Bright Scholar Education Holdings Limited (NYSE: BEDU) reported Q1 EPS of $0.19, in-line with the analyst estimate of $0.19. Revenue for the quarter came in at $93.43 million versus the consensus estimate of $89.22 million.

"Bright Scholar continues to perform well as we continue to successfully execute against our strategies" said Jerry He, Bright Scholar's Chief Executive Officer, "We are pleased with our robust revenue growth of 39.7%, and also adjusted gross profit, adjusted operating income, adjusted EBITDA and adjusted net income increased by 37.6%, 39.0%, 34.7% and 39.9%, respectively, compared to the same quarter of last fiscal year. Our high growth is driven by increased traction in our core businesses and increased revenuecontribution from our new business segment. The performance is a reflection of our commitment to quality education and to delivering the best academic results for our students. As of the release date, which is still early in the admission season, approximately 60% of the students in the 2019 graduating class of our international schools have received 356 offers from global top 50 institutions including one from University of Chicago and four from Oxbridge. We expect that many more students will receive offers from these top institutions as the admission cycle continues."

"The track record of academic success has further strengthened our brand which in turn, drives enrollment and network expansion. The average student enrollment for the first fiscal quarter was 41,423, representing an increase of 22.1% as compared to the first fiscal quarter of 2018, with blended utilization at 70.9%. With the opening of three new kindergartens, our network of schools has increased to 68 as of December 31, 2018.

We continue to make great progress in strategic investments and collaborations, which underpin our plan to accelerate our business growth. As of the release date, we have completed three strategic acquisitions that represent major milestones in expanding our global footprint and enhancing our complementary services. These include our first overseas school, Bournemouth Collegiate School in the UK; the renowned Zhejiang-based art training institution, Hangzhou Impression; and the overseas career counseling company, Chengdu Yinzhe, which owns the famous brand "DreambigCareer". We have also entered into strategic co-operation with Changchun Normal University. Bright Scholar plans to provide approximately 200 internship positions for and recruit approximately 300 teachers in Changchun Normal University in the next few years. Our deep collaboration with Country Garden is crucial to fast expanding our network deploying an asset-light model. As of December 31, 2018, we have entered into agreements with Country Garden to operate a total of 13 kindergartens and two bilingual schools with a total capacity of approximately 6,900 students."

"Looking ahead, we expect to expedite our growth by executing our two strategies. First, to pursue our organic growth initiatives in optimizing operation efficiency; improving utilization; broadening service offerings and capitalizing synergistic opportunities from our acquired businesses. Second, to pursue strategic domestic and overseas investments and acquisitions for the acceleration of our business scale. Bright Scholar has the right strategies, service portfolio and people in place to spur the next phase of our growth and we are fully committed to delivering sustainable long-term value for our students, employees, shareholders and other stakeholders."

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