TAL Education Group Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2016; Provides Earnings Guidance for the Fourth Quarter of Fiscal Year 2017
For the nine months, the company reported net revenues of $726,768,875 compared to $444,900,103 a year ago. The increase was mainly driven by an increase in total student enrollments, which increased by 70.8% to approximately 2,598,120 from approximately 1,521,510 in the same period of the prior year. The increase in total student enrollments was driven primarily by increases of enrollments in the small class offerings and online courses. Income from operations was $91,164,316 compared to $68,404,628 a year ago. Income before provision for income tax and loss from equity method investments was $111,683,285 compared to $117,575,022 a year ago. Net income was $80,363,537 or $0.47 per diluted share compared to $92,000,943 or $0.54 per diluted share a year ago. Total net income attributable to the company was $82,601,874 compared to $92,019,288 a year ago. Non-GAAP income from operations was $116,894,549 compared to $85,656,814 a year ago. Non-GAAP net income attributable to the group was $108,332,107 or $0.94 per share diluted ADS compared to $109,271,474 or $1.07 per share diluted ADS a year ago.
Based on the company's current estimates, total net revenues for the fourth quarter of fiscal year 2017 are expected to grow 73% to 75% on a year-over-year basis, in RMB terms. Taking into consideration the recent significant change in RMB exchange rate against the US dollar, the company expects total net revenues for the fourth quarter of fiscal year 2017 to be between $285.3 million and $288.8 million, representing an increase of 63% to 65% on a year-over-year basis, assuming no material change in exchange rates.