omniture

Noah Education Announces Unaudited Second Quarter Fiscal 2010 Financial Results

2010-02-12 12:52 2081

Revenue increased by 14.5% over the same quarter last year

Basic EPS increased by 66.7% over the same quarter last year

SHENZHEN, China, Feb. 12 /PRNewswire-Asia-FirstCall/ -- Noah Education Holdings Ltd. (NYSE: NED) ("Noah" or "the Company"), a leading provider of interactive educational content and education services in China, today announced its unaudited financial results for the fiscal quarter ended December 31, 2009.

Second Quarter Fiscal 2010 Financial Highlights

-- Net revenue for the quarter increased by 14.5% to RMB154.9 million

(US$22.7 million), compared to RMB135.4 million in the second quarter

of fiscal 2009, meeting the Company's previously stated guidance of

RMB151 million to RMB159 million

-- Gross profit rose by 7.3% to RMB73.5 million (US$10.8 million),

representing a gross margin of 47.4%, compared to gross profit of

RMB68.5 million, or a gross margin of 50.6%, in the second quarter of

fiscal 2009

-- Operating income increased by 8.7% to RMB10.1 million (US$1.5 million),

compared to RMB9.3 million in the second quarter of fiscal 2009

-- Net income rose 73.7% to RMB15.4 million (US$2.2 million), compared to

RMB8.8 million in the second quarter of fiscal 2009

-- Basic and diluted earnings per share were RMB0.40 (US$0.06) and RMB0.39

(US$0.06), respectively, representing a 66.7% and 62.5% increase

compared to basic and diluted earnings per share of RMB0.24 for the

second quarter of fiscal 2009. Non-GAAP basic and diluted earnings per

share, excluding share-based compensation expense and the change in the

fair value of warrants (non-GAAP), were RMB0.47 (US$0.07) and RMB0.46

(US$0.07), respectively, representing a 30.6% and 27.8% increase,

compared to non-GAAP basic and diluted earnings per share of RMB0.36

for the second quarter of fiscal 2009

Mr. Dong Xu, Noah's Chairman and Chief Executive Officer, said, "I'm pleased to report 14.5% revenue growth and 66.7% increase in basic earnings per share as compared to the second quarter in 2009, in what is typically our seasonally slow quarter. We continue to execute our strategy and deliver on all of our guidance during a transitional period for the Company, with restructuring of senior management and key personnel taking on wider remits in terms of the breadth and depth of their roles. Much of Noah's success during the fiscal second quarter was driven by our strategic initiative to broaden our product portfolio for users across a broad range of spending habits. We recently launched a low-end, economically-priced DLD product as well as high-end, premium-priced DLD, KLD and E-dictionary products to increase penetration into our target aged groups. The diversified product range not only drove up total revenue growth, but also strengthened our market position in the DLD and KLD markets during the quarter. We also continued to see the benefits from our acquisition of Little New Star ("LNS"), with revenue contributions from LNS' business adding to Noah's strong performance.

"For the third quarter of fiscal 2010, we look to build on the momentum generated in recent quarters, and will commit additional resources in marketing efforts to further bolster sales of new product launches in what is expected to be our peak season. Driven by continued strong performance by our KLD products, we expect revenues to be in the range of RMB282 million to RMB293 million, with basic earnings per share in the range of RMB 1.16 (US$0.17) to RMB1.30 (US$0.19).

"Looking ahead, ELP business will be our primary catalyst for growth in the near-term, with the education services business gaining traction in the medium-term. We are also exploring new avenues of expansion and, I'm pleased to report, currently have solid growth prospects in our pipeline. First, our strategic investment in Franklin Electronic Publishers is well underway, and the deal is expected to close by the end of February. We have already seen increased ODM business from Franklin, and we are also collaborating with Franklin on the R&D front to develop a Chinese language learning device for international markets. Additionally, we will continue to pursue opportunities to expand our presence in the education services business through strategic acquisitions. I believe each of these initiatives will play an integral role as we strive to become the leading provider of interactive educational content and education services in China."

