Category: EDU

Thomson Reuters Collaborates with Hessen University Consortium to Drive the Success of German Scientific Research Programs

— New collaboration marks the first time Converis research management system is used across a network of institutions in Germany to advance global research impact

KARLSRUHE, Germany, Aug. 27, 2014 /PRNewswire/ — The Intellectual Property & Science business of Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, today announced a collaboration with a consortium of six Hessen universities and universities of applied science (HeFIS) to streamline its institutions’ scholarly information management and workflow. The initiative utilizes Thomson Reuters Converis, a comprehensive research management system providing pre-and-post-award and open-access-repository management to support the entire spectrum of the research lifecycle.

This strategic relationship between Thomson Reuters and the HeFIS, supported by The Hessen State Ministry of Higher Education, Research and the Arts (HMWK), will provide the six consortium universities with a holistic view of their research activity so they may make better informed decisions that drive the future success of their research strategy, associated activity and programs. HeFIS, the first university consortium in Germany to implement Converis, is managed by the Justus Liebig University Giessen (JLU) and comprises Philipps University Marburg, the University of Kassel, Frankfurt University of Applied Sciences, Fulda University of Applied Sciences, Hochschule Geisenheim University and the Technische Hochschule Mittelhessen – University of Applied Sciences.

Converis supports universities, research institutions and funding agencies in collecting and managing data throughout the research workflow with several highly-configurable insight modules, including pre-and-post-award management, publications management, graduate student management, intellectual property portfolio management, data integration, and research analytics. It collects and curates digital output and streamlines communication between researchers and administrators throughout the research lifecycle.

“We are proud to be Germany’s first university consortium to collaborate with Thomson Reuters to advance the efficacy and global impact of our scientific research with a management support system that will provide a comprehensive view of our efforts,” said Peter Winker, professor of statistics and econometrics and vice president of scientific infrastructure at Justus Liebig University Giessen. “Implementing a unified platform throughout the Hessian universities is a strategic investment in the infrastructure of our research information system.”

Converis complements and integrates with InCites™, the leading web-based research analytics platform enabling institutions to measure research output and impact, monitor trends and support reporting about research activities at all levels. Designed to meet the needs of research institutions around the globe, the Thomson Reuters Research Analytics suite delivers powerful solutions for connecting investment to impact.

“As one of Germany’s academic leaders, the Hessen University Consortium recognizes the importance of accurate and precise assessment, evaluation and benchmarking as the research workflow evolves and competition increases,” said Gordon Macomber, managing director, Thomson Reuters IP & Science. “We are pleased to work with this network to enable its stakeholders to make informed decisions for competitive advantage and to improve the global impact of its research efforts.”

Learn more about Converis and InCites.

Thomson Reuters

Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world’s most trusted news organization. For more information, go to www.thomsonreuters.com.

CONTACT 
Jen Breen 
+1 215 823 1791 
Jennifer.breen@thomsonreuters.com

Molly Malone 
+1 215 823 3702 
Molly.malone@thomsonreuters.com

GREĀ® Program Unveils Brand New Official Test Preparation Guides

— Never-before-published real test questions provide more in-depth practice to help prospective graduate and business school students

PRINCETON, New Jersey, Aug. 25, 2014  /PRNewswire/ — In response to requests from test takers, educators, and advisors for additional GRE® test preparation materials, the GRE Program has unveiled new practice questions for the GRE ® revised General Test to help students do their best on test day.

Logo – http://photos.prnewswire.com/prnh/20120110/DC33419LOGO

The “Official GRE® Verbal Reasoning Practice Questions, Volume One” and the “Official GRE® Quantitative Reasoning Practice Questions, Volume One” provide more in-depth practice for test takers and perfectly complement “The Official Guide to the GRE® revised General Test, Second Edition.”

Each guide provides 150 never-before-published questions with complete explanations, and valuable hints and tips. The verbal guide also includes brand new sample tasks for the GRE Analytical Writing Measure while the quantitative guide includes a review of the math topics that may appear on the test.

