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TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and Fiscal Year 2012 Ended February 29, 2012

BEIJING April 25, 2012 China February 29, 2012

Financial Highlights for the Fourth Fiscal Quarter Ended February 29 , 201 2

  • US$52.2 million US$33.7 million
  • US$7.6 million US$8.4 million
  • US$7.6 million US$8.4 million
  • US$9.0 million US$10.9 million
  • US$0.10 US$0.10 US$0.12 US$0.12
  • Total student enrollments during the fourth quarter of fiscal year 2012 increased by 47.0% year-over-year to approximately 228,500.
  • February 29, 2012 November 30, 2011

Financial Highlights February 29 201 2

  • US$177.5 million US$110.6 million
  • US$24.3 million US$24.4 million
  • US$24.3 million US$24.0 million
  • US$32.2 million US$29.3 million
  • US$0.32 US$0.31 US$0.42 US$0.41
  • February 29, 2012
  • February 29, 2012 February 28

(1) As used in this press release, non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS are defined to exclude share-based compensation expense from operating costs and expenses, cost of revenues, selling and marketing expenses, general and administrative expenses, income from operations, net income attributable to TAL and earnings per ADS, respectively.  See "About Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Measures To The Most Comparable GAAP Measures" at the end of this press release.

(2) Each ADS represents two Class A common shares.

February 29, 2012

Three Months Ended

February 28/29,

2011

2012

Pct. Change

Net revenues

33,654

52,216

55.2%

Net income attributable to TAL

8,446

7,582

(10.2)%

Non-GAAP net income attributable to TAL

10,924

9,019

(17.4)%

Operating income

8,161

6,321

(22.6)%

Non-GAAP operating income

10,640

7,758

(27.1)%

Net income per ADS attributable to TAL – basic

0.11

0.10

(11.6)%

Net income per ADS attributable to TAL – diluted

0.11

0.10

(10.6)%

Non-GAAP net income per ADS attributable to TAL – basic

0.14

0.12

(18.7)%

Non-GAAP net income per ADS attributable to TAL – diluted

0.14

0.12

(19.3)%

Total student enrollments in small class, one-on-one and online courses

155,400

228,500

47.0%

Three Months Ended

February 28/29,

2011

2012

Pct. Change

Net revenues

110,588

177,520

60.5%

Net income attributable to TAL

24,041

24,314

1.1%

Non-GAAP net income attributable to TAL

29,348

32,215

9.8%

Operating income

25,574

21,025

(17.8)%

Non-GAAP operating income

30,881

28,926

(6.3)%

Net income per ADS attributable to TAL – basic

0.36

0.32

(11.3)%

Net income per ADS attributable to TAL – diluted

0.35

0.31

(11.5)%

Non-GAAP net income per ADS attributable to TAL – basic

0.43

0.42

(3.7)%

Non-GAAP net income per ADS attributable to TAL – diluted

0.43

0.41

(3.9)%

Total student enrollments in small class, one-on-one and online courses

486,400

690,300

41.9%

"I am pleased to report that in our fourth fiscal quarter revenue growth once again exceeded our guidance and student enrollments continued to show strong momentum. Fiscal 2012 as a whole was a year of successful business expansion and enlarged market presence. We more than doubled the number of learning centers in our network and rolled out to eight new cities during the year. We also continued to enhance our product offering in our core small class business, made significant progress in online courses, and introduced a new tutoring format branded ‘Mobby’ to address the highly complementary pre-K market. In addition, we began to put into place a multi-level business unit structure with headquarters functions as the organizational foundation for our long-term growth and scaling," said TAL’s Chairman and Chief Executive Officer, Mr. Bangxin Zhang.

"In fiscal year 2013, we aim to balance growth opportunities with our ambition to further solidify the basis of our leading and innovative education brand. We believe the time is right to build upon the traction we have established over the course of the last fiscal year in the 14 cities in which we now have learning centers. At the same time, we will continue to enhance our competitive strengths, particularly the top quality content and curriculum and outstanding teacher resources of our proven small-class business model," Mr. Zhang commented.

Joseph Kauffman

"In the quarters ahead, we will continue to focus on the long-term health of our business. We will invest aggressively in our core assets and the operational support and systems required to sustain our successful business expansion.  At the same time, we will look for cost and expense optimization opportunities and increased scalability in our business model," Mr. Kauffman added.

Financial Results for the Fourth Fiscal Quarter Ended February 29 , 201 2


US$52.2 million US$33.7 million US$229 US$217


US$45.9 million US$25.6 million US$44.5 million US$23.2 million

US$28.5 million US$16.2 million US$28.4 million US$16.0 million

US$5.5 million US$3.0 million US$5.2 million US$2.5 million

US$11.9 million US$6.4 million US$10.8 million US$4.6 million

US$1.4 million US$2.5 million


US$23.7 million US$17.5 million

Income
US$6.3 million US$8.2 million US$7.8 million US$10.6 million


US$0.9 million US$0.7 million

Net Income
US$7.6 million US$8.4 million

Net Income
US$ 7.6 million US$8.4 million US$9.0 million US$10.9 million


US$0.10 US$0.10 US$0.12 US$0.12

Financial Results for the Fiscal Year Ended February 29 , 201 2


US$177.5 million US$110.6 million February 28, 2011 US$257 US$227


US$156.7 million US$85.2 million US$148.8 million US$79.9 million

US$95.6 million US$56.1 million US$95.2 million US$55.6 million

US$23.2 million US$9.9 million US$21.7 million US$9.0 million

US$37.8 million US$19.1 million US$31.8 million US$15.3 million

US$7.9 million US$5.3


US$81.9 million US$54.4 million

Income
US$21.0 million US$25.6 million US$28.9 million US$30.9 million


US$4.2 million US$2.6 million

Net Income
US$24.3 million US$ 24.4 million

Net Income
US$24.3 million US$24.0 million US$32.2 million US$29.3 million


US$0.32 US$0.31 US$0.42 US$0.41


US$74.3 million $62.5 million


February 29, 2012 US$188.6 million US$10.3 million US$173.2 million US$25.9 million February 28, 2011


February 29, 2012 US$85.6 million US$50.7 million February 28, 2011

Business Outlook

May 31, 2012 US$44.2 million and US$45.8 million

February 28,2013 US$230.8 million to US$239.7 million

Conference Call

February 29, 2012 8:00 am Eastern Time April 25, 2012 8:00 pm Beijing April 25, 2012

The dial-in details for the live conference call are as follows:

International:

+656-723-9381

U.S.:

+1-718-354-1231

China:

800-819-0121

Conference ID:

67174146

A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at en.xueersi.org.

May 2, 2012

The dial-in details for the replay are as follows:

International:

+61-2-8235-5000

U.S. :

+1-718-354-1232

China: 

400-692-0026

Conference ID: 

67174146

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