Revenue increased by 14.5% over the same quarter last year Basic
EPS increased by 66.7% over the same quarter last year SHENZHEN,
China, Feb. 11 /PRNewswire-Asia-FirstCall/ -- Noah Education
Holdings Ltd. (NYSE:NED) ("Noah" or "the Company"), a leading
provider of interactive educational content and education services
in China, today announced its unaudited financial results for the
fiscal quarter ended December 31, 2009. Second Quarter Fiscal 2010
Financial Highlights -- Net revenue for the quarter increased by
14.5% to RMB154.9 million (US$22.7 million), compared to RMB135.4
million in the second quarter of fiscal 2009, meeting the Company's
previously stated guidance of RMB151 million to RMB159 million --
Gross profit rose by 7.3% to RMB73.5 million (US$10.8 million),
representing a gross margin of 47.4%, compared to gross profit of
RMB68.5 million, or a gross margin of 50.6%, in the second quarter
of fiscal 2009 -- Operating income increased by 8.7% to RMB10.1
million (US$1.5 million), compared to RMB9.3 million in the second
quarter of fiscal 2009 -- Net income rose 73.7% to RMB15.4 million
(US$2.2 million), compared to RMB8.8 million in the second quarter
of fiscal 2009 -- Basic and diluted earnings per share were RMB0.40
(US$0.06) and RMB0.39 (US$0.06), respectively, representing a 66.7%
and 62.5% increase compared to basic and diluted earnings per share
of RMB0.24 for the second quarter of fiscal 2009. Non-GAAP basic
and diluted earnings per share, excluding share-based compensation
expense and the change in the fair value of warrants (non-GAAP),
were RMB0.47 (US$0.07) and RMB0.46 (US$0.07), respectively,
representing a 30.6% and 27.8% increase, compared to non-GAAP basic
and diluted earnings per share of RMB0.36 for the second quarter of
fiscal 2009 Mr. Dong Xu, Noah's Chairman and Chief Executive
Officer, said, "I'm pleased to report 14.5% revenue growth and
66.7% increase in basic earnings per share as compared to the
second quarter in 2009, in what is typically our seasonally slow
quarter. We continue to execute our strategy and deliver on all of
our guidance during a transitional period for the Company, with
restructuring of senior management and key personnel taking on
wider remits in terms of the breadth and depth of their roles. Much
of Noah's success during the fiscal second quarter was driven by
our strategic initiative to broaden our product portfolio for users
across a broad range of spending habits. We recently launched a
low-end, economically-priced DLD product as well as high-end,
premium-priced DLD, KLD and E-dictionary products to increase
penetration into our target aged groups. The diversified product
range not only drove up total revenue growth, but also strengthened
our market position in the DLD and KLD markets during the quarter.
We also continued to see the benefits from our acquisition of
Little New Star ("LNS"), with revenue contributions from LNS'
business adding to Noah's strong performance. "For the third
quarter of fiscal 2010, we look to build on the momentum generated
in recent quarters, and will commit additional resources in
marketing efforts to further bolster sales of new product launches
in what is expected to be our peak season. Driven by continued
strong performance by our KLD products, we expect revenues to be in
the range of RMB282 million to RMB293 million, with basic earnings
per share in the range of RMB 1.16 (US$0.17) to RMB1.30 (US$0.19).
"Looking ahead, ELP business will be our primary catalyst for
growth in the near-term, with the education services business
gaining traction in the medium-term. We are also exploring new
avenues of expansion and, I'm pleased to report, currently have
solid growth prospects in our pipeline. First, our strategic
investment in Franklin Electronic Publishers is well underway, and
the deal is expected to close by the end of February. We have
already seen increased ODM business from Franklin, and we are also
collaborating with Franklin on the R&D front to develop a
Chinese language learning device for international markets.
Additionally, we will continue to pursue opportunities to expand
our presence in the education services business through strategic
acquisitions. I believe each of these initiatives will play an
integral role as we strive to become the leading provider of
interactive educational content and education services in China."