“One out of three test takers use our official study guide, but test takers in a recent survey indicated that they wanted more practice questions,” says Dawn Piacentino, Director of Communication and Services for the GRE Program at ETS. “In response to that feedback, we are introducing these new verbal and quantitative preparation books.”

These new guides, co-published with McGraw-Hill Education, are available in print and eBook formats through the ETS store and through bookstores worldwide.

The expansion of GRE test preparation materials is designed according to ETS officials to help test takers feel more confident on test day. Similarly, the ScoreSelect® option, available only with the GRE tests, was introduced so that students could show their best. With the ScoreSelect option, GRE test takers can decide on test day – or anytime up to 5 years after test day – which of their sets of scores to send to graduate or business schools worldwide. “It’s about success and achieving their dreams”, says Piacentino.

These new GRE test preparation materials join a growing assortment of print, video and online formats including the free POWERPREP ®II software which includes two full-length practice tests. Other official test preparation tools include the GRE® Success Starter video series, The Official Guide to the GRE® revised General Test, Second Edition”, a mobile app, and ScoreItNow! TM Online Writing Practice.

To learn more about all the official GRE test preparation tools, visit www.takethegre.com/prep.

About ETS
At ETS, we advance quality and equity in education for people worldwide by creating assessments based on rigorous research. ETS serves individuals, educational institutions and government agencies by providing customized solutions for teacher certification, English language learning, and elementary, secondary and postsecondary education, and by conducting education research, analysis and policy studies. Founded as a nonprofit in 1947, ETS develops, administers and scores more than 50 million tests annually — including the TOEFL® and TOEIC ® tests, the GRE ® tests and The Praxis Series® assessments — in more than 180 countries, at over 9,000 locations worldwide. www.ets.org

Honeywell Promotes Science and Technology Education in Partnership with Government Schools

More than 1,200 students and 12 teachers will benefit from experiential learning science kits program; Honeywell Engineers volunteer to promote technology careers to students

JAKARTA, Indonesia, Aug. 22, 2014 /PRNewswire/ — Honeywell (NYSE: HON) announced today that it is helping more than 1,200 local students learn about science and technology through a partnership with local schools in Batam and Bintan in Riau Islands province.

Under the Honeywell Science Kits program, four schools will receive science kits supporting the national curriculum. These comprehensive tools will allow students to experience science and technology concepts in an innovative way. As part of the program, 12 teachers from these four schools will be trained with hands-on teaching techniques, enabling them to better engage their students in the classroom. In addition to that, 12 engineers from local Honeywell facility are volunteering to promote technology careers at these local schools.

The program is part of Honeywell’s ongoing commitment to promote science and technology education in Indonesia which includes sponsoring middle school math and science teachers to attend its international programs such as Honeywell Educators @ Space Academy and Green Boot Camp to learn advanced teaching techniques. This new science kits program is sponsored by Honeywell Hometown Solutions, the company’s global citizenship initiative.

“Honeywell provides students and teachers opportunities in science and technology education in Indonesia, through a series of unique programs designed to inspire the next generation of innovators,” said Alex Pollack, President of Honeywell Indonesia. “This exciting program affords students an opportunity to learn concepts in a more engaging manner and gain valuable access to information about potential careers in science and engineering from Honeywell’s top engineers.”

According to National Science Foundation, 80 percent of the jobs in the next 10 years will require Science, Technology, Engineering and Math (STEM) skills and capabilities. “We aim to provide the best education to our students and these advanced teaching techniques will be highly beneficial both for our students as well as our teachers. We welcome such initiatives and are delighted to have Honeywell engineers volunteer to encourage our students,” said Zurnalis, Principal of SMPN 9, Batam.

Honeywell Science Kits program is being run in partnership with SMP II Lukman Hakim and SMP Negeri 9 in Batam as well as in SMP Negeri 11 and SMPN 13 in Bintan.

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.

