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New Oriental Announces Results for the Third Fiscal Quarter Ended February 28, 2009
April 21, 2009 at 4:02 AM EDT
---- Net Revenues Increased by 36.1% Year-Over-Year ---- Non-GAAP Net Income Increased by 4.3% Year-Over-Year ---- GAAP Net Income Decreased by 10.3% Year-Over-Year
BEIJING, April 21, 2009 /PRNewswire-Asia via COMTEX/ -- New Oriental Education and Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU), the largest provider of private educational services in China, today announced its unaudited financial results for the fiscal quarter ended February 28, 2009, which is the third quarter for New Oriental's fiscal year 2009.
    Highlights for the Fiscal Quarter Ended February 28, 2009

    -- Total net revenues increased by 36.1% year-over-year to US$65.4 million
       from US$48.1 million in the same period of the prior fiscal year.
    -- Net income excluding share-based compensation expenses ("Non-GAAP")
       increased by 4.3% year-over-year to US$14.5 million from US$13.9
       million in the same period of the prior fiscal year.  GAAP net income
       decreased by 10.3% year-over-year to US$10.4 million from US$11.6
       million in the same period of the prior fiscal year.
    -- Non-GAAP income from operations increased by 2.4% year-over-year to
       US$12.8 million from US$12.5 million in the same period of the prior
       fiscal year. GAAP income from operations decreased by 14.7% year-over-
       year to US$8.7 million from US$10.2 million in the same period of the
       prior fiscal year.
    -- Non-GAAP basic and diluted earnings per ADS were US$0.39 and US$0.38,
       respectively. GAAP basic and diluted earnings per ADS were US$0.28 and
       US$0.27, respectively. Each ADS represents four common shares of the
       Company.
    -- Total student enrollments in language training and test preparation
       courses increased by 31.0% year-over-year to approximately 351,700 from
       approximately 268,400 in the same period of the prior fiscal year.
    -- The total number of schools and learning centers increased by ten to
       257 in the quarter ended February 28, 2009, up from 247 as of the end
       of the prior quarter. New Oriental opened a kindergarten in Nanjing and
       added a net of nine learning centers during the quarter. This brings
       the total number of schools and learning centers to 47 and 210,
       respectively, as of February 28, 2009.



Financial Summary - Third Fiscal Quarter 2009 and First Nine Months of FY2009

            (US$ 000, except per ADS data and student enrollments)

                                   Q3 of FY2009  Q3 of FY 2008    Pct. Change

    Net revenues                        65,449         48,098          36.1%
    Non-GAAP net income (1)             14,481         13,886           4.3%
    GAAP net income                     10,409         11,603         -10.3%
    Non-GAAP operating income (1)       12,760         12,463           2.4%
    GAAP operating income                8,688         10,180         -14.7%
    Non-GAAP net income per ADS
     basic (1)(2)                         0.39           0.37           5.3%
    Non-GAAP net income per ADS
     diluted (1)(2)                       0.38           0.35           7.2%
    GAAP net income per ADS
     basic (2)                            0.28           0.31          -9.4%
    GAAP net income per ADS
     diluted (2)                          0.27           0.29          -7.8%
    Total student enrollments
     in language training and
     test preparation courses          351,700        268,400          31.0%



                                      YTD 9-Mo       YTD 9-Mo     Pct. Change
                                        FY2009         FY2008

    Net revenues                       233,141        160,835          45.0%
    Non-GAAP net income (1)             70,644         53,247          32.7%
    GAAP net income                     58,376         47,251          23.5%
    Non-GAAP operating income (1)       70,691         51,387          37.6%
    GAAP operating income               58,423         45,391          28.7%
    Non-GAAP net income per
     ADS basic (1)(2)                     1.90           1.42          33.6%
    Non-GAAP net income per
     ADS diluted (1)(2)                   1.84           1.36          35.6%
    GAAP net income per ADS
     basic (2)                            1.57           1.26          24.4%
    GAAP net income per ADS
     diluted (2)                          1.52           1.21          26.2%
    Total student enrollments
     in language training and
     test preparation courses        1,189,300        966,500          23.1%


    (1) New Oriental provides net income, operating income, net income per ADS
        on a Non-GAAP basis that excludes share-based compensation expenses to
        reflect meaningful supplemental information regarding its operating
        performance and liquidity. For more information on these Non-GAAP
        financial measures, please see the table captioned "Reconciliations of
        Non-GAAP measures to the most comparable GAAP measures" set forth at
        the end of this release.

