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

Stocks in this article: NOAH

Income Tax Expenses

Income tax expenses for the second quarter of 2011 were US$3.2 million, a 323.3% 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 second quarter of 2011 was US$8.9 million, a 367.4% increase from the corresponding period in 2010. Net margin for the second quarter of 2011 was 38.4%, as compared to 24.6% for the corresponding period in 2010. Income per basic and diluted ADS for the second quarter of 2011 were both US$0.16.

Non-GAAP net income attributable to Noah shareholders for the second quarter of 2011 was US$9.3 million, a 213.6% increase from the corresponding period in 2010. Non-GAAP net margin for the second quarter of 2011 was 40.1%, as compared to 38.2% for the corresponding period in 2010. Non-GAAP income per diluted ADS for the second quarter of 2011 was US$0.16.

Balance Sheet and Cash Flow

As of June 30, 2011, the Company had US$128.1 million in cash and cash equivalents, an increase of US$2.6 million from US$125.5 million as of March 31, 2011. In the second quarter of 2011, the Company generated US$5.5 million in its operating activities, received US$2.3 million in proceeds from sale of fixed income products, invested US$4.2 million in fixed income products and used US$0.7 million to acquire property and equipment.

2011 FORECAST UPWARD REVISION

The Company revises its estimate of 2011 non-GAAP net income attributable to Noah shareholders to be in a range of $24 million and $26.5 million, up from its previous estimate of $21 million to $25 million. The revised estimate represents a year-over-year increase in the range of 79.6% and 98.3%. This revision reflects management’s current business outlook and is subject to change.

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