On Monday, RYB Education Inc – ADR (NYSE: RYB) has shown a downward move of -1.23% and traded the recent trade at $6.41. The trading volume is recorded to 3,199 shares as compared to average traded volume of 20055 shares. During last trade, its maximum trading price was registered $6.48 and it’s the minimum trading price was noted $6.38.
RYB Education, Inc. (RYB) recently reported its unaudited financial results for the second quarter of 2019.
“We delivered another solid performance during the second quarter of 2019, which was driven by the strength of our core offerings: play-and-learn centers and kindergarten services. Additionally, during the second quarter, net enrollment increased at our directly operated facilities as we benefitted from healthy domestic growth and contributions from our overseas operations. The strong market appeal of our expanded educational platform continues to be fueled by our steadfast commitment to offering differentiated educational products and services to the students and families we serve,” stated Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of RYB.
“With the expanded brand portfolio for our kindergarten business following our Singapore acquisition, we now adopt a ‘multi-layered brand portfolio’ strategy to cater to a broader student base, and improve children and parents satisfaction level. Our teams on both sides will explore opportunities for resources sharing, and introduce integrated early education services to our students at home and abroad. We expect potential benefits to unfold through our combined efforts. In this process, we remain committed to improving the quality of our educational offerings, and ultimately contributing to the greater good of our children, families and communities,” concluded Ms. Shi.
Second Quarter 2019 Financial Results
Net revenues for the second quarter of 2019 were $53.6M, contrast with $47.5M for the same quarter of 2018.
Service revenues for the second quarter of 2019 were $48.2M, contrast with $43.6M for the same quarter of 2018. The increase was primarily contributed by enrollment increase at directly operated facilities and newly purchased facilities in Singapore, and was partially offset by the decrease in the franchise services revenue. Franchise fee revenue in the second quarter of 2018 was relatively higher Because of the recording of an accounting estimate change.
Product revenues for the second quarter of 2019 were $5.4M, contrast with $3.9M for the same quarter of 2018, primarily Because of a raise in delivery of products of certain courses rolled out by the Company during the first quarter of 2019 and a raise in the amount of merchandise sold through the Company’s franchise network.
Cost of Revenues
Cost of revenues for the second quarter of 2019 was $41.6M, a 31.7% increase from $31.6M for the same quarter of 2018. Cost of revenues for services for the second quarter of 2019 was $38.8M, contrast with $29.4M for the same quarter of 2018. The increase was primarily Because of a raise in staff compensation at the Company’s directly operated facilities and higher operating cost. Cost of product revenues for the second quarter of 2019 was $2.8M, contrast with $2.2M for the same quarter of 2018. The increase was in line with the increase in product revenues.
RYB Education Inc – ADR (RYB) stock’s market capitalization arrived at $5.236B and total $275.54M outstanding shares. The stock has a 52-week highest price of $21.26 and its 52-week lowest price was called at $5.6.