JustGiving Partners with Revolution Asia in Hong Kong

LONDON, Aug. 20, 2014 /PRNewswire/ —

JustGiving partners with Revolution Asia for the inaugural East Aquathon 16.3 to let participants realise their fundraising potential 

JustGiving has today announced a fundraising partnership with Revolution Asia for the East Aquathon 16.3, a brand new race concept for Hong Kong, supporting the Sedan Chair Charities Fund. The partnership will allow registered participants to develop a personalised fundraising page on the events website through JustGiving’s APIs, enabling fundraisers to harness the power of digital networking and social media to help them raise more for charity.

East Aquathon 16.3 is an explosive individual and relay style adventure, combining Open Water Swimming, Trail Running and Road Running, all in one adrenalin-fuelled race. It provides the perfect opportunity for adventure minded athletes in Hong Kong and from overseas to come together and compete in a challenging and competitive race whilst raising funds for a worthy cause.

Sedan Chair Charities Fund (SCCF) is a registered non-profit organization with a mission to help local charities that receive limited or no support from the Community Chest, Hong Kong Jockey Club, or the Government. Over the last 39 years, it has raised over HK$65.7million. Since 1975, SCCF has helped 131 local charities who are committed to aiding our community members in need. For more information about SCCF visit their website: http://www.sedanchairace.org/

Country/Region Director for JustGiving Australia, New Zealand & Hong Kong, Nikki Kinloch, comments:

“It is great to have a partnership with such an innovative event organiser as Revolution Asia. We’re excited to be teaming up on the East Aquathon 16.3 which stands to be a unique event that will raise vital funds for the Sedan Chair Charities Fund through JustGiving.” 

Visit: http://www.revolution-asia.com/eastaquathon16-3.html to register and start fundraising today!

JustGiving is the world’s social platform for giving. Since launching in 2001, JustGiving has allowed more than 22 million people to raise $2.6 billion for over 13,000 charities.

For more information on event partnerships or charity partnership in Hong Kong contact:
Nikki Kinloch
Country/Region Director – Australia, New Zealand & Hong Kong
nikki.kinloch@justgiving.com
+852-5808-5289

Tarena International, Inc. Announces Second Quarter 2014 Results

— Second Quarter Net Revenues Increased by 53.4% Year-Over-Year, Exceeding Guidance

— Second Quarter Net Income Increased by 204.5% Year-Over-Year

— Non-GAAP Second Quarter Net Income Increased by 249.1% Year-Over-Year

BEIJING, August 20, 2014 /PRNewswire/ — Tarena International, Inc. (NASDAQ: TEDU) (“Tarena” or the “Company”), a leading provider of professional education services in China today announced its unaudited financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Highlights

  • Net revenues increased by 53.4% year-over-year to US$31.9 million from US$20.8 million in the same period in 2013, exceeding the high end of the Company’s previous guidance of US$30.5 million to US$31.5 million.
  • Gross profit increased by 60.0% year-over-year to US$22.7million from US$14.2 million in the same period in 2013. Gross margin increased to 71.2% as compared to 68.2% in the same period in 2013.
  • Operating income increased by 95.4% year-over-year to US$3.6 million from US$1.9 million in the same period in 2013. Operating margin increased to 11.4% as compared to8.9% in the same period in 2013.
  • Non-GAAP operating income, which excluded share-based compensation expenses, increased by 149.9% year-over-year to US$5.1 million from US$2.0 million in the same period in 2013. Non-GAAP operating margin increased to 15.9% as compared to 9.8% in the same period in 2013.
  • Net income increased by 204.5% year-over-year to US$5.7 million from US$1.9 million in the same period in 2013.
  • Non-GAAP net income, which excluded share-based compensation expenses, increased by 249.1% year-over-year to US$7.2 million from US$2.1 million in the same period in 2013.
  • Cash, cash equivalents and time deposits totaled US$151.5 million as of June 30, 2014, compared to US$38.3 million as of December 31, 2013.
  • Deferred revenue totaled US$20.0 million as of June 30, 2014, compared to US$15.5 million as of December 31, 2013.
  • Total student enrollments in the second quarter of 2014 increased by 35.6% year-over-year to 15,377.
  • Total number of learning centers increased to 103 as of June 30, 2014, from 97 as of March 31, 2014.

