SHENZHEN, China, August 21, 2012 /PRNewswire-Asia/ -- Noah Education Holdings Ltd. (NYSE: NED) ("Noah" or "the Company"), a leading provider of education services in China, today announced that it expects to record a non-cash impairment charge in the range of RMB55 million to RMB60 million for intangible assets and goodwill in the fourth quarter of fiscal year 2012, based on preliminary results of the Company's intangible assets impairment assessment and annual goodwill impairment test in accordance with Accounting Standard Codification 350, Intangibles - Goodwill and Other. The above charge is an estimate subject to the completion of the Company's impairment assessments.
The intangible assets and goodwill impairment charge reflects a material decline in fair value of the Company's Little New Star segment and Wentai Education segment as of June 30, 2012 and the possible adverse impact of overall economic uncertainties in China. The Company does not expect the non-cash impairment charge to have an adverse impact on its normal business operations, cash position or cash flows from operating activities.
The Company plans to announce its unaudited financial results for the fourth quarter and full fiscal year 2012 after the US market closes on Wednesday, August 29, 2012.
The earnings press release will be available on the investor relations page of its website at http://ir.noaheducation.com.
Following the earnings announcement, Noah's senior management will host a conference call at 8:00 am (Eastern)/5:00 am (Pacific)/8:00 pm (China) on Thursday, August 30, 2012 to discuss its fourth quarter and full fiscal year 2012 financial results and recent business activities. The conference call may be accessed by calling:
US | +1-718-354-1231 |
International (toll) | +65-6723-9381 |
China, Domestic mobile | 800-819-0121 |
China, Domestic | 400-620-8038 |
Hong Kong | +852-2475-0994 |
Please dial in 10 minutes before the scheduled starting time. An operator will answer your call and please use "Noah" as the verbal passcode to access the call. Replay of the conference call will be available from 11:00 am US Eastern Time on August 30, 2012 until September 6, 2012 by dialing the following numbers:
US | +1-866-214-5335 |
International (toll) | +61-2-8235-5000 |
China North | 10-80-0714-0386 |
China South | 10-80-0140-0386 |
Hong Kong | 800-901-596 |
Passcode | 1433-9335 |
A live webcast can also be accessed through the investor relations section of the Company's website at http://ir.noaheducation.com.
About Noah Education Holdings Ltd.
Noah is a leading provider of education services in China. The Company's brands comprise Wentai Education, Little New Star and Yuanbo Education. Wentai Education operates and manages high-end kindergartens, primary and secondary schools; Little New Star provides English language training for children aged 3-12 in its directly owned and franchised training centers; and Yuanbo Education operates premium kindergartens under the Qingan brand. Noah was founded in 2004 and is listed on the New York Stock Exchange under the ticker symbol NED. For more information about Noah, please visit http://ir.noaheducation.com.
For more information, please contact:
Noah Education Holdings Ltd.
Tel: +86-755-8288-9128
Email: ir@noaheducation.com
