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GOTHENBURG, Sweden, Jan. 31, 2025 /PRNewswire/ -- Q4 2024 Net sales: SEK 24,725 million (24,438)Organic growth: −3.1% (−1.9%), driven by lower market demand mainly in Europe and China, while Americas and India & Southeast Asia are showing positive sales development.Adjusted operating profit: SEK 2,735 million (2,929). Continued strong price/mix contribution was offset by negative currency effects as well as lower volumes, which also resulted in decreased cost efficiency.Adjusted operating margin: 11.1% (12.0%)Net cash flow from operating activities: SEK 3,283 million (3,937) Rickard Gustafson, President and CEO: "In 2024, we showed resilience in challenging market conditions thanks to diligent strategic execution. In the fourth quarter, we maintained solid margins given low demand and currency headwind. Solid margin in week markets I'm pleased that we successfully navigated the challenging market conditions that prevailed throughout 2024, initiated a separation process for our Automotive business and continued to strengthen our operational and innovation capabilities. This positions us well to capture profitable growth opportunities as demand recovers. For the full year 2024, we upheld a resilient adjusted operating margin of 12.3% in a market that shifted from organic growth in 2023 to organic decline of −5.4%. Cash flow from operations was solid at approximately SEK 11 billion. The weak demand environment remained also in the fourth quarter, partly offset by a solid price/mix through effective pricing activities, diligent portfolio management, and strong aftermarket focus. The organic sales decline in the quarter was −3.1% with large variations between regions. Our Industrial business in Americas and India & Southeast Asia showed positive organic growth, partly due to favorable timing of deliveries before year-end. Demand in Europe and China remained weak, which also was the case for Automotive in general, except for our EV business in China that performed well. Our adjusted operating margin in Q4 of 11.1% represents another proof point of our improved resilience given the negative volume development and a negative margin impact from currency of −0.9 percentage points. We have continued to work hard on cost reduction activities and fully offset high wage inflation. The fourth quarter, however, was the first since the low demand environment started in mid-2023 where these activities were not able to fully offset the negative impact from low volumes. Due to the product mix, we also saw an increase in material cost. Our diligent cost reduction activities will continue, including looking at the set up for our Industrial and Automotive businesses to create a strong foundation for the future. Our Automotive business had a challenging quarter with volatile demand, impacted by customers' reduced factory output. It is therefore encouraging that its underlying business performance is on a positive trajectory entering new margin accretive businesses. Our new Hub Bearing Unit for EVs, for example, provides significant customer value through increased mileage per battery charge by being 10% lighter than conventional wheel bearings and reducing friction by 30%. Cash flow from operations was robust in the quarter at SEK 3.3 billion, supported by margin resilience and working capital reduction. Investing in creating a stronger SKF Regionalization is a key element of our strategy. In 2024, we continued to invest in further optimizing our footprint and in creating competitive and resilient regional value chains. These efforts improved our regionalization rates during the year from 63% to 68% in Asia and from 66% to 69% in Americas. Increased regionalization brings several market- and operational benefits. In China for example, it has shortened lead times from order to delivery with 25% since 2019. To position us to benefit from the electrification megatrend and the increasing demand for high-speed rotation, we are investing in our ceramic bearing capacity and capabilities. To strengthen our competitiveness and secure the full value chain, we are investing in increased access to raw material as well as in accelerating our manufacturing and R&D processes. Separation update–Capital Markets Day on 11 November Our work to create two fit for purpose businesses, Industrial and Automotive, is in an intensive phase. More information about the progress will be shared on our Capital Markets Day which will be held on 11 November 2025 in Stockholm. Outlook The world is rapidly changing, with markets affected by geopolitical uncertainty, and we expect continued volatility. For the first quarter of 2025, we expect