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New Oriental Education & Technology's Management Presents Q4 2012 Results - Earnings Call Transcript

Today, you will hear from Louis Hsieh, New Oriental’s President and Chief Financial Officer. After his prepared remarks, Louis will be available to answer your questions.

Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. New Oriental does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.

As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on New Oriental’s Investor Relations website at investor.neworiental.org.

I will now turn the call over to New Oriental’s President and CFO, Louis Hsieh. Louis, please.

Louis Hsieh

Thank you, Sisi. Hello everyone and thank you for joining us today. This is been another successful year for New Oriental and I’m pleased to report that we’re moving into a new fiscal year in a stronger position than ever before.

Over the last 12 months we’ve extended our undisputed leadership position in China’s private education sector and put even more distance between New Oriental and our competitors in terms of brand recognition, market share, service quality and reputation and we’ve achieved this far successfully sorry, it was a tooling up our business to take advantage of major growth opportunities in new geographies and fast growing segments.

Our results for the first fiscal year speak to its success; student enrollments hit 2.4 million, up 15% year-over-year. Revenue grew 38.3% year-over-year to $771.7 million and in spite of heavy investment and expansion with net of 177 new facilities, bringing our total to 664. We delivered a very impressive increase in GAAP net income of 30.4% to $132.7 million and non-GAAP net income increased 32.5% to $156.8 million.

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