“I am delighted to report that we achieved an excellent quarter with record revenue and profit,” said Mr. Shaoyun Han, Tarena’s Chairman and Chief Executive Officer. “Revenue growth was again driven by increase in student enrollments and higher average revenue per student. Our digital art course continued its tremendous growth to remain as our second largest course by student enrollments in the second quarter of 2014. Our online sales and marketing course, which only launched in the fourth quarter of 2013, also experienced strong growth and has already become our fourth largest course, behind Java, digital art and C++. Such strong enrollment results further validated our differentiated education platform, as well as our strategy to diversify our course offerings and revenues by expanding into other high growth disciplines.”

“More importantly, we achieved significant year-over-year improvements in gross margin and operating margin and delivered even stronger growth in operating income. We will continue to execute on our objective and priority for 2014 in improving our center efficiency and utilization to drive sustainable growth in both revenue and profit, “continued Mr. Han.

“In the second quarter of 2014, the Chinese State Council issued ‘The Decision to Accelerate Modern Vocational Education’ in order to encourage the further development of the professional education market and to bridge the structural gap between the demand for and supply of skilled workforce. The number of college graduates in China has risen to a record high of 7.3 million in 2014 and the employment market is becoming increasingly competitive. As a leading professional education service provider with premium brand and reputation, Tarena is well positioned to capture the opportunities presented by this favorable market environment to drive our future growth.” Mr. Han concluded.

Mr. Suhai Ji, Tarena’s Chief Financial Officer, added, “In addition to our solid top line results, we are pleased to see continued strong margin improvement in the second quarter of 2014 as gross margin increased by 300 basis points year-over-year to 71.2%and non-GAAP operating margin increased by 610 basis points year-over-year to 15.9%. We are delivering on the objective we set at the beginning of the year to drive margin expansion in 2014. In the coming quarters, we will remain focused on optimizing our learning center utilization and improving key operating metrics to generate both growth and profitability.”

Second Quarter 2014 Results

Net Revenues

Net revenues increased by 53.4% to US$31.9 million in the second quarter of 2014, from US$20.8 million in the same period in 2013. The increase was primarily due to increased student enrollments and higher average revenue per student, as defined by net revenues divided by student enrollment.

Total student enrollments in the second quarter of 2014 increased by 35.6% to 15,377 from 11,341 in the same period in 2013, which was driven mainly by the number and the popularity of our course offerings. The number of our course offerings increased from 9to 11 in the second quarter year-over-year while the number of our learning centers increased from 76 to 103 in the same period year-over-year to cater to the increased demand for our courses.

Average revenue per student in the second quarter of 2014 increased by 13.1% to US$2,089 from US$1,847 in the same period in 2013. The growth in average revenue per student was mainly driven by the increase of standard tuition fees for our courses and the higher percentage of retail channel in our student enrollment channel mix. Beginning in the second quarter of 2014, we raised the standard tuition fees on some of our courses by RMB1,000 (US$163) per course. While we typically charge students enrolled through the retail channel the standard tuition fee, we generally offer students enrolled through the university channel a discount of approximately RMB4,000 (US$650) per person per course. Our student enrollment mix from retail and university channel was 81%/19% and 72%/28% in the second quarter of 2014 and 2013, respectively.

Cost of Revenues

Cost of revenues increased by 39.2% to US$9.2 million in the second quarter of 2014, from US$6.6 million in the same period in 2013. The increase was mainly due to higher rental cost resulting from increased number of learning centers and expansion of existing learning centers, higher personnel cost and welfare expenses resulting from increased number of teaching and advisory staff at our learning centers and higher average salary, as well as higher depreciation expenses for our learning centers.

Gross Profit and Gross Margin

Gross profit increased by 60.0% to US$22.7 million in the second quarter of 2014, from US$14.2 million in the same period in 2013. Gross margin increased to 71.2% in the second quarter of 2014 from 68.2% in the same period in 2013.The improvement in gross margin was mainly due to increased operational scale and efficiency for our learning centers. Personnel cost and welfare expenses decreased to 10.7% of total net revenues in the second quarter of 2014, from 12.9% in the same period in 2013. Rental expenses decreased to 8.8% of total net revenues in the second quarter of 2014, from 9.5% in the same period in 2013.