Second Quarter Fiscal Year 2010 Unaudited Financial Results

Net Revenue. Net revenue was RMB154.9 million (US$22.7 million) in the second quarter of fiscal 2010, meeting the Company's guidance of RMB151 million to RMB159 million. This represents an increase of 14.5%, compared to net revenue of RMB135.4 million for the second quarter of fiscal 2009. Net revenue from Noah's traditional ELP business was RMB149.1 million (US$21.9 million), representing an increase of 10.2% from the same period last fiscal year. Net revenue from the LNS business was RMB5.8 million (US$0.8 million).

The following tables provide a breakdown of sales volume and revenue for the second fiscal quarter of 2010 for Noah's traditional ELP business:

Volume Net Revenue (RMB 'MM)

Noah Q2 10 Q2 09 Inc/(Dec) Q2 10 Q2 09 Inc/(Dec)

DLD 91,855 96,556 (4.9)% 67.2 71.5 (6.0)%

KLD 100,032 93,617 6.9% 50.1 36.9 35.7%

E-dictionary 143,876 139,769 2.9% 31.6 25.2 25.2%

Others -- -- -- 0.2 1.7 (86.8)%

Total 335,763 329,942 1.8% 149.1 135.4 10.2%

Cost of revenue. Cost of revenue increased 21.8% from the same quarter last fiscal year to RMB81.4 million (US$11.9 million) in the second quarter of fiscal 2010, in line with the shift in product mix, which is becoming more heavily weighted toward KLD products.

Gross Profit and Gross Margin. Gross profit was RMB73.5 million (US$10.8 million) for the second quarter of fiscal 2010, representing a gross margin of 47.4%. This compares with gross profit of RMB68.5 million and a gross margin of 50.6% in the second quarter of fiscal 2009, reflecting the greater proportion of KLD products in the product mix.

Operating Expenses. Total operating expenses for the second quarter of fiscal 2010 were RMB72.1 million (US$10.6 million), representing a decrease of 0.6% from the same quarter last fiscal year. Operating expenses for the second quarter of fiscal 2010 represented 46.6% of net revenue for the quarter, compared to 53.6% of net revenue in the same quarter of fiscal 2009.

Research and development expenses (R&D) for the second quarter of fiscal 2010 were RMB14.0 million (US$2.0 million), representing a decrease of 3.3% from the same quarter last fiscal year and a 12.6% increase from RMB12.4 million in the first quarter of fiscal 2010. The increase from the first quarter of fiscal 2010 in R&D expenditure resulted from the Company's decision to triple its investment in software and courseware development, as Noah is strongly committed to continuously strengthening its leadership in content capabilities.

Sales & marketing expenses for the second quarter of fiscal 2010 were RMB40.2 million (US$5.9 million), representing a decrease of 13.1% from the same quarter last fiscal year. This was due to the Company's decision to focus its advertising and promotional expenditure on the fiscal third quarter of 2010, in part because the third fiscal quarter is seasonally strong for Noah, and also to tie in with anticipated sales from new product launches planned for the third quarter of fiscal 2010.

General & administrative expenses (G&A) for the second quarter of fiscal 2010 rose 51.2% compared with the same quarter last fiscal year to RMB17.8 million (US$2.6 million). The increase in G&A expenses was in part due to depreciation for Noah's Chengdu headquarters, increased stock option expenses, bad debt provisions, and G&A expenses from LNS, which collectively amounted to RMB5 million (US$0.7 million).

Operating Income. Operating income for the second quarter of fiscal 2010 increased 8.7% from the same quarter last fiscal year to RMB10.1 million (US$1.5 million), representing an operating margin of 6.5% compared to operating income of RMB9.3 million and an operating margin of 6.8% in the second quarter of fiscal 2009.

Other Non-operating Income, net. Interest income was RMB2.7 million (US$0.4 million) in the second quarter of fiscal 2010, compared to RMB1.2 million in the second quarter of fiscal 2009. Investment income was RMB0.5 million (US$0.1 million) in the second quarter of fiscal 2010, compared to RMB2.7 million in the second quarter of fiscal 2009. The changes in interest income and investment income were largely attributable to the movement of funds from investments into bank deposits. Other non-operating income was RMB0.5 million (US$0.1 million) in the second quarter of fiscal 2010, compared to a loss of RMB2.2 million from foreign exchange fluctuations in the second quarter of fiscal 2009. The derivative loss was RMB2.1 million in the second quarter of fiscal 2009 due to the change in fair value of warrants issued to a pre-IPO shareholder. The warrants expired in April 2009.

