China Distance Education (DL) Reports Q4 EPS of $0.218; Offers FY18 Revenue Above Consensus

China Distance Education (NYSE: DL) reported Q4 EPS of $0.218.

Outlook

For the first quarter of fiscal 2018, the Company expects to generate total net revenue in the range of $33.6 million to $35.2 million, representing year-over-year growth of approximately 5% to 10%.

For fiscal year 2018, the Company expects to generate total net revenues in the range of $150.6 million to $157.2 million, representing year-over-year growth of approximately 15% to 20%.

The above guidance reflects the Company's current and preliminary view, which is subject to change.

Fourth Quarter Fiscal 2017 Financial and Operational Highlights

• Total course enrollments were 830,000, a decrease of 17.8% from the fourth quarter of fiscal 2016.
• Cash receipts from online course registration were $22.3 million, a 22.2% increase from the fourth quarter of fiscal 2016.
• Net revenue increased by 9.1% to $41.7 million from $38.2 million in the prior year period.
• Gross profit was $25.2 million, flat compared with the prior year period.
• Non-GAAP1 gross profit was $25.2 million, flat compared with the prior year period.
• Gross margin was 60.3%, compared with 65.8% in the prior year period. Non-GAAP1 gross margin was 60.4%, compared with 65.9% in the prior year period.
• Operating income decreased by 27.7% to $10.5 million from $14.6 million in the prior year period.
• Non-GAAP1 operating income decreased by 25.9% to $11.2 million from $15.1 million in the prior year period.
• Net income decreased by 52.0% to $5.9 million from $12.2 million in the prior year period.
• Non-GAAP1 net income decreased by 43.5% to $7.2 million from $12.7 million in the prior year period.
• Basic and diluted net income per American Depositary Share (\"ADS\") were $0.178 and $0.177, respectively, compared with basic and diluted net income per ADS of $0.370 and $0.369, respectively, for the fourth quarter of fiscal 2016. Each ADS represents four ordinary shares.
• Basic and diluted non-GAAP1 net income per ADS were $0.219 and $0.218, respectively, compared with basic and diluted non-GAAP1 net income per ADS of $0.387 and $0.385, respectively, for the fourth quarter of fiscal 2016.
• Cash flow from operations decreased by 49.8% to $2.9 million from $5.8 million in the fourth quarter of fiscal 2016.
• Completion of acquisition of 40% equity interest in Beijing Ruida in September 2017.

GUIDANCE:

China Distance Education sees FY2018 revenue of $150.6-157.2 million, versus the consensus of $139.72 million.

For earnings history and earnings-related data on China Distance Education (DL) click here.

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