organic sales to weaken somewhat, year-over-year. In recognition of the Group's solid financial position, the Board has decided to propose to the Annual General Meeting a dividend of SEK 7.75 per share." Financial overview, MSEK unless otherwise stated Q4 2024 Q4 2023 2024 2023 Net sales 24,725 24,438 98,722 103,881 Organic growth, % −3.1 −1.9 −5.4 3.7 Adjusted operating profit 2,735 2,929 12,183 12,977 Adjusted operating margin, % 11.1 12.0 12.3 12.5 Operating profit 2,331 1,925 10,339 11,084 Operating margin, % 9.4 7.9 10.5 10.7 Adjusted profit before taxes 2,418 2,220 10,933 11,074 Profit before taxes 2,014 1,216 9,089 9,181 Net cash flow from operating activities 3,283 3,937 10,792 13,783 Basic earnings per share 3.31 1.37 14.22 14.04 Adjusted earnings per share 4.20 3.57 18.27 18.20 Net sales, change y-o-y, %, Q4 Organic1) Structure Currency Total SKF Group −3.1 0.3 3.9 1.1 Industrial −2.7 0.5 3.1 0.9 Automotive −4.0 0.0 5.8 1.8 1) Price, mix and volume Net sales, change y-o-y, %, Full year 2024 Organic1) Structure Currency Total SKF Group −5.4 0.1 0.4 −4.9 Industrial −5.7 0.1 0.3 −5.3 Automotive −4.9 0.0 0.8 −4.1 1) Price, mix and volume Organic sales in local currencies, change y-o-y, %, Q4 Europe, Middle East & Africa The Americas China & Northeast Asia India & Southeast Asia SKF Group −7.9 5.3 −9.9 9.9 Industrial - +++ --- +++ Automotive --- - ++ +++ Organic sales in local currencies, changey-o-y, %,Full year 2024 Europe, Middle East & Africa The Americas China & Northeast Asia India & Southeast Asia SKF Group −6.0 −4.0 −10.6 3.4 Industrial -- +/- --- +/- Automotive --- -- +/- ++ Outlook and Guidance Outlook Q1 2025: We expect organic sales to weaken somewhat, year-over-year. SKF has decided to discontinue issuing full-year organic sales outlook. Guidance Q1 2025 Currency impact on the operating profit is expected to be around SEK 200 million positive compared with the first quarter 2024, based on exchange rates per 31 December 2024. Guidance FY 2025 Tax level excluding effects related to divested businesses: around 26%. Additions to property, plant and equipment: around SEK 4.5 billion excluding separation of the Automotive business. A webcast will be held on 31 January 2025 at 08:00 (CET):Sweden +46 (0)8 5051 0031UK/International +44 (0)207 107 0613https://investors.skf.com Aktiebolaget SKF (publ) The financial information in this press release contains inside information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below on 31 January 2025 at 07.00 CET. For further information, please contact:PRESS: Carl Bjernstam, Head of Media Relationstel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.comINVESTOR RELATIONS: Sophie Arnius, Head of Investor Relationstel: 46 31-337 8072; mobile: 46 705-908 072; e-mail: sophie.arnius@skf.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/skf/r/skf-year-end-report-q4-2024--strong-execution-supporting-margin-resilience,c4098728 The following files are available for download: https://mb.cision.com/Main/637/4098728/3237807.pdf Q4_2024_Eng https://news.cision.com/skf/i/skf-image,c3373156 SKF image https://news.cision.com/skf/i/skf-rickard-gustafson,c3373157 SKF Rickard Gustafson
Discusses Recent Corporate Developments and Commitment to Sustainability and Transparency SINGAPORE, Jan. 29, 2025 /PRNewswire/ -- Caravelle International Group (NASDAQ: HTCO) ("Caravelle" or the "Company"), a global ocean shipping technology company, today released a letter to shareholders from its CEO, Mr. Shixuan He. Dear employees and shareholders, As the recently appointed CEO of Caravelle, I am pleased to take this opportunity to inform you of the significant steps we have recently taken to strengthen our corporate governance and the strategic initiatives we have taken to further expand our business, which reflect our continued commitment to improve transparency and communication with investors and drive long-term value for our stakeholders. During 2024, we made significant progress in enhancing our corporate governance infrastructure, as well as put in place strategic initiatives to expand our business. We have made a commitment to strengthen our regulatory compliance and financial reporting. Specifically: Strengthening Corporate Governance We recently announced changes to our board of directors and executive management team, whose members are focused on improving our company's information disclosure practices and corporate governance. As part of this commitment, during our Annual General Meeting held on January 3, 2025, we updated our shareholders on the latest developments, underscoring our commitment to open and transparent communication. The new management team of Caravelle International Group has