Net Income. The Company reported net income of RMB15.4 million (US$2.2 million) for the second quarter of fiscal 2010. Basic earnings per share and diluted earnings per share were RMB0.40 (US$0.06) and RMB0.39 (US$0.06), respectively, for the second quarter of fiscal 2010. This compares with net income of RMB8.8 million for the second quarter of fiscal 2009, and basic and diluted earnings per share of RMB0.24.

Net income excluding share-based compensation expenses (non-GAAP) for the second quarter ended December 31, 2009 was RMB18.1 million (US$2.6 million), or RMB0.47 (US$0.07) and RMB0.46 (US$0.07) per basic and diluted share, respectively.

Liquidity. As of December 31, 2009, Noah had cash and cash equivalents, short-term bank deposits and short-term investments of RMB800.3 million (US$117.3 million). This compares with cash and cash equivalents, short-term bank deposits and short-term investments of RMB828.1 million as of September 30, 2009.

Second Quarter Operational Highlights

ELP products. The Company's decision to expand its product range resulted in higher average selling prices and an increased revenue contribution from ELP during the second quarter of fiscal 2010.

-- Kid Learning Device (KLD) products. The move towards a higher-end

product mix not only boosted average selling prices, resulting in a

35.7% rise in net revenue, but also led to an expansion in market

share. During the first quarter of fiscal 2010, Noah launched a higher-

end model, which was well-received by the market. This expanded Noah's

consumer reach and validated the success of its product diversification

and sales & marketing strategy. The Company will launch another higher-

end model in the fiscal third quarter, and is confident that rapid

growth will continue throughout the rest of the current fiscal year and

beyond as the Company continues to launch more new models and expand

its product portfolio.

-- Digital Learning Device (DLD) products. Some 47% of revenue from DLD

products during the fiscal second quarter can be attributed to the

launch of one high-end and one low-end model in the first fiscal

quarter of 2010, as well as one mid-range model in the second fiscal

quarter of 2010. The stabilization of sales revenue during the quarter

was attributable to increased sales revenue from low- and mid-range

products, which have the additional benefit of commanding higher gross

margins. In the third quarter of fiscal 2010, the Company plans to

launch a lower-end DLD as well as a student notebook targeting the

higher-end segment. The Company plans to maintain its strategy of

offering a range of products in order to capture opportunities from

different sections of the market.

-- E-dictionaries. The 25.2% rise in revenue from E-dictionary sales from

the same period last fiscal year was attributable largely to an

increase in original design manufacturing (ODM) business due to Noah's

partnership with Franklin, while the introduction of a higher-end model

helped maintain sales revenue in the domestic market. Based on orders

received, the Company expects its ODM business to grow significantly in

the current fiscal year.

Education Services. During the period, LNS added two new direct-owned schools and expanded the franchise school network from 641 to approximately 700 schools with enrollment reaching 4,000 in direct owned schools. Noah aims to continue to grow its school network by increasing the number of franchised schools, as well as increasing the number of students enrolled, while exploiting the potential of sales of devices at LNS.

Six Months Ended December 31, 2009 Unaudited Financial Results

Net revenue was RMB393.1 million (US$57.6 million) for the six months ended December 31, 2009, representing a 16.5% increase compared to RMB337.5 million for the six months ended December 31, 2008. The increase was driven primarily by the 142.4% rise in revenue from KLD products.

Net revenue from the ELP business totaled RMB374.3 million (US$54.8 million) in the first half of fiscal 2010, representing a 10.9% increase compared to RMB337.5 million in the first half of fiscal 2009. Net revenue from LNS during the same period was RMB18.8 million (US$2.8 million).

Gross profit of RMB191.0 million (US$28.0 million) represented a gross margin of 48.6% in the first six months of fiscal 2009. This compares with gross profit of RMB169.7 million and a gross margin of 50.3% in the corresponding period last fiscal year. The slight decline in gross margin reflects the greater proportion of KLDs in the product mix.

