BEIJING, Oct. 18, 2011 /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, 2011, which is the first
quarter of New Oriental's fiscal year 2012.
Highlights for the First Fiscal Quarter
Ended August 31, 2011
- Total net revenues increased by 41.4% year-over-year to
US$272.0 million from US$192.3 million in the same period of the prior
fiscal year.
- Net income attributable to New Oriental increased by 45.5%
year-over-year to US$90.7 million
from US$62.4 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 44.9%
year-over-year to US$97.5 million
from US$67.3 million in the same
period of the prior fiscal year.
- Income from operations increased by 43.7% year-over-year to
US$94.8 million from US$65.9 million in the same period of the prior
fiscal year.
- Non-GAAP income from operations, which excludes share-based
compensation expenses, increased by 43.3% year-over-year to
US$101.6 million from US$70.9 million in the same period of the prior
fiscal year.
- Basic and diluted net income attributable to New Oriental per
ADS(1) were US$0.59 and US$0.58, respectively. Non-GAAP basic and diluted
net income per ADS, which excludes share-based compensation
expenses, were US$0.63 and
US$0.62, respectively. Each ADS
represents one common share of the Company.
- Total student enrollments in academic subjects tutoring and
test preparation courses increased by 14.6% year-over-year to
approximately 807,700 from approximately 704,500 in the same period
of the prior fiscal year.
(1) Effective on August
18, 2011, New Oriental adjusted the ratio of its American
depositary shares ("ADSs") representing common shares from one ADS
representing four common shares to one ADS representing one common
share. All earnings per ADS figures in this announcement give
effect to the foregoing ADS-to-share ratio change.
|
|
|
Financial
and Student Enrollments Summary – First Fiscal
Quarter 2012
(in thousands US$, except
per ADS data and student enrollments and
percentages)
|
|
|
Q1
of FY2012
|
Q1
of FY2011
|
Pct.
Change
|
|
Net revenues
|
271,980
|
192,308
|
41.4%
|
|
Net income attributable
to New Oriental
|
90,709
|
62,361
|
45.5%
|
|
Non-GAAP net income
attributable to New
Oriental(1)
|
97,524
|
67,309
|
44.9%
|
|
Operating income
|
94,765
|
65,924
|
43.7%
|
|
Non-GAAP operating
income(1)
|
101,580
|
70,872
|
43.3%
|
|
Net income per ADS
attributable to New
Oriental - basic(2)
|
0.59
|
0.41
|
43.6%
|
|
Net income per ADS
attributable to New
Oriental -
diluted(2)
|
0.58
|
0.40
|
44.4%
|
|
Non-GAAP net income per
ADS attributable to New
Oriental - basic(1)(2)(3)
|
0.63
|
0.44
|
43.0%
|
|
Non-GAAP net income per
ADS attributable to New
Oriental -
diluted(1)(2)(3)
|
0.62
|
0.43
|
43.9%
|
|
Total student enrollments in
academic subjects tutoring and test preparation courses
|
807,700
|
704,500
|
14.6%
|
|
|
|
|
|
(1) 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 provide
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.
|
|
(2) Each ADS represents one
common share.
|
|
(3) The Non-GAAP adjusted net
income per share and per ADS are computed using Non-GAAP adjusted
net income and the same number of shares and ADSs used in GAAP
basic and diluted EPS calculation.
|
|
|
"We are pleased to start our 2012 fiscal year with solid
financial results, recording strong year-over-year revenue growth
of 41.4% and even higher profit growth of 45.5%," said Michael Yu, New Oriental's Chairman and Chief
Executive Officer. "We continue to see very robust demand for New
Oriental's high quality educational programs and service offerings
despite the economic challenges facing China and the rest of the world. We had a
strong deferred revenue balance of US$175
million at the end of this quarter, up over 73%
year-over-year. Education spending is more resilient than other
consumer discretionary categories in China, ranking only behind food and housing in
priority among Chinese households. In fact, during the last global
economic downturn caused by the financial crisis in late 2008 and
the first half of 2009, New Oriental continued to experience strong
demand with revenues growing by over 45% to more than US$292 million for our 2009 fiscal year ending in
May 2009," added Mr. Yu.
Mr. Yu continued, "We executed our expansion plan in this
quarter by opening two new schools in the cities of Tangshan and
Urumqi, along with a net of 20 learning centers in about 15
existing cities. We had a total of 488 facilities in 49 cities as
of August 31, 2011, consisting of 55
schools and 433 learning centers, excluding the one school and 20
learning centers we acquired from Newave Education in September 2010(2)."