About Honeywell, Indonesia

Honeywell’s products and systems have been distributed and installed in Indonesia since 1974. In 1992, Honeywell established our Indonesian representative office, which maintains a network of local distribution companies. Today, three of Honeywell’s businesses, Automation and Control Solutions, Aerospace, and Performance Materials and Technologies, employ over 1,500 employees in cities across the country, including Jakarta, Surabaya, Purwakarta, Batam and Bintan.

About Honeywell Hometown Solutions

Honeywell Hometown Solutions, the company’s corporate citizenship initiative, which focuses on five areas of vital importance: Science & Math Education, Family Safety & Security, Housing & Shelter, Habitat & Conservation, and Humanitarian Relief. Together with leading public and non-profit institutions, Honeywell has developed powerful programs to address these needs in the communities it serves. For more information, please visit http://citizenship.honeywell.com/.

Infinitus TCM Forum on Immunity Leads the Health Trend

HONG KONG, Aug. 20, 2014 /PRNewswire/ — On 14 August, Infinitus (China), member of LKK Health Products Group, jointly organized the Infinitus TCM Forum on Immunity with Hong Kong Trade Development Council and Modernized Chinese Medicine International Association at the Hong Kong Convention and Exhibition Center. As an important part of the 13th International Conference & Exhibition of the Modernization of Chinese Medicine & Health Products, the forum conducted the first-ever multidimensional discussion on the life-nurturing concept of TCM immunity.

Sub-Health Makes TCM Immunity a Trend

Either SARS in 2003 or the recent Ebola has been reminding people of the great importance of immunity. According to the statistics by World Health Organization, only 5% of the world’s population is rated as healthy, while 75% is in sub-health state. They tend to be with low immunity and most of them are highly-educated people and business management personnel. Furthermore, modern medicine has found that many serious diseases occur and develop in close relation to the immune system, which makes low immunity an urgent global health concern.

Different from Western medicine’s single-channel and single-target concepts, nurturing life in Chinese medicine places value on comprehensive balance, i.e., nourishing and regulation of Qi vitality through living, emotion, diet, exercise and so on to resist illness. And the role TCM plays in immunity has been receiving global recognition gradually. According to modern medicine, Chinese herbal polysaccharides are the fundamental element of the regulation of immunity by TCM. They can be used to produce health products, and thus resist and cure diseases by regulating and fulfilling the immunity and body adaptability.

In 2012, the global authoritative magazine Immunity released an article “Spotlight on China” to introduce the tremendous achievements in the research of autoimmune diseases that Chinese scientists had made in recent years. Elaboration on the unity and balance of the immune system by the Chinese medicine’s Yin and Yan theory also marked the acknowledgement of TCM’s role in the development of immunology by the international immunological circle. Meanwhile, China jumped from 15th to 6th regarding influence on the development of immunology, demonstrating the huge potential and rapid development of TCM immunology.

Experts Comprehensively Explore TCM Immunity

Global experts were invited to share and communicate about the research findings of TCM immunity at the forum, including Prof. Li Daning, former Vice Commissioner of State Administration of Traditional Chinese Medicine of P.R.C., Prof. Qin Zhihai, Investigator of the Institute of Biophysics, Chinese Academy of Sciences, Prof. James P. Tam from School of Biological Sciences, Nanyang Technological University, Singapore, Prof. Wang Qi from Beijing University of Chinese Medicine, and Prof. Dang Yi from School of Chinese Medicine, Hong Kong Baptist University.

Prof. Qin started with the history of immunology and introduced the relation between immunity and critical illnesses. Prof. Tam elaborated on the peptide immunologics which fill the gap in plant immunomodulatory compounds. Prof. Wang talked about how to regulate immunity differently based on the study of “9 Physiques of Human Body”. And in the end, Prof. Dang gave a lecture on how to enhance immunity through forming healthy lifestyles, mostly diet, regarding the Chinese medicine “Medicine and Food Homology” theory.

Participating experts agreed that the establishment of scientific life-nurturing philosophy helped regulate health and resist and cure diseases through enhancing immunity. Since the theories and methods of TCM immunity cover the precaution and treatment of sub-health and critical diseases, they have practical guidance on improving immunity and forming life-nurturing habits for people in sub-health. Meanwhile, experts recommended that in order to resist virus, people should improve immunity through different aspects, such as exercising more and keeping rational diet, living and emotions.