Operating income was RMB42.6 million (US$6.2 million) for the first half of fiscal 2010, representing a 65.8% increase compared to RMB25.7 million in the same period of last fiscal year. The operating margin for the first half of fiscal 2010 was 10.8%, versus 7.6% for the same six-month period in 2009. This was a result of the Company's efforts to control operating expenses while increasing revenue.

For the first half of fiscal 2010, Noah reported net income of RMB53.2 million (US$7.8 million), or RMB1.39 (US$0.20) and RMB1.35 (US$0.20) per basic and diluted share, respectively. This compares with net income of RMB44.7 million, or RMB1.20 and RMB1.19 per basic and diluted share, respectively, for the first half of fiscal 2009. The net income figure includes a one-off tax credit of RMB2.3 million due to overpayment.

Financial Outlook for Third Quarter of Fiscal Year 2010

Based on current estimates and market conditions, Noah expects to generate net revenue in the range of RMB282 million (US$41.3 million) to RMB293 million (US$42.9 million) for the third quarter of fiscal 2010, which includes RMB273 million to RMB282 million from the traditional ELP business and RMB9 million to RMB11 million from the LNS business. Basic earnings per share in the third quarter of fiscal 2010 is expected to be in the range of RMB1.16 (US$0.17) to RMB1.30 (US$0.19).

The Company reaffirms its guidance for the full fiscal year 2010, with net revenue in the range of RMB824 million (US$120.7 million) to RMB855 million (US$125.2 million), which includes RMB786 million to RMB812 million from the traditional ELP business and RMB38 million to RMB43 million from the LNS business. Basic net income per share is expected to be in the range of RMB3.00 (US$0.44) to RMB3.20 (US$0.47).

This forecast reflects Noah's current and preliminary view, which is subject to change.

Conference Call

Noah has scheduled an investor conference call at 5:00 a.m. (Pacific) / 8:00 a.m. / 9:00 p.m. (Beijing/Hong Kong) on February 12, 2010 to discuss its second quarter fiscal 2010 financial results and recent business activities. Individuals interested in participating in the call may do so by dialing:

Toll Free Toll

United States 1-800-706-7749 1-617-614-3474

China -- South China Telecom 10-800-130-0399

China Netcom 10-800-852-1490

-- North China Telecom 10-800-152-1490

Hong Kong 800-96-3844

United Kingdom 00-800-280-02002

Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay will be available shortly after the call until February 19, 2010 by dialing the following numbers:

Toll Free Toll

United States 1-888-286-8010 1-617-801-6888

International Dial In 1-617-801-6888

Passcode 28482585

A live webcast of the conference call and replay will be available on the investor relations page of Noah's website at http://ir.noahedu.com.cn .

Currency Convenience Translation

For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB Noah expects to generate net revenue in the range of RMB6.8259 to US$1.00, the noon buying rate for US dollars in effect on December 31, 2009 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Use of Non-GAAP Financial Measures

In addition to consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP net income which excludes non-cash share-based compensation and change in fair value of warrants. The Company believes that the non-GAAP financial measures provide investors with another method for assessing the Company's operating results in a manner that is focused on the performance of its ongoing operations. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company's liquidity and when planning and forecasting future periods.

About Noah

Noah Education Holdings Limited is a leading provider of interactive educational content and education services in China. Noah's core offering includes the development and marketing of interactive educational courseware content, electronic learning products (ELPs), software, kids' English training and after-school education services. Noah combines standardized education content with innovative digital and multimedia technologies to create a dynamic learning experience and improve academic performance for the kids at the age of 3-19 in China. Noah has developed a nationwide sales network, powerful brand image, and accessible and diverse delivery platforms to bring its innovative content to the student population. Noah also provides kids' English training service under the brand Little New Star in its direct-owned schools and approximately 700 franchise schools throughout China. Noah was founded in 2004 and is listed on the New York Stock Exchange under the ticker symbol NED.

Safe Harbor Statement

This press release contains forward-looking statements that reflect Noah's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Noah has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that our actual future results may be materially different from and worse than what Noah expects. Information regarding these risks, uncertainties and other factors is included in Noah's most recent Annual Report on Form 20-F and other filings with the SEC.

