BEIJING, March 7, 2011 (GLOBE NEWSWIRE) -- In a press release issued earlier today by Global Education & Technology Group Ltd. (Nasdaq:GEDU) under the same headline, please note that Franchise fees, study abroad consulting services and sales of books and course materials for the year ended December 31, 2010 should have read 23,727. The corrected table follows:
| GLOBAL EDUCATION & TECHNOLOGY GROUP LIMITED | |||
| Unaudited Condensed Consolidated Statements of Operations | |||
| For the year ended December 31, | |||
| 2010 | 2009 | 2010 | |
| RMB | RMB | USD | |
| Revenues | |||
| Educational programs and services | 321,848 | 229,491 | 48,765 |
| Franchise fees, study abroad consulting services and sales of books and course materials | 23,727 | 16,739 | 3,595 |
| Total revenues | 345,575 | 246,230 | 52,360 |
| Operating costs and expenses | |||
| Cost of revenues | (152,612) | (101,976) | (23,123) |
| Selling and marketing expenses | (92,204) | (64,590) | (13,970) |
| General and administrative expenses | (40,431) | (28,968) | (6,126) |
| Total operating costs and expenses | (285,247) | (195,534) | (43,219) |
| Operating income | 60,328 | 50,696 | 9,141 |
| Interest income | 7,507 | 5,510 | 1,137 |
| Investment income | -- | 3,833 | -- |
| Foreign exchange losses, net | (64) | (119) | (10) |
| Consideration payable fair value change | (3,887) | -- | (589) |
| Other income, net | 561 | 461 | 85 |
| Income before income taxes | 64,445 | 60,381 | 9,764 |
| Income tax expense | (7,801) | (4,778) | (1,182) |
| Net income | 56,644 | 55,603 | 8,582 |
| Accretion of convertible redeemable preferred shares | 2,038 | (22,083) | 309 |
| Income allocated to participating preferred shareholder | (14,441) | (18,699) | (2,188) |
| Net income attributable to ordinary shareholders | 44,241 | 14,821 | 6,703 |
| Net income per share: | |||
| Basic | 0.72 | 0.30 | 0.11 |
| Diluted | 0.70 | 0.30 | 0.11 |
| Weighted average number of shares outstanding: | |||
| Basic | 61,629,049 | 49,030,191 | 61,629,049 |
| Diluted | 81,222,352 | 49,030,191 | 81,222,352 |