Benzinga | Jun 28, 2021 02:25PM EDT

Ambow Education Reports Strong Q1 Revenue

* Ambow Education Holding Ltd (NYSE:AMBO) has reported first-quarter FY21 sales of $19.8 million, up 55.3% year-on-year.

* The revenue increase was mainly due to the full business recovery from the impact of the COVID-19 pandemic and higher revenue contribution from NewSchool of Architecture and Design LLC, acquired by the Company from March 2020.

* Gross profit of $6.8 million increased 287.8% Y/Y.

* Operating expenses rose 17.5% to $9.1 million, translating to an operating loss of $2.3 million, down 62% Y/Y.

* EPS loss of $(0.05) was down from $0.02 a year ago.

* Ambow's cash and equivalents totaled $18.8 million as of March 31, 2021.

* "Looking ahead, we will remain focused on harnessing our technological capabilities to offer a broader range of education services in China and U.S. while enhancing operating efficiency," said CEO Jin Huang.

* Price action: AMBO shares are trading lower by 0.43% at $2.33 on the last check Monday.