Operating Expenses

Total operating expenses increased by 54.6% to US$19.1 million in the second quarter of 2014, from US$12.4 million in the same period in 2013 as a result of increases in our selling and marketing, general and administrative and research and development expenses. Total non-GAAP operating expenses, which excluded share-based compensation expenses, increased by 45.1%to US$17.7 million in the second quarter of 2014, from US$12.2 million in the same period in 2013. Total share-based compensation expenses allocated to the related operating expenses increased by 728.9% to US$1.4 million in the second quarter of 2014, from US$0.2 million in the same period in 2013.

Selling and marketing expenses increased by 34.3% to US$10.3 million in the second quarter of 2014, from US$7.7 million in the same period in 2013. The increase was due to higher personnel cost and welfare expenses related to the growth in our selling and marketing headcount and higher average salary, and expanded marketing efforts primarily as a result of increased spending on advertising as we expanded our network of learning centers. Selling and marketing expenses in the second quarter of 2014 accounted for 32.2% of the total net revenues, compared to 36.8% in the same period in 2013.Advertising and marketing expenses in the second quarter of 2014 accounted for 13.1% of the total net revenues, compared to 16.7% in the same period in 2013.

General and administrative expenses increased by 101.8% to US$7.4 million in the second quarter of 2014, from US$3.7 million in the same period in 2013. The increase was mainly due to higher compensation cost for our increased number of general and administrative personnel to support our growing operations, higher bad debt allowance, higher share-based compensation expenses, and to a lesser extent, higher professional expenses. General and administrative expenses in the second quarter of 2014 accounted for 23.3% of the total net revenues, compared to17.7% in the same period in 2013. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 74.1% to US$6.2 million, from US$3.5 million in the same period in 2013. Non-GAAP general and administrative expenses in the second quarter of 2014 accounted for 19.3% of total net revenues, compared to 17.0% in the same period in 2013.

Research and development expenses increased by 37.1% to US$1.4 million in the second quarter of 2014, from US$1.0 million in the same period in 2013. The increase was mainly due to higher personnel cost and welfare expenses of our instructors allocated to their content development activities for our courses. Research and development expenses in the second quarter of 2014 accounted for 4.3% of total net revenues, compared to 4.8% in the same period in 2013.

Operating Income

Operating income increased by 95.4% to US$3.6 million in the second quarter of 2014, from US$1.9 million in the same period in 2013. Operating margin increased to 11.4%in the second quarter of 2014 as compared to8.9% in the same period in 2013.Non-GAAP operating income, which excluded share-based compensation expenses, increased by 149.9% to US$5.1 million in the second quarter of 2014, from US$2.0 million in the same period in 2013. Non-GAAP operating margin increased to 15.9% in the second quarter of 2014 as compared to 9.8% in the same period in 2013.

Interest Income, Net

Net interest income was US$1.0 million in the second quarter of 2014, compared to US$0.5 million in the same period in 2013. Interest income in both periods consisted of interest earned on our cash and time deposits in commercial banks and interest income recognized in relation to our installment payment plan for students. The increase in net interest income was primarily due to higher deposit levels resulting from the Company’s IPO proceeds in April 2014.

Foreign Exchange Gain/Loss

Foreign exchange gain was US$0.8 million in the second quarter of 2014, compared with a loss of US$0.1 million in the same period in 2013. The increase was primarily attributable to the appreciation of China’s RMB against U.S. dollar when a significant portion of the Company’s IPO proceeds was converted into RMB and placed in bank deposits.

Other Income

Other income in the second quarter of 2014 was US$1.0 million, consisting of US$0.8 million in government grant and US$0.2 million in investment income, compared to almost nil in the same period in 2013. The increase was attributable to government grants of RMB5 million received in the second quarter of 2014 and the investment income of short-term wealth management products purchased in the second quarter of 2014.

