ChinaCast Education Corporation is an e-learning and private-education specialist that provides Internet-based and conventional training services to universities, trade schools, corporations and government agencies.
ChinaCast specializes in interactive distance learning, multimedia education content, online educational portals, language training and information technology management and certification courses.
Following in the footsteps of Beijing-based educational services New Oriental Education & Technology, which provides traditional and online learning programs, ChinaCast hopes to mimic the success of U.S. companies such as DeVry, ITT Educational Services, and Corinthian Colleges.
Previously listed on the Singapore Exchange, ChinaCast has now made its American debut.
Its third-quarter results: total revenues came in at RMB46 million ($6.1 million), a 25% year-over-year increase. Service revenues, which are typically recurring in nature, totaled RMB38 million (US$5.1 million), a 16% rise from the same period in 2006.
Equipment sales rose 91% year-over-year to RMB8 million (US$1.1 million). Net income rose 66% to $2.2 million.
ChinaCast expects fiscal 2007 revenue to be in the range of RMB187.5 million (US$25 million) to RMB195 (US$26 million) and its net income, excluding share-based compensation expenses, to be in the range of RMB52.5 million (US$7.0 million) to RMB56.3 million (US$7.5 million).