Xueda Education Posts Loss In Q3

(RTTNews) - Xueda Education Group (XUE) Tuesday said third-quarter attributable net loss was $9.7 million or $0.16 per share, compared to net income of $1.2 million or $0.02 per share last year.

Adjusted loss per ADS was $0.14, while it was net income of $0.04 per share in the previous year.

Total net revenues decreased 8.6 percent to $72.6 million from $79.4 million in the prior year due to some promotional discounts.

Average total revenue per student was $1,171 compared to $1,509 for the third quarter of 2013. For the fourth quarter, the firm expects net revenues to be at least $59.4 million, a decrease of 14.1 percent from the year-ago period.

Adjusted attributable net loss is estimated to be $0.25, compared to non-GAAP net loss attributable to the company per ADS of $0.04 for the same quarter last year.

For the full year, net revenues are estimated to be at least $338.0 million, a 2.6 percent drop from the previous year.

Adjusted attributable net loss is expected to be $0.06, compared to non-GAAP net loss attributable to the company per ADS $0.32 in 2013.

The stock fell 6.4 percent on Tuesday to close at $2.65.