ChinaEdu Reports Third Quarter Earnings of $.125 per ADS

ChinaEdu Corporation CEDU today announced its unaudited financial results for the third quarter ended September 30, 2010.

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 million for the third quarter of 2010 from $10.7 million for 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 million in the third quarter of 2010 from $4.0 million for the corresponding period in 2009.
• Net income attributable to ChinaEdu increased by 60.6% to $1.8 million in the third quarter of 2010 from $1.1 million for the corresponding period in 2009.
• Adjusted net income attributable to ChinaEdu increased by 46.9% to $2.2 million in the third quarter of 2010 from $1.5 million for the corresponding period in 2009.
• Net income attributable to ChinaEdu per diluted ADS was $0.101 for the third quarter of 2010, as compared to $0.061 for the corresponding period in 2009.
• Adjusted net income attributable to ChinaEdu per diluted ADS was $0.125 for the third quarter of 2010, as compared to $0.084 for the corresponding period in 2009.