ChinaCast Sees Q4 Uni Rev Grow 80% YoY as Enrollments Rise 60%
Domestic for-profit education company ChinaCast (Nasdaq:CAST) reported a net loss in the final quarter of 2010 of $5.1 million, compared with $2.8 million in the fourth quarter of 2009, attributing the loss to a one-time, non-cash impairment charge of $9.1 million. Total revenue for the quarter increased 56% y-o-y to $25.7 million, of which the traditional university courses business contributed $16.0 million, up 80% y-o-y. as university student enrollments increased 60% y-o-y to 32,700. Average revenue per university student for the quarter increased 12% to $489 per quarter. The company expects to record full year 2011 net revenue of $94 million to $96 million, representing a y-o-y increase of 21-23%.
ChinaCast announced separately the same day that its board has approved a plan to repurchase up to $50 million of its common shares over the next 12 months.
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