a diversified background, additionally, the new senior management has had extensive experience in collaborating with major global enterprises. We believe that our seasoned management team provides our company with a comprehensive perspective and rich experience, enabling us to effectively advance our sustainable technology development in the complex global market. Strategic Integration and Investment We are currently integrating resources from world-renowned enterprises to elevate our growth potentials. We are continuously exploring investing opportunities in new business ventures by leveraging our access to the best resources globally. A couple of pivotal steps in this direction are its recent initiatives to explore the opportunity of developing a global shipping OCC ("Onboard Carbon Capture") decarbonization system and partnerships with one or more global-leading Web3-based carbon asset management platforms. These initiatives highlight the Company's proactive approach and its commitment to innovation. We will provide additional details on these initiatives shortly. Commitment to Sustainability and Digitalization Caravelle's new focus on developing an OCC system for the shipping industry and investment in web3-based carbon asset management platforms underscores its dedication to sustainability and digital transformation. With that, we are positioning Caravelle to become a leader in the maritime industry's transition towards more sustainable and environmentally friendly practices. Financial Reporting As a foreign private issuer listed on the Nasdaq Stock Market , Caravelle reports its financial results on a semi-annual basis. With a fiscal year ending October 31, Caravelle expects to file its Annual Report on Form 20-F for fiscal year 2024 on or before February 28, 2025. As part of its commitment towards improving transparency and providing greater visibility into its business, the Company is also working towards providing key business and financial metrics on a timely basis. Looking Ahead We believe that the steps we have recently taken signal our strong commitment towards improved corporate governance, sustainability, innovation, and growth; all designed to support our long-term revenue and profit growth. On behalf of our board of directors and management team, I would like to thank you for your continued interest and trust in Caravelle. Although we are proud of our accomplishments to date, we acknowledge that there is still much work to be done. We are committed to this effort and appreciate your ongoing support. Thank you. Mr. Shixuan HeCEO About Caravelle International Group Caravelle is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company is committed to improving shipping efficiency through innovative technologies and promoting sustainable development in the industry. Forward Looking Statements This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
STOCKHOLM, Jan. 28, 2025 /PRNewswire/ -- The Nomination Committee of AB Electrolux proposes election of Yannick Fierling, the new President and CEO of AB Electrolux, as new member of the Board of Directors of AB Electrolux at its Annual General Meeting on March 26, 2025. The Committee also proposes re-election of Torbjörn Lööf (Chair), Geert Follens, Petra Hedengran, Ulla Litzén, Daniel Nodhäll, Karin Overbeck, David Porter and Michael Rauterkus. As previously communicated, Yannick Fierling has succeeded Jonas Samuelson as President and CEO of AB Electrolux on January 1, 2025. As Jonas Samuelson also has resigned from the Board, Yannick Fierling is accordingly proposed as a new Board member. The Nomination Committee's proposal means that the Board of Directors shall comprise nine ordinary members elected by the Annual General Meeting, without deputies. The Nomination Committee's motivated statement, complete proposals, and a presentation of the proposed Board members will be published in due time before the Annual General Meeting 2025. The Nomination Committee of AB Electrolux comprises Christian Cederholm, Investor AB (Chair), Marianne Nilsson, Swedbank Robur Funds, Anders Hansson, AMF Tjänstepension och Fonder, and Carina Silberg, Alecta. The Nomination Committee also include Torbjörn Lööf, Chair of the Board of AB Electrolux. For more information, please contact:Oscar Stjerngren, Investor Relations, +46 70 879 87 69Electrolux Group Press Hotline, +46 8 657 65 07 This information was brought to you by Cision http://news.cision.com https://news.cision.com/electrolux-group/r/president-and-ceo-yannick-fierling-proposed-as-new-board-member-of-ab-electrolux,c4096250 The following files are available for download: https://mb.cision.com/Main/1853/4096250/3226348.pdf 250128 PR Nomination committe proposal
