中国教育集团电话会议.docx
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中国教育集团电话会议.docx
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中国教育集团电话会议
中国教育集团12月7日电话会议记录(英文版)
2010年12月08日08:
31i美股【大中小】 【打印】共有评论0条
Operator:
Goodday,ladiesandgentlemen,andthankyouforstandingby.WelcometotheChinaEducationAllianceShareholderUpdateConferenceCall.DuringthisConferencecall,allparticipantsareinalisten-onlymodeexceptspeakers.Asareminder,thisconferenceisbeingrecorded.
Itisnowmypleasuretointroduceourhost,AlanSheinwald,ManagingDirectorofHSCGlobal.Thankyou.Pleasegoahead,Mr.Sheinwald.
AlanSheinwald:
Thankyouverymuch.Goodmorning,everybodyinNorthAmericaandgoodeveningtothoseofyouinChina,andwelcometotheChinaEducationAllianceshareholderupdateconferencecall.WithustodayisChairmanandCEOoftheCompany,Mr.XiqunYu,andChiefFinancialOfficer,Mr.ZackPan,whowillbethetranslatorandwillalsobespeakingonbehalfofMr.Yu.
I’dliketoremindlistenersthatduringthecall,management’spreparedremarksmaycontainforward-lookingstatementswhicharesubjecttorisksanduncertainties.Managementmaymakeadditionalforward-lookingstatementsinresponsetoyourquestionstoday.Therefore,thecompanyclaimsprotectionunderSafeHarborforforward-lookingstatementscontainedinthePrivateSecuritiesLitigationReformActof1995.Actualresultsmaydifferfromresultsdiscussedtodayand,therefore,wereferyoutoamoredetaileddiscussionoftheserisksanduncertaintiesintheCompany’sfilingswiththeSEC.Inaddition,anyprojectionsastotheCompany’sfutureperformancerepresentedbymanagementincludeestimatestoday,asofDecember7,2010,andtheCompanyassumesnoobligationtoupdatetheseprojectionsinthefutureasmarketconditionschange.
Andatthistime,I’dliketowelcometheChairman,Mr.Yu,whowillgiveopeningcommentsandwillbetranslatedbyZackPan,CFO.
Mr.Yu:
OpeningcommentsbyMr.Yu(translatedbyZack)
在过去一周,我们收到大量的投资人电话和电邮.我们夜以继日的回答大家的询问.为了对我们现在和未来的投资人作出统一公开问答,我们认为有必要以此电话会议来回复我们的投资者,次电话会议将被录音作为公司的公共记录.我和公司的CFO收集并总结了一些关键的问题,并准备了答案.我们认为这些包括了最重要的最关心的问题.
我们认为公司的真诚,信誉第一重要,希望这次电话会议更能提高公司的披露与透明度.另外,公司通过常驻美国的CFO与美国的投资人交流及会晤,及时提交SEC的财务报表,定期发布新闻等方式来加强与投资人的密切关系,使你们能更好的理解公司的运作,重大决定和成长战略.
除此以外,我们我们还安排了投资人月底参观我们在北京的设施,哈尔滨的总部和培训中心.也许此时哈尔滨天气寒冷,但我们迷人的冰雕节会让您留下难忘的记忆.我诚挚的欢迎你们参观,并期待着亲自与你们讨论我们的激动人心的发展规划.
ZackPan:
ThefollowingistheTRANSLATIONOFMR.YU’SOPENINGCOMMENTS
Overthelastweek,wehavereceivedasignificantnumberofcallsandemailsfrominvestors.Wehaveworkedaroundtheclocktorespondtoeachinvestorinquiry.Tobeconsistentandopenwithallourcurrentandprospectiveinvestors,wethoughtitappropriatetoaddresstheinvestmentcommunityonthiscallwhichwillberecordedandheldaspartofourCompanypublicrecords.
OurChiefFinancialOfficerandIhavecollectedandsummarizedanumberoftheover-ridingquestionswhichhavebeenposedandhavepreparedresponseswethinkaddressesthemostimportantthemes.
Westandbytheintegrityofourcompanyandhopethatourdisclosureandtransparencyprovidedbythisconferencecall,inadditiontohavingaU.S.basedCFOthatisalwaysavailableforUSbasedinvestormeetings,timelyfinancialreportingtotheSEC,andperiodicpressreleaseswillhelpinvestorsfosterclosetiesandaclearerunderstandingsofourbusinessoperations,businessdecisionsandgrowthstrategies.
Inaddition,wehavescheduledashareholdertourforlaterthismonthatbothourBeijingfacilityandheadquartersandtrainingcenterslocatedinHarbin.Whileitmightbecoldouramazingicefestivalwillhelpmakeyourvisitquitememorable.Iwelcomeyoutoattendandlookforwardtopersonallydiscussingourexcitinggrowthplans.
ThisconcludestranslationofMr.Yu’sopeningremarks.
SincethepastweekIhaveworkedcloselywiththeChairman,ourIRfirm,ourlawyers,andauditor,toaddressthecurrentsituationathandinthemostefficientandresponsiblemannerpossible.ChinaEducationAlliancehasalwaysstrivedtobeatransparentcompanyandwewillcontinuetocrosslanguageandculturalbarrierstoactivelyengagetheinvestmentcommunityandberesponsivetotheirneeds.
WerecognizethatmanyofourinvestorsdonothavetheabilitytoreadilyvisitourfacilitiesandoperationsinChinaandthedistancepresentsaspecialchallenge.WehavealwaysbeenopentoanyinvestorrequeststovisitourheadquartersandtrainingfacilitiesinHarbin,HeilongjiangProvince.RecentlyweannouncedourannualmeetingofstockholderswhichwilltakeplaceonDecember20,2010.Followingthemeetingonthe20thwewouldliketoinviteourinvestorstotourournewfacilityinBeijing.Thenextday,the21st,wewillhostatourofourtrainingfacilitiesinHarbin.