Income Tax Expense

Income tax expense was US$0.7 million in the second quarter of 2014, compared to US$0.4 million in the same period in 2013.The increase was mainly due to higher taxable income, partially offset by a decrease in the effective income tax rate to 10.5% in the second quarter of 2014 from 17.8% in the same period in 2013.The decrease in the effective income tax rate was primarily due to a tax holiday of a two-year full exemption from 2014 to 2015 followed by a three-year 50% exemption from 2016 to 2018 entitled by one of our wholly owned subsidiaries which is qualified as a “Newly Established Software Enterprise” under the PRC Enterprise Income Tax Law.

Net Income

As a result of the foregoing, net income increased by 204.5% to US$5.7 million in the second quarter of 2014, from US$1.9 million in the same period in 2013. Non-GAAP net income, which excluded share-based compensation expenses, increased by 249.1% year-over-year to US$7.2 million from US$2.1 million in the same period in 2013.

Business Outlook

Based on the Company’s current estimates, total net revenues for the third quarter of 2014 are expected to be between US$38.5 million and US$39.5 million, representing an increase of 35.1% to 38.6% on a year-over-year basis. The Company also expects its total net revenues for the full year of 2014 to be between US$134.5 million and US$136.0 million, representing an increase of 44.9% to 46.6% on a year-over-year basis.

This guidance is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions, which are subject to change.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the second quarter of 2014 ended June 30, 2014 at 9:00 p.m. Eastern Time on August 19, 2014 (9:00 a.m. Beijing time on August 20, 2014).

The dial-in details for the live conference call are as follows:

United States:

855 298 3404

International:

+1 631 514 2526

Hong Kong:

800 905 927

United Kingdom:

800 015 9725

China Mainland:

400 120 0539

Conference ID:

1002021

A replay of the call will be available approximately 2 hours after the conclusion of the conference call through August 26, 2014. The dial-in details for the replay are:

U.S. Toll Free:

866 846 0868

International:

+1 800 008 585

Conference ID:

1002021

Additionally, a live and archived webcast of this call will be available on the Investor Relations section of Tarena’s website at http://ir.tarena.com.cn.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Tarena may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including the business outlook for the second quarter of 2014 and statements about Tarena’s beliefs and expectations, are forward-looking statements. Many factors, risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Tarena’s goals and strategies; its future business development, financial condition and results of operations; its ability to continue to attract students to enroll in its courses; its ability to continue to recruit, train and retain qualified instructors and teaching assistants; its ability to continually tailor its curriculum to market demand and enhance its courses to adequately and promptly respond to developments in the professional job market; its ability to maintain or enhance its brand recognition, its ability to maintain high job placement rate for its students, and its ability to maintain cooperative relationships with financing service providers for student loans. Further information regarding these and other risks, uncertainties or factors is included in Tarena’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tarena does not undertake any obligation to update such information, except as required under applicable law.

About Tarena International, Inc.

Tarena International, Inc. (Nasdaq: TEDU) is a leading provider of professional education services in China. The Company is the largest provider of IT professional education services in China with a market share of 8.3% as measured by revenues in 2013 according to IDC, a third-party research firm. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers courses in nine IT subjects and two non-IT subjects. Its courses provide students with practical education to prepare them for jobs in industries with significant growth potential and strong hiring demand. Since its inception in 2002, Tarena has trained over 155,000 students, cooperated with more than 500 universities and colleges and placed students with approximately 45,000 corporate employers in a variety of industries. For further information, please visit http://ir.tarena.com.cn.

About Non-GAAP Financial Measures

To supplement Tarena’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Tarena’s management uses non-GAAP measures of cost of revenues, operating expenses, operating income, net income, and net income per share, which are adjusted from results based on GAAP to exclude the share-based compensation expenses.

