FHS announced the 4million share repurchase plan, and CFO expressed full confidence
FHS announced the stock repurchase plan.
- Syracuse, NY (1888PressRelease) July 06, 2022 - Just now, FHS announced the stock repurchase plan.
The plan announced that it would repurchase 4million yuan of class a common shares within 12 months from July 15, 2022.
As for the repurchase plan, tommyzhou, FHS chief financial officer, said, "the share repurchase plan is very consistent with our commitment to achieve maximum value for shareholders, and reflects the board's confidence in the company's continued growth."
In addition, according to the first quarter financial report released in May, the total revenue of FHS in the first quarter of 2022 was 89.34 million yuan (US $14.09 million), an increase of 14.2% year-on-year compared with 78.23 million yuan (RMB, the same below) in the same period in 2021. The net profit in the first quarter of 2022 was 19.55 million yuan (US $3.08 million), an increase of 264.4% year-on-year compared with 5.36 million yuan in the same period of 2021.
As of March 31, 2022, the total number of registered students in school programs and public schools provided by the company with management services was 21242, an increase of 3.0% over 20631 as of March 31, 2021. As of March 31, 2022, the total number of school projects (including public school projects) that the company provided management services was 22, an increase of 4.8% over the 21 as of March 31, 2021.
The company's profit from continuing operations was 21.08 million yuan (US $3.32 million), the loss from non continuing operations was 1.53 million yuan (US $240000), and the net profit was 19.55 million yuan (US $3.08 million).
For the first quarter financial report data, Mr. Tommy Zhou, FHS financial director commented:
It can be seen from the data that the operation ability of the company has been greatly improved after the governance optimization. Compared with the same period last year, the operating revenue increased by 14.2%, reaching 89.34 million yuan, and the net profit increased by 264.4%, reaching 19.55 million yuan. The comprehensive service ability of the company's modern education and business endurance continued to improve.
Since the third quarter of last year, we have made more attempts and efforts to optimize the company's operation. At present, the company has upgraded the original budget system and salary system in order to improve the efficiency of resource allocation and not waste a penny. Under the newly upgraded budget and capital planning system, the company can accurately calculate all daily cash flows in the next 1-2 months, evaluate the rationality of the proposed expenses, make various capital arrangements in advance, and significantly reduce the possible invalid expenses in the daily operation process. At the same time, the company has added a horizontal financial analysis and guidance team to conduct horizontal analysis and comparison across companies and campuses through data models, and continuously track and actively improve the operational efficiency of each accounting entity. In addition, in terms of salary system, the company has improved the performance evaluation system and reward system based on industry and financial data, significantly improving the effectiveness of employee rewards and incentives.
It can be seen from the published annual report and the first quarter report that the company has initially achieved positive results through the implementation of refined management: for example, in terms of management expenses, the annual management expenses in 2021 were 73.98 million yuan, including 60.4 million yuan in the first half and 13.58 million yuan in the second half. For example, in terms of operating costs (mainly campus operating expenses and employee compensation), in the first quarter of 2022, when the operating revenue increased by 14.2% year-on-year, and the number of students served and the number of campuses increased, the operating costs were unchanged from the same period last year. The company will continue to improve operational efficiency to achieve the development goal of ensuring stability and promoting stability.
Finally, the expansion of the company's business deserves everyone's attention and expectation. From May to September every year is the key node of college entrance examination acceptance and enrollment. This year, the company will increase courses in vocational education and quality education, and has made full deployment in Higher Vocational single enrollment, art, media, dance, music and other courses. At present, among the school projects in operation, 18 school projects are mature enrollment, 2 recruit students in the first year, and a school hosting service project in the central region will be added this month.
In the future, the company and its team will continue to improve their operation, management and modern governance capabilities, and create a high-quality education comprehensive service system. We will wholeheartedly serve the needs of the society, look forward to providing more high-quality services for students and parents in new and old campuses, and work together with all sectors of society to promote the high-quality development of education in our country.
It can be seen that both the previously released first quarter financial report data and analysis, as well as the stock repurchase plan, demonstrate FHS' confidence in its own business and future development. In addition, the editor also learned through the FHS publicity platform that in recent years, FHS has focused on the integration of general education and vocational education, and is actively trying to build and serve comprehensive high schools and help the development of vocational education.
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