New Oriental Announces Revised Outlook for the Third Fiscal Quarter 2009
February 12 2009 - 4:42AM
PR Newswire (US)
BEIJING, Feb. 12 /PRNewswire-Asia/ -- New Oriental Education and
Technology Group Inc. (the "Company") (NYSE:EDU), the largest
provider of private educational services in China, today announced
revised guidance for its third fiscal quarter 2009 financial
results. New Oriental currently expects third fiscal quarter 2009
total net revenues to be in the range of US$62.0 million to US$65.0
million, representing year-over-year growth in the range of 28.9%
to 35.1%, respectively, and compared to the previously stated
guidance range of US$65.5 million to US$67.5 million. "The economic
downturn in China has had a greater than anticipated effect on New
Oriental's cash proceeds (cash collected from students in advance
for course enrollments) over the past several weeks and we are
therefore revising our third fiscal quarter 2009 revenue guidance
downwards to reflect current expectations," said Louis T. Hsieh,
New Oriental's chief financial officer. "We believe that this is a
short term effect, as Chinese families place a high priority on
spending for their children's education, behind only food and
housing. As the trusted leader in China's private education market
New Oriental should continue to benefit from these strong
underlying fundamentals." 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. Among other things, the outlook
for the third quarter of fiscal year 2009 and quotations from
management in this announcement, as well as New Oriental's
strategic and operational plans, contain forward-looking
statements. New Oriental may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. 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. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our growth strategies; our future business development,
results of operations and financial condition; our ability to
attract students without a significant decrease in course fees; our
ability to continue to hire, train and retain qualified teachers;
our ability to maintain and enhance our "New Oriental" brand; our
ability to effectively and efficiently manage the expansion of our
school network and successfully execute our growth strategy; the
outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the private education sector in
China; changes in our revenues and certain cost or expense items as
a percentage of our revenues; the expected growth of the Chinese
private education market; and Chinese governmental policies
relating to private educational services and providers of such
services. Further information regarding these and other risks is
included in our annual report on Form 20-F 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 and in the attachments is as of the
date of this press release, and New Oriental undertakes no duty to
update such information, except as required under applicable law.
For investor and media inquiries, please contact: In China: Ms.
Sisi Zhao New Oriental Education and Technology Group Inc. Tel:
+86-10-6260-5566 x8203 Email: Ms. Cynthia He Brunswick Group LLC
Tel: +86-10-6566-9504 Email: In the U.S.: Mr. Michael Guerin
Brunswick Group LLC Tel: +1-212-333-3810 Email: DATASOURCE: New
Oriental Education and Technology Group Inc. CONTACT: In China -
Sisi Zhao, New Oriental Education and Technology Group Inc. at
+86-10-6260-5566 x8203 or ; Cynthia He, Brunswick Group LLC at
+86-10-6566-9504 or ; Or in the U.S. - Michael Guerin, Brunswick
Group LLC at +1-212-333-3810 or Web site:
http://english.neworiental.org/
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