Business
Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2020
BEIJING, March 06, 2020 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam
About this update from Wah Fu Education Group Limited
[{"type":"text","content":"BEIJING, March 06, 2020 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced its unaudited financial results for the six months ended September 30, 2019.\n Financial Highlights for the Six Months Ended September 30, 2019 For the Six Months Ended September 30, ($’000, except per share data) 2019 2018 % Change Revenue $2,500 $2,896 -13.7%Gross profit $986 $1,839 -46.4%Gross margin 39.4% 63.5% -24.1 pp Income (loss) from operations $(1,038) $277 -474.7%Operating profit (loss) margin -41.5% 9.6% -51.1 pp Net income (loss) $(1,183) $224 -628.1%Basic and diluted earnings (loss) per share $(0.29) $0.05 -680.0% * pp: percentage points Revenue decreased by 13.7% year-over-year to $2.50 million for the six months ended September 30, 2019 from $2.90 million for the same period of the prior fiscal year. The decrease in revenue is primarily attributable to the decreased revenue from technological development and operation services, partially offset by the increased revenue from online education services. Gross profit decreased by 46.4% to $0.99 million for the six months ended September 30, 2019 from $1.84 million for the same period of the prior fiscal year. Gross margins were 39.4% and 63.5% for the six months ended September 30, 2019 and 2018, respectively. The decreases in gross profit and gross margin were primarily due to the increased cost of revenue for online education services. Loss from operations was $1.04 million for the six months ended September 30, 2019, compared to income from operations of $0.28 million for the same period of the prior fiscal year. Operating loss margin was 41.5% for the six months ended September 30, 2019, compared to operating profit margin of 9.6% for the same period of the prior fiscal year. Net loss was $1.18 million or, loss per share of $0.29 for the six months ended September 30, 2019, compared to net income of $0.22 million, or earnings per share of $0.05, for the same period of the prior fiscal year. Unaudited Financial Results for the Six months Ended September 30, 2019 Revenue For the six months ended September 30, 2019, revenue decreased by $0.40 million, or 13.7%, to $2.50 mil...