Ambow Education Holding Ltd. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Provides Revenue Guidance for the Second Quarter and Full Year of 2012
Ambow Education Holding Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, net revenues were $59,520,000 compared to $48,750,000 for the same period a year ago. Operating loss was $13,041,000 compared to operating income of $3,437,000 for the same period a year ago. Loss before tax and non-controlling interest was $13,754,000 compared to income of $2,072,000 for the same period a year ago. Loss from continuing operations was $13,174,000 compared to income of $1,745,000 for the same period a year ago. Net loss attributable to the company was $12,650,000 compared to net income attributable to the company of $1,549,000 for the same period a year ago. Net loss attributable to ordinary shareholders was $12,650,000 compared to net income attributable to the ordinary shareholders of $1,549,000 for the same period a year ago. Net loss from continuing operation per ADS attributable to ordinary shareholders, basic and diluted was $0.17 compared to net income from continuing operation per ADS attributable to ordinary shareholders, basic and diluted of $0.03 for the same period a year ago. Non-GAAP operating loss was $10,575,000 compared to income of $4,497,000 for the same period a year ago. Non-GAAP net loss was $10,184,000 or $0.14 per basic and diluted share compared to income of $3,042,000 or $0.04 per basic and diluted share for the same period a year ago. LBITDA was $7,207,000 compared to EBITDA of $7,561,000 for the same period a year ago. Adjusted LBITDA was $4,741,000 compared to EBITDA of $8,621,000 for the same period a year ago.
The company expects total net revenues for the second quarter of 2012 to be in the range of $69.9 million to $73.0 million.
The company expects net revenue for the full year of 2012 is expected to be in the range of $301.7 million to $333.5 million.