TAL Education Group Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017; Provides Earnings Guidance for the Fourth Quarter 2018; Announces Unaudited Consolidated Impairment Loss on Intangible Assets and Goodwill for the Third Quarter Ended November 30, 2017
January 25, 2018 at 01:40 pm IST
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TAL Education Group announced unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2017. For the quarter, the company reported net Revenue was $433,265,168 against $260,552,500 a year ago. Income from operations was $44,596,824 against $22,069,542 a year ago. Net income was $39,617,412 against $12,326,456 a year ago. Total net income attributable to TAL education group was $40,661,837 against $13,625,461 a year ago. Net income per common share - diluted was $0.21 against $0.08 a year ago. Net income per ads - diluted was $0.07 against $0.03 a year ago. Non-gaap income from operations was $56,843,667 against $31,124,712 a year ago. Non-gaap net income attributable to tal education group was $52,908,680 against $22,680,631 a year ago. Non-gaap net income per ads was $0.09 against $0.04 a year ago. Capital expenditures for the third quarter of fiscal year 2018 were $28.3 million, representing an increase of $11.2 million from $17.1 million in the third quarter of fiscal year 2017. The increase was mainly due to leasehold improvements and the purchase of servers, computers, software systems and other hardware for the Company's teaching facilities and mobile network research and development.
For the nine months, the company reported net Revenue was $1,210,918,283 against $726,768,875 a year ago. Income from operations was $141,727,511 against $91,164,316 a year ago. Net income was $126,194,077 against $80,363,537 a year ago. Total net income attributable to TAL education group was $128,901,274 against $82,601,874 a year ago. Net income per common share - diluted was $0.66 against $0.47 a year ago. Net income per ads - diluted was $0.22 against $0.16 a year ago. Non-gaap income from operations was $176,277,608 against $116,894,549 a year ago. Non-gaap net income attributable to tal education group was $163,451,371 against $108,332,107 a year ago. Non-gaap net income per ads was $0.28 against $0.2 a year ago.
Based on the Company's current estimates, total net revenues for the fourth quarter of fiscal year 2018 are expected to be between $474.5 million and $480.8 million, representing an increase of 50% to 52% on a year-over-year basis, assuming no material change in exchange rates.
For the quarter, the company's impairment loss on intangible assets and goodwill was $357,762.
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, 2017; Provides Earnings Guidance for the Fourth Quarter 2018; Announces Unaudited Consolidated Impairment Loss on Intangible Assets and Goodwill for the Third Quarter Ended November 30, 2017