    (2) Each ADS represents four common shares.



"During this quarter, the economic slowdown in China had a greater than anticipated effect on our adult English courses. To reflect our revised expectations, in mid-February 2009, we issued a press release adjusting our third fiscal quarter 2009 revenue guidance downwards to the range of US$62 million to US$65 million. As it turns out, adult English enrollments for the quarter were approximately 50,300, up slightly from approximately 50,100 in the year ago period, but below our prior expectations," said Michael Yu, New Oriental's Chairman and Chief Executive Officer. "Furthermore, our financial results were negatively impacted by the early timing of Chinese New Year this year which occurred on January 26, 2009, almost two weeks earlier than last year. Several of our schools, including our second largest school in Shanghai, experienced a dramatic slowdown in enrollments and revenues in the second half of January due to scheduling problems with class start times resulting from the compressed time frame between when students completed their regular school sessions and the early Chinese New Year holidays. Despite these challenges, we are pleased to report revenue increased 36.1% year-over-year to US$65.4 million, exceeding the top end of the revised guidance range. In addition, we are pleased that a strong bounce back in enrollments in February boosted total student enrollments in language training and test preparation courses for the quarter to about 351,700, an increase of 31% year-over-year."

Mr. Yu continued, "Despite the challenging global economic conditions, we continue to benefit from Chinese families' strong demand for education services for their children. Enrollments in our POP Kids English program were up over 48% year-over-year to approximately 85,800 during this quarter. To further expand capacity in our POP Kids English program, we added a net of nine learning centers in various cities. We are also pleased with the continued excellent progress in our middle and high school all-subjects training programs and gaokao test preparation courses. During this quarter, these programs had enrollments in non-English courses of over 23,000. For the first nine months of fiscal year 2009, we had approximately 45,000 non-English enrollments for middle and high school courses and we have already achieved our target of 40,000 to 50,000 enrollments for non-English courses for the whole fiscal year 2009, with one quarter still to come."

Financial Results for the Fiscal Quarter Ended February 28, 2009

For the third fiscal quarter of 2009, New Oriental reported net revenues of US$65.4 million, representing a 36.1% increase year-over-year.

Net revenues from educational programs and services for the third fiscal quarter were US$60.0 million, representing a 34.7% increase year-over-year. The growth was mainly driven by the increase in the number of student enrollments in language training and test preparation courses. Total student enrollments in language training and test preparation courses in the third quarter of fiscal year 2009 increased by 31.0% year-over-year to approximately 351,700.

Non-GAAP operating costs and expenses for the quarter were US$52.7 million, a 47.9% increase year-over-year. GAAP operating costs and expenses for the quarter were US$56.8 million, a 49.7% increase year-over-year.

Cost of revenues increased by 40.9% year-over-year to US$26.0 million, primarily due to the increased number of courses and the greater number of schools and learning centers in operation.

Selling and marketing expenses increased by 51.9% year-over-year to US$10.5 million, primarily due to brand promotion expenses.

Non-GAAP general and administrative expenses were US$16.0 million, a 55.0% increase year-over-year. GAAP general and administrative expenses for the quarter increased by 61.4% year-over-year to US$20.2 million, primarily due to increased headcount as the Company expanded its network of schools and learning centers.

Total share-based compensation expenses, which were allocated to operating costs and expenses, increased to US$4.1 million in the third quarter of fiscal year 2009 from US$2.3 million in the same period of the prior fiscal year.

Non-GAAP income from operations for the quarter was US$12.8 million, a 2.4% increase from US$12.5 million in the same period of the prior fiscal year. GAAP income from operations for the quarter was US$8.7 million, a 14.7% decrease from US$10.2 million in the same period of the prior fiscal year.

Non-GAAP operating margin for the quarter was 19.5%, compared to 25.9% in the same period of the prior fiscal year. GAAP operating margin for the quarter was 13.3%, compared to 21.2% in the same period of the prior fiscal year. The decline of operating margin was primarily due to decreased operating efficiency as the growth in operating costs and expenses outpaced the revenue growth.

Non-GAAP net income was US$14.5 million, representing a 4.3% increase from the same period of the prior fiscal year. Basic and diluted earnings per ADS excluding share-based compensation expenses (Non-GAAP) were US$0.39 and US$0.38, respectively.

