China Distance Education (NYSE: DL) reported Q2 EPS of ($0.06). Revenue for the quarter came in at $21.9 million versus the consensus estimate of $25.5 million.

Second Quarter Fiscal 2017 Financial and Operational Highlights

• Total course enrollments reached 651,000, an increase of 9.8% from the second quarter of fiscal 2016.
• Cash receipts from online course registration were $35.0 million, an increase of 24.7% from the second quarter of fiscal 2016. Without the impact of the Renminbi depreciation against the U.S. Dollar, cash receipts from online course registration increased by 31.3% year-over-year in the second quarter of fiscal 2017.
• Net revenue decreased by 9.5% to $21.9 million from $24.1 million in the prior year period, within the Company\'s guidance range of $21.7 million to $22.9 million. Xiamen NetinNet, which was acquired by the Company in May 2016, contributed net revenue from the sale of learning simulation software of $0.9 million in the second quarter of fiscal 2017.
• Gross profit was $10.1 million, a decrease of 26.7% from $13.7 million in the prior year period.
• Non-GAAP1 gross profit was $10.1 million, a decrease of 26.7% from $13.8 million in the prior year period.
• Gross margin was 46.0%, compared with 56.9% in the prior year period. Non-GAAP1 gross margin was 46.2%, compared with 57.0% in the prior year period.
• Operating loss was $2.1 million compared with operating income of $4.6 million in the prior year period.
• Non-GAAP1 operating loss was $1.6 million compared with non-GAAP1 operating income of $5.1 million in the prior year period.
• Net loss was $2.4 million compared with net income of $2.5 million in the prior year period.
• Non-GAAP1 net loss was $1.9 million compared with non-GAAP1 net income of $3.0 million in the prior year period.
• Basic and diluted net loss per American Depositary Share (\"ADS\") were $0.073, compared with basic and diluted net income per ADS of $0.073 for the second quarter of fiscal 2016. Each ADS represents four ordinary shares.
• Basic and diluted non-GAAP1 net loss per ADS were $0.059, compared with basic and diluted non-GAAP1 net income per ADS of $0.088 and $0.087, respectively, for the second quarter of fiscal 2016.
• Cash flow from operations decreased by 6.2% to $11.3 million from $12.0 million in the second quarter of fiscal 2016.

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