Louis T. Hsieh, New Oriental's
President and Chief Financial Officer, commented, "Our robust
top-line performance was primarily driven by continued strong
growth in several of our key business lines. First, our overseas
test preparation programs recorded year-over-year enrollment growth
of more than 19% to about 107,800 and year-over-year gross revenue
growth of over 48% to over US$92
million in this quarter. Second, our K-12 all-subjects
after-school tutoring business recorded year-over-year enrollment
growth of more than 24% to over 436,600 and year-over-year gross
revenue growth of over 50% to over US$94
million in this quarter. Among our different class-size
formats, our VIP personalized classes continued the most rapid
growth, with year-over-year enrollment growth of more than 46% to
about 21,200 and year-over-year cash revenue growth of over 65% to
over US$42 million in this quarter.
Finally, our Vision Overseas Study Consulting business continued to
outperform, with year-over-year gross revenue growth of
approximately 110% to over US$13.4
million in this quarter."
(2) In September 2010, New
Oriental completed the acquisition of a 100% equity interest in
Newave Education, a K-12 English language school in Shanghai. The
Company has submitted an arbitration petition to the China
International Economic and Trade Arbitration Commission alleging
breach of contract by the seller of Newave Education and seeking
full refund of the acquisition consideration paid. The case was
accepted in August 2011. For consistency purposes, Newave
Education's financials have not been consolidated with New
Oriental's, nor are Newave Education's learning centers included in
New Oriental's reported total of learning centers.
|
|
|
Financial Results for the Fiscal Quarter Ended
August 31, 2011
For the first fiscal quarter of 2012, New Oriental reported net
revenues of US$272.0 million,
representing a 41.4% increase year-over-year.
Net revenues from educational programs and services for the
first fiscal quarter were US$251.9
million, representing a 39.3% increase year-over-year.
Growth was mainly driven by an increase in the number of student
enrollments in academic subjects tutoring and test preparation
courses. The growth was also driven by the higher average
selling prices resulting from price increases and 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 2012 increased by 14.6%
year-over-year to approximately 807,700 from approximately 704,500
in the same period of the prior fiscal year.
Operating costs and expenses for the quarter were US$177.2 million, a 40.2% increase
year-over-year. Non-GAAP operating costs and expenses, which
exclude share-based compensation expenses, for the quarter were
US$170.4 million, a 40.3% increase
year-over-year.
Cost of revenues for the quarter increased by 39.6%
year-over-year to US$92.7 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
22.2% year-over-year to US$28.5
million, primarily due to brand promotion expenses and an
increase in the number of customer service representatives and
marketing staff.
General and administrative expenses for the quarter increased by
52.8% year-over-year to US$56.0
million. Non-GAAP general and administrative expenses, which
excludes share-based compensation expenses, were US$49.4 million, a 54.8% increase year-over-year,
primarily due to increased headcount as the Company expanded its
network of schools and learning centers, and invested in content
and new program development offerings, as well as in improving
teacher training resources.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, increased by 37.7% to
US$6.8 million in the first quarter
of fiscal year 2012 from US$4.9
million in the same period of the prior fiscal year.
Approximately US$0.7 million of the
year-over-year increase was due to an adjustment to account for a
lower-than-expected forfeiture rate in previous fiscal years, due
to the fact that fewer New Oriental employees who received
stock-based compensation awards left the Company and had their
unvested awards forfeited than anticipated.
Income from operations for the quarter was US$94.8 million, a 43.7% increase from
US$65.9 million in the same period of
the prior fiscal year. Non-GAAP income from operations for the
quarter was US$101.6 million, a 43.3%
increase from US$70.9 million in the
same period of the prior fiscal year.
Operating margin for the quarter was 34.8%, compared to 34.3% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 37.3%, compared to 36.9% in the same period of the
prior fiscal year. This rise was primarily due to improved
operating efficiency as revenue growth outpaced the growth in
operating costs and expenses.
Net income attributable to New Oriental for the quarter was
US$90.7 million, representing a 45.5%
increase from the same period of the prior fiscal year. Basic and
diluted earnings per ADS attributable to New Oriental were
US$0.59 and US$0.58, respectively.
Non-GAAP net income attributable to New Oriental for the quarter
was US$97.5 million, representing a
44.9% increase from the same period of the prior fiscal year.
Non-GAAP basic and diluted earnings per ADS attributable to New
Oriental were US$0.63 and
US$0.62, respectively.
Capital expenditures for the quarter were US$15.0 million, which were primarily used to add
schools and learning centers.
