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Noah CEO Discusses F4Q10 Results - Earnings Call Transcript

While we hope that our decision to strategically realign our channel distribution network in order to increase penetration in our target market and enhance geographical reach was correct. We had adjusted our approach by maintaining the effectiveness of our current distribution network while simultaneously working with selective new distributors to expand our network.

We have also appointed our President and COO, Mr. Tang Benguo to oversee the process to ensure that relationships with our distributors remain intact and that our sales team is appropriately structured. While all these challenges were unanticipated, we believe we have made necessary adjustment and set our sales back on the path to achieve the desired results.

To better understand how to improve our relationship with our distributors, we have began offering monthly meetings which will provide distributors with a forum to voice their concerns, suggestions or encourage and allow us to address any issues as necessary. We believe that this [makes] relationships with our distributors and help faster royalty and optimized our sales network.

This effort have already shown positive results as ELP sales are showing modest improvement and we have retained most of legacy distributors or that we have added ounce on new distributors, we do recognize that due to their latency period fall in the peak season, this new distributors would likely assess their overall product portfolios and decide what products to keep in their line-up.

We anticipate having more visibility at the end of this calendar year as what our overall distribution network would look like going forward. As we walk through the transitional period in our ELP business, we are very encouraged by this strong performance and the expanding presence in the education services industry and believe this progress our business exhibits the most promising growth prospects.

We see great potential in this highly-fragmented market and believe Little New Star and our newly acquired Wentai Education would be four components of our growth going forward. Little New Star progressed nicely in the fourth quarter exceeding our guidance and reach our target of 30% top line growth for the fiscal year.

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