BEIJING, Feb. 12 /PRNewswire-Asia/ -- New Oriental Education and
Technology Group Inc. (the 'Company') (NYSE: EDU), the largest provider of
private educational services in China, today announced revised guidance for
its third fiscal quarter 2009 financial results.
New Oriental currently expects third fiscal quarter 2009 total net
revenues to be in the range of US$62.0 million to US$65.0 million,
representing year-over-year growth in the range of 28.9% to 35.1%,
respectively, and compared to the previously stated guidance range of US$65.5
million to US$67.5 million.
'The economic downturn in China has had a greater than anticipated effect
on New Oriental's cash proceeds (cash collected from students in advance for
course enrollments) over the past several weeks and we are therefore revising
our third fiscal quarter 2009 revenue guidance downwards to reflect current
expectations,' said Louis T. Hsieh, New Oriental's chief financial officer.
'We believe that this is a short term effect, as Chinese families place a high
priority on spending for their children's education, behind only food and
housing. As the trusted leader in China's private education market New
Oriental should continue to benefit from these strong underlying
fundamentals.'
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.
