BEIJING, Oct. 18 /PRNewswire-Asia/ -- New Oriental
Education and Technology Group Inc. (the "Company" or "New
Oriental") (NYSE: EDU), the largest provider of private educational
services in China, today announced
its unaudited financial results for the fiscal quarter ended
August 31, 2010, which is the first
quarter for New Oriental's fiscal year 2011.
Highlights for the First Fiscal Quarter Ended August 31, 2010
- Total net revenues increased by 28.8% year-over-year to
US$192.3 million from US$149.4 million in the same period of the prior
fiscal year.
- Net income attributable to New Oriental increased by 9.3%
year-over-year to US$62.4 million
from US$57.1 million in the same
period of the prior fiscal year.
- Non-GAAP net income attributable to New Oriental, which
excludes share-based compensation expenses, increased by 10.8%
year-over-year to US$67.3 million
from US$60.8 million in the same
period of the prior fiscal year.
- Income from operations increased by 8.2% year-over-year to
US$65.9 million from US$60.9 million in the same period of the prior
fiscal year. Non-GAAP income from operations, which excludes
share-based compensation expenses, increased by 9.7% year-over-year
to US$70.9 million from US$64.6 million in the same period of the prior
fiscal year.
- Basic and diluted net income attributable to New Oriental per
ADS was US$1.64 and US$1.61, respectively. Non-GAAP basic and diluted
net income per ADS attributable to New Oriental, which excludes
share-based compensation expenses, was US$1.77 and US$1.73, respectively. Each ADS represents four
common shares of the Company.
- Total student enrollments in academic subjects tutoring and
test preparation courses increased by 8.8% year-over-year to
approximately 704,500 from approximately 647,500 in the same period
of the prior fiscal year.
- Total number of schools and learning centers increased to 402
in the quarter ended August 31, 2010,
up from 367 in the previous quarter. We added a net of 2 new
schools and 33 learning centers in the quarter to bring the total
number of schools to 50 and the total number of learning centers to
352.
Financial
and Student Enrollments Summary – First Quarter 2011
(US$ in
thousands, except per ADS data, student enrollments
and percentages)
|
|
|
Q1 of
FY2011
|
Q1 of
FY2010
|
Pct.
Change
|
|
Net revenues
|
192,308
|
149,364
|
28.8%
|
|
Net income attributable
to New Oriental
|
62,361
|
57,066
|
9.3%
|
|
Non-GAAP net income
attributable to New
Oriental (1)
|
67,309
|
60,767
|
10.8%
|
|
Operating income
|
65,924
|
60,931
|
8.2%
|
|
Non-GAAP operating income
(1)
|
70,872
|
64,632
|
9.7%
|
|
Net income per ADS
attributable to New
Oriental - basic (2)
|
1.64
|
1.52
|
8.2%
|
|
Net income per ADS
attributable to New
Oriental - diluted
(2)
|
1.61
|
1.47
|
8.9%
|
|
Non-GAAP net income per
ADS attributable to New
Oriental - basic (1)(2)
|
1.77
|
1.61
|
9.7%
|
|
Non-GAAP net income per
ADS attributable to New
Oriental - diluted
(1)(2)
|
1.73
|
1.57
|
10.4%
|
|
Total student enrollments in
academic subjects tutoring and test preparation
courses
|
704,500
|
647,500
|
8.8%
|
|
- New Oriental provides net income
attributable to New Oriental, operating income, and net income per
ADS attributable to New Oriental on a Non-GAAP basis that excludes
share-based compensation expenses to reflect meaningful
supplemental information regarding its operating performance. For
more information on these Non-GAAP financial measures, please see
the section captioned "About Non-GAAP Financial Measures" and the
tables captioned "Reconciliations of Non-GAAP Measures
to the Most Comparable GAAP Measures" set forth at the end of this
release.
- Each ADS represents four common
shares.
|
|
|
|
|
|
The Company noted that this announcement is to be read in
conjunction with the announcement of preliminary financial results
for the first fiscal quarter of 2011 issued on September 24, 2010.