For more information, please contact:

Investor Contact:

Jerry He

CFO and Executive Vice President

Noah Education Holdings Ltd

Tel: +86-755-8204-9263

Email: jerry.he@noahedu.com

Investor Relations (US):

Kelly Gawlik

Taylor Rafferty

Tel: +1-212-889-4350

Email: noahedu@taylor-rafferty.com

Investor Relations (HK):

Ruby Yim

Taylor Rafferty

Tel: +852-3196-3712

Email: noahedu@taylor-rafferty.com

-- FINANCIAL TABLES FOLLOW --

Noah Education Holdings Ltd.

Consolidated Statements of Operations

Three months ended

December 31,

2008 2009

(Unaudited) (Unaudited)

RMB RMB USD

Net revenue 135,357,487 154,920,928 22,696,044

Cost of revenue (66,835,371) (81,416,401) (11,927,570)

Gross profit 68,522,116 73,504,527 10,768,474

Research & development

expenses (14,428,606) (13,954,413) (2,044,333)

Sales & marketing expenses (46,228,344) (40,191,625) (5,888,106)

General & administrative

expenses (11,772,890) (17,803,072) (2,608,165)

Other expenses (125,378) (200,067) (29,310)

Total operating expenses (72,555,218) (72,149,177) (10,569,914)

Other operating income 13,284,609 8,704,294 1,275,186

Operating income 9,251,507 10,059,644 1,473,746

Derivative gain (loss) (2,108,498)

Interest income 1,157,898 2,653,974 388,809

Investment income 2,675,696 496,450 72,730

Other non-operating income (2,186,930) 457,691 67,052

Income before income taxes 8,789,673 13,667,759 2,002,337

Income tax (expenses) credit 48,420 1,688,276 247,334

Net income 8,838,093 15,356,035 2,249,671

Net income per share

Basic 0.24 0.40 0.06

Diluted 0.24 0.39 0.06

Weighted average ordinary

shares outstanding

Basic 36,348,192 38,520,916

Diluted 36,502,047 39,535,180

Six months ended

December 31,

2008 2009

(Unaudited) (Unaudited)

RMB RMB USD

Net revenue 337,536,982 393,086,151 57,587,446

Cost of revenue (167,814,408) (202,059,721) (29,601,916)

Gross profit 169,722,574 191,026,430 27,985,530

Research & development

expenses (31,662,617) (26,342,239) (3,859,160)

Sales & marketing expenses (110,943,947) (109,458,539) (16,035,767)

General & administrative

expenses (25,607,350) (34,204,819) (5,011,034)

Other expenses (138,058) (370,701) (54,308)

Total operating expenses (168,351,972) (170,376,298) (24,960,269)

Other operating income 24,325,769 21,956,386 3,216,629

Operating income 25,696,371 42,606,518 6,241,890

Derivative gain (loss) 3,052,506

Interest income 1,799,040 5,522,604 809,066

Investment income 10,465,922 1,618,625 237,130

Other non-operating income 3,919,299 1,125,236 164,848

Income before income taxes 44,933,138 50,872,983 7,452,934

Income tax (expenses)

credit (267,089) 2,291,786 335,749

Net income 44,666,049 53,164,769 7,799,683

Net income per share

Basic 1.20 1.39 0.20

Diluted 1.19 1.35 0.20

Weighted average ordinary

shares outstanding

Basic 37,140,389 38,382,081

Diluted 37,646,043 39,398,628

Noah Education Holdings Ltd.

Consolidated Balance Sheet

September 30, December 31,

2009 2009

Unaudited Unaudited

RMB RMB USD

Assets:

