CEU training facility- CEU has been referring to the same place as its training facility in its 2006 through 2009 10Ks. About the only saving grace I can think of would be that the company just moved to a new facility in the last few months or that facility was cleaned out for remodeling.From tne Kerrisdale report:
The company has not moved its location since 2006. Here is disclosure from its 2006, 2007,
2008 and 2009 10Ks about the training center (links provided in report). As we can see, the company has described the
training center as having “17 modern classrooms that has a capacity for 1,200 students” since
its inception, and refers to it by the name “Heilongjiang Zhonghe Education Training Center”.
Throughout SEC filings and in MD&A, the company consistently refers to a single training center
that began operations in 2006.
According to documents filed with the SEC, in 2009 this 36,600 square foot facility generated
$12.1 million of revenue at a 78.8% gross margin.
My comment-That works out to about $10,000 a year per student assuming the facility is always 100% full, which I doubt. If 2/3rds full they would need $15,000/ student. I don't know what the going rate in China is for tuition, but that seems pricey to me.
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