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Noah Education Holdings, Ltd. F3Q10 (Qtr End 03/31/2010) Earnings Call Transcript

These assets have aided us in growing both our top and bottom lines, and I am confident in our ability to deliver continued growth going forward.

With that, I will now turn the call over to Dora to walk you through our financial performance for the quarter.

Dora Li

Thank you, Chairman. We continue to see healthy growth in the third quarter, supported largely by an impressive rise in KLD sales and complemented by growth in our education service segment.

As noted on slide 3, net revenue totaled RMB253.7 million, up 18.3% from the third quarter of fiscal 2009. As our chairman just mentioned, although revenue was below our initial guidance, we are still encouraged by the year-over-year growth rate we attained across our top and bottom line.

Jerry will share with you in just a few minutes our unique strategy and the opportunities we are faced with, that will support future growth.

Our ELP business maintained stable growth during the quarter. Taking a closer look at our ELP business, as shown on slide 4, the 27% year-over-year decline in DLD revenues was more than offset by a 100.7% increase in KLD sales and to a lesser extent a 5.4% increase in E-dictionaries.

Our Kid Learning Devices remain a primary catalyst for growth, and our recently launched device has perfectly captured customers across a range of spending habits. We believe there remain ample opportunities to further expand our presence in this space. To help further expand KLD sales and to stabilize DLD revenue, our R&D efforts going forward will be heavily focused on developing products based on our customers' needs and requests.

This customer-focused approach will help ensure the success of each new product launch.

Slide 5 offers a breakdown of our revenues for this quarter. Our ELP business contributed RMB243 million, up 13.3% from last year. Little New Star contributed RMB10.7 million, which was at the top end of our guidance range, demonstrating how Little New Star is complementing our ELP revenue growth.

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