Second Quarter Fiscal Year 2010 Unaudited Financial Results Net
Revenue. Net revenue was RMB154.9 million (US$22.7 million) in the
second quarter of fiscal 2010, meeting the Company's guidance of
RMB151 million to RMB159 million. This represents an increase of
14.5%, compared to net revenue of RMB135.4 million for the second
quarter of fiscal 2009. Net revenue from Noah's traditional ELP
business was RMB149.1 million (US$21.9 million), representing an
increase of 10.2% from the same period last fiscal year. Net
revenue from the LNS business was RMB5.8 million (US$0.8 million).
The following tables provide a breakdown of sales volume and
revenue for the second fiscal quarter of 2010 for Noah's
traditional ELP business: Volume Net Revenue (RMB 'MM) Noah Q2 10
Q2 09 Inc/(Dec) Q2 10 Q2 09 Inc/(Dec) DLD 91,855 96,556 (4.9)% 67.2
71.5 (6.0)% KLD 100,032 93,617 6.9% 50.1 36.9 35.7% E-dictionary
143,876 139,769 2.9% 31.6 25.2 25.2% Others -- -- -- 0.2 1.7
(86.8)% Total 335,763 329,942 1.8% 149.1 135.4 10.2% Cost of
revenue. Cost of revenue increased 21.8% from the same quarter last
fiscal year to RMB81.4 million (US$11.9 million) in the second
quarter of fiscal 2010, in line with the shift in product mix,
which is becoming more heavily weighted toward KLD products. Gross
Profit and Gross Margin. Gross profit was RMB73.5 million (US$10.8
million) for the second quarter of fiscal 2010, representing a
gross margin of 47.4%. This compares with gross profit of RMB68.5
million and a gross margin of 50.6% in the second quarter of fiscal
2009, reflecting the greater proportion of KLD products in the
product mix. Operating Expenses. Total operating expenses for the
second quarter of fiscal 2010 were RMB72.1 million (US$10.6
million), representing a decrease of 0.6% from the same quarter
last fiscal year. Operating expenses for the second quarter of
fiscal 2010 represented 46.6% of net revenue for the quarter,
compared to 53.6% of net revenue in the same quarter of fiscal
2009. Research and development expenses (R&D) for the second
quarter of fiscal 2010 were RMB14.0 million (US$2.0 million),
representing a decrease of 3.3% from the same quarter last fiscal
year and a 12.6% increase from RMB12.4 million in the first quarter
of fiscal 2010. The increase from the first quarter of fiscal 2010
in R&D expenditure resulted from the Company's decision to
triple its investment in software and courseware development, as
Noah is strongly committed to continuously strengthening its
leadership in content capabilities. Sales & marketing expenses
for the second quarter of fiscal 2010 were RMB40.2 million (US$5.9
million), representing a decrease of 13.1% from the same quarter
last fiscal year. This was due to the Company's decision to focus
its advertising and promotional expenditure on the fiscal third
quarter of 2010, in part because the third fiscal quarter is
seasonally strong for Noah, and also to tie in with anticipated
sales from new product launches planned for the third quarter of
fiscal 2010. General & administrative expenses (G&A) for
the second quarter of fiscal 2010 rose 51.2% compared with the same
quarter last fiscal year to RMB17.8 million (US$2.6 million). The
increase in G&A expenses was in part due to depreciation for
Noah's Chengdu headquarters, increased stock option expenses, bad
debt provisions, and G&A expenses from LNS, which collectively
amounted to RMB5 million (US$0.7 million). Operating Income.
Operating income for the second quarter of fiscal 2010 increased
8.7% from the same quarter last fiscal year to RMB10.1 million
(US$1.5 million), representing an operating margin of 6.5% compared
to operating income of RMB9.3 million and an operating margin of
6.8% in the second quarter of fiscal 2009. Other Non-operating
Income, net. Interest income was RMB2.7 million (US$0.4 million) in
the second quarter of fiscal 2010, compared to RMB1.2 million in
the second quarter of fiscal 2009. Investment income was RMB0.5
million (US$0.1 million) in the second quarter of fiscal 2010,
compared to RMB2.7 million in the second quarter of fiscal 2009.
