New Oriental Reaffirms Third Quarter Net Revenue Guidance Despite Weather Conditions in China
January 31 2008 - 4:39AM
PR Newswire (US)
BEIJING, Jan. 31 /Xinhua-PRNewswire/ -- New Oriental Education and
Technology Group Inc. (NYSE:EDU), the largest provider of private
educational services in China, today reaffirmed its net revenue
guidance for the third quarter of fiscal year 2008 despite recent
poor weather conditions in southern China. "China's recent severe
winter weather, the worst in over 50 years, is causing a short term
negative impact on New Oriental's business as some students face
challenges getting to our classes, or parents choose to keep their
kids at home," stated Louis T. Hsieh, New Oriental's chief
financial officer. "As a result, many students have deferred their
enrollment to the next few quarters, and there have been some
cancellations. Also, we are not seeing as many new enrollments as
we normally do at this time of year. However, we do not expect any
long-term negative impact to our business resulting from the
temporary weather disruptions in China. In fact, we expect many of
the students who deferred or delayed enrollment in this quarter to
enroll in our spring or summer programs. Overall, we expect to
continue to experience strong demand for our programs and services
in the foreseeable future." Mr. Hsieh added that New Oriental has a
network of learning centers in 35 major cities throughout China,
allowing students who wish to study the opportunity to attend
schools and learning centers near their homes. New Oriental schools
remain open and classes are continuing as normal and with good
attendance. Notwithstanding the negative impact to its business as
a result of the severe winter storms in China, New Oriental
reaffirms that its net revenue guidance for the third quarter of
2008, which runs from December 1, 2007 to February 29, 2008, will
be in the range of RMB311.2 million (US$42.1 million) to RMB326.5
million (US$44.2 million), representing year-over-year growth of
between 22.0% and 28.0%, respectively. This forecast reflects New
Oriental's current and preliminary view, which is subject to
change, particularly if the severe weather in China persists for an
extended period. About New Oriental New Oriental is the largest
provider of private educational services in China based on the
number of program offerings, total student enrollments and
geographic presence. New Oriental offers a wide range of
educational programs, services and products consisting primarily of
English and other foreign language training, test preparation
courses for major admissions and assessment tests in the United
States, the PRC and Commonwealth countries, primary and secondary
school education, development and distribution of educational
content, software and other technology, and online education. New
Oriental's ADSs, each of which represents four common shares,
currently trade on the New York Stock Exchange under the symbol
"EDU." For more information about New Oriental, please visit
http://english.neworiental.org/ . Safe Harbor Statement This
announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Statements that are not
historical facts, including statements about New Oriental's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Information
regarding these risks and uncertainties is included in our
registration statement on Form F-1 and other documents filed with
the Securities and Exchange Commission. New Oriental does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. All information provided
in this press release is as of January 31, 2008, and New Oriental
undertakes no duty to update such information, except as required
under applicable law. For more information, please contact: In
China: Ms. Sisi Zhao New Oriental Education and Technology Group
Inc. Tel: +86-10-6260-5566 x8203 Email: Mr. Derek Mitchell Ogilvy
Public Relations Worldwide Tel: +86-10-8520-6284 Email: In the
United States: Mr. Thomas Smith Ogilvy Public Relations Worldwide
Tel: +1-212-880-5269 Email: DATASOURCE: New Oriental Education and
Technology Group Inc. CONTACT: In China: Ms. Sisi Zhao of New
Oriental Education and Technology Group Inc., +86-10-6260-5566
x8203, or ; Or Mr. Derek Mitchell of Ogilvy Public Relations
Worldwide, +86-10-8520-6284, or , for New Oriental Education and
Technology Group Inc.; Or In the United States: Mr. Thomas Smith of
Ogilvy Public Relations Worldwide, +1-212-880-5269, or , for New
Oriental Education and Technology Group Inc.
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