As of August 31, 2011, New
Oriental had cash and cash equivalents of US$398.4 million, as compared to US$317.3 million as of May
31, 2011. In addition, the Company had US$103.8 million in term deposits and
US$203.8 million in short term
investment as of August 31, 2011. Net
operating cash flow for the first quarter of fiscal year 2012 was
approximately US$98.3 million.
New Oriental's deferred revenue balance, which is cash collected
from registered students for courses, and recognized proportionally
as revenue as the instructions are delivered, as of August 31, 2011, was US$174.7 million, an increase of 73.6% as
compared to US$100.6 million as of
August 31, 2010.
Outlook for Second Quarter of Fiscal Year 2012
New Oriental expects its total net revenues in the second
quarter of fiscal year 2012 (September 1,
2011, to November 30, 2011) to
be in the range of US$124.4 million to
US$129.1 million, representing year-over-year growth in the
range of 30% to 35%. 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, 2011, U.S. Eastern Time (8 PM on October 18,
2011 Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-718-354-1231
|
|
Hong Kong:
|
800-930-346
|
|
UK:
|
0808-234-6646
|
|
|
|
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,
2011:
International:
|
+1-718-3541-232
|
|
Passcode:
|
14198423
|
|
|
|
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
one 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 2012 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.
Contacts
For investor and media inquiries, please contact:
In China:
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
Mr. Martin Reidy
Beijing Brunswick Consultancy Ltd.
Tel: +86-10-5960 8616
Email: mreidy@brunswickgroup.com
In the U.S.:
Ms. Kate Tellier
Brunswick Group LLC
Tel: +1-212 333 3810
Email: ktellier@brunswickgroup.com
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
As of August
31
|
|
As of May
31
|
|
|
2011
|
|
2011
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
RMB
|
|
ASSETS:
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
398,389
|
|
317,260
|
|
Restricted cash
|
4,588
|
|
3,374
|
|
Term deposits
|
103,822
|
|
152,680
|
|
Short term investment
(note1)
|
203,832
|
|
143,704
|
|
Accounts receivable,
net
|
2,924
|
|
1,655
|
|
Inventory
|
17,468
|
|
18,011
|
|
Deferred tax
assets-Current
|
4,853
|
|
5,337
|
|
Prepaid expenses and other
current assets
|
43,633
|
|
33,248
|
|
|
|
|
|
|
Total current
assets
|
779,509
|
|
675,269
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
170,727
|
|
160,421
|
|
Land use right,
net
|
3,536
|
|
3,502
|
|
Deferred tax
assets
|
1,215
|
|
997
|
|
Long term
deposit
|
8,749
|
|
7,826
|
|
Long term prepaid
rent
|
2,581
|
|
2,789
|
|
Intangible
assets
|
871
|
|
4,976
|
|
Goodwill
|
1,796
|
|
7,588
|
|
Long term
investment
|
2
|
|
2
|
|
|
|
|
|
|
Total assets
|
968,986
|
|
863,370
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable (including
accounts payable of the consolidated VIEs without recourse to New
Oriental of US$ 9,416 and US$ 7,944 as of May 31,
2011 and August 31, 2011,
respectively)
|
8,357
|
|
9,518
|
|
Accrued expenses and other
current liabilities (including accrued expenses and other current
liabilities of the consolidated VIEs without recourse to New
Oriental of US$ 67,971 and US$ 79,442 as of May 31,
2011 and August 31, 2011,
respectively)
|
90,236
|
|
77,002
|
|
Income tax payable (including
income tax payable of the consolidated VIEs without recourse to New
Oriental of US$ 7,050 and US$ 8,620 as of May 31,
2011 and August 31, 2011,
respectively)
|
15,026
|
|
7,163
|
|
Deferred revenue (including
deferred revenue of the consolidated VIEs without recourse to New
Oriental of US$ 192,481 and US$ 171,817 as of May 31, 2011
and August 31, 2011,
respectively)
|
174,680
|
|
194,317
|
|
|
|
|
|
|
Total current
liabilities
|
288,299
|
|
288,000
|
|
|
|
|
|
|
Deferred tax
liabilities
|
120
|
|
1,147
|
|
|
|
|
|
|
Total long-term
liabilities
|
120
|
|
1,147
|
|
|
|
|
|
|
Total liabilities
|
288,419
|
|
289,147
|
|
|
|
|
|
|
Total shareholder's
equity
|
680,567
|
|
574,223
|
|
|
|
|
|
|
Total liabilities and
shareholder's equity
|
968,986
|
|
863,370
|
|
|
|
|
|
|
Note 1: Short term
investment represented held-to-maturity investment with
maturity of less than one
year.