Our non-GAAP financial information provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. These non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

A limitation of using non-GAAP cost of revenues, operating expenses, operating income and net income is that the share-based compensation charge has been and will continue to be a significant recurring expense in the Company’s business for the foreseeable future. In order to mitigate these limitations the Company has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

For further information, please contact:

Christina Zhu
Investor Relations
Tarena International Inc.
Tel: +8610 56219451
Email: ir@tarena.com.cn

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

June 30

December 31

2014

2013

US$

US$

ASSETS

Current assets:

Cash and cash equivalents

49,609,069

26,139,255

Time deposits

92,101,664

————

Accounts receivable, net of allowance for doubtful accounts

18,946,361

15,001,222

Prepaid expenses and other current assets

6,018,695

3,497,332

Deferred income tax assets

1,565,763

1,546,213

Total current assets

168,241,552

46,184,022

Time deposits

9,769,175

12,161,617

Accounts receivable, net of allowance for doubtful accounts

640,752

415,881

Property and equipment, net

13,156,747

12,805,567

Other non-current assets

1,797,879

2,105,832

Total assets

193,606,105

73,672,919

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’DEFICIT

Current liabilities:

Accounts payable

114,612

217,451

Income taxes payable

3,228,072

3,012,165

Deferred revenue

20,043,271

15,487,494

Accrued expenses and other current liabilities

7,941,867

6,617,558

Total current liabilities

31,327,822

25,334,668

Other non-current liabilities

241,342

243,555

Total liabilities

31,569,164

25,578,223

Commitments and contingencies

————

————

Mezzanine equity:

Series A convertible redeemable preferred shares

————

419,776

Series B convertible redeemable preferred shares

————

15,747,869

Series C convertible redeemable preferred shares

————

95,211,135

Total mezzanine equity

————

111,378,780

Shareholders’ equity (deficit):

Ordinary shares

50,657

12,226

Additional paid-in capital

219,076,654

————

Accumulated other comprehensive income

1,227,420

1,634,920

Accumulated deficit

(58,317,790)

(64,931,230)

Total shareholders’ equity (deficit)

162,036,941

(63,284,084)

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

193,606,105

73,672,919

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30

For the Six Months Ended June 30

2014

2013

2014

2013

US$

US$

US$

US$

Net revenues

31,942,301

20,825,503

56,280,750

35,967,104

Cost of revenues(a)

(9,211,736)

(6,615,820)

(17,796,655)

(12,629,313)

Gross profit

22,730,565

14,209,683

38,484,095

23,337,791

Selling and marketing expenses(a)

(10,299,493)

(7,670,643)

(19,127,123)

(13,188,783)

General and administrative expenses(a)

(7,432,800)

(3,683,816)

(13,190,817)

(6,863,215)

Research and development expenses(a)

(1,366,025)

(996,117)

(2,510,837)

(1,623,240)

Operating income

3,632,247

1,859,107

3,655,318

1,662,553

Interest income

1,006,550

512,093

1,465,869

804,932

Foreign exchange gain(loss)

794,996

(119,937)

877,096

(161,338)

Other income

973,929

37,620

1,446,772

38,337

Income before income taxes

6,407,722

2,288,883

7,445,055

2,344,484

Income tax expense

(675,919)

(406,789)

(750,343)

(416,499)

Net income

5,731,803

1,882,094

6,694,712

1,927,985

Accretion of convertible redeemable preferred shares

(18,920)

(506,956)

(576,431)

(991,103)

Net income attributable to ordinary shareholders(b)

5,712,883

1,375,138

6,118,281

936,882

Net income(loss) per share(c):

Basic

0.11

0.04

0.14

0.02

Diluted

0.10

0.02

0.11

0.02

Weighted average number of ordinary shares outstanding:

Basic

49,812,756

10,851,287

31,123,486

10,851,287

Diluted

56,839,519

16,483,830

38,045,512

15,915,680

Net income

5,731,803

1,882,094

6,694,712

1,927,985

Other comprehensive income (loss)

Foreign currency translation adjustment, net of nil income taxes

10,323

455,325

(407,500)

528,643

Comprehensive income

5,742,126

2,337,419

6,287,212

2,456,628

Notes:

(a) Includes share-based compensation expense as follows:

For the Three Months Ended June 30

For the Six Months Ended June 30

2014

2013

2014

2013

US$

US$

US$

US$

Cost of revenues

24,770

4,295

33,174

8,590

Selling and marketing expenses

69,635

11,308

100,525

22,616

General and administrative expenses

1,278,008

149,263

1,679,952

298,527

Research and development expenses

82,743

12,003

117,744

24,006

(b) The net income (loss) attributable to ordinary shareholders reflected the impact of non-cash accounting charges relating to the preferred shares. All outstanding preferred shares were automatically converted into ordinary shares upon the completion of the Company’s IPO on April 3, 2014. Thereafter, there will be no accretion to the preferred shares and all net income will be attributable to the ordinary shareholders.

