Chinacast Education (NASDAQ:CAST)

BEIJING, June 16, 2011 /PRNewswire-Asia/ -- ChinaCast Education Corporation (the "Company" or "ChinaCast") (Nasdaq GS: CAST), a leading post-secondary and e-learning services provider in China, today is providing an update to shareholders.

From May 12, 2011, through June 15, 2011, the Company has repurchased approximately 915,503 shares of stock at an average price of $4.747 under its $50 million corporate share buyback plan

For the full year ending December 31, 2011, the Company reiterates the following financial guidance:

• Total net revenue of $94 million and $96 million, a year-on-year increase of 21% to 23%
• Adjusted net income(1) (non-GAAP) between $32 million to $34 million, a year-on-year increase of 18%-25%
• Based on the weighted average shares used in computation at the end of FY2010 and a higher tax accrual rate for FY2011, an adjusted diluted EPS (non-GAAP) between $0.64 and $0.68, a year-on-year increase of 14%-21%
• Adjusted EBITDA excluding share based compensation (non-GAAP) between $50 million and $52 million, a year-on-year increase of 20% to 25%