Looking into detailed operating expenses. General and administrative expenses up about 52.9% year-over-year to 15.6 million mainly due to the incremental expenses from Wentai and that the share option incurred. As a percentage of revenue G&A expenses were 52.8% compared to 98.9% with the same time in fiscal 2010. A percentage remained high as infrastructure is built to support a more stabilized operation. However, as they further expand our revenue size its organic growth of Little New Star and Wentai as well as the additional contribution from Yuanbo from the coming quarter, we expect that the percentage of G&A expense to revenue will be lower in fiscal 2012.Net of one off expenses related to the total of ELP Business, our operation is close to break-even for fourth quarter and operating losses of less than RMB1 million. Other operating expenses in the first quarter amounted to 10.1 million which included 8.7 million legal and professional services fees in relating to the total of ELP Business. This led to an operating loss of 9.6 million in this quarter.
Noah Education Holdings Ltd CEO Discusses F4Q11 Results - Earnings Call Transcript
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