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ATA Reports Fiscal 2012 Fourth Quarter and Year-end Financial Results, Achieves 183% Growth in Fiscal 2012 Net Income and 16% Growth in Net Revenues

BEIJING May 23, 2012 ATA Inc. ("ATA" or the "Company", Nasdaq: ATAI) China March 31, 2012

Fourth Quarter 2012 Financial and Operating Highlights (percentage changes and comparisons are year over year)

  • RMB60.5 million US$9.6 million
  • RMB32.8 million US$5.2 million
  • RMB4.1 million US$0.7 million RMB8.1 million
  • RMB3.3 million US$0.5 million RMB5.6 million
  • RMB5.9 million US$0.9 million RMB5.8 million
  • RMB0.14 (US$0.02)
  • Delivered approximately 1.3 million billable tests, up 26.2%

Fiscal Year 2012 Financial and Operating Highlights (percentage changes are year over year)

  • RMB352.1 million US$55.9 million
  • RMB193.3 million US$30.7 million
  • RMB64.5 million US$10.2 million
  • RMB55.8 million US$8.9 million
  • RMB64.5 million US$10.2 million
  • RMB2.44 (US$0.38) RMB2.38 (US$0.38) RMB2.88 (US$0.46) RMB2.82 (US$0.44)
  • RMB59.4 million US$9.4 million March 31, 2012 RMB257.2 million US$40.8 million
  • Delivered approximately 8.0 million billable tests in Fiscal Year 2012, up 16.2%

Fiscal Year 2013 Outlook

  • March 31, 2013 RMB420.0 million and RMB440.0 million US$66.7 million and US$69.9 million RMB70.0 million and RMB80.0 million US$11.1 million and US$12.7 million
  • June 30, 2012 RMB80.0 million and RMB90.0 million

Kevin Ma China

"We are very pleased with our results for both Fourth Quarter 2012 and Fiscal Year 2012. Despite the fiscal fourth quarter’s being a seasonally weaker period and the rescheduling of a banking exam from Fourth Quarter 2012 to First Quarter 2013, ATA achieved year-over-year growth in net revenues, gross profit, and net income."

Operating Review

China March 31, 2012 China

GAAP Results

Fourth Quarter 2012

RMB60.5 million US$9.6 million RMB49.7 million RMB15.0 million US$2.4 million

RMB32.8 million US$5.2 million RMB22.4 million

RMB4.1 million US$0.7 million RMB8.1 million

RMB3.3 million US$0.5 million RMB5.6 million RMB0.07 (US$0.01) RMB0.13 RMB0.14 (US$0.02) RMB0.26

Fiscal Year 2012

RMB352.1 million US$55.9 million RMB303.9 million March 31, 2011

RMB290.9 million US$46.2 million RMB88.0 million US$14.0 million RMB54.5 million

RMB27.0 million US$4.3 million

RMB12.6 million US$2.0 million

RMB193.3 million US$30.7 million RMB154.7 million

RMB128.8 million US$20.4 million RMB133.8 million

RMB64.5 million US$10.2 million RMB20.9 million

RMB55.8 million US$8.9 million RMB19.8 million RMB1.22 (US$0.19) RMB1.19 (US$0.19) RMB2.44 (US$0.38) RMB 2.38 (US$0.38)

Non-GAAP Measures

RMB64.5 million US$10.2 million RMB23.3 million RMB1.44 (US$0.23) RMB1.41 (US$0.22)

RMB2.88 (US$0.46) RMB2.82 (US$0.44) RMB1.04

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

Other Data

March 31, 2012 March 31

Outlook for Fiscal Year 2013 and for First Quarter 2013  

RMB80.0 million and RMB90.0 million

RMB420.0 million and RMB440.0 million RMB70.0 million and RMB80.0 million

Estimated Financial Results

(RMB in millions)

Estimated for the year ending
March 31, 2013

Actual for the year ended
March 31, 2012

 

Percent Increase

Net Revenues

420.0 – 440.0

352.1

19.3% – 25.0%

Non-GAAP Net Income

70.0 – 80.0

64.5

8.5% – 24.0%

Estimated for the quarter ending
June 30, 2012

Actual for the quarter ended
June 30, 2011

 

Percent Increase

Net Revenues

80.0 – 90.0

77.6

3.1% – 16.0%

China China

These are ATA’s current projections, which are subject to change. You are cautioned that operating results in Fourth Quarter 2012 or in Fiscal Year 2012 are not necessarily indicative of operating results for any future periods.

Conference Call and Webcast Information (With Accompanying Presentation)

8 a.m. Eastern Time Thursday, May 24, 2012 March 31, 2012 Kevin Ma Walter Wang Benson Tsang

http://www.ata.net.cn

http://www.mzcan.com/cancast/us/index.php?id=usATAI_37&version=e

An accompanying slide presentation in PDF format will also be made available 30 minutes prior to the conference call on the same investor relations section of ATA’s website. To listen to the webcast, please visit ATA’s website a few minutes prior to the start of the call to register, download, and install any necessary audio software.

For those unable to listen during the live webcast, a replay will be available shortly after the call on the investor relations section of ATA’s website and will remain available for 90 days.

About ATA Inc.

China March 31, 2012 China China

ATA has delivered more than 39.1 million billable tests since ATA started operations in 1999.

http://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.

These forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "future," "intend," "look forward to," "outlook," "plan," "should," "will," and similar terms and include, among other things, the Company’s guidance relating to anticipated financial and operating results for the First Quarter 2013 and Fiscal Year 2013 and statements regarding market demand and trends, the potential growth and success of the Company’s businesses and the Company’s future results of operations, cost structure, cash flow and financial position.

China China

March 31, 2011 www.sec.gov www.ata.net.cn March 31, 2011

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 March 31, 2012 RMB6.2975 US$1.00 March 30, 2012 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.  ATA believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding share-based compensation expense and foreign currency exchange gains or losses, 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 period to period. 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 excluding share-based compensation expense and foreign currency exchange gains or losses and basic and diluted earnings per common share and per ADS excluding share-based compensation expense and foreign currency exchange gain or loss is that share-based compensation charges and foreign currency exchange gains or losses 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.

For more information on our company, please contact the following individuals:

At the Company

Investor Relations

ATA, Inc.

The Equity Group Inc.

Benson Tsang, CFO 

Carolyne Yu, Account Executive

+86 10 6518 1122 x5107 

212-836-9610

[email protected]

+86 10 6587 6435

[email protected]

Adam Prior, Vice President

212-836-9606

[email protected]

 

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

March 31,

March 31,

March 31,

2011

2012

2012

RMB

RMB

USD

ASSETS

Current assets:

Cash

268,058,194

257,167,696

40,836,474

Accounts receivable, net

47,051,596

81,844,571

12,996,359

Inventories

344,909

374,382

59,449

Prepaid expenses and other current assets

10,036,345

15,682,735

2,490,312

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