|
|
|
|
|
|
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
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
Net Revenues:
|
|
|
|
|
Educational Programs and services
|
251,895
|
|
180,881
|
|
Books and others
|
20,085
|
|
11,427
|
|
Total net revenues
|
271,980
|
|
192,308
|
|
|
|
|
|
|
Operating costs and expenses (note 1):
|
|
|
|
|
Cost of revenues
|
92,727
|
|
66,421
|
|
Selling and marketing
|
28,520
|
|
23,345
|
|
General and administrative
|
55,968
|
|
36,618
|
|
|
|
|
|
|
Total operating costs and expenses
|
177,215
|
|
126,384
|
|
Operating income
|
94,765
|
|
65,924
|
|
|
|
|
|
|
Other income, net
|
5,172
|
|
2,401
|
|
|
|
|
|
|
Provision (benefits) for income taxes
|
(9,228)
|
|
(6,116)
|
|
Net income
|
90,709
|
|
62,209
|
|
|
|
|
|
|
Less: Net income attributable to the noncontrolling interests
|
-
|
|
152
|
|
|
|
|
|
|
Net income attributable to New Oriental Education & Technology Group Inc.
|
90,709
|
|
62,361
|
|
|
|
|
|
|
Net income per share attributable to New Oriental-Basic
|
0.59
|
|
0.41
|
|
Net income per share attributable to New Oriental-Diluted
|
0.58
|
|
0.40
|
|
|
|
|
|
|
Net income per ADS attributable to New Oriental-Basic (note 2)
|
0.59
|
|
0.41
|
|
Net income per ADS attributable to New Oriental-Diluted (note 2)
|
0.58
|
|
0.40
|
|
|
|
|
|
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
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
Cost of revenues
|
216
|
|
232
|
|
Selling and marketing
|
-
|
|
-
|
|
General and
administrative
|
6,599
|
|
4,716
|
|
Total
|
6,815
|
|
4,948
|
|
|
|
|
|
|
|
|
Note 2: Each ADS represents one
common shares.
|
|
|
|
|
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
RECONCILIATION OF NON-GAAP
MEASURES TO THE MOST COMPARABLE GAAP MEASURES
|
|
(In
thousands except for per share and per ADS amounts)
|
|
|
|
|
|
For the Three Months Ended August 31
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
|
|
|
|
|
General and administrative
expenses
|
55,968
|
|
36,618
|
|
Share-based compensation expense
in general and administrative expenses
|
6,599
|
|
4,716
|
|
Non-GAAP general and
administrative expenses
|
49,369
|
|
31,902
|
|
|
|
|
|
|
Total operating costs and
expenses
|
177,215
|
|
126,384
|
|
Share-based compensation
expenses
|
6,815
|
|
4,948
|
|
Non-GAAP operating costs and
expenses
|
170,400
|
|
121,436
|
|
|
|
|
|
|
Operating income
|
94,765
|
|
65,924
|
|
Share-based compensation
expenses
|
6,815
|
|
4,948
|
|
Non-GAAP operating
income
|
101,580
|
|
70,872
|
|
|
|
|
|
|
Operating margin
|
34.8%
|
|
34.3%
|
|
Non-GAAP operating
margin
|
37.3%
|
|
36.9%
|
|
|
|
|
|
|
Net income attributable to New
Oriental
|
90,709
|
|
62,361
|
|
Share-based compensation
expense
|
6,815
|
|
4,948
|
|
Non-GAAP net income
|
97,524
|
|
67,309
|
|
|
|
|
|
|
Net income per ADS attributable
to New Oriental- Basic (note 1)
|
0.59
|
|
0.41
|
|
Net income per ADS attributable
to New Oriental- Diluted (note 1)
|
0.58
|
|
0.40
|
|
|
|
|
|
|
Non-GAAP net income per ADS
attributable to New Oriental - Basic (note 1)
|
0.63
|
|
0.44
|
|
Non-GAAP net income per ADS
attributable to New Oriental - Diluted (note 1)
|
0.62
|
|
0.43
|
|
|
|
|
|
|
Weighted average shares used in
calculating basic net income per ADS (note 1)
|
154,051,990
|
|
152,089,469
|
|
Weighted average shares used in
calculating diluted net income per ADS (note 1)
|
156,497,963
|
|
155,403,984
|
|
|
|
|
|
|
Non-GAAP Income per share -
basic
|
0.63
|
|
0.44
|
|
Non-GAAP Income per share -
diluted
|
0.62
|
|
0.43
|
|
|
|
|
|
|
Note 1: Each ADS represents one
common shares.
|
|
|
|
|
|
SOURCE New Oriental Education and Technology Group Inc.