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Noah CEO Discusses F4Q10 Results - Earnings Call Transcript

Jerry He

Thank you, Dora. Those performances of our ELP business in the fourth quarter was a considerably weak due to the challenges encountered in aligning our distribution net channels. We believe that maintaining our customer focus development and the marketing strategy will allow us to stabilize and recover this business.

By strategically targeting selective market segments, we will be able to hold in other features in the price point that will best appear to each demographic. Our popular NE350 remains competitive and is one of the best selling KLD in the space. Therefore we were not be releasing any new KLD devices until at least second half of fiscal 2011, which will allow the NE350 to continue reaching its targeted customers and will give us more time to stabilize our sales channels before moving forward with a new KLD launch.

Our DLD segment was the most severely impacted by this quarter and we plan to introduce a new student notebook and a flat panel DLD targeting the higher-end segment in early fiscal 2011 to better compete in the marketplace. Our e-dictionary sales were comparably more resilient as we continue to benefit from our relationship with Franklin Electronic Publishers and fulfill their ODM requests.

Given the recent developments in the ELP business, we’ve also made a strategic decision to focus on reducing our account receivable and inventory levels. Our, say, next few quarters in order to maintain a healthy business and a center stage for growth for the launch of new products in the second half of fiscal ‘11.

Moving to slide 10, as we have already discussed, much of our performance this quarter was due to interruptions encountered in the implementation of our channel realignment initiative as we aim to add new distributor into our network. This initiative affected our working relationships with existing distributors and created constraints in overall distribution capability and capacity.

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