Current assets

Cash and cash equivalents 445,051,410 563,459,955 82,547,350

Short-term deposits 374,000,000 230,865,142 33,821,934

Investments 9,098,081 5,941,055 870,369

Accounts receivables, net

of allowance 203,758,663 222,084,226 32,535,523

Related party receivables 599,124 646,470 94,708

Inventories 142,209,361 127,151,408 18,627,786

Prepaid expenses, and

other current assets 65,180,318 68,798,085 10,078,976

Deferred tax asset -

current 394,753 407,273 59,666

Total current assets 1,240,291,710 1,219,353,614 178,636,312

Property, plant and

equipment, net 133,218,305 138,457,403 20,284,124

Intangible assets, net 27,903,701 27,745,511 4,064,740

Goodwill 56,597,146 56,597,146 8,291,529

Deferred tax asset 2,058,180 2,058,180 301,525

Total assets 1,460,069,042 1,444,211,854 211,578,230

Liabilities and

Shareholders' Equity

Current liabilities

Accounts payable 89,350,344 55,214,031 8,088,901

Other payables, accruals 78,168,232 74,813,907 10,960,298

Advances from customers 2,249,516 4,502,316 659,593

Income taxes payable 403,911 442,477 64,823

Deferred revenues 3,685,673 3,094,554 453,355

Total current

liabilities 173,857,676 138,067,285 20,226,970

Consideration payable 10,000,000 10,000,000 1,465,008

Deferred revenues 6,648,323 6,624,024 970,425

Deferred tax liabilities 2,693,704 2,459,870 360,373

Total non-current

liabilities 19,342,027 19,083,894 2,795,806

Total liabilities 193,199,703 157,151,179 23,022,776

Shareholders' Equity

Ordinary shares 15,493 15,534 2,276

Additional paid-in capital 1,072,046,283 1,076,978,689 157,778,270

Accumulated other

comprehensive loss (93,935,295) (94,032,450) (13,775,832)

Retained earnings 288,742,858 304,098,902 44,550,740

Total shareholders' equity 1,266,869,339 1,287,060,675 188,555,454

Total liabilities and

shareholders' equity 1,460,069,042 1,444,211,854 211,578,230

Noah Education Holdings Ltd.

Reconciliation of Non-GAAP to GAAP

Three months ended

December 31,

2008 2009

(Unaudited) (Unaudited)

% of % of

RMB Rev RMB USD Rev

GAAP net revenue 135,357,487 100.0% 154,920,928 22,696,044 100.0%

GAAP gross profit 68,522,115 50.6 % 73,504,527 10,768,474 47.4%

Share-based

compensation 61,404 0.0% 71,609 10,491 0.0%

Non-GAAP gross

profit 68,583,519 50.7% 73,576,136 10,778,965 47.5%

GAAP operating

income 9,251,507 6.8% 10,059,644 1,473,746 6.5%

Share-based

compensation 2,301,798 1.7% 2,694,698 394,775 1.7%

Non-GAAP operating

income 11,553,305 8.5% 12,754,342 1,868,522 8.2%

GAAP net income 8,838,092 6.5% 15,356,035 2,249,672 9.9%

Share-based

compensation 2,301,798 1.7% 2,694,698 394,775 1.7%

Change in the

fair value of

warrants 2,108,498 1.6% 0 0 0.0%

Non-GAAP net

income 13,248,388 9.8% 18,050,733 2,644,447 11.7%

GAAP net income

per share

Basic 0.24 0.40 0.06

Diluted 0.24 0.39 0.06

Non-GAAP net

income per share

Basic 0.36 0.47 0.07

Diluted 0.36 0.46 0.07

Six Month Ended

December 31,

2008 2009

(Unaudited) (Unaudited)

% of % of

RMB Rev RMB USD Rev

GAAP net revenue 337,536,982 100.0% 393,086,151 57,587,446 100.0%

GAAP gross profit 169,722,574 50.3% 191,026,430 27,985,530 48.6%

Share-based

compensation 122,809 0.0% 143,218 20,982 0.0%

Non-GAAP gross

profit 169,845,383 50.3% 191,169,648 28,006,512 48.6%

GAAP operating

income 25,696,371 7.6% 42,606,518 6,241,890 10.8%

Share-based

compensation 4,603,595 1.4% 5,355,601 784,600 1.4%

Non-GAAP operating

income 30,299,966 9.0% 47,962,119 7,026,490 12.2%

GAAP net income 44,666,049 13.2% 53,164,769 7,788,683 13.5%

Share-based

compensation 4,603,595 1.4% 5,355,601 784,600 1.4%

Change in the

fair value of

warrants (3,052,506) -0.9% 0 0.0%

Non-GAAP net

income 46,217,138 13.7% 58,520,370 8,573,283 14.9%

GAAP net income

per share

Basic 1.20 1.39 0.20

Diluted 1.19 1.35 0.20

Non-GAAP net

income per share

Basic 1.33 1.52 0.22

Diluted 1.31 1.49 0.22

Source: Noah Education Holdings Ltd.
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