Mr. Harry Yeung, Senior Vice President of LKKHPG and Spokesperson of Infinitus, said:” Chinese herbal medicine and ‘four regulations’ of diet, living, exercise and emotion are useful modern methods for ‘Preventive Treatment of Disease’. As a pioneer in Chinese herbal compound polysaccharides, Infinitus will continue to propel the development of TCM immunity as usual. With more investment in R&D and stringent quality control, we are dedicated to bringing the public with products and technologies for immunity enhancement. At the same time, we will work hard on promoting the ‘Missing Link of Four Regulations’ to more areas, in order to popularize health philosophy and lifestyles to more people in need for the materialization of healthy lives.”

http://www.infinitus-int.com/news-detaile-140843935738095.html?l=en

For more information, please contact:

Samson Su
+86-20-3816-8859
samson.su@infinitus-int.com

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

<

UK University and ACCA Offer Free Business Course to People of Hong Kong

Innovative study concept means anyone can study business without leaving Hong Kong

HONG KONG, Aug. 19, 2014 /PRNewswire/ — A new initiative, due to launch in September, will allow anyone in Hong Kong or anywhere in the world to study business for free at a renowned UK university, thanks to a collaboration between global accountancy body ACCA (the Association of Chartered Certified Accountants), the University of Exeter Business School and online learning platform FutureLearn.

Together, they are launching a Massive Open Online Course (MOOC) — Discovering Business in Society — which is free to study and open to anyone in the world with access to the internet. The aim of the eightweek course is to give anyone interested in learning the principles of business, including prospective undergraduate students, working professionals without a background in business, people looking to return to work after an absence, or anyone seeking to further educate themselves. And for those interested in entering the finance profession and seeking a route to ACCA membership, the MOOC can be a starting point.

Jane Cheng, head of ACCA Hong Kong, said: “The whole point of this MOOC is that it is all encompassing. Yes, it can be a way for someone looking to begin their journey into the finance profession with ACCA, but equally it could be useful to anyone in Hong Kong or any other country seeking to start a business to get a better understanding of what’s involved, or a parent looking to return to work with a new set of skills. It’s not unusual today for those people already in work to look to change career, and this gives them a taster of what it might be like in a business environment. It’s open to anyone, anywhere, of any age who wants to do it. 

“Because it is entirely online, anyone in the world with access to the internet can study it, even though it is delivered by a prestigious UK university. Even if those who study it choose not to use it to further their careers or become entrepreneurs they will have a deeper understanding of how business is relevant in society.”

The Discovering Business in Society MOOC will cover a range of topics, including:

  • Purpose and types of business organisation
  • The changing world of business
  • Environmental and regulatory factors
  • Economic factors
  • Internal organisation and governance

First steps to accountancy

For those who complete the course and choose to take the optional assessment at the end of the course, which does have a fee attached to it, it could be the first step on the ladder to becoming a qualified ACCA accountant.

Those who are successful in completing the optional examinations can claim exemption from the ACCA F1 paper, Accountant in Business.

Clare Minchington, ACCA Executive Director, said: “The option is there to get that first part of the ACCA qualification under your belt should you decide a career in accountancy is for you. However, we didn’t launch the MOOC just to give people the opportunity to study our globally recognised qualification. Those who study it are under no obligation to take the examination at the end. When we say it is open to all, we don’t just mean those looking to become ACCA accountants. Our ethos has always been open access and this MOOC is testament to that thinking.”

