China Distance Education (DL) Tops Q4 EPS by 9c
China Distance Education (NYSE: DL) reported Q4 EPS of $0.39, $0.09 better than the analyst estimate of $0.30. Revenue for the quarter came in at $38.2 million versus the consensus estimate of $35.7 million.
Mr. Zhengdong Zhu, Chairman and CEO of CDEL, said, "We are pleased to finish the fiscal year by exceeding our quarterly and full year guidance ranges, recording net revenue of $38.2 million in the fourth quarter and $117.5 million in fiscal 2016, representing year-over-year growth of 7.5% and 8.7%, respectively. Revenue growth from our accounting and engineering and construction verticals, books and reference materials and Xiamen NetinNet together contributed to our fourth quarter performance."
Mr. Zhu added, "In fiscal 2016, we made steady progress in our strategic growth initiatives, notably K-12 teacher continuing education, our Open Learning Platform, mobile related products, Big Data solutions, and our College Cooperation Program, as well as the acquisition of an 80% equity interest in Xiamen NetinNet and the successful listing and planned share issuance of our Zhengbao Yucai subsidiary on China's New Third Board. Heading into fiscal 2017, we look forward to executing our growth initiatives, while always being vigilant to acquisition and strategic investment opportunities, with the goal of continuing to drive shareholder value."
Mr. Zhu concluded, "We are pleased to report that in August 2016 we concluded our year-long share repurchase program and are happy to report that, during this period, the Company repurchased 3.1 million ADS in the open market for a consideration of the full authorization of $40.0 million. We are proud that our strong cash generating ability allows us to consistently hold true to our commitment to maximizing shareholder value."
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