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New Oriental Announces Results for Fourth Quarter and Fiscal Year Ended May 31, 2011; Also Announces Four-for-One ADS Ratio Change Effective August 18, 2011

BEIJING HONG KONG July 18, 2011 China May 31, 2011 August 18, 2011

Highlights for the Fourth Fiscal Quarter Ended May 31, 2011

  • US$137.4 million US$86.6 million
  • US$14.3 million US$5.8 million US$1.54 million US$15.8 million US$5.8 million
  • US$19.2 million US$9.0 million
  • US$10.4 million US$3.7 million US$12.0 million US$3.7 million
  • US$15.4 million US$6.9 million
  • US$0.37 US$0.37 US$0.50 US$0.49 August 18, 2011
  • Total student enrollments in academic subjects tutoring and test preparation courses increased by 11.9% year-over-year to approximately 489,100, from approximately 437,200 in the same period of the prior fiscal year.

Highlights for the Fiscal Year Ended May 31, 2011

  • US$557.9 million US$386.3 million
  • US$101.8 million US$77.8 million
  • US$118.4 million US$94.0 million
  • US$95.5 million US$77.3 million US$112.1 million US$93.5 million
  • US$2.66 US$2.61 US$3.09 US$3.03
  • Total student enrollments in academic subjects tutoring and test preparation courses increased by 15.6% year-over-year to approximately 2,089,600, from approximately 1,807,700 in the prior fiscal year.
  • May 31, 2011 May 31, 2010 May 31, 2011 February 28, 2011 May 31, 2011 February 28, 2011

Financial and Student Enrollments Summary – Fourth Quarter and Fiscal Year 2011

(US$ in thousands, except per ADS data and student enrollments)

Q4 of FY 2011

Q4 of FY 2010

Pct. Change

Net revenues

137,386

86,581

58.7%

Net income attributable to New Oriental

14,303

5,773

147.8%

Non-GAAP net income attributable to New Oriental (1)

19,247

9,037

113.0%

Operating income

10,421

3,653

185.3%

Non-GAAP operating income (1)

15,365

6,917

122.1%

Net income per ADS attributable to New Oriental basic (2)

0.37

0.15

144.0%

Net income per ADS attributable to New Oriental diluted (2)

0.37

0.15

145.9%

Non-GAAP net income per ADS attributable to New Oriental basic (1)(2)(3)

0.50

0.24

109.8%

Non-GAAP net income per ADS attributable to New Oriental – diluted (1)(2)(3)

0.49

0.23

111.3%

Total student enrollments in academic subjects tutoring and test preparation courses

489,100

437,200

11.9%

FY 2011

FY 2010

Pct. Change

Net revenues

557,872

386,307

44.4%

Net income attributable to New Oriental

101,774

77,789

30.8%

Non-GAAP net income attributable to New Oriental (1)

118,356

93,972

25.9%

Operating income

95,501

77,314

23.5%

Non-GAAP operating income (1)

112,083

93,497

19.9%

Net income per ADS attributable to New Oriental – basic (2)

2.66

2.06

28.9%

Net income per ADS attributable to New Oriental – diluted (2)

2.61

2.01

29.8%

Non-GAAP net income per ADS attributable to New Oriental basic (1)(2)(3)

3.09

2.49

24.1%

Non-GAAP net income per ADS attributable to New Oriental diluted (1)(2)(3)

3.03

2.43

24.9%

Total student enrollments in academic subjects tutoring and test preparation courses

2,089,600

1,807,700

15.6%

  1. New Oriental provides net income attributable to New Oriental, operating income, and net income per ADS attributable to New Oriental on a Non-GAAP basis that excludes share-based compensation expenses and the Disposal Loss of subsidiaries to reflect meaningful supplemental information regarding its operating performance. For more information on these Non-GAAP financial measures, please see the section captioned "About Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end of this release.
  2. August 18, 2011
  3. The Non-GAAP adjusted net income per share and per ADS are computed using Non-GAAP adjusted net income and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation.