GAAP net income for the quarter was US$10.4 million, representing a 10.3% decrease from the same period of the prior fiscal year. Basic and diluted earnings per ADS were US$0.28 and US$0.27, respectively.

Capital expenditures for the quarter were US$4.4 million, which was primarily used to add one new school and a net of 9 learning centers.

As of February 28, 2009, New Oriental had cash and cash equivalents of US$224.0 million. In addition, the company had US$62.5 million in term deposits at the end of the quarter. Net operating cash in-flow for the third quarter of fiscal year 2009 was US$21.7 million, an increase of 32.9% as compared to US$16.3 million during the same period of the prior fiscal year.

The deferred revenue balance, which is cash collected from registered students for courses and recognized proportionally as revenue as the instructions are delivered, at the end of the third quarter of fiscal year 2009 was US$55.4 million, a 54.8% increase year-over-year.

Financial Results for the Nine Months Ended February 28, 2009

For the nine months ended February 28, 2009, New Oriental reported net revenues of US$233.1 million, a 45.0% increase year-over-year.

Total student enrollments in language training and test preparation courses for the nine months ended February 28, 2009 increased by 23.1% year- over-year to approximately 1,189,300 from approximately 966,500 in the nine months ended February 29, 2008.

Non-GAAP income from operations for the nine months ended February 28, 2009 was US$70.7 million, a 37.6% increase year-over-year. GAAP income from operations for the nine months ended February 28, 2009 was US$58.4 million, a 28.7% increase year-over-year.

Non-GAAP operating margin for the nine months ended February 28, 2009 was 30.3%, compared to 32.0% for the nine months ended February 29, 2008. GAAP operating margin for the nine months ended February 28, 2009 was 25.1%, compared to 28.2% for the nine months ended February 29, 2008.

Non-GAAP net income for the nine months ended February 28, 2009 was US$70.6 million, a 32.7% increase year-over-year. Non-GAAP basic and diluted earnings per ADS for the nine months ended February 28, 2009 were US$1.90 and US$1.84, respectively.

GAAP net income for the nine months ended February 28, 2009 was US$58.4 million, representing a 23.5% increase year-over-year. GAAP basic and diluted earnings per ADS for the nine months ended February 28, 2009 were US$1.57 and US$1.52, respectively.

Outlook for the Fourth Quarter of Fiscal Year 2009

New Oriental expects its total net revenues in the fourth quarter of fiscal year 2009 (March 1, 2009 to May 31, 2009) to be in the range of US$50.5 million to US$53.5 million, representing year-over-year growth in the range of 25.7% to 33.2%, respectively. This forecast reflects New Oriental's current and preliminary view, which is subject to change.

Conference Call Information

New Oriental's management will host an earnings conference call at 8 AM on April 21, 2009, U.S. Eastern Time (8 PM on April 21, 2009, Beijing/Hong Kong time).

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

     US:            +1-617-597-5358
     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."

A replay of the conference call may be accessed by phone at the following number until April 28, 2009:

International: +1-617-801-6888

Passcode: 13625330

Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org .

About New Oriental

New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. New Oriental's ADSs, each of which represents four common shares, currently trade on the New York Stock Exchange under the symbol "EDU."

For more information about New Oriental, please visit 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 fourth quarter of fiscal year 2009 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 periodic reports to the U.S. Securities and Exchange Commission, in its annual report 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 growth strategies; our future business development, results of operations and financial condition; 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; and Chinese governmental policies relating to private educational services and providers of such services. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents furnished or 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, income from operations excluding share-based compensation expenses, operating margin excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, total operating costs and expenses excluding share-based compensation expenses and basic and diluted earnings per ADS excluding share-based compensation expenses. 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 "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 operating performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these Non-GAAP financial measures in assessing its operating 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 will compute its Non-GAAP financial measures using the same consistent method from quarter to quarter. 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 Non-GAAP financial measures excluding share-based compensation expenses is that share-based compensation charge has been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amount excluded from each Non-GAAP measure. The accompanying tables have more details on the reconciliations between Non-GAAP financial measures and their most comparable GAAP financial measures.



                NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                (In thousands)

                                                  As of            As of
                                               February 28      November 30
                                                  2009             2008
                                               (Unaudited)      (Unaudited)
                                                   USD              USD
    ASSETS:
    Current assets:
      Cash and cash equivalents                   223,955          182,831
      Restricted cash                                 531              531
      Term deposits                                62,549           86,536
      Accounts receivable, net                      1,375            1,315
      Inventory                                    14,514           12,866
      Deferred tax assets-Current                   1,141               --
      Prepaid expenses and other current
       assets                                      16,053           16,131

    Total current assets                          320,118          300,210

      Property, plant and equipment, net          109,373          107,988
      Land use right, net                           3,499            3,527
      Amounts due from related parties                395              396
      Deferred tax assets                           1,833            1,570
      Long term prepaid rent                        1,439              738
      Intangible assets                               909              955
      Goodwill                                      2,159            2,163
      Long term investment                              2                2

    Total assets                                  439,727          417,549

    LIABILITIES, MINORITY INTEREST AND
     SHAREHOLDERS' EQUITY
    Current liabilities:
      Accounts payable-trade                        9,194            8,139
      Accrued expenses and other current
       liabilities                                 28,426           25,121
      Income tax payable                            4,962            4,268
      Amount due to related parties                    54                9
      Deferred revenue                             55,423           52,660

    Total current liabilities                      98,059           90,197

    Total liabilities                              98,059           90,197

    Total shareholders' equity                    341,668          327,352

    Total liabilities, minority interest
     and shareholders' equity                     439,727          417,549



                 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (In thousands except for per share and per ADS amounts)

                                               For the Three     For the Three
                                                Months Ended      Months Ended
                                                February 28       February 29
                                                    2009              2008
                                                (Unaudited)        (Unaudited)
                                                     USD               USD
    Net Revenues:
      Educational Programs and services             59,998            44,555
      Books and others                               5,451             3,543
    Total net revenues                              65,449            48,098

    Operating costs and expenses (note 1):
      Cost of revenues                              26,035            18,475
      Selling and marketing                         10,547             6,942
      General and administrative                    20,179            12,501

    Total operating costs and expenses              56,761            37,918
    Operating income                                 8,688            10,180

    Other income, net                                1,927             2,303

      Provision for income taxes                      (206)             (922)
      Minority interest, net of taxes                   --                42

    Net Income                                      10,409            11,603

    Net income per share-basic                        0.07              0.08
    Net income per share-diluted                      0.07              0.07

    Net income per ADS-basic (note 2)                 0.28              0.31
    Net income per ADS-diluted (note 2)               0.27              0.29



   Notes:

    Note 1: Share-based compensation expenses (in thousands) are included in
            the operating costs and expenses as follows:

                                               For the Three     For the Three
                                                Months Ended      Months Ended
                                                February 28       February 29
                                                    2009              2008
                                                 (Unaudited)       (Unaudited)
                                                     USD               USD
    Cost of revenues                                  (135)               60
    Selling and marketing                               48                59
    General and administrative                       4,159             2,164
    Total                                            4,072             2,283

    Note 2: Each ADS represents four common shares.



                 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
    RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
                 (In thousands except share and per ADS amounts)

                                              For the Three     For the Three
                                               Months Ended      Months Ended
                                                February 28       February 29
                                                    2009              2008
                                                (Unaudited)       (Unaudited)
                                                     USD               USD

    General and administrative expenses             20,179            12,501
    Share-based compensation expense in
     general and administrative expenses             4,159             2,164
    Non-GAAP general and administrative
     expenses                                       16,020            10,337

    Total operating costs and expenses              56,761            37,918
    Share-based compensation expenses                4,072             2,283
    Non-GAAP operating costs and expenses           52,689            35,635

    Operating income                                 8,688            10,180
    Share-based compensation expenses                4,072             2,283
    Non-GAAP operating income                       12,760            12,463

    Operating margin                                 13.3%             21.2%
    Non-GAAP operating margin                        19.5%             25.9%

    Net income                                      10,409            11,603
    Share-based compensation expense                 4,072             2,283
    Non-GAAP net income                             14,481            13,886

    Net income per ADS - basic (note 1)               0.28              0.31
    Net income per ADS - diluted (note 1)             0.27              0.29

    Non-GAAP net income per ADS - basic
     (note 1)                                         0.39              0.37
    Non-GAAP net income per ADS - diluted
     (note 1)                                         0.38              0.35

    Weighted average shares used in
     calculating basic net income per ADS
     (note 1)                                  149,185,159       150,657,358
    Weighted average shares used in
     calculating diluted net income per
     ADS (note 1)                              153,095,816       157,333,384

    Non-GAAP Income per share - basic                 0.10              0.09
    Non-GAAP Income per share - diluted               0.09              0.09

    Note 1: Each ADS represents four common shares.