(c) The Company uses the two-class method to calculate basic and diluted earnings per share. Under the two-class method, when calculating the basic and dilutive EPS, net income attributable to ordinary shareholders is adjusted to reflect the net income which is allocated to preferred shares.

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

For the Three Months Ended June 30

For the Six Months Ended June 30

2014

2013

2014

2013

US$

US$

US$

US$

GAAP Cost of revenues

9,211,736

6,615,820

17,796,655

12,629,313

Share-based compensation expense in cost of revenues

24,770

4,295

33,174

8,590

Non-GAAP cost of revenues

9,186,966

6,611,525

17,763,481

12,620,723

GAAP Selling and marketing expenses

10,299,493

7,670,643

19,127,123

13,188,783

Share-based compensation expense in selling and marketing expenses

69,635

11,308

100,525

22,616

Non-GAAP selling and marketing expenses

10,229,858

7,659,335

19,026,598

13,166,167

GAAP General and administrative expenses

7,432,800

3,683,816

13,190,817

6,863,215

Share-based compensation expense in general and administrative expenses

1,278,008

149,263

1,679,952

298,527

Non-GAAP general and administrative expenses

6,154,792

3,534,553

11,510,865

6,564,688

GAAP Research and development expenses

1,366,025

996,117

2,510,837

1,623,240

Share-based compensation expense in research and development expenses

82,743

12,003

117,744

24,006

Non-GAAP research and development expenses

1,283,282

984,114

2,393,093

1,599,234

Operating income

3,632,247

1,859,107

3,655,318

1,662,553

Share-based compensation expenses

1,455,156

176,869

1,931,395

353,739

Non-GAAP operating income

5,087,403

2,035,976

5,586,713

2,016,292

Net income

5,731,803

1,882,094

6,694,712

1,927,985

Share-based compensation expense

1,455,156

176,869

1,931,395

353,739

Non-GAAP net income

7,186,959

2,058,963

8,626,107

2,281,724

Accretion of convertible redeemable preferred shares

(18,920)

(506,956)

(576,431)

(991,103)

Non-GAAP net income attributable to ordinary shareholders

7,168,039

1,552,007

8,049,676

1,290,621

Non-GAAP net income per share(a)

Basic

0.14

0.04

0.18

0.03

Diluted

0.12

0.03

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Individual Investor Program Continues its Success: Over US$ 330 Million of Capital Attracted to Malta in 6 Months

LONDON, Aug. 20, 2014 /PRNewswire/ —

Malta’s Individual Investor Program (IIP) continues to build upon its significant early success.

The IIP is a modern citizenship-by-investment program aimed at ultra-high net worth individuals and families worldwide. It was designed and is operated by Henley & Partners for the Government of Malta under a Public Services Concession.

The IIP allows for the grant of citizenship to duly qualified, reputable foreign individuals and families who make a significant contribution to the economic development of Malta.

Over 200 applications for citizenship have been received since the program’s launch in early 2014, with a number already at the Due Diligence phase. This represents a commitment of foreign direct investment into Malta of over 200 million Euros or 330 million US Dollars over the last six months.

The IIP has the world’s strictest Due Diligence standards, ensuring that only highly respectable clients will be admitted. The program intake is also capped at 1,800 successful main applicants, after which the program will close, making this the most exclusive program globally.

There are over 30 nationalities represented among the applicants so far.

Identity Malta chief executive officer, Jonathan Cardona, commented on Henley & Partners’ role, “Their excellent services are attracting to Malta the type of individuals that the government wanted to target through the IIP, with the potential of significant investment in our country”.

Many applicants started the IIP process intending to rent property on Malta, but are now considering purchasing, having spent time on the islands. Mr Cardona confirmed that a number of applicants were opting to buy property. He added that the investment interest was quite wide-ranging, from hotels and real estate, to factories, IT and the film industry.