The changes in interest income and investment income were largely
attributable to the movement of funds from investments into bank
deposits. Other non-operating income was RMB0.5 million (US$0.1
million) in the second quarter of fiscal 2010, compared to a loss
of RMB2.2 million from foreign exchange fluctuations in the second
quarter of fiscal 2009. The derivative loss was RMB2.1 million in
the second quarter of fiscal 2009 due to the change in fair value
of warrants issued to a pre-IPO shareholder. The warrants expired
in April 2009. Net Income. The Company reported net income of
RMB15.4 million (US$2.2 million) for the second quarter of fiscal
2010. Basic earnings per share and diluted earnings per share were
RMB0.40 (US$0.06) and RMB0.39 (US$0.06), respectively, for the
second quarter of fiscal 2010. This compares with net income of
RMB8.8 million for the second quarter of fiscal 2009, and basic and
diluted earnings per share of RMB0.24. Net income excluding
share-based compensation expenses (non-GAAP) for the second quarter
ended December 31, 2009 was RMB18.1 million (US$2.6 million), or
RMB0.47 (US$0.07) and RMB0.46 (US$0.07) per basic and diluted
share, respectively. Liquidity. As of December 31, 2009, Noah had
cash and cash equivalents, short-term bank deposits and short-term
investments of RMB800.3 million (US$117.3 million). This compares
with cash and cash equivalents, short-term bank deposits and
short-term investments of RMB828.1 million as of September 30,
2009. Second Quarter Operational Highlights ELP products. The
Company's decision to expand its product range resulted in higher
average selling prices and an increased revenue contribution from
ELP during the second quarter of fiscal 2010. -- Kid Learning
Device (KLD) products. The move towards a higher-end product mix
not only boosted average selling prices, resulting in a 35.7% rise
in net revenue, but also led to an expansion in market share.
During the first quarter of fiscal 2010, Noah launched a higher-
end model, which was well-received by the market. This expanded
Noah's consumer reach and validated the success of its product
diversification and sales & marketing strategy. The Company
will launch another higher- end model in the fiscal third quarter,
and is confident that rapid growth will continue throughout the
rest of the current fiscal year and beyond as the Company continues
to launch more new models and expand its product portfolio. --
Digital Learning Device (DLD) products. Some 47% of revenue from
DLD products during the fiscal second quarter can be attributed to
the launch of one high-end and one low-end model in the first
fiscal quarter of 2010, as well as one mid-range model in the
second fiscal quarter of 2010. The stabilization of sales revenue
during the quarter was attributable to increased sales revenue from
low- and mid-range products, which have the additional benefit of
commanding higher gross margins. In the third quarter of fiscal
2010, the Company plans to launch a lower-end DLD as well as a
student notebook targeting the higher-end segment. The Company
plans to maintain its strategy of offering a range of products in
order to capture opportunities from different sections of the
market. -- E-dictionaries. The 25.2% rise in revenue from
E-dictionary sales from the same period last fiscal year was
attributable largely to an increase in original design
manufacturing (ODM) business due to Noah's partnership with
Franklin, while the introduction of a higher-end model helped
maintain sales revenue in the domestic market. Based on orders
received, the Company expects its ODM business to grow
significantly in the current fiscal year. Education Services.
During the period, LNS added two new direct-owned schools and
expanded the franchise school network from 641 to approximately 700
schools with enrollment reaching 4,000 in direct owned schools.
Noah aims to continue to grow its school network by increasing the
number of franchised schools, as well as increasing the number of
students enrolled, while exploiting the potential of sales of
devices at LNS. Six Months Ended December 31, 2009 Unaudited
Financial Results Net revenue was RMB393.1 million (US$57.6
million) for the six months ended December 31, 2009, representing a
16.5% increase compared to RMB337.5 million for the six months
ended December 31, 2008. The increase was driven primarily by the
142.4% rise in revenue from KLD products. Net revenue from the ELP
business totaled RMB374.3 million (US$54.8 million) in the first
half of fiscal 2010, representing a 10.9% increase compared to
RMB337.5 million in the first half of fiscal 2009. Net revenue from
LNS during the same period was RMB18.8 million (US$2.8 million).
