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TAL Education Group Announces Unaudited Financial Results For The Third Fiscal Quarter Ended November 30, 2010

TAL Education Group (NYSE: XRS) (“TAL” or the “Company”), a leading K-12 after-school tutoring services provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2011 ended November 30, 2010.

Financial Highlights for the Third Fiscal Quarter Ended November 30, 2010

  • Net revenues increased by 47.7% year-over-year to US$24.1 million from US$16.3 million in the same period of the prior fiscal year.
  • Net income from continuing operations increased by 7.9% year-over-year to US$2.6 million from US$2.4 million in the same period of the prior fiscal year.
  • Non-GAAP 1 net income attributable to TAL, which excluded share-based compensation expenses, increased by 77.3% year-over-year to US$4.3 million from US$2.4 million in the same period of the prior fiscal year.
  • Basic and diluted net income per ADS were US$0.03 and US$0.03, respectively. Non-GAAP basic and diluted net income per ADS, in each case excluding share-based compensation expenses, were US$0.06 and US$0.06, respectively. Each ADS represents two Class A common shares.
  • Total student enrollments during the third quarter of fiscal year 2011 increased by 24.9% year-over-year to approximately 94,100.
  • Expanded our physical network to 114 learning centers in six cities as of November 30, 2010.

Nine Months Ended November 30, 2010 Financial Highlights

  • Net revenues increased by 56.7% year-over-year to US$76.9 million from US$49.1 million in the same period of the prior fiscal year.
  • Net income from continuing operations increased by 35.9% year-over-year to US$16.0 million from US$11.8 million in the same period of the prior fiscal year.
  • Non-GAAP net income attributable to TAL, which excludes share-based compensation expenses, increased by 55.8% year-over-year to US$18.4 million from US$11.8 million in the same period of the prior fiscal year.
  • Basic and diluted net income per ADS were US$0.24 and US$0.24, respectively. Non-GAAP basic and diluted net income per ADS in each case, excluding share-based compensation expenses, were US$0.29 and US$0.28, respectively.
  • Total accumulated student enrollments during the nine months ended November 30, 2010, increased by 31.9% year-over-year to approximately 331,000.

“We are very pleased to announce strong quarterly results as we report earnings for the first time as a publicly traded company,” said TAL’s Chairman and Chief Executive Officer, Mr. Bangxin Zhang. “Our total student enrollments grew by approximately 25% from the same period last year, with each of our three business formats contributing to our overall enrollment growth.”

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