US$15.8 million US$12 million Michael Yu

US$500 million US$100 million

Louis T. Hsieh US$550 million US$166 million US$116 million US$77 million US$193 million US$120 million

Chinese New Year February 14 February 28, 2010 Chinese New Year February 3, 2011 US$194 million

Four-for-One ADS Ratio Change

August 18, 2011

August 17, 2011 August 19, 2011

For New Oriental’s ADS holders, this ratio change will have the same effect as a four-for-one stock split. There will be no change to New Oriental’s underlying common shares. Furthermore, no action by ADS holders is required to effect the ratio change.

Disposal of Mingshitang School and Tomorrow Oriental

Beijing April 2011 May 2011 Huang Binliang US$1.2 million US$0.4 million

Financial Results for the Fiscal Quarter Ended May 31, 2011

US$137.4 million

US$120.4 million

US$127.0 million US$122.0 million

US$56.7 million

US$22.6 million

US$46.2 million US$43.0 million

US$3.4 million US$3.3 million

US$10.4 million US$3.7 million US$15.4 million US$6.9 million

Operating margin for the quarter was 7.6%, compared to 4.2% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and the Disposal Loss, for the quarter was 11.2%, compared to 8.0% in the same period of the prior fiscal year. This rise was primarily due to improved operating efficiency as revenue growth outpaced the growth in operating costs and expenses.

US$14.3 million US$0.37 US$0.37

US$19.2 million US$0.50 US$0.49

US$7.3 million

May 31, 2011 US$317.3 million US$348.0 million February 28, 2011 US$152.7 million US$143.7 million May 31, 2011 US$71.6 million

US$194.3 million US$107.1 million

Financial Results for the Fiscal Year Ended May 31, 2011

May 31, 2011 US$557.9 million

May 31, 2011 US$508.4 million May 31, 2011 May 31, 2010

May 31, 2011 US$95.5 million May 31, 2011 US$112.1 million

May 31, 2011 May 31, 2010 May 31, 2011 May 31, 2010

May 31, 2011 US$101.8 million May 31, 2011 US$2.66 US$2.61

May 31, 2011 US$118.4 million May 31, 2011 US$3.09 US$3.03

Outlook for First Quarter of Fiscal Year 20 1 2

June 1, 2011 August 31, 2011 US$255.8 million to US$265.4 million

Conference Call Information

8 AM July 18, 2011 8 PM July 18, 2011 Beijing Hong Kong

Dial-in details for the earnings conference call are as follows:

US:

+1-617-786-2901

Hong Kong:            

+852 3002 1672

UK:

+44 207 365 8426

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "New Oriental Earnings Call."

July 25, 2011

International:            

+1-617-801-6888

Passcode:

14746699

http://investor.neworiental.org

About New Oriental

China the United States August 18, 2011

http://english.neworiental.org

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the first quarter of fiscal year 2012 and quotations from management in this announcement, as well as New Oriental’s strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our "New Oriental" brand; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement New Oriental’s consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses and Disposal Loss, operating income excluding share-based compensation expenses and Disposal Loss, operating costs and expenses excluding share-based compensation expenses and Disposal Loss, general and administrative expenses excluding share-based compensation expenses, operating margin excluding share-based compensation expenses and Disposal Loss, and basic and diluted net income per ADS and per share excluding share-based compensation expenses and Disposal 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 tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses and Disposal Loss that may not be indicative of its operating performance from a cash perspective or our ongoing operations. New Oriental believes that both management and investors benefit from referring to 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 New Oriental’s historical performance and liquidity. New Oriental 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 these non-GAAP measures is that they exclude share-based compensation charge that has been and will continue to be for the foreseeable future a significant recurring expense in our business in the case of share-based compensation charge. In addition, although Disposal Loss was one-time charge and thus is not indicative of New Oriental’s ongoing operations, New Oriental cannot exclude the possibilities that similar events may occur in the future which will require similar charges being recorded. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Contacts

For investor and media inquiries, please contact:

China

Sisi Zhao

[email protected]

Martin Reidy

[email protected]

In the U.S.:

Kate Tellier

[email protected]

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of May  31

As of February  28

2011

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