning experience for our Internet and mobile applications."

Fourth Quarter 2010 Total Net Revenue Guidance

For the fourth quarter of 2010, ChinaEdu expects its total net revenue to be in the range of RMB99 million to RMB106 million or $14.8 million to $15.8 million. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.

Financial Results for the Second Quarter Ended June 30, 2010:

• Total net revenue for the second quarter of 2010 was $14.7 million, representing a 12.7% increase from $13.0 million for the corresponding period in 2009.
  
• Adjusted net income attributable to ChinaEdu (non-GAAP) increased by 22.1% to $2.2 million for the second quarter of 2010 from $1.8 millionin the corresponding period of 2009.
  
• Adjusted net income attributable to ChinaEdu per basic and diluted ADS (non-GAAP) were $0.136 and $0.125, respectively, for the second quarter of 2010, as compared to $0.111 and $0.103, respectively, for the corresponding period in 2009, which represented growth of 22.5% and 21.4%, respectively.

"As you can see from our second quarter results, we have continued to execute on our stated strategy," said Ms. Julia Huang, ChinaEdu's Chairman and Chief Executive Officer. "For our online degree programs, the second quarter wrapped up a healthy 2010 spring semester enrollment period. The technology service agreements and non-degree programs at our subsidiaries have also contributed to the growth in the quarter. We are committed to continuing our research and development efforts on the technology platform, Internet and mobile applications for both the online degree and non-degree programs. All our new initiatives, including interactive online learning community for K-12 students and adult learners, and online teachers training programs, have made significant operational progress. Overall, we believe our company is strongly positioned to capture the immense market potential in online education."

'We are pleased to report healthy enrollment and revenue growth for the 2009 spring semester,' said Ms. Julia Huang, ChinaEdu's Chairman and Chief Executive Officer. 'In the second quarter of 2009, we strived for strong revenue growth from our learning centers and continued to expand our learning center network. Although there was a decline in gross profit, operating income and net income in the second quarter of 2009 compared to the second quarter of 2008, the Company's margins for EBITDA, adjusted operating income and net income remained stable in the first half of 2009 relative to the first half of 2008, which we believe reflects improvements in the Company's operations given the expansion of the learning centers network and investments in other businesses.'

'We are pleased to report healthy growth for the first quarter of 2009, which reflects solid enrollment growth for the fall semester of 2008 compared to the fall semester of 2007. In the first quarter of 2009,we have continued to invest in the company's future,' said Ms. Julia Huang, ChinaEdu's Chairman and Chief Executive Officer. 'We continued to build out additional franchised learning centers and were focused on preparing for the spring semester enrollment for all of our learning centers. Progress for our 101 online tutoring program and Phase II construction for the Anqing School are both on track. We have also continued to invest in courseware development, technology upgrade and the learning platform for both online degree and non-degree programs, establishing a strong foundation for future growth. We strongly believe our current investments will contribute to the growth and success of our company.'  

Guidance Report:

 'We are pleased to report healthy revenue growth for the fourth quarter of 2008, completing the fiscal year of 2008 with 19.9% total net revenue growth. We also made a conscious effort to invest in our future growth,' said Ms. Julia Huang, ChinaEdu's Chairman and Chief Executive Officer. 'Although our fiscal year 2008 GAAP results were impacted by non-cash goodwill and intangibles impairment charges in our non-core business segments, we are pleased with our operational results for the year. Our online degree program services demonstrated significant enrollment growth. We successfully executed the build out of our learning center network from one operational learning center in 2007 to our current network of 47 learning centers. In addition, in the past year we continued to invest in courseware and technology development for our online degree programs, our online tutoring program as well as Anqing School in order to be well positioned for future growth. We believe our investment in the selected business areas will contribute to the future growth of our revenue. Looking ahead, we will continue to focus on the growth of our online education services through business development, improving operational efficiencies and improving our quality of services to university partners and students.'

First Quarter Fiscal 2009 Guidance Ending March

Source: PR Newswire (March 18, 2009)