Register for the ACCA-sponsored MOOC at Discovering Business in Society

Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
  2. We support our 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.  
  3. As the first global accountancy body entering into China, ACCA now has over 23,000 members and 48,000 students, with 8 offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Shenyang, Hong Kong SAR, and Macau SAR.
  4. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accounting professionals bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.
  5. For more information, please visit:
    www.accaglobal.com | www.facebook.com/ACCA.HongKong

“Keystone Has Come At The Right Time,” Says Dr. Jin Li, Speaking at the Sixth Education Salon

BEIJING, August 18, 2014 /PRNewswire/ — A mama, papa and baby bear are trying to catch fish for their dinner from a stream. The baby bear, desperate to learn this basic survival skill, tries but is unsuccessful and gives up. American 5-year olds who were told this story were more tolerant of the baby bear’s failure and still found it cute and furry, but their Chinese peers would have liked if the bear had persisted instead of giving up so easily. Dr. Jin Li says that the difference in response, revealed through academic research, is an indication of learning beliefs that come from “parental socialization” and then “joint socialization of parents and school” that are all culturally rooted. But one person sitting at the back of the room listening to Dr. Jin Li’s presentation at Keystone’s Sixth Education Salon was unhappy with this cultural distinction. Elementary school student and Chinese native, Coco, walked up to the front of the room and asked, “How can American kids be more tolerant of the baby bear? And as Chinese myself, which behavior should I choose?”

Dr. Jin Li, Professor of Education and Human Development of Brown University, explains the different learning models of different cultures.

The Keystone Approach

An expert and scholar in the field of education and human development at Brown University, Dr. Li was happy that a student came forward with this question. She explained that one cultural approach is not better than another. It is about developing a cognitive ability to integrate different cultural learning approaches and applying them in the right moments. Keystone, with its uniquely integrated education model and values, is best suited to enable integration and inculcate an understanding of cultural variations in students, says Dr. Li. As she notes in her recent book Cultural Foundations of Learning: East and West, “Globalization increases rather than reduces the need for us to understand cultural variations.” “Keystone comes at the right time,” she encouragingly notes, “with its world-oriented focus, critical thinking pedagogical style and inquiry-based learning.”

Meeting of East and West

Dr. Li’s compelling talk to a packed AmCham conference room was a wake-up call to the unavoidable significance of understanding culturally oriented learning beliefs. Her several years of extensively comparative and impressive research of European-American and Chinese children has given us a peek into the minds of children and how they learn. The western learning approach looks for objective truths through inquiry and scientific discovery because the human mind is supreme and enjoys such intrinsic inquiry that will be put to ethical use. The eastern way approaches learning as a lifelong process to learn about the self and continually improve the self; this approach to learning enables and legitimizes powerless individuals and encourages a love for learning. In today’s world, eastern and western learning cultures meet through ever moving populations. Cultural integration is inevitable. In Dr. Li’s words, “It is quite possible to obtain knowledge and to retain one’s soul []One can grow both with what has been enculturated and assimilated in one’s own culture and what has been acculturated in another.” Keystone’s mission is in tune with this dynamic and ever changing world. The Academy’s unique Chinese Thread lays the foundation to potential cultural integration. Keystone’s students will graduate as academically outstanding, culturally sensitive and integrated world citizens.

About Keystone Academy

Keystone Academy is a non-profit, philanthropic venture governed by a board of trustees. The school, which will enroll its inaugural class in fall 2014, blends distinctive traditions in eastern, western, and international education, creating a “new world school” that is academically outstanding and a new model of education in China. At Keystone, we embrace a world that is dynamic and ever changing. We learn from and we learn for this enterprising, global community.

For further Information, please contact:
Ms. Sabrina Liu
Director of Marketing and Communications
+86-010-8049-6008
sabrina.liu@keystoneacademy.cn
www.keystoneacademy.cn

Photo – http://photos.prnewswire.com/prnh/20140815/136467

Hult Prize Finalists Complete Start-Up Boot Camp, Prepare to Present to President Clinton for US1M Prize

Gum for oral care and diabetes detecting bees are two of six innovations seeking to disrupt healthcare opportunities for urban slum dwellers

BOSTON, Aug. 18, 2014 /PRNewswire/ — After completing a month-long start-up accelerator hosted by Hult International Business School’s Boston campus, the six finalist teams vying for the US1M Hult Prize now have one month remaining to refine their pitches before presenting to President Clinton at the CGI Annual Meeting in New York on 23 September.