Gross profit of RMB191.0 million (US$28.0 million) represented a
gross margin of 48.6% in the first six months of fiscal 2009. This
compares with gross profit of RMB169.7 million and a gross margin
of 50.3% in the corresponding period last fiscal year. The slight
decline in gross margin reflects the greater proportion of KLDs in
the product mix. Operating income was RMB42.6 million (US$6.2
million) for the first half of fiscal 2010, representing a 65.8%
increase compared to RMB25.7 million in the same period of last
fiscal year. The operating margin for the first half of fiscal 2010
was 10.8%, versus 7.6% for the same six-month period in 2009. This
was a result of the Company's efforts to control operating expenses
while increasing revenue. For the first half of fiscal 2010, Noah
reported net income of RMB53.2 million (US$7.8 million), or RMB1.39
(US$0.20) and RMB1.35 (US$0.20) per basic and diluted share,
respectively. This compares with net income of RMB44.7 million, or
RMB1.20 and RMB1.19 per basic and diluted share, respectively, for
the first half of fiscal 2009. The net income figure includes a
one-off tax credit of RMB2.3 million due to overpayment. Financial
Outlook for Third Quarter of Fiscal Year 2010 Based on current
estimates and market conditions, Noah expects to generate net
revenue in the range of RMB282 million (US$41.3 million) to RMB293
million (US$42.9 million) for the third quarter of fiscal 2010,
which includes RMB273 million to RMB282 million from the
traditional ELP business and RMB9 million to RMB11 million from the
LNS business. Basic earnings per share in the third quarter of
fiscal 2010 is expected to be in the range of RMB1.16 (US$0.17) to
RMB1.30 (US$0.19). The Company reaffirms its guidance for the full
fiscal year 2010, with net revenue in the range of RMB824 million
(US$120.7 million) to RMB855 million (US$125.2 million), which
includes RMB786 million to RMB812 million from the traditional ELP
business and RMB38 million to RMB43 million from the LNS business.
Basic net income per share is expected to be in the range of
RMB3.00 (US$0.44) to RMB3.20 (US$0.47). This forecast reflects
Noah's current and preliminary view, which is subject to change.
Conference Call Noah has scheduled an investor conference call at
5:00 a.m. (Pacific) / 8:00 a.m. / 9:00 p.m. (Beijing/Hong Kong) on
February 12, 2010 to discuss its second quarter fiscal 2010
financial results and recent business activities. Individuals
interested in participating in the call may do so by dialing: Toll
Free Toll United States 1-800-706-7749 1-617-614-3474 China --
South China Telecom 10-800-130-0399 China Netcom 10-800-852-1490 --
North China Telecom 10-800-152-1490 Hong Kong 800-96-3844 United
Kingdom 00-800-280-02002 Please dial in 10 minutes before the call
is scheduled to begin. A telephone replay will be available shortly
after the call until February 19, 2010 by dialing the following
numbers: Toll Free Toll United States 1-888-286-8010 1-617-801-6888
International Dial In 1-617-801-6888 Passcode 28482585 A live
webcast of the conference call and replay will be available on the
investor relations page of Noah's website at
http://ir.noahedu.com.cn/ . Currency Convenience Translation For
the convenience of readers, certain RMB amounts have been
translated into US dollars at the rate of RMB Noah expects to
generate net revenue in the range of RMB6.8259 to US$1.00, the noon
buying rate for US dollars in effect on December 31, 2009 for cable
transfers of RMB per US dollar as certified for customs purposes by
the Federal Reserve Bank of New York. Use of Non-GAAP Financial
Measures In addition to consolidated financial results under GAAP,
the Company also provides non-GAAP financial measures, including
non-GAAP net income which excludes non-cash share-based
compensation and change in fair value of warrants. The Company
believes that the non-GAAP financial measures provide investors
with another method for assessing the Company's operating results
in a manner that is focused on the performance of its ongoing
operations. Readers are cautioned not to view non-GAAP results on a
stand-alone basis or as a substitute for results under GAAP, or as
being comparable to results reported or forecasted by other
companies. The Company believes that both management and investors
benefit from referring to these non-GAAP financial measures in
