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TAL International Group, Inc. Reports First Quarter 2012 Results And Declares $0.58 Quarterly Dividend

We have provided reconciliations of net income, the most directly comparable U.S. GAAP measure, to EBITDA and Adjusted EBITDA in the tables below for the three months ended March 31, 2012 and 2011.

Additionally, we have provided reconciliations of income before income taxes and net income, the most directly comparable U.S. GAAP measures to Adjusted pre-tax income and Adjusted net income in the tables below for the three months ended March 31, 2012 and 2011.

TAL INTERNATIONAL GROUP, INC.

Non-GAAP Reconciliations of EBITDA and Adjusted EBITDA

(Dollars in Thousands)

 

Three Months Ended

March 31,

2012   2011
 
Net income $ 32,927 $ 32,587
Add (subtract):
Depreciation and amortization 45,205 32,253
Interest and debt expense 26,625 23,731
Income tax expense 18,043 17,858
Net (gain) loss on interest rate swaps   (2,972 )   (8,007 )
EBITDA 119,828 98,422
Add:
Principal payments on finance lease   8,526     8,144  
Adjusted EBITDA $ 128,354   $ 106,566  
 
 

TAL INTERNATIONAL GROUP, INC.

Non-GAAP Reconciliations of Adjusted Pre-tax Income and Adjusted Net Income

(Dollars in Thousands)

 

Three Months Ended

March 31,

2012 2011
 
Income before taxes $ 50,970 $ 50,445
Add (subtract):
Net (gain) loss on interest rate swaps   (2,972 )   (8,007 )
Adjusted pre-tax income $ 47,998   $ 42,438  
Adjusted pre-tax income per fully diluted share $ 1.43   $ 1.37  
Weighted average number of common shares outstanding—Diluted 33,578 30,968
 

Three Months Ended

March 31,

2012 2011
 
Net income $ 32,927 $ 32,587
Add (subtract):
Net (gain) loss on interest rate swaps, net of tax   (1,920 )   (5,174 )
Adjusted net income $ 31,007   $ 27,413  
Adjusted net income per fully diluted share $ 0.92   $ 0.89  
Weighted average number of common shares outstanding—Diluted 33,578 30,968




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