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ATA Announces Unaudited Results for the Third Quarter of Fiscal Year 2011

NEW YORK Feb. 21, 2011 China December 31, 2010

Third Quarter 2011 Highlights  

  • RMB135.9 million US$20.6 million RMB111 million to 115 million
  • RMB73.3 million US$11.1 million
  • RMB34.7 million US$5.3 million
  • RMB31.2 million US$4.7 million
  • RMB32.2 million US$4.9 million
  • RMB1.44 (US$0.22)
  • RMB280 million to RMB300 million March 31, 2011
  • ATA delivered 3.0 million tests during Third Quarter 2011, an increase of 100.5% from the third quarter of fiscal year 2010.

Kevin Ma

"Most of our businesses did quite well in the quarter, meeting or exceeding expectations. Considering the performance of our traditional and new businesses and further advances in new possible contracts, including potential testing of security guards, we are very pleased with our results this quarter."

November 2, 2011

"As a result of our strong third quarter, we are maintaining our previous revenue guidance for the full fiscal year 2011.

"We continue to believe that our strategy is sound, our actions effective, and our progress aligned for good long-term growth. We look forward to delivering attractive results in the years ahead, which we expect will create substantial value for our shareholders."

Financial Results for the Third Quarter 2011

RMB135.9 million US$20.6 million

RMB112.9 million US$17.1 million RMB61.6 million China China China

RMB11.0 million US$1.7 million RMB5.0 million China

RMB4.6 million US$0.7 million RMB6.8 million

RMB7.5 million US$1.1 million RMB3.0 million

The total number of tests delivered in Third Quarter 2011 was 3.0 million tests, an increase of 100.5% from 1.5 million tests in the third quarter of fiscal year 2010.

RMB73.3 million US$11.1 million RMB37.9 million China

RMB38.6 million US$5.8 million RMB28.2 million

RMB18.7 million US$2.8 million RMB9.8 million

RMB6.6 million US$1.0 million RMB5.3 million RMB13.2 million US$2.0 million RMB13.1 million

RMB34.7 million US$5.3 million RMB9.7 million

RMB31.2 million US$4.7 million RMB6.4 million

RMB0.70 (US$0.11) RMB0.14

RMB1.40 (US$0.22) RMB0.28

Non-GAAP Measures

RMB32.2 million US$4.9 million RMB8.7 million

RMB0.72 (US$0.11) RMB0.19

RMB1.44 (US$0.22) RMB0.38

Please see the note about non-GAAP measures and the reconciliation table at the end of this news release.

Other Data

December 31, 2009

December 31, 2010 December 31, 2009

Test centers

December 31, 2010 China September 30, 2010 December 31, 2009

Guidance for Fiscal Year 2011

March 31, 2011 RMB280 million to RMB300 million RMB245.0 million

These are ATA’s current projections, which are subject to change. You are cautioned that operating results in ATA’s Third Quarter 2011 are not necessarily indicative of operating results for any future periods.

Conference Call and Webcast

8:00 a.m. Eastern Standard Time New York

Kevin Ma Walter Wang Benson Tsang

USA China

www.ata.net.cn

www.ata.net.cn

About ATA Inc.

China

China December 31, 2010 China

May 2010 China

www.ata.net.cn

Cautionary Note Regarding Forward-looking Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.

March 31, 2011 March 31, 2011 China

China China

March 31, 2010 www.sec.gov www.ata.net.cn March 31, 2010

The forward-looking statements in this release involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about ATA and the markets in which it operates. The Company undertakes no obligation to update forward-looking statements, which speak only of the Company’s views as of the date of this release, to reflect subsequent events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that its expectations and assumptions will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Currency Convenience Translation

the People’s Republic of China RMB6.6 to US$1.00 December 31, 2010 City of New York

About Non-GAAP Financial Measures

To supplement ATA’s consolidated financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), ATA uses the following non-GAAP financial measures: net income (loss) excluding share-based compensation expense and foreign currency exchange gain or loss and basic and diluted earnings per common share and ADS excluding share-based compensation expense and foreign currency exchange gain or loss.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" shown at the end of this news release.

ATA believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding share-based compensation expense and foreign currency exchange gain or loss, which may not be indicative of its operating performance from a cash perspective.

ATA believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to ATA’s historical performance. ATA computes its non-GAAP financial measures using a consistent method from quarter to quarter. ATA believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

A limitation of using non-GAAP net income (loss) excluding share-based compensation expense and basic and diluted earnings per common share and per ADS excluding share-based compensation expense is that share-based compensation charges have been, and are expected to continue to be for the foreseeable future, a significant recurring expense in ATA’s business.

Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The table captioned "Unaudited Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" shown at the end this news release has more details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures used by ATA.

Contacts:

ATA Inc.

Benson Tsang , CFO

Phone: +86 10 6518 1122 extension 5107

Email: [email protected]

Christensen

Kathy Li

Phone: +1 212 618 1978

Email: [email protected]

Tom Myers

Phone: +86 139 1141 3520

Email: [email protected]

Financial statements follow.

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

December 31,

2010

2010

2010

RMB

RMB

US$

ASSETS

Current assets:

Cash

213,874,252

297,856,264

45,129,736

Accounts receivable, net

82,900,060

45,123,619

6,836,912

Inventories

2,115,220

3,443,839

521,794

Prepaid expenses and other current assets

10,184,165

6,743,535

1,021,748

Total current assets

309,073,697

353,167,257

53,510,190

Property and equipment, net

70,328,064

65,325,704

9,897,834

Goodwill

23,422,850

23,422,850

3,548,917

Intangible assets, net

23,206,591

21,051,367

3,189,601

Other assets

2,471,898

3,024,584

458,270

Total assets

428,503,100

465,991,762

70,604,812

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accrued expenses and other payables

52,385,674

65,581,875

9,936,647

Deferred revenues

25,837,229

25,932,697

3,929,197

Total current liabilities

78,222,903

91,514,572

13,865,844

Deferred revenues

4,673,805

4,134,927

626,504

Deferred tax liabilities

131,524

131,524

19,928

Total liabilities

83,028,232

95,781,023

14,512,276

Shareholders’ equity:

Common shares

3,418,709

3,418,709

517,986

Additional paid-in capital

485,907,507

489,713,399

74,199,000

Accumulated other comprehensive loss

(16,399,334)

(20,813,949)

(3,153,629)

Accumulated deficit

(127,452,014)

(102,107,420)

(15,470,821)

Total shareholders’ equity

345,474,868

370,210,739

56,092,536

Total liabilities and shareholders’ equity

428,503,100

465,991,762

70,604,812

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three-month Period Ended

December 31,

December 31,

December 31,

2009

2010

2010

RMB

RMB

US$

Net revenues:

          Testing services

61,643,036

112,853,448

17,099,007

          Test-based educational services

6,825,646

4,596,964

696,510

          Test preparation and training solutions

4,994,058

10,969,757

1,662,084

          Other revenues

2,963,141

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