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ATA Inc. (ATAI)
F1Q09 (Qtr End 06/30/08) Earnings Call Transcript
August 28, 2008 9:00 am ET
Ed Job – IR, CCG Elite Investor Relations
Kevin Ma – CEO
Walter Wang – President
Carl Yeung – CFO
Mark Marostica – Piper Jaffray
Kim Howe [ph] – Poly Capital [ph]
Scott Schneeberger – Oppenheimer
Mark Chang [ph] – Merrill Lynch
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Thank you operator. Good morning and good evening and welcome to ATA's first quarter fiscal year 2009 earnings conference call. With us today are ATA's CEO, Mr. Kevin Ma; President, Mr. Walter Wang, and Chief Financial Officer, Mr. Carl Yeung.
Before I turn the call over to Mr. Ma, may I remind our listeners' that in this call, management's prepared remarks contains forward-looking statements, which is risks and uncertainties. And management may make additional forward-looking statements in response to your questions. Therefore, the Company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore we refer you to a more detailed discussion of the risks and uncertainties in the Company's filing with the Securities and Exchange Commission. In addition, any projections as to the Company's future performance represent management's estimates as of today August 28th, 2009 [ph]. ATA assumes no obligation to update these projections in the future as market conditions may change. To supplement its financial results presented in presented in accordance with U.S. GAAP, management will make reference to certain non-GAAP fiscal measures which the Company believes provides meaningful additional information to understand ATA's operating performance. A table reconciling non-GAAP measures to the nearest GAAP equivalent can be found on the earnings press release issued earlier today.
For those of you unable to listen to the entire call, a recording will be available via webcast for 90 days at the Investor Relations section of ATA's Web site at http://www.ata.net.cn. And it's now my pleasure to turn the call over to ATA's CEO, Mr. Kevin Ma.
Thank you, Ed. Welcome, everyone and thank you for joining us today. We are very pleased to report a very good start to our fiscal year 2009. During this quarter, we made a solid progress across a number of important areas of our business and it continued to lay a solid foundation for the profitable growth of our business in the quarters and years ahead. In addition to the delivering 1.5 million tests during the quarter, we also launched a new test title for the securities industry and it leverages their Counter Officer Qualification Exam to China Life Insurance to 50 cities over 31 provinces positioning us in the very promising market for leveraging computer based testing to assess and develop internal human resources capabilities.
Our financial data also reflects the story of the execution of our strategy and are a testament that ATA has a proven and a solid platform to take full advantage of China's fast growing test and test-related sectors. The highlight for the first quarter of fiscal year 2009 include one, net revenue was up approximately 158.2% to RMB68.3 million. Two, gross profit was up approximately 184.8% to RMB39.2 million. Three, net income was approximately RMB12.4 million compared to a loss of RMB 0.8 million in the previous year.
As we move into the second quarter, we see significant opportunities to continue expanding our business by adding new titles and attracting new industries and developing test preparation solutions to compliment our computer-based testing service. We believe we are at the very early stage of our success and we look forward to continue to deliver positive results to our shareholders' and to report on progress during our quarterly conference calls. With that I will now turn the call over to Walter who will provide you with business update and Carl who will discuss our financial data’s for the quarter.
Thank you, Kevin and welcome to everyone join us on the call today. We are very pleased with the strong start to our 2009 fiscal year. In the quarter, we delivered strong year-over-year top and bottom line growth, and benefitted from the economics of skill and improved mix to expand our margins. We also, as Mr. Ma mentioned reached important milestones in the execution of our business plans.
Our computer-based testing segment had robust year-over-year growth, delivering 1.5 million tests this quarter, a 215.5% increase over the same period last year. During the quarter, we successfully completed the first half China Banking Association qualification exam. We used 3268 test rooms in 406 test centers across more than 20 provinces in China to service 470,000 test papers. The number of simultaneous test papers, test centers and test rooms all reached the highest level in our history, demonstrating a solid foundation and scalability of our unique technology platform. In addition, we launched a landmark test title, sales professionals of (inaudible) for the Securities Association of China. All professional in China involve in the sales (inaudible) are required to obtain a licenser by taking this test or a combination of other tests, test panels offered by ATA.