During the start-up accelerator, teams from University of Pennsylvania, Massachusetts Institute of Technology, HEC Paris, ESADE Business School, Indian School of Business, and York University received mentorship from prominent business leaders and Hult faculty in order to hone their start-up ideas – which address the issue of non-communicable-disease (NCD) in urban slums.

“Given the complexity associated with the healthcare topic, I am excited that we continue to see the same high-quality ideas and solutions coming from the teams,” said Dr. Hitendra Patel, Professor of Innovation at Hult and leader of the Hult Prize Accelerator. “Teams this year are presenting potentially groundbreaking solutions for the prevention and detection of cardiovascular diseases, respiratory diseases, diabetes, and cancer. I am honoured to be a part of the Hult Prize initiative, and wish all of the finalists good luck as they prepare for their final pitches.”

A panel of all-star judges, including Dr. Mohammad Yunus (Nobel Laureate and founder of Grameen Bank), Dr. Sanjay Gupta (neurosurgeon and Chief Medical Correspondent for CNN), Sheila Marcelo (Founder and CEO of Care.com), Fadi Ghandour (Founder and Vice Chairman of Aramex), and Ashish Thakkar (Founder and Managing Director of the Mara Group of companies), will join President Clinton to select the winning team.

“The Hult Prize continues to transform the way students define their place in the world they inherit and how they can address big social issues affecting all of us,” said Dr. Stephen Hodges, President of Hult International Business School. “We are honoured to host these young social entrepreneurs and support them as their ideas come to life.”

Over the last five years, the Hult Prize has brought together 35,000 college and university students from 600 schools to solve some of the world’s most pressing challenges. To learn more about the prize and this year’s solutions, visit http://www.hultprize.org.

BAIOO Family Interactive Limited Releases Supplement Information for 2014 Interim Results

HONG KONG, Aug. 15, 2014 /PRNewswire/ — BAIOO Family Interactive Limited (“BAIOO” or the “Company”; stock code: 2100), China’s largest online entertainment destination designed for children, provided the following explanation about the impact on its 2014 First Half Results of the existence of its convertible redeemable preferred shares until April 10, 2014.

In its Announcement published on August 14, 2014, the Company, under IFRS accounting standards, reported a fair value loss of RMB327.7 million on its convertible redeemable preferred shares for the six months ended 30 June 2014 due to the continued increase in the equity value of the Company.

After the Company’s IPO on April 10, 2014, the convertible redeemable preferred shares were converted into common shares of the Company and ceased to exist.

As a result, from this date on, the need to record adjustments for gain(s) or loss(es) in fair value has ceased to exist and no such adjustment will impact the Company’s results for the second half of 2014.

This is why the Company has chosen to focus on its adjusted net profit (up 20.7% year over year) as management believes it better reflects the fundamental performance of the business, currently and going forward.

Fair value Loss of convertible redeemable preferred shares does not result in any forms of cash payment or payable to any parties.

About BAIOO

The Company operates the largest online entertainment destination designed for children as measured by revenue in 2013. Its web portal page, 100bt.com, is a centralized platform for interactive children’s content through which users can access all six of its virtual worlds and entertainment, e-learning and other products and services using one registered account. Representing its core brand values of “Dreams, Friendship and Development,” BAIOO’s virtual worlds and their characters have gained strong awareness among children and parents in China. As the leading provider of interactive online content for children in China, the Company has accumulated an extensive knowledge base and deep understanding of children’s behavior and needs with respect to online activity and consumption. Through BAIOO’s commitment to create a safe and fun environment with age-appropriate content and its understanding of children’s needs, the Company’s products and services have gained the trust of parents and regulators. Leveraging the Company’s competitive strengths, BAIOO plans to pursue a variety of growth strategies, including increasing its addressable market, expanding its online product offerings, strengthening its brand, and continuing to execute its mobile strategy. The Company also intends to leverage its strong brand recognition, expertise in the industry and unique product development and operating model to expand into new international markets over time and is committed to maximizing shareholder value over time.

Logo – http://photos.prnasia.com/prnh/20140814/8521404592LOGO