TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2013
- Quarterly Net Revenues up by 50.4% Year-Over-Year
- Quarterly Income from Operations up by 287.5% Year-Over-Year
- Quarterly Net Income Attributable to TAL up by 123.4% Year-Over-Year
BEIJING, Jan. 22, 2014 /PRNewswire/ -- TAL Education Group (NYSE: XRS) ("TAL" or the "Company"), a leading K-12 after-school tutoring services provider in China, today announced its unaudited financial results for the quarter ended November 30, 2013, which is the third quarter of TAL's fiscal year 2014.
Highlights for the Third Quarter of Fiscal Year 2014
Net revenues increased by 50.4% year-over-year to US$73.5 million from US$48.9 million in the same period of the prior year.
Income from operations increased by 287.5% to US$11.9 million, from US$3.1 million in the third quarter of fiscal year 2013.
Net income attributable to TAL increased by 123.4% year-over-year to US$12.5 million from US$5.6 million in the same period of the prior year.
Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 85.6% year-over-year to US$14.6 million from US$7.9 million in the same period of the prior year.
Basic and diluted net income per American Depositary Share ("ADS") were US$0.16 and US$0.15, respectively. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.19 and US$0.18, respectively. Each ADS represents two Class A common shares.
Cash, cash equivalents and term deposits totaled US$333.2 million as of November 30, 2013, compared to US$209.2 million as of February 28, 2013.
Total student enrollments increased by 46.2% year-over-year to approximately 224,810.
Total physical network consisted of 265 learning centers as of November 30, 2013, from 264 as of August 31, 2013.
Highlights for the First Nine Months Ended November 30, 2013
Net revenues increased by 36.5% year-over-year to US$226.9 million from US$166.3 million in the same period of the prior year.
Income from operations increased by 66.9% to US$43.0 million, from US$25.8 million in the same period of fiscal year 2013.
Net income attributable to TAL increased by 65.1% year-over-year to US$43.9 million from US$26.6 million in the same period of the prior year.
Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 49.8% year-over-year to US$49.7 million from US$33.2 million in the same period of the prior year.
Basic and diluted net income per American Depositary Share ("ADS") were US$0.56 and US$0.55, respectively. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were US$0.63 and US$0.62, respectively.
Total student enrollments during the first nine months of fiscal year 2014 increased by 28.4% year-over-year to approximately 725,950.
Total physical network increased to 265 learning centers as of November 30, 2013 from 255 learning centers as of February 28, 2013.
Financial and Operating Data -- Third Quarter and First Nine Months of Fiscal Year 2014
(In US$ thousands, except per ADS data, student enrollments and percentages)
Three Months Ended
November 30,
2012
2013
Pct. Change
Net revenues
48,905
73,530
50.4%
Net income attributable to TAL
5,599
12,509
123.4%
Non-GAAP net income attributable to TAL
7,852
14,575
85.6%
Operating income
3,069
11,893
287.5%
Non-GAAP operating income
5,323
13,960
162.3%
Net income per ADS attributable to TAL - basic
0.07
0.16
121.6%
Net income per ADS attributable to TAL - diluted
0.07
0.15
116.1%
Non-GAAP net income per ADS attributable to TAL - basic
0.10
0.19
84.1%
Non-GAAP net income per ADS attributable to TAL - diluted
0.10
0.18
79.5%
Total student enrollments in small class, one-on-one, and online courses
TAL Education Group is a holding company for a group of companies engaged in provision of after-school tutoring programs for primary and secondary school students in the People's Republic of China (the PRC). The Company mainly offer tutoring services to kindergarten through twelfth grade (K-12) students covering core academic subjects, including among others, mathematics, physics, chemistry, biology, history, geography, political science, English and Chinese. It also provides consulting services for overseas studies and preparation courses for major standardized tests, as well as operate several online community platforms including www.jzb.com (together with the Jiazhang Bang application (app)) and www.mmbang.com (together with the Mama Bang app). The Companyâs main brands are Xueersi, Mobby, Firstleap, Izhikang and Shunshun Liuxue. The Company mainly operates its businesses in Mainland China and Hong Kong.
TAL EDUCATION GROUP 
By 
