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Noah CEO Discusses F4Q10 Results - Earnings Call Transcript

Therefore, in fiscal 2011, Wentai would lay groundwork for meaningful growth starting in fiscal 2012 and beyond. We’re excited to work on Wentai into their Noah family and look forward to further executing on our strategy of acquisitive growth in education services base by uncovering additional attractive business to add to our portfolio.

Turning to slide three, we are also ardently focused on streamline -- streamlining cost base in order to preserve modern hours. To achieve this, we have identified several initiatives to reduce operational spending. We would institute tighter cost controls and select headcount reductions across various departments, including sales and marketing, back office administration, production and research.

In order to align our available resources with demand and performance, new addition, we plan to review our current advertising and marketing programs and identify areas that we can more efficiently and cost effectively reach our target audience. We expect to achieve RMB20 million in cost savings in fiscal year 2011 through this initiative.

I would like to point out that this RMB20 million will not be evenly distributed through the four quarters of fiscal 2011. Given the first fiscal quarter is our seasonally strongest, we will retain many resources to meet demand and intend to ask you to more actively on this cost saving plan, starting in the fiscal second quarter.

Looking ahead to our new fiscal year and taking you into account, the aforementioned competitive environment, recovery process of our ELP business and on going expansion in the education service business. Our guidance is outlined on slide 14 for the first of fiscal quarter of 2011.

We anticipate total revenue to be in the range of RMB123 to RMB129 million. Within this range, the ELP portion of our business should contribute approximately on RMB102.5 to 106.5 million, with additional RMB12.5 to 13.5 million for Little New Star and RMB8 to 9 million from Wentai Education during the quarter, following the completion of the acquisition.

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