New Oriental Education & Technology Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended of November 30, 2016. For the quarter, the company reported total net revenues of $341,238,000 compared to $278,082,000 a year ago. Operating income was $214,000 compared to operating loss of $10,399,000 a year ago. Net income was $12,382,000 compared to $5,880,000 a year ago. Net income attributable to the company was $10,360,000 compared to $5,883,000 a year ago. Basic and diluted net income per share and ADS was $0.07 compared to $0.04 a year ago. Non-GAAP operating income was $2,379,000 compared to non-GAAP operating loss of $5,416,000 a year ago. Non-GAAP net income was $12,525,000 compared to $10,866,000 a year ago. Non-GAAP net income per ADS attributable to the company was $0.08 compared to $0.07 a year ago. Basic and diluted Non-GAAP income per share was $0.08 compared to $0.07 a year ago. Net operating cash flow for the second fiscal quarter of 2017 was approximately $116.4 million. Capital expenditures for the quarter were $21.2 million, which were primarily attributable to the opening of 2 new schools and 36 learning centers and renovations at existing learning centers.

For the six months, the company reported total net revenues of $875,307,000 compared to $736,571,000 a year ago. Operating income was $152,798,000 compared to $119,447,000 a year ago. Net income was $154,465,000 compared to $134,464,000 a year ago. Net income attributable to the company was $151,422,000 compared to $134,426,000 a year ago. Diluted net income per share and ADS was $0.96 compared to $0.86 a year ago. Non-GAAP operating income was $155,844,000 compared to $128,179,000 a year ago. Non-GAAP net income was $154,468,000 compared to $143,158,000 a year ago. Non-GAAP net income per ADS attributable to the company was $0.98 compared to $0.91 a year ago. Basic and diluted Non-GAAP income per share was $0.98 compared to $0.91 a year ago.

The company expects total net revenues in the third quarter of fiscal year 2017 (December 1, 2016 to February 28, 2017) to be in the range of $408.7 million to $421.8 million, representing year-over-year growth in the range of 18% to 22%. The company projects growth rate of revenue in functional currency Renminbi is expected to be in the range of 25% to 29% for the third quarter of fiscal year 2017.