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Noah Holdings Limited Announces Financial Results For The First Quarter Of 2011

Income Tax Expenses

Income tax expenses for the first quarter of 2011 were US$2.1 million, a 134.8% increase from the corresponding period in 2010. The year-over-year increase was primarily due to an increase in taxable income.

Net Income

Net income attributable to Noah shareholders for the first quarter of 2011 was US$5.8 million, a 158.3% increase from the corresponding period in 2010. Net margin for the first quarter of 2011 was 38.0%, in line with the corresponding period in 2010. Income per basic and diluted ADS for the first quarter of 2011 were both US$0.10.

Non-GAAP net income attributable to Noah shareholders for the first quarter of 2011 was US$6.1 million, a 162.1% increase from the corresponding period in 2010. Non-GAAP net margin for the first quarter of 2011 was 40.6%, as compared to 40.0% for the corresponding period in 2010. Non-GAAP income per diluted ADS for the first quarter of 2011 was US$0.11.

Balance Sheet and Cash Flow

As of March 31, 2011, the total balance of cash and cash equivalents, fixed-term deposits 5 and short-term investments in held-to-maturity securities (collectively, “cash”) was US$135.2 million, a decrease of US$0.3 million from December 31, 2010. In the first quarter of 2011, the Company (i) used US$0.1 million in its operating activities, primarily due to increases in accounts receivable as the Company completed several projects and recorded the corresponding receivables later in the quarter because of Chinese New Year, which were mostly collected in April 2011, (ii) invested US$2.7 million in fixed income products and (iii) used US$0.5 million to acquire property and equipment.


The Company estimates that non-GAAP net income attributable to Noah shareholders for the year 2011 is expected to be in the range of US$21.0 million and US$25.0 million, representing a year-over-year increase in the range of 56.7% and 86.6%. This estimate reflects management’s current business outlook and is subject to change.


Senior management will host a conference call on April 28, 2011 at 8:00 PM (Eastern) / 5:00 PM (Pacific) / 8:00 AM (Hong Kong on Friday, April 29) to discuss its first quarter 2011 financial results and recent business activity. The conference call may be accessed by calling the following numbers:
    Toll Free     Toll

• United States
1-866-700-6293     1-617-213-8835

• China

• South China
China Telecom



• North China
China Netcom



• Hong Kong
800 96 3844

• United Kingdom
Participant Passcode "NOAH"

A telephone replay will be available the morning following the call until May 6, 2011 at (US Toll Free) +1-888-286-8010 or (International) +1-617-801-6888. Passcode: 91771526.

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