A private client, who wished to remain anonymous, shared the reason he proceeded with the IIP, “I liked the idea of becoming European and providing my children the right to travel without hassle, and to also live, work and study anywhere in Europe.”

The Prime Minister of Malta, Hon. Dr. Joseph Muscat, will speak about the IIP and its success at two upcoming events:

The Henley & Partners’ Global Citizenship Seminar takes place at the Four Seasons Hotel, New York on September 10 2014. This key event will focus on the significant international trend of increasing mobility and acceptance of multiple citizenship. Further information is available at http://www.henleyglobal.com/NYC14

The 8th Global Residence and Citizenship Conference will be presented by Henley & Partners on October 29-30 2014 at the Fullerton Hotel, Singapore. The conference covers the key developments in the area of residence and citizenship planning and provides first-hand information from the industry leader, top-tier international service providers and governments. Register at http://www.henleyglobal.com/singapore14

About Henley & Partners

Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals, families and their advisors rely on their expertise and experience in this area.

The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors who work with Henley & Partners.

The firm also runs a leading government advisory practice, and have been involved in strategic consulting and the design, set-up and operation of several of the world’s most successful residence and citizenship programs which attracted have more than US$ 3.5 billion in foreign direct investment to date.

http://www.henleyglobal.com

Frost & Sullivan Applauds Parkmobile for Being One of the Largest Providers of Cashless Parking Systems in North America

— Parkmobile’s success stems not only from the depth of its services, but also its collaborations with other stakeholders

MOUNTAIN VIEW, California, Aug. 20, 2014  /PRNewswire/ — Based on its recent analysis of the mobile payment solutions market, Frost & Sullivan recognizes Parkmobile USA with the 2014 North American Frost & Sullivan Award for Company of the Year. In 2008, the Europe-based Parkmobile Group partnered with BCD Holdings and Fontinalis Partners to create a new North American subsidiary, Parkmobile USA. In just four years, the company replicated its success in Europe by establishing footprints in 37 American states, Australia, New Zealand, and Canada.

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Parkmobile is a leader in innovative and comprehensive mobile payment solutions provider in the parking industry. Parkmobile’s leadership in mobile payments for parking is evidenced by over 600 successful implementations throughout the U.S., Canada, Australia and New Zealand. In addition to its mobile payment solution, Parkmobile also offers a permit management system, a parking reservation system, a centralized parking management database and an extensive reporting platform.

“Parkmobile’s first-of-a-kind mobile payment system allows motorists to pay for parking through an application on their phone. It eliminates the need to carry change, predict the length of stay, or repeatedly feed the meter to keep a parking session active,” said Frost & Sullivan Industry Analyst Neelam Barua. “It even has a unique alert system that sends reminders 15 minutes prior to the expiration of a parking session, allowing the session to be extended remotely.”

Parkmobile USA’s services are used in airports globally, universities in the U.S., by private operators, municipalities, stadiums, hospitals, and other establishments. Its value propositions in cities include dynamic pricing, a central parking rights database, and the enabling of Big Data and holistic approaches, which mitigate congestion and CO2 emissions.

Parkmobile USA leads the market in presence and breadth of technology scope (apps, connected vehicles, interoperability, and reserved parking systems). The company has associated mobile payments for on and off-street integration, dynamic/demand-based pricing, and guidance for available parking in real time based on business analytics. It is also involved in congestion-charging solutions based on CO2 emission standards as part of a comprehensive parking and traffic strategy.

Its cutting edge mobile payment solution encompasses global positioning systems (GPS), quick response (QR) codes, near field communication (NFC), enhanced mobile apps (iOS, Android, Windows 7 and 8, and RIM), interactive voice recognition (IVR), and the Internet. Parkmobile USA’s open architecture (.net) enables seamless interface via application payment interfaces (APIs), as the system is based on a service-oriented architecture.

Parkmobile has taken its solution a step further by working with major automotive manufacturers to migrate the Parkmobile mobile payment experience into “connected cars” offering the ability to locate, drive to and pay for parking all through the car without the need for a mobile phone.

“Simpler integration with current as well as legacy systems, meter and enforcement equipment manufacturers and major credit card processing platforms makes Parkmobile the most innovative mobile app platform for parking payments solutions,” noted Barua.

