China Distance Education Holdings announced unaudited financial results for the first quarter of fiscal year 2015 ended December 31, 2014. Total course enrollments were approximately 1,100,000, an increase of 16.6% from Q1 2014.
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Cash receipts from online course registration increased by 16.9% to $20.1 million from the first quarter of fiscal 2014.
Net revenue increased by 14.9% to $21.5 million from $18.7 million in the prior year period, and exceeded the Company's previous guidance range of $20.0 million to $20.9 million.
Gross profit increased by 13.5% to $11.6 million from $10.3 million in the prior year period.
Non-GAAP gross profit increased by 13.7% to $11.7 million from $10.3 million in the prior year period.
Gross margin was 54.2%, compared with 54.9% in the prior year period. Non-GAAP gross margin was 54.3%, compared with 54.9% in the prior year period.
Operating income increased by 26.1% to $4.8 million from $3.8 million in the prior year period.
Non-GAAP operating income increased by 30.4% to $5.1 million from $3.9 million in the prior year period.
Net income increased by 33.9% to $4.6 million from $3.4 million in the prior year period.
Non-GAAP net income increased by 38.5% to $4.8 million from $3.5 million in the prior year period.
Basic and diluted net income per American Depositary Share ("ADS") was $0.128 and $0.128, respectively, representing a year-over-year increase of 26.7% and 28.0%, respectively, from a basic and diluted net income per ADS of $0.101 and $0.100, respectively, for the first quarter of fiscal 2014. Each ADS represents four ordinary shares.
Basic and diluted non-GAAP net income per ADS was $0.136 and $0.135, respectively, representing a year-over-year increase of 32.0% and 32.4%, respectively, from a basic and diluted net income per ADS of $0.103 and $0.102, respectively, for the first quarter of fiscal 2014.
Operating cash flow decreased by 14.2% to $6.9 million from $8.1 million in the first quarter of fiscal 2014. ■