Michael Yu, New Oriental's
Chairman and Chief Executive Officer, commented, "We delivered
another quarter of solid revenue growth despite the challenges
posed by the Shanghai World Expo. Our bottom line growth was
moderate during the quarter due to active investments in hiring and
training K-12 after school tutoring teachers and customer service
personnel, and aggressive learning center expansion (from 222 to
402 facilities in the past two years). But this situation should be
temporary as we shift our focus to increasing utilization rates in
our existing facilities and more stringent cost control. As
expected, with the winding down of the World Expo, we have seen a
strong rebound in September, the first month of our second fiscal
quarter, with enrollments up approximately 27% over the year ago
period to approximately 198,000 and revenues up over 40% from the
year ago period for the month."
Mr. Yu continued, "We want to take this opportunity to clear up
some misleading and erroneous market share information being
disseminated by some of our competitors concerning our key business
segments. New Oriental is the clear market leader in terms of both
revenues and enrollments in each of our key business segments, K-12
after school tutoring, overseas test preparation and English
language training:
- K-12 All Subjects After School Tutoring Market:
New Oriental is the clear #1 market leader in
China, with the largest market
share gains in the last year, in terms of both revenues
(approximately US$139 million)
and enrollments (approximately 860,000) in the last 12
months.
- Overseas Test Preparation Market: New Oriental is
the dominant market share leader in China in terms of both revenues (approximately
US$124 million) and
enrollments (approximately 272,000) in the last 12
months. This includes preparation for examinations such as TOEFL,
IELTS, GRE, GMAT and SAT. The largest two categories in
China are currently the TOEFL and
IELTS preparation markets, where we are the clear market leader.
- TOEFL: We have recorded revenues of approximately
US$46 million and enrollments of
approximately 100,000 in the last 12 months.
- IELTS: We have recorded revenues of approximately
US$33 million and enrollments of
approximately 65,000 in the last 12 months.
- English Language Market: New Oriental is the
runaway #1 market leader in K-12 and adult English language
training in China in terms of both
revenues (approximately US$183
million) and enrollments (approximately
1,330,000) in the last 12 months.
Furthermore, we believe that New Oriental's online education
platform is the clear #1 market leader in China for kindergarten through college aged
students, with over 6 million cumulative registered users and over
260,000 paid users in the last year."
Louis T. Hsieh, New Oriental's
President and Chief Financial Officer, stated, "We successfully
launched our middle and high-school computerized all-subjects
testing assessment and learning system and Kids Chinese Writing,
Math and Music-Art programs during the quarter. With the successful
launch of these two important initiatives, New Oriental truly has
built a very powerful, complete "education ecosystem" and "one stop
shop" for students from kindergarten through college. We
offer Chinese families a very attractive value proposition
consisting of high quality instruction in the most extensive
curriculum of subjects and test preparation courses in China in conveniently located facilities in a
wide range of formats (from affordable large classes and online
classes to premium 1-to-1 instruction). We also provide high
quality, individualized customer service and study consulting
services with a large selection of supplemental educational books
and other study materials. In this way, New Oriental seeks to
become the "one stop" trusted education partner for Chinese
families with respect to their supplemental education needs that
spans multiple years, decades and increasingly generations."
Recent Developments
On August 24, 2010, the Company
signed a definitive agreement to acquire 100% equity interest in
Newave Education, the second largest K-12 English language school
in Shanghai with 21 learning
centers and over 40,000 student enrollments in the past year.
Combining the #2 K-12 English language training school in
Shanghai with the #1 K-12 after
school tutoring school in Shanghai, New Oriental will further extend our
market leading position in Shanghai with 63 schools and learning centers
and over 105,000 K-12 after school tutoring enrollments in the last
12 months. Newave Education's financial results will be
consolidated with New Oriental's results beginning from the fiscal
quarter ending November 30, 2010.
Financial Results for the Fiscal Quarter Ended August 31, 2010
For the first quarter of fiscal year 2011, New Oriental reported
net revenues of US$192.3 million,
representing a 28.8% increase year-over-year.
Net revenues from educational programs and services for the
first fiscal quarter were US$180.9
million, representing a 27.0% increase year-over-year. The
growth was mainly driven by the increase in number of student
enrollments in academic subjects tutoring and test preparation
courses and higher average selling prices (ASPs) associated with
students selecting more expensive, smaller class options. Total
student enrollments in academic subjects tutoring and test
preparation courses in the first quarter of fiscal year 2011
increased by 8.8% year-over-year to approximately 704,500 from
approximately 647,500 in the same period of the prior fiscal
year.
