China Distance Education Profit Rises; Lifts FY Outlook

(RTTNews) - China Distance Education Holdings Limited (DL) Tuesday posted third-quarter net income of $2.2 million or $0.064 per American Depositary Share, or ADS. This compares with net income of $1.3 million or $0.039 per ADS last year.

Analysts polled by Thomson Reuters estimated earnings of $0.06 per ADS for the quarter. Analysts' estimates typically exclude special items.

Net Revenue for the quarter grew 39% to $18.3 million from $13.1 million in the prior year. Analysts estimated revenue of $17.02 million.

Total course enrollments for the quarter reached 648,400, an increase of 71.7% from last year. The company noted that the delayed APQE exam timing pushed a large amount of APQE course enrollment and revenue to the second half of fiscal 2013, resulting in much higher APQE revenue for the quarter.

For the fourth quarter, the company estimates net revenue of $23.5 million to $24 million, while analysts estimate $23.04 million.

For fiscal year 2013, the company raised its outlook and now expects revenue of $67.8 million to $68.3 million, from prior range of $65.1 million to $67.2 million. Analysts expect revenue of $66.06 million.