GOTHENBURG, Sweden, Jan. 22, 2025 /PRNewswire/ -- SKF's Nomination Committee proposes Mats Rahmström as a new board member in AB SKF. Mats Rahmström was the President and CEO, as well as a member of the Board of Directors of Atlas Copco Group up until April 2024 and has held several senior positions within Atlas Copco. He has a broad international industrial background and is the Chair of the Board of Directors in Piab Group AB and a board member in Investor AB, ABB Ltd, Wärtsilä Oyj, R12 Distribution AB and Qvantum AB. The Nomination Committee, furthermore, in addition to the proposed new election of Mats Rahmström, proposes re-election of the board members Hans Stråberg, Hock Goh, Geert Follens, Håkan Buskhe, Susanna Schneeberger, Rickard Gustafson, Beth Ferreira, Therese Friberg, Richard Nilsson and Niko Pakalén. Hans Stråberg is proposed to be the Chair of the Board of Directors. The Nomination Committee's additional proposals will be published in conjunction with the notice of the Annual General Meeting 2025. The Nomination Committee for the Annual General Meeting 2025 consists of Marcus Wallenberg, FAM, Philip Ahlgren, Cevian Capital, Anders Algotsson, AFA Försäkring, and Anders Jonsson, Skandia, together with the Chair of the Board of Directors Hans Stråberg. Aktiebolaget SKF (publ) For further information, please contact:PRESS: Carl Bjernstam, Head of Media Relationstel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.comINVESTOR RELATIONS: Sophie Arnius, Head of Investor Relationstel: 46 31-337 8072; mobile: 46 705-908 072; e-mail: sophie.arnius@skf.com This information was brought to you by Cision http://news.cision.com. https://news.cision.com/skf/r/nomination-committee-s-proposal-for-board-of-directors-of-ab-skf,c4094554 The following files are available for download: https://mb.cision.com/Main/637/4094554/3217469.pdf 20250122 Nomination Committees proposal for Board of Directors of AB SKF https://news.cision.com/skf/i/dji-0735-fix,c3370261 DJI 0735 fix
BEIJING, Jan. 13, 2025 /PRNewswire/ -- China Liberal Education Holdings Limited ("China Liberal" or the "Company") (NASDAQ: CLEU), a China-based company that provides technological consulting services for smart campus solutions and other educational services, today announced that the Company received a written notification (the "Compliance Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") dated January 10, 2025, informing the Company that it has regained compliance with the Nasdaq Listing Rule 5550(a)(2) ("Minimum Bid Price Requirement") and the matter is closed. As previously announced, the Company received a notification letter from the Nasdaq dated August 21, 2024, indicating its failure to maintain a minimum bid price of US$1.00 per share for 30 consecutive business days under Minimum Bid Price Requirement. Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company was provided with 180 calendar days, or until February 17, 2025, to regain compliance. To comply with the Minimum Bid Price Requirement, the closing bid price of the Company's ordinary shares must be at least US$1.00 per share for a minimum of 10 consecutive business days at any time prior to February 17, 2025. Therefore, in order to cure the Minimum Bid Price deficiency, the Company has effectuated a share consolidation on December 24, 2024, of which fifteen (15) ordinary shares with par value of $0.015 per share each in the Company's issued and unissued share capital consolidated into one (1) ordinary share with par value of US$0.225. According to the Compliance Notice, the Company evidenced a closing bid price of its ordinary shares at or greater than US$1.00 per share for 10 consecutive business days from December 24, 2024 to January 8, 2025. Thus, the Company has regained compliance with the Minimum Bid Price Requirement, and the matter is closed. About China Liberal Education Holdings Limited China Liberal is an educational services provider headquartered in Beijing, China. China Liberal provides a wide range of services, including technological consulting for Chinese universities to improve their campus information and data management systems, designed to enhance the teaching, operating, and management environment of the universities, thus establishing a "smart campus." Additionally, China Liberal offers tailored job readiness training for graduating students. For more information, please visit the Company's website at http://ir.chinaliberal.com/. Forward-Looking Statements This document contains forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's expectations and projections about future events, which the Company derives from the information currently available to the Company. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those using terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. When evaluating these forward-looking statements, you should consider various factors, including our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as required by law. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can provide no assurance that these expectations will prove to be accurate, and it cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review the risk factors that may affect future results in the Company's most recent annual report on Form 20-F for the year ended December 31, 2023 and in its other filings with the SEC. Investor Relations Contact China Liberal Education Holdings LimitedEmail: ir@chinaliberal.com Ascent Investor Relations LLCTina XiaoPresidentPhone: +1 646-932-7242Email: investors@ascent-ir.com
CUPERTINO, Calif., Dec. 31, 2024 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a leading AI-driven educational and collaboration technology company, today announced its unaudited financial and operating results for the three-month and six-month periods ended June 30, 2024. "We made considerable progress in the first half of the year, reaching profitability and improving our margins, setting the stage for our next wave of growth," said Dr. Jin Huang, Ambow's President, Chief Executive Officer and acting Chief Financial Officer. "By dedicating our resources to our first-to-market AI-driven hybrid education platform, HybriU, we are poised to address expansive market opportunities with a more streamlined cost structure and agile business model. Generative AI is driving massive advancements in how we learn and how instruction is delivered. We are leading this transition to hybrid education with HybriU's all-in-one AI-led solution for education and workforce training on a global scale. Our recent $1.3 million licensing agreement for HybriU in overseas markets is a strong starting point. As we continue to make new inroads with HybriU in both U.S. and international markets, we are bringing a unified hybrid learning experience to students and educators worldwide." Second Quarter 2024 Financial Highlights Net revenues for the second quarter of 2024 decreased by 11.1% to $2.4 million from $2.7 million for the same period of 2023. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year. Gross profit for the second quarter of 2024 increased by 8.3% to $1.3 million from $1.2 million for the same period of 2023. Gross profit margin was 54.2% for the second quarter of 2024, compared with 44.4% for the second quarter of 2023. Operating expenses for the second quarter of 2024 decreased by 35.0% to $1.3 million from $2.0 million for the same period of 2023. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year and the associated reduction in shared center personnel costs. Operating (loss) income improved to an income of $0.1 million for the second quarter of 2024 from a loss of $0.8 million for the same period of 2023. Net (loss) income attributable to ordinary shareholders improved to an income of $0.1 million for the second quarter of 2024, or $0 per basic and diluted share, from a net loss of $1.0 million, or $0.02 per basic and diluted share, for the same period of 2023. As of June 30, 2024, Ambow maintained cash resources of $9.0 million, comprising cash and cash equivalents of $1.6 million and restricted cash of $7.4 million. First Six Months 2024 Financial Highlights Net revenues for the first six months of 2024 decreased by 21.3% to $4.8 million from $6.1 million for the same period of 2023. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year. Gross profit for the first six months of 2024 increased by 30.0% to $2.6 million from $2.0 million for the same period of 2023. Gross profit margin was 54.2%, compared with 32.8% for the same period of 2023. Operating expenses for the first six months of 2024 decreased by 23.1% to $3.0 million from $3.9 million for the same period of 2023. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year and the associated reduction in shared center personnel costs. Operating loss for the first six months of 2024 was $0.4 million, compared with an operating loss of $1.9 million for the same period of 2023. Net (loss) income attributable to ordinary shareholders improved to an income of $0.2 million for the first six months of 2024, or $0 per basic and diluted share, from a net loss of $2.2 million, or $0.04 per basic and diluted share, for the same period of 2023. The Company's financial and operating results for the second quarter and first half of 2024 can also be found on its Report of Foreign Private Issuer on Form 6-K, to be furnished with the U.S. Securities and Exchange Commission (the "SEC") at www.sec.gov. Subsequent Events On December 20, 2024, at Ambow's Annual General Meeting of Shareholders, shareholders ratified the adoption of the Company's 2024 Equity Incentive Plan for the purpose of granting share-based compensation awards to employees, directors, officers and consultants to incentivize their performance and align their interests. About Ambow Ambow Education Holding Ltd. is a leading AI-driven educational and collaboration technology company with primary operations in the United States. Through its for-profit college in San Diego, California, and its innovative, patented AI-driven technology platform, HybriU, Ambow delivers high-quality, personalized, and career-oriented education services, along with a comprehensive, one-stop solution that revolutionizes how the world learns, works, and connects. For more information, visit Ambow's website at https://www.ambow.com/. Follow us on X: @Ambow_EducationFollow us on LinkedIn: Ambow-education-group Safe Harbor Statement This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. For more information, please contact: Ambow Education Holding Ltd.E-mail: ir@ambow.com or Piacente Financial Communications Tel: +1-212-481-2050E-mail: ambow@tpg-ir.com AMBOW EDUCATION HOLDING LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data) As ofDecember 31, As ofJune 30, 2023 2024 $ $ As Revised Unaudited ASSETS Current assets: Cash and cash equivalents 274 1,645 Restricted cash 9,781 7,384 Accounts receivable, net 2,280 2,257 Prepaid and other current assets 178 144 Total current assets 12,513 11,430 Non-current assets: Property and equipment, net 6 2 Intangible assets, net 522 517 Operating lease right-of-use asset 4,896 3,821 Other non-current assets 2,629 1,805 Total non-current assets 8,053 6,145 Total assets 20,566 17,575 LIABILITIES Current liabilities: Short-term borrowings 3,939 2,700 Accounts payable 1,386 942 Accrued and other liabilities 1,468 973 Income taxes payable 510 — Operating lease liability, current 2,486 2,325 Total current liabilities 9,789 6,940 Non-current liabilities: Operating lease liability, non-current 4,349 3,991 Total non-current liabilities 4,349 3,991 Total liabilities 14,138 10,931 EQUITY Preferred shares ($0.003 par value;1,666,667 shares authorized, nil issued and outstanding as of December 31, 2023 and June 30, 2024) — — Class A Ordinary shares ($0.003 par value; 66,666,667 and 66,666,667 shares authorized, 52,419,109 and 52,419,109 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) 146 146 Class C Ordinary shares ($0.003 par value; 8,333,333 and 8,333,333 shares authorized, 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) 13 13 Additional paid-in capital 517,031 517,031 Accumulated deficit (510,634) (510,418) Accumulated other comprehensive loss (128) (128) Total equity 6,428 6,644 Total liabilities and equity 20,566 17,575 AMBOW EDUCATION HOLDING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE (LOSS) INCOME (All amounts in thousands, except for share and per share data) For the six months endedJune 30, For the three months ended June 30, 2023 2024 2023 2024 $ $ $ $ NET REVENUES Educational programs and services 6,097 4,773 2,728 2,399 COST OF REVENUES Educational programs and services (4,082) (2,208) (1,508) (1,064) GROSS PROFIT 2,015 2,565 1,220 1,335 Operating expenses: Selling and marketing (425) (550) (148) (251) General and administrative (3,449) (2,280) (1,829) (944) Research and development — (150) — (75) Total operating expenses (3,874) (2,980) (1,977) (1,270) OPERATING (LOSS) INCOME (1,859) (415) (757) 65 OTHER (EXPENSES) INCOME Interest (expense) income, net (33) 66 (26) 31 Foreign exchange loss, net (9) — (9) — Other (expense) income, net (281) 60 (196) 33 Total other (expense) income (323) 126 (231) 64 (LOSS) INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTEREST (2,182) (289) (988) 129 Income tax (expense) benefit (13) 505 (13) (6) NET (LOSS) INCOME (2,195) 216 (1,001) 123 -Less: Net (loss) income attributable to non-controlling interests — — — — NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (2,195) 216 (1,001) 123 OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX Other comprehensive (loss) income — — — — TOTAL COMPREHENSIVE (LOSS) INCOME (2,195) 216 (1,001) 123 Net (loss) income per share – basic and diluted (0.0395) 0.0038 (0.0175) 0.0022 Net (loss) income per ADS – basic and diluted (0.7900) 0.0760 (0.3500) 0.0440 Weighted average shares used in calculating basic and diluted net (loss) income per share 55,525,314 57,127,524 57,127,524 57,127,524
A12 藝術空間
Annual General Meeting
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