BEIJING, August 18, 2011 /PRNewswire-Asia/ -- Ambow Education Holding Ltd (NYSE: AMBO), is pleased to guide today that it expects net revenues for the third quarter of 2011 to be between $64 million to $67 million(1) (RMB 415 million to RMB 430 million).
The company is further providing net revenues guidance for 2011 which is expected to be between $ 276 million to $ 280 million (RMB 1,785 million to RMB 1,810 million), representing a 27.1 % - 28.8% year-over-year increase compared to 2010.
The net revenues the company is guiding towards for 2011 would represent a record high since the company's inception and reflect substantial growth in our career enhancement and tutoring segments, from 2010.
Ambow's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 25, 2011 (8:00 p.m. Beijing Time on August 25, 2011) to discuss third quarter highlights and its results of operations and answer related questions.
(1) The reporting currency of the Company is Renminbi ("RMB"), but for the convenience of the reader, the amounts presented throughout the release are in US dollars ("$"). Unless otherwise stated, all translations from RMB to US$ are based on the historical exchange rate of US$1.0 to RMB6.4635, representing the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board on June 30, 2011. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. | |
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. (NYSE: AMBO) is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. Ambow has two business divisions: "Better Schools," which includes K-12 schools and tutoring centers; and "Better Jobs," which includes colleges and career enhancement centers.
With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China.
Forward Looking Statements
The net revenues guidance for the third quarter of 2011 and for 2011 are forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements represent management's estimates at the time the statements are made. Investors are cautioned that actual results could differ materially from these statements as a result of a variety of factors, including any changes in government policies, laws and regulations, competition, economic conditions and the other risks set forth under the caption "Risk Factors" in Ambow's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 14, 2011. Investors also should consider the information contained in Ambow's other filings with the U.S. Securities and Exchange Commission from time to time. Other unknown or unpredictable factors also could cause actual events and results to differ materially. In light of these risks, uncertainties and factors, you are cautioned not to place undue reliance on forward-looking statements. Ambow disclaims any obligation to update information contained in forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries please contact: | |
Ms. Cherry Pu | |
Vice President, Global Alliances and Investor Relations | |
Ambow Education Holding Ltd. | |
Tel: +86-10-6206-8008 | |
Email: ir@ambow.com | |
