TAL Education Group Announces Unaudited Financial Results For The Third Fiscal Quarter Ended November 30, 2010
Cash and Cash Equivalents
As of November 30, 2010, the Company had US$178.6 million of cash and cash equivalents, as compared to US$81.5 million as of August 31, 2010. The increase in cash was mainly due to our successful initial public offering and listing of its ADSs on the New York Stock Exchange on October 20, 2010.
As of November 30, 2010, the Company’s deferred revenue balance was US$38.0 million.Recent Developments Mr. Yundong Cao has resigned from his position as President and director effective April 1, 2011. Over the next two months, Mr. Cao will transition his responsibilities to Mr. Bangxin Zhang, Chairman and Chief Executive Officer, and Mr. Joseph Kauffman, Chief Financial Officer. The Company’s board of directors has also appointed Mr. Bangxin Zhang to replace Mr. Cao as a member of its audit committee, effective April 1, 2011, until the first anniversary of the Company’s IPO. Mr. Cao, who co-founded the Company in 2003, has decided to resign for personal reasons. Business Outlook Based on the Company’s current estimates, total revenues for the fourth quarter of fiscal year 2011 are expected to be between US$29.5 million and US$31.0 million, representing an increase of 46% to 53% on a year-over-year basis. This estimate reflects the Company’s current expectation, which is subject to change. Conference Call The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter ended November 30, 2010 at 8:00 am Eastern Standard Time on Tuesday, January 25, 2011 (9:00 pm Beijing time on Tuesday, January 25, 2011).
The dial-in details for the live conference call are as follows:
|- U.S. Toll Free Number:||1-800-706-7741|
|- International Dial-in Number:||1-617-614-3471|
|- Mainland China Toll Free Number (North):||10-800-852-1490|
|- Mainland China Toll Free Number (South):||10-800-130-0399|
|- Hong Kong Toll Free Number:||800-96-3844|
|- U.K. Toll Free Number:||080-8234-7616|
|Conference ID: XRS|
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