Operating costs and expenses for the quarter were US$126.4 million, a 42.9% increase
year-over-year. Non-GAAP operating costs and expenses, which
exclude share-based compensation expenses, for the quarter were
US$121.4 million, a 43.3% increase
year-over-year.
Cost of revenues for the quarter increased by 39.4%
year-over-year to US$66.4 million,
primarily due to the increased number of courses and the greater
number of schools and learning centers in operation.
Selling and marketing expenses for the quarter increased by
50.5% year-over-year to US$23.3
million, primarily due to our promotion of newer service
offerings and the addition of over 900 customer service
representatives and marketing staff in the past year.
General and administrative expenses for the quarter increased by
44.9% year-over-year to US$36.6
million. Non-GAAP general and administrative expenses, which
exclude share-based compensation expenses, were US$31.9 million, a 46.2% increase year-over-year,
primarily due to increased headcount as the Company expanded its
network of schools and learning centers.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, increased by 33.7% to
US$4.9 million in the first quarter
of fiscal year 2011 from US$3.7
million in the same period of the prior fiscal year.
Income from operations for the quarter was US$65.9 million, an 8.2% increase from
US$60.9 million in the same period of
the prior fiscal year. Non-GAAP income from operations for the
quarter was US$70.9 million, a 9.7%
increase from US$64.6 million in the
same period of the prior fiscal year.
Operating margin for the quarter was 34.3%, compared to 40.8% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 36.9%, compared to 43.3% in the same period of the
prior fiscal year.
Net income attributable to New Oriental for the quarter was
US$62.4 million, representing a 9.3%
increase from the same period of the prior fiscal year. Basic and
diluted net income per ADS attributable to New Oriental were
US$1.64 and US$1.61, respectively.
Non-GAAP net income attributable to New Oriental for the quarter
was US$67.3 million, representing a
10.8% increase from the same period of the prior fiscal year.
Non-GAAP basic and diluted net income per ADS attributable to New
Oriental were US$1.77 and
US$1.73, respectively.
Capital expenditures for the quarter were US$12.4 million, primarily used to add a net of
35 schools and learning centers.
As of August 31, 2010, New
Oriental had cash and cash equivalents of US$293.3 million, as compared to US$281.1 million as of May
31, 2010. In addition, the Company had US$194.3 million in term deposits at the end of
the quarter. Net operating cash flow for the first quarter of
fiscal year 2011 was approximately US$79.8
million.
The deferred revenue balance, which is cash collected from
registered students for courses and is recognized proportionally as
revenue as the instructions are delivered, at the end of the first
quarter of fiscal year 2011 was US$100.6
million, an increase of 73.6% as compared to US$57.9 million at the end of the first quarter
of fiscal year 2010.
Outlook for Second Quarter of Fiscal Year 2011
New Oriental expects its total net revenues in the second
quarter of fiscal year 2011 (September 1,
2010 to November 30, 2010) to
be in the range of US$82.6 million to
US$85.7 million, representing year-over-year growth in the
range of 35% to 40%. This forecast reflects New Oriental's current
and preliminary view, which is subject to change.
Conference Call Information
New Oriental's management will host an earnings conference call
at 8 AM on October 18, 2010 U.S. Eastern Time (8 PM on October 18,
2010 Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as
follows:
US: +1-857-350-1668
Hong Kong: +852-3002-1672
UK: +44-207-365-8426
Please dial-in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is "New
Oriental earnings call."
A replay of the conference call may be accessed by phone at the
following number until October 25,
2010:
International: +1-617-801-6888
Passcode: 48223366
Additionally, a live and archived webcast of the conference call
will be available at http://investor.neworiental.org.
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 second quarter of fiscal year 2011 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 reports filed or furnished to the
U.S. Securities and Exchange Commission, in its annual reports 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 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; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic conditions in
China. 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.
