TAL Education Group Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2018; Provides Earnings Guidance for the Fourth Quarter of Fiscal Year 2019; Provides Impairment Charges for the Third Quarter Ended November 30, 2018
January 24, 2019 at 01:30 pm IST
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TAL Education Group announced unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2018. For the quarter, the company reported net revenue was $585,991,000 against $433,265,000 a year ago. Income from operations was $70,996,000 against $44,597,000 a year ago. Interest income was $13,507,000 against $8,249,000 a year ago. Net income was $123,665,000 against $39,618,000 a year ago. Net income per common share - basic was $0.65 against $0.23 a year ago. Net income per common share - diluted was $0.62 against $0.21 a year ago. Net income per ads - basic was $0.22 against $0.08 a year ago. Net income per ads - diluted was $0.21 against $0.07 a year ago.
For the nine months, the company reported net revenue was $1,836,423,000 against $1,210,918,000 a year ago. Income from operations was $226,876,000 against $141,728,000 a year ago. Interest income was $49,329,000 against $26,484,000 a year ago. Net income was $266,161,000 against $126,194,000 a year ago. Net income per common share - basic was $1.41 against $0.73 a year ago. Net income per common share - diluted was $1.34 against $0.66 a year ago. Net income per ads - basic was $0.47 against $0.24 a year ago. Net income per ads - diluted was $0.45 against $0.22 a year ago.
Based on the Company's current estimates, total net revenues for the fourth quarter of fiscal year 2019 are expected to be between $670.5 million and $685.6 million, representing an increase of 33% to 36% on a year-over-year basis. If not taking into consideration the impact of potential change in exchange rate between Renminbi and the U.S. Dollar, the projected revenue growth rate is expected to be in the range of 40% to 43% for the fourth quarter of fiscal year 2019.
For the quarter, the company's Impairment loss on long-term investments was $41.1 million compared to $1.5 million a year ago.
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 Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2018; Provides Earnings Guidance for the Fourth Quarter of Fiscal Year 2019; Provides Impairment Charges for the Third Quarter Ended November 30, 2018