Parkmobile USA is more than twice as large as its combined competition in the U.S. in terms of spaces, members, and transactions. More than 3 million members have signed up for Parkmobile in the U.S., of which 2 million members have downloaded the company’s apps, making it the most widely used mobile payment solution in the parking industry.

Since 2008 the company’s foray into the parking industry has led to more than 50 significant partnerships in the parking eco-system. This includes associations with smart parking companies like Streetline; the multi-space parking solutions provider, Parkeon; and an innovative leader in multispace electronic pay stations, Digital Payment Technologies. Recent additions of new and emerging payment options, such as PayPal and the Parkmobile Wallet, demonstrate Parkmobile’s innovation and level of engagement in the industry.

Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Parkmobile USA

Parkmobile is the leading provider for on-demand and prepaid mobile payments for on- and off-street parking. Their services are used in more than 600 locations in the U.S. by millions of registered users. Parkmobile’s investors include Fontinalis Partners and BCD Group. Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on Next-Generation Mobility. With annual global revenues of $24 billion, including $9.2 billion partner sales, BCD Group is an international market leader in corporate and online travel and off-airport and mobile parking industry. For more information please visit www.parkmobile.com, facebook.com/ParkmobileUSA or on Twitter @Parkmobile.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the Global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion

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Contact:

Mireya Espinoza
P: +1.210.247.3870
F: +1.210.348.1003
E: mireya.espinoza@frost.com

Tina Dyer
P: +1.770.818.9036 Ext. 201
E: tina.dyer@parkmobileglobal.com

2014 Q2 Tablet Market Grows, as Apple and Samsung Disappoint says Strategy Analytics

– Strategy Analytics: Global Tablet Shipments grow 5% in Q2 2014.

BOSTON, Aug. 20, 2014 /PRNewswire/ — According to the latest research from Strategy Analytics, global tablet shipments reached 52.4 million units in the second quarter of 2014. Tablet shipments from both Apple and Samsung were down on Q2 2013 volumes.

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Second quarter 2014 Global Tablet shipments were up 5% at 52.4 million units, with Asus and Lenovo the only top 5 ranked vendors delivering shipment growth over Q2 2013. Despite both Apple and Samsung suffering a decline in shipments, the two companies maintain a firm grip on the tablet market, where their combined shipments accounted for 41% of the global market in Q2 2014. White Box vendors capitalized on the demand for low cost tablets, with shipments up almost 2 million units over Q2 2013.

Peter King, Director of Tablets at Strategy Analytics, said, “The lack of new models from Apple clearly hurt the company’s shipments, but we expect new products in the fourth quarter to reinvigorate shipments. While Samsung had a noteworthy quarter in Q1 2014, we suspect high inventory levels resulted in the fall in shipments in the second quarter. We expect both Apple and Samsung to have a stronger second half year with Q4 particularly strong due to new models and year-end seasonal promotion.”

King added, “Lenovo continues to build momentum with its PC+ strategy (that is smartphones and tablets), for now Lenovo continues to outperform the market, but it needs to watch Asus who are fighting hard to gain 3rd place in the Tablet rankings”.

Exhibit 1: Global Tablet Vendor Shipments and Market Share in Q2 2014 (preliminary)

Global Tablet Vendor Shipments (Millions of Units)

Global Tablet Vendor Shipments (Millions of Units)

The following reports were used in the creation of this press release:

Global Tablet Vendor Market Share: Q2 2014

Published by the Strategy Analytics Tablet & Touchscreen (TTS) service.

About Strategy Analytics

Strategy Analytics, Inc. provides the competitive edge with advisory services, consulting and actionable market intelligence for emerging technology, mobile and wireless, digital consumer and automotive electronics companies. With offices in North America, Europe and Asia, Strategy Analytics delivers insights for enterprise success. www.StrategyAnalytics.com

US Contact: David Kerr, +1 617 614 0720, dkerr@strategyanalytics.com

European Contact: Peter King, +44(0) 1908 423 615, Pking@strategyanalytics.com

1. Shipments refer to sell-in. Numbers are rounded. The definition of tablet does not include e-book readers or convertible PCs.