Skillful Craftsman Reports Fiscal Year 2021 Unaudited Financial Results

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[{"type":"text","content":"WUXI, China, June 09, 2021 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company” or “Skillful Craftsman”) (NASDAQ: EDTK), an education technology company providing interactive online learning services in China, today announced its unaudited financial results for the fiscal year ended March 31, 2021. Fiscal Year 2021 Financial and Operational Highlights All financial figures are in US Dollars unless otherwise noted. Revenue was $29.2 million, compared with $28.6 million for last fiscal year, representing a 2% increase.Gross income was $14.5 million, compared with $16.8 million for last fiscal year, representing a 14% decrease.Gross income margin was 50%, compared with 59% for last fiscal year.Net income was $3.5 million, compared with $10.0 million for last fiscal year.Basic and diluted earnings per share were $0.32, compared with $1.11 for last fiscal year.Total fee-paying members1 were 1.62 million, compared with 3.09 million during last fiscal year, representing a 47.6% decrease. 1 Number of fee-paying members is defined as the total number of members that are paying fees for accessing our platforms as of the end of the applicable period. Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “We are pleased to report our financial results for the fiscal year 2021. Despite the setbacks caused by the COVID-19 pandemic, we still achieved a 2% increase in revenue to reach $29.2 million for the fiscal year 2021. Our solid financial performance demonstrates that we are optimally situated to capture the opportunities in the market. On May 14, 2021, the State Council issued the amended ‘Regulations for the Implementation of the Private Education Promotion Law of the People's Republic of China’, which encourage and support private vocational education. The regulations are proposed to build 50 high-level higher vocational schools and provide 150 key majors by 2022, and realize the goal of achieving an average of more than 50 million vocational training sessions per year. According to MobTech, it is estimated that the scale of China's vocational education market in 2022 will reach RMB811 billion, with an average annual compound growth rate of 11.2%. In other word, the promulgation of the regulations provides a market foundation and direction for the company's future development.” Mr. Xiaofeng Gao ...

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