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Noah Education Holdings CEO Discusses F3Q2011 Results - Earnings Call Transcript

I would now like to turn the call over to Noah's CEO, Mr. Jerry He.

Jerry He

Thank you for joining us today on our third quarter fiscal 2011 result conference call. As you may have seen from our earnings release, our Education Services business continue to flourish during the quarter with revenue from this segment growing 115.5% year-over-year and the net income revenue and factor added 158.2% as our financial results as a group.

We were impacted by the performance of our discontinued ELP business. We are on track to complete the sale of this business by the end of this month. The disposal of the ELP business will not only enable us to focus on our strategic growth areas, but also strengthen our balance sheet and better support our cash flow levels going forward.

With the divesture of our ELP business at an advanced stage, our focus is on our education services segment. We are actively pursuing special opportunities within our existing brands and expect the number of Wentai Education Schools and their management to be at least 20 by the end of calendar year 2011, double of what it was when we completed the acquisition in July 2010. We look forward to taking advantage of future opportunities to expand the Wentai brand both of acquisitively and organically.

We also continue to execute our strategic imperative of acquiring complementary business. Last month, we entered into a definitive agreement to purchase 80% interest in kindergarten operator Yuanbo Education. We are confident the combination of the capital injected into Yuanbo Education as part of the acquisition. Together with our extensive education service and management experience, we lead today the continued growth of this business and making accretive through earnings in the fiscal ending June 2012.

I will give you a bit more color on our progress with both Wentai and the Yuanbo Education in just a few minutes. Before handling over to Dora, to walk through our financial results, I would like to reiterate there is a world opportunities that exists within China's fragmented and nascent education service market.

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