ChinaCast Reports 55% YoY Profit, Rev Growth in Q3

Domestic higher-education company and electronic distance learning service provider ChinaCast (Nasdaq:CAST) net income increased 54% y-o-y to $6.20 million, or $0.12 per diluted share, in the third quarter of 2010, the company reported November 10.

The company reported total revenues of $18.67 million, up 55% y-o-y, in the quarter, of which the company's university-based business generated $11.2 million in revenue, up 143% y-o-y, which the company attributed to the acquisition of the company's Lijiang College in Guilin, Guangxi Autonomous Region at the end of 2009 and the acquisition of Hubei Industrial University Business College in Wuhan, Hubei Province in the third quarter of 2010. ChinaCast universities recorded 32,700 students enrolled in the third quarter, compared with 12,200 in the same period last year, while average revenue per student came to $463 in Q3, compared to $397 per student in Q3 09. ChinaCast's electronic distance learning segment revenues were flat on an annual basis at $7.4 million, as enrollments increased to 143,000 from 141,000 in the third quarter of 2009.

The company expects to report net revenue of $78 million to $80 million in the full year of 2010, representing a y-o-y increase of 53-57%, according to the report.