ChinaCast Education Repurchases Over 900,000 Shares of Common Stock and Reiterates FY 2011 Financial Guidance

2011-06-16 18:30 1058

BEIJING, June 16, 2011 /PRNewswire-Asia/ -- ChinaCast Education Corporation (the "Company" or "ChinaCast") (Nasdaq GS: CAST), a leading post-secondary and e-learning services provider in China, today is providing an update to shareholders.

  • From May 12, 2011, through June 15, 2011, the Company has repurchased approximately 915,503 shares of stock at an average price of $4.747 under its $50 million corporate share buyback plan

For the full year ending December 31, 2011, the Company reiterates the following financial guidance:

  • Total net revenue of $94 million and $96 million, a year-on-year increase of 21% to 23%
  • Adjusted net income(1) (non-GAAP) between $32 million to $34 million, a year-on-year increase of 18%-25%
  • Based on the weighted average shares used in computation at the end of FY2010 and a higher tax accrual rate for FY2011, an adjusted diluted EPS (non-GAAP) between $0.64 and $0.68, a year-on-year increase of 14%-21%
  • Adjusted EBITDA excluding share based compensation (non-GAAP) between $50 million and $52 million, a year-on-year increase of 20% to 25%

This is the Company's current and preliminary view, which is subject to change.

(1) Excludes share based compensation, amortization of acquired intangibles and impairment expenses (non-GAAP)

About ChinaCast Education Corporation

Established in 1999, ChinaCast Education Corporation is a leading for-profit, post-secondary education and e-learning services provider in China. The Company provides post-secondary degree and diploma programs through its three fully accredited universities: The Foreign Trade and Business College of Chongqing Normal University located in Chongqing; Lijiang College of Guangxi Normal University located in Guilin; and Hubei Industrial University Business College located in Wuhan. These universities offer four year and three year, career-oriented bachelor's degree and diploma programs in business, finance, economics, law, IT, engineering, hospitality and tourism management, advertising, language studies, art and music.

The Company also provides e-learning services to post-secondary institutions, K-12 schools, government agencies and corporate enterprises via its nationwide satellite broadband network. These services include interactive distance learning applications, multimedia education content delivery and vocational training courses. The Company is listed on the NASDAQ Global Select Market with the ticker symbol CAST.

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Safe Harbor Statement

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. These projections, expectations and trends are dependent on certain risks and uncertainties including such factors, among others, as growth in demand for education services, smooth and timely implementation of new training centers and other risk factors listed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate," "estimate," "expect," "believe," "will likely result," "outlook," "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.






ChinaCast Education



Michael J. Santos, President-International








HC International



Ted Haberfield, Executive Vice President







Source: ChinaCast Education Corporation
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Keywords: Education