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TAL International Group, Inc. Reports Third Quarter 2012 Results And Declares $0.62 Quarterly Dividend

-- these measures are used by our management for various purposes, including as measures of operating performance to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

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 and nine months ended September 30, 2012 and 2011.

We have also 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 and nine months ended September 30, 2012 and 2011.

TAL INTERNATIONAL GROUP, INC.

Non-GAAP Reconciliations of EBITDA and Adjusted EBITDA

(Dollars in Thousands)

(Unaudited)

 
  Three Months Ended September 30,   Nine months Ended September 30,
2012   2011 2012   2011
Net income $31,153 $18,079 $93,377 $73,857
Add:
Depreciation and amortization 52,155 41,872 144,529 109,286
Interest and debt expense 30,390 28,504 85,088 77,985
Write-off of deferred financing costs 1,043 1,043
Income tax expense 17,220 9,907 51,169 40,473
EBITDA 130,918 99,405 374,163 302,644
Add:
Net loss on interest rate swaps 1,286 23,229 5,042 30,361
Principal payments on finance lease 8,809 8,971 25,846 27,004
Adjusted EBITDA $141,013 $131,605 $405,051 $360,009

TAL INTERNATIONAL GROUP, INC.

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

(Dollars and Shares in Thousands, Except Per Share Data)

(Unaudited)

 
  Three Months Ended September 30,   Nine months Ended September 30,
2012   2011 2012   2011
Income before income taxes $48,373 $27,986 $144,546 $114,330
Add:
Write-off of deferred financing costs 1,043 1,043
Net loss on interest rate swaps 1,286 23,229 5,042 30,361
Adjusted pre-tax income $49,659 $52,258 $149,588 $145,734

Adjusted pre-tax income per fully diluted share

$1.48 $1.56 $4.45 $4.47

Weighted average number of common sharesoutstanding—Diluted

33,632 33,475 33,614 32,603
 
Three Months Ended September 30, Nine months Ended September 30,
2012 2011 2012 2011
Net income $31,153 $18,079 $93,377 $73,857
Add:
Write-off of deferred financing costs, net of tax 674 674
Net loss on interest rate swaps, net of tax 826 15,005 3,258 19,611
Adjusted net income $31,979 $33,758 $96,635 $94,142
Adjusted net income per fully diluted share $0.95 $1.01 $2.87 $2.89

Weighted average number of common sharesoutstanding—Diluted

33,632

33,475

33,614

32,603





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