Additionally,ourwebsitewasupdatedtodaytoincludeseveralpicturesofourfacilitiestobridgethegapforourinvestorswhoarenotabletovisitChina.Wehavealsopostedavideotutorialshowinginvestorsastepbystepprocessofhowtouseourprepaidcardsonline.Boththepicturesandvideocanbefound.
RecentlyweannouncedthatonNovember5,2010,asasupplementalprocedureofourthirdquarterfinancialreview,ourauditfirmSherb&Co.,LLPperformedadditionalconfirmationprocedurestoourbankbalances.TheseprocedureswereperformedbystaffmembersfromSherb’sBeijingoffice.Theconfirmationprocedureswereappliedtoapproximately$67millionor86%ofourtotalcashbalanceofapproximately$77million.SuchproceduresincludedvisitstoPRCfinancialinstitutions,meetingbankpersonnelandobtainingcashbalanceinformationasofSeptember30,2010.AsofSeptember30,2010wealsomaintainedapproximately$8.6millionintheU.S.atJPMorganandEastWestBankandapproximately$1.3millionatICBCbankinBeijingwhichauditorsreviewedrelatedbankstatements.ThesebalancesencompassourtotalcashatSeptember30,2010of$77.5million.Somequestionswereraisedwithregardstothedatesontheconfirmations.Theconfirmationswereallprocessedandsentonthesamedate.Sherbsentastaffmemberwithitsstandardformbankconfirmation,whovisitingallthebanksonthesamedaytoverifythecashbalances.Thedatewaspennedbythesamestaffmemberwhenthebankaffixeditsseal.
MoredetailedinformationregardingtheadditionalproceduresbyourauditfirmcanbefoundinthepressreleaseissuedonDecember2ndandthe8kfiledwiththeSEC.
AnumberofourinvestorshavevoicedtheopinionthatasaNYSEfirmtheywouldprefertohaveatopnamebrandauditfirmrepresentCEU.Ourcurrentauditor,Sherb&Co.,LLPhasprovidedChinaEducationAlliancewithtimelyandaccuratereviewofourfinancialinformationforourquarterlyandyearendfinancialresults.Additionally,theyhaveperformedenhancedauditproceduresatthe3rdquarterthisyearasdiscussedabovewhichhavebeenfiledwiththeSECandreportedtoourshareholders.Theinterestsofourshareholdersareournumberonepriorityandatthemomentourboardofdirectorsisevaluatingtheirrecommendations.Wewillgladlyupdateinvestorswhentheboardreachesafinaldeterminationonthisissue.
Forthepurposesofthiscall,wehavecategorizedthedifferentquestionsandwillberespondingtothembyreadingthequestionandthentheanswer.
TOPICS:
MARGINS:
1.Whatcontributedtotheseeminglyhighgrossmargins(20+%)relativetoCEU’scompetitors?
Howdoyoudothingssomuchbetter?
Grossmarginsaredifferentwithdifferentbusinesssegmentsandatdifferentcompanies.OurhighgrossmarginwasmainlyduetotheCompany’seffectivecontroloncosts.Ourhighergrossmarginsaretypicallyreceivedwithouron-linecoursematerials,versusouron-sitetrainingrevenuethatrequiresphysicalclassroomsandteachers.On-linematerialstypicallyhavehighersetupandimplementationcosts,orfixedcosts,andminimalvariablecostsonaperunitbasis,oronastudentbystudentbasis.Duetothisstructuraladvantageofon-lineeducation,andourlargeon-linestudentcustomerbase,weareabletoachievehighgrossmargins.Ourhighmarginsareareflectionofoureducationalproducts.Othereducationalcompany’smarginsmightdifferfromoursthatmightbeduetotheirowncoursematerialofferedandtheirownoperatingstructure.Thestudentfocusofouron-lineeffortisgearedtomiddleandhighschoolstudents.Thestudentfocusofotheron-lineeducationalcompaniesmightbedifferentfromoursresultingindifferentgrossprofitmargins.
2.Whataccountsforthemajorityofthecompany’slearningcardsales?
Whatarethemostlylikelylocaleswewillfindstudentsusingthelearningcards?
Howmanysalespeopledoyouhavesellingprepaidcards?
Themajorityofourcardsaresoldbyoursalespeopletostudents.Wehavearound200salespeoplelocatedatdifferentareasinNorthChina,notincludingpart-timesaleagents.
3.Howdoesthecompanyexplainthedecliningbalanceofdeferredrevenueyet30+%higheronlineandcombinedsalesfiguresin2009relativeto2008?
Ourdeferredrevenuedeclinedslightlyfromapproximately$1.2millionin2008to$1.0millionin2009.Ourdeferredrevenuereflectstheunearnedportionofdebitcardssoldintheonlinedivisionandunearnedtuitionfromtrainingcenters.Thedeferredrevenueisnotnecessarilyindirectproportiontoourrevenue.Usuallyourdeferredrevenueremainsatarelativelylowlevel,asmoststudentsconsumetheirdebitcardsinashortperiodoftime,andmostlytuitionfeesareexpensedmonthly.Soachangeindeferredrevenueisnotnecessarilyrelatedtostudents’enrollment,andalsohasnosignificantimpactinsubsequentperiods.
4.Giventhehighmargins,howwillthecompanyholdontothosemarginsgiventhattheabundanceofsimilarwebsitesthatofferfreedownloa
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