                 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
             (In thousands except for per share and per ADS amounts)

                                                For the Nine     For the Nine
                                                Months Ended     Months Ended
                                                February 28      February 29
                                                    2009             2008
                                                 (Unaudited)      (Unaudited)
                                                     USD              USD
    Net Revenues:
      Educational Programs and services            215,052           148,691
      Books and others                              18,089            12,144
    Total net revenues                             233,141           160,835

    Operating costs and expenses (note 1):
      Cost of revenues                              86,240            59,550
      Selling and marketing                         28,697            18,125
      General and administrative                    59,781            37,769

    Total operating costs and expenses             174,718           115,444
    Operating income                                58,423            45,391

    Other income, net                                6,395             6,182

      Provision for income taxes                    (6,843)           (4,450)
      Minority interest, net of taxes                  401               128

    Net Income                                      58,376            47,251

    Net income per share-basic                        0.39              0.32
    Net income per share-diluted                      0.38              0.30

    Net income per ADS-basic (note 2)                 1.57              1.26
    Net income per ADS-diluted (note 2)               1.52              1.21



    Notes:

    Note 1: Share-based compensation expenses (in thousands) are included in
            the operating costs and expenses as follows:

                                                For the Nine      For the Nine
                                                Months Ended      Months Ended
                                                 February 28       February 29
                                                     2009              2008
                                                 (Unaudited)       (Unaudited)
                                                      USD               USD
    Cost of revenues                                    178               501
    Selling and marketing                               162               185
    General and administrative                       11,928             5,310
    Total                                            12,268             5,996

    Note 2: Each ADS represents four common shares.



                 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
    RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
                 (In thousands except share and per ADS amounts)

                                               For the Nine      For the Nine
                                               Months Ended      Months Ended
                                                February 28       February 29
                                                    2009              2008
                                                (Unaudited)        (Unaudited)
                                                     USD               USD

    General and administrative expenses             59,781            37,769
    Share-based compensation expense in
     general and administrative expenses            11,928             5,310
    Non-GAAP general and administrative
     expenses                                       47,853            32,459

    Total operating costs and expenses             174,718           115,444
    Share-based compensation expenses               12,268             5,996
    Non-GAAP operating costs and expenses          162,450           109,448

    Operating income                                58,423            45,391
    Share-based compensation expenses               12,268             5,996
    Non-GAAP operating income                       70,691            51,387

    Operating margin                                 25.1%             28.2%
    Non-GAAP operating margin                        30.3%             32.0%

    Net income                                      58,376            47,251
    Share-based compensation expense                12,268             5,996
    Non-GAAP net income                             70,644            53,247

    Net income per ADS - basic (note 1)               1.57              1.26
    Net income per ADS - diluted (note 1)             1.52              1.21

    Non-GAAP net income per ADS - basic
     (note 1)                                         1.90              1.42
    Non-GAAP net income per ADS - diluted
     (note 1)                                         1.84              1.36

    Weighted average shares used in
     calculating basic net income per ADS
     (note 1)                                  148,906,915       149,997,779
    Weighted average shares used in
     calculating diluted net income per
     ADS (note 1)                              153,509,461       156,839,600

    Non-GAAP Income per share - basic                 0.47              0.35
    Non-GAAP Income per share - diluted               0.46              0.34

    Note 1: Each ADS represents four common shares.



    For investor and media inquiries, please contact:

    In China:
     Ms. Sisi Zhao
     New Oriental Education and Technology Group Inc.
     Tel:   +86-10-6260-5566 x8203
     Email: zhaosisi@staff.neworiental.org

     Ms. Cynthia He
     Brunswick Group LLC
     Tel:   +86-10-6566-9504
     Email: edu@brunswickgroup.com

    In the U.S.:
     Mr. Michael Guerin
     Brunswick Group LLC
     Tel:   +1-212-333-3810
     Email: mguerin@brunswickgroup.com

SOURCE New Oriental Education and Technology Group Inc.


http://english.neworiental.org