The company's actual results could differ materially from those contained in the Risk Factors section of the company's final prospectus or recent filings filed with the Securities and Exchange Commission. Unless required by law, the company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
I would now like to turn the call over to Noah's Chairman and CEO, Mr. Dong Xu. Sir, please go ahead.
Good morning and to some good evening. Thank you for joining us today for our fourth quarter and fiscal year 2010 results conference call. As you have seen from our earnings release our results this quarter were impacted by disruptions in our channel realignment initiative, as well as by increasing competition in China’s ELP space.Although, revenue for the fourth quarter declined 71.9% over the same period last year and we recorded a net loss of 83.5 million Renminbi, we have actively responded to the challenges we encountered by adjusting our approach, implementing new relationship building interactions with our distributors and introducing costs reduction initiative to support our bottom line as we work through this traditional – transitional period. Jerry will provide you with additional details on this initiative in a little while. Despite the current challenges in our ELP business, we remain committed to keeping our business healthy and seeking out avenues to maximize revenue opportunities and reach our target customers. In addition to our assets to expedite the recovery of the ELP business, we are heavily focused on driving growth from our education services business. Little New Star continues to meet or exceed our expectations and we believe its ever expanding network of schools will provide meaningful growth to our business going forward. Yesterday, we completed our acquisition of Wentai Education, which provides an additional revenue stream and further boost the growth prospect of our education services business. Wentai’s unique business model and reputation for academic excellence are at the forefront of the trend in China towards top quality education and we believe that Wentai’s experienced management team supported by the funds from the acquisition will fully capitalize on this trend in order to drive business expansion.