About Non-GAAP Financial Measures
To supplement New Oriental's consolidated financial results
presented in accordance with GAAP, New Oriental uses the following
measures defined as non-GAAP financial measures by the SEC: net
income excluding share-based compensation expenses, operating
income excluding share-based compensation expenses, operating costs
and expenses excluding share-based compensation expenses, general
and administrative expenses excluding share-based compensation
expenses, operating margin excluding share-based compensation
expenses, and basic and diluted net income per ADS and per share
excluding share-based compensation expenses. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. For more
information on these non-GAAP financial measures, please see the
tables captioned "Reconciliations of non-GAAP measures to the most
comparable GAAP measures" set forth at the end of this release.
New Oriental believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses that may not be indicative of its operating performance
from a cash perspective. New Oriental believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to New Oriental's
historical performance and liquidity. New Oriental computes
its non-GAAP financial measures using the same consistent method
from quarter to quarter. New Oriental believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making. A
limitation of using these non-GAAP measures is that they exclude
share-based compensation charge that has been and will continue to
be for the foreseeable future a significant recurring expense in
our business. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more
details on the reconciliations between GAAP financial measures that
are most directly comparable to non-GAAP financial measures.
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
As of August
31
|
|
As of May
31
|
|
|
2010
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
ASSETS:
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
293,298
|
|
281,104
|
|
Restricted cash
|
626
|
|
582
|
|
Term deposits
|
194,288
|
|
137,905
|
|
Accounts receivable,
net
|
2,071
|
|
1,922
|
|
Inventory
|
17,753
|
|
17,163
|
|
Deferred tax
assets-Current
|
2,657
|
|
2,982
|
|
Prepaid expenses and other
current assets
|
28,967
|
|
22,156
|
|
|
|
|
|
|
Total
current assets
|
539,660
|
|
463,814
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
128,206
|
|
118,118
|
|
Land use right, net
|
3,394
|
|
3,403
|
|
Amounts due from related
parties
|
397
|
|
396
|
|
Deferred tax assets
|
1,539
|
|
1,567
|
|
Long term deposit
|
3,881
|
|
3,664
|
|
Long term prepaid
rent
|
3,115
|
|
1,851
|
|
Deposits for business
acquisition
|
1,469
|
|
-
|
|
Intangible assets
|
773
|
|
787
|
|
Goodwill
|
2,828
|
|
2,818
|
|
Long term investment
|
2
|
|
2
|
|
|
|
|
|
|
Total assets
|
685,264
|
|
596,420
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable-trade
|
11,798
|
|
11,038
|
|
Accrued expenses and other
current liabilities
|
63,891
|
|
44,838
|
|
Income tax payable
|
9,994
|
|
5,750
|
|
Amount due to related
parties
|
-
|
|
14
|
|
Deferred revenue
|
100,611
|
|
107,065
|
|
|
|
|
|
|
Total
current liabilities
|
186,294
|
|
168,705
|
|
|
|
|
|
|
Deferred tax
liabilities
|
133
|
|
137
|
|
|
|
|
|
|
Total
long-term liabilities
|
133
|
|
137
|
|
|
|
|
|
|
Total
liabilities
|
186,427
|
|
168,842
|
|
|
|
|
|
|
Total New Oriental Education
& Technology Group Inc. shareholders' equity
|
498,978
|
|
427,567
|
|
|
|
|
|
|
Noncontrolling
interests
|
(141)
|
|
11
|
|
|
|
|
|
|
Total equity
|
498,837
|
|
427,578
|
|
|
|
|
|
|
Total liabilities and
equity
|
685,264
|
|
596,420
|
|
|
|
|
|
|
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In
thousands except for per share and per ADS amounts)
|
|
|
|
|
|
|
For the
Three Months Ended August 31
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
Net
Revenues:
|
|
|
|
|
Educational Programs and
services
|
180,881
|
|
142,421
|
|
Books and others
|
11,427
|
|
6,943
|
|
Total net
revenues
|
192,308
|
|
149,364
|
|
|
|
|
|
|
Operating
costs and expenses (note 1):
|
|
|
|
|
Cost of revenues
|
66,421
|
|
47,652
|
|
Selling and marketing
|
23,345
|
|
15,510
|
|
General and
administrative
|
36,618
|
|
25,271
|
|
|
|
|
|
|
Total
operating costs and expenses
|
126,384
|
|
88,433
|
|
Operating income
|
65,924
|
|
60,931
|
|
|
|
|
|
|
Other
income, net
|
2,401
|
|
1,463
|
|
|
|
|
|
|
Provision (benefits) for income
taxes
|
(6,116)
|
|
(5,566)
|
|
Less: Net loss attributable to
the noncontrolling interests
|
152
|
|
238
|
|
Net income
attributable to New Oriental Education & Technology Group
Inc.
