BEIJING, June 1, 2011 /PRNewswire-Asia-FirstCall/ -- ATA Inc. ("ATA" or the "Company", Nasdaq: ATAI), a leading provider of computer-based testing and testing-related services in China, today announced that its Board of Directors has declared a special cash dividend of US$0.215 per common share, or US$0.43 per American Depositary Share (ADS).
The total amount of cash distributed in the dividend is expected to be approximately $10.0 million. The dividend will be paid on or around August 1, 2011 to all shareholders of record as of the close of business on June 30, 2011.
The number of weighted average ADSs used to calculate basic and diluted earnings per ADS for the quarter ended March 31, 2011 were both 22.3 million and for the fiscal year ended March 31, 2011 were both 22.2 million. Each ADS represents two common shares. ATA had 44.6 million common shares outstanding on March 31, 2011 and 44.4 million common shares outstanding on March 31, 2010.
Mr. Kevin Ma, Chairman and CEO, stated, "We feel that this special dividend is a strong indicator of our ability to produce free cash flow and allows us to return capital to our loyal shareholders."
As of March 31, 2011, the Company had $40.9 million in cash and cash equivalents on a consolidated basis.
About ATA Inc.
ATA is a leading provider of computer-based testing services in China. The Company offers comprehensive services for the creation and delivery of computer-based tests based on its proprietary testing technologies and test delivery platform. ATA's computer-based testing services are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, securities, insurance, and accounting. ATA's test center network comprised 2,018 authorized test centers located throughout China as of March 31, 2011. The Company believes it has the largest test center network of any commercial testing service provider in China. ATA has delivered more than 41.4 million tests since ATA started operations in 1999. For further information, please visit ATA's website at http://www.ata.net.cn.
At the Company
The Equity Group Inc.
Benson Tsang, CFO
Adam Prior, Vice President
Phone: +86 10 6518 1122 extension 5107
Phone: +86 10 6587 6435
Carolyne Yu, Account Executive
Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "future," "intend," "look forward to," "outlook," "plan," "should," "will," and similar terms and include, among other things, the Company's expectations about its future performance.
SOURCE ATA Inc.