|
62,361
|
|
57,066
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to New Oriental-Basic
|
0.41
|
|
0.38
|
|
Net income per share
attributable to New Oriental-Diluted
|
0.40
|
|
0.37
|
|
|
|
|
|
|
Net income per ADS
attributable to New Oriental-Basic (note 2)
|
1.64
|
|
1.52
|
|
Net income per ADS
attributable to New Oriental-Diluted (note 2)
|
1.61
|
|
1.47
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
Note 1: Share-based
compensation expenses (in thousands) are included in the operating
costs and expenses as follows:
|
|
|
|
|
|
|
|
For the
Three Months Ended August 31
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
Cost of
revenues
|
232
|
|
193
|
|
Selling and
marketing
|
-
|
|
54
|
|
General and
administrative
|
4,716
|
|
3,454
|
|
Total
|
4,948
|
|
3,701
|
|
|
|
|
|
|
|
|
Note 2: Each ADS
represents four common shares.
|
|
|
|
|
|
|
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
RECONCILIATION OF NON-GAAP
MEASURES TO THE MOST COMPARABLE GAAP MEASURES
|
|
(In
thousands except share and per ADS amounts)
|
|
|
|
|
|
For the
Three Months Ended August 31
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
|
|
|
|
|
General and administrative
expenses
|
36,618
|
|
25,271
|
|
Share-based compensation
expense in general and administrative expenses
|
4,716
|
|
3,454
|
|
Non-GAAP general and
administrative expenses
|
31,902
|
|
21,817
|
|
|
|
|
|
|
Total operating costs and
expenses
|
126,384
|
|
88,433
|
|
Share-based compensation
expenses
|
4,948
|
|
3,701
|
|
Non-GAAP operating costs
and expenses
|
121,436
|
|
84,732
|
|
|
|
|
|
|
Operating
income
|
65,924
|
|
60,931
|
|
Share-based compensation
expenses
|
4,948
|
|
3,701
|
|
Non-GAAP operating
income
|
70,872
|
|
64,632
|
|
|
|
|
|
|
Operating
margin
|
34.3%
|
|
40.8%
|
|
Non-GAAP operating
margin
|
36.9%
|
|
43.3%
|
|
|
|
|
|
|
Net income attributable to
New Oriental
|
62,361
|
|
57,066
|
|
Share-based compensation
expense
|
4,948
|
|
3,701
|
|
Non-GAAP net
income
|
67,309
|
|
60,767
|
|
|
|
|
|
|
Net income per ADS
attributable to New Oriental- Basic (note 1)
|
1.64
|
|
1.52
|
|
Net income per ADS
attributable to New Oriental- Diluted (note 1)
|
1.61
|
|
1.47
|
|
|
|
|
|
|
Non-GAAP net income per
ADS attributable to New Oriental - Basic (note 1)
|
1.77
|
|
1.61
|
|
Non-GAAP net income per
ADS attributable to New Oriental - Diluted (note 1)
|
1.73
|
|
1.57
|
|
|
|
|
|
|
Weighted average shares
used in calculating basic net income per ADS (note 1)
|
152,089,469
|
|
150,592,959
|
|
Weighted average shares
used in calculating diluted net income per ADS (note 1)
|
155,403,984
|
|
154,875,557
|
|
Note 1: Each ADS
represents four common shares.
|
|
|
|
|
|
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:
zhaosisi@staff.neworiental.org
|
|
|
|
Mr. Henry
Fraser
|
|
Beijing Brunswick
Consultancy Ltd.
|
|
Tel:
+86-10-6566-4156
|
|
Email:
hfraser@brunswickgroup.com
|
|
|
|
In the U.S.:
|
|
Ms. Kate
Tellier
|
|
Brunswick Group
LLC
|
|
Tel: +1-212 333
3810
|
|
Email:
ktellier@brunswickgroup.com
|
|
|
SOURCE New Oriental Education and Technology Group Inc.
Copyright . 18 PR Newswire