assessing the performance of the Company's liquidity and when
planning and forecasting future periods. About Noah Noah Education
Holdings Limited is a leading provider of interactive educational
content and education services in China. Noah's core offering
includes the development and marketing of interactive educational
courseware content, electronic learning products (ELPs), software,
kids' English training and after-school education services. Noah
combines standardized education content with innovative digital and
multimedia technologies to create a dynamic learning experience and
improve academic performance for the kids at the age of 3-19 in
China. Noah has developed a nationwide sales network, powerful
brand image, and accessible and diverse delivery platforms to bring
its innovative content to the student population. Noah also
provides kids' English training service under the brand Little New
Star in its direct-owned schools and approximately 700 franchise
schools throughout China. Noah was founded in 2004 and is listed on
the New York Stock Exchange under the ticker symbol NED. Safe
Harbor Statement This press release contains forward-looking
statements that reflect Noah's current expectations and views of
future events that involve known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Noah has based these forward-looking
statements largely on its current expectations and projections
about future events and financial trends that it believes may
affect its financial condition, results of operations, business
strategy and financial needs. You should understand that our actual
future results may be materially different from and worse than what
Noah expects. Information regarding these risks, uncertainties and
other factors is included in Noah's most recent Annual Report on
Form 20-F and other filings with the SEC. For more information,
please contact: Investor Contact: Jerry He CFO and Executive Vice
President Noah Education Holdings Ltd Tel: +86-755-8204-9263 Email:
Investor Relations (US): Kelly Gawlik Taylor Rafferty Tel:
+1-212-889-4350 Email: Investor Relations (HK): Ruby Yim Taylor
Rafferty Tel: +852-3196-3712 Email: -- FINANCIAL TABLES FOLLOW --
Noah Education Holdings Ltd. Consolidated Statements of Operations
Three months ended December 31, 2008 2009 (Unaudited) (Unaudited)
RMB RMB USD Net revenue 135,357,487 154,920,928 22,696,044 Cost of
revenue (66,835,371) (81,416,401) (11,927,570) Gross profit
68,522,116 73,504,527 10,768,474 Research & development
expenses (14,428,606) (13,954,413) (2,044,333) Sales &
marketing expenses (46,228,344) (40,191,625) (5,888,106) General
& administrative expenses (11,772,890) (17,803,072) (2,608,165)
Other expenses (125,378) (200,067) (29,310) Total operating
expenses (72,555,218) (72,149,177) (10,569,914) Other operating
income 13,284,609 8,704,294 1,275,186 Operating income 9,251,507
10,059,644 1,473,746 Derivative gain (loss) (2,108,498) Interest
income 1,157,898 2,653,974 388,809 Investment income 2,675,696
496,450 72,730 Other non-operating income (2,186,930) 457,691
67,052 Income before income taxes 8,789,673 13,667,759 2,002,337
Income tax (expenses) credit 48,420 1,688,276 247,334 Net income
8,838,093 15,356,035 2,249,671 Net income per share Basic 0.24 0.40
0.06 Diluted 0.24 0.39 0.06 Weighted average ordinary shares
outstanding Basic 36,348,192 38,520,916 Diluted 36,502,047
39,535,180 Six months ended December 31, 2008 2009 (Unaudited)
(Unaudited) RMB RMB USD Net revenue 337,536,982 393,086,151
57,587,446 Cost of revenue (167,814,408) (202,059,721) (29,601,916)
Gross profit 169,722,574 191,026,430 27,985,530 Research &
development expenses (31,662,617) (26,342,239) (3,859,160) Sales
& marketing expenses (110,943,947) (109,458,539) (16,035,767)
General & administrative expenses (25,607,350) (34,204,819)
(5,011,034) Other expenses (138,058) (370,701) (54,308) Total
operating expenses (168,351,972) (170,376,298) (24,960,269) Other
operating income 24,325,769 21,956,386 3,216,629 Operating income
25,696,371 42,606,518 6,241,890 Derivative gain (loss) 3,052,506
Interest income 1,799,040 5,522,604 809,066 Investment income
10,465,922 1,618,625 237,130 Other non-operating income 3,919,299
1,125,236 164,848 Income before income taxes 44,933,138 50,872,983
7,452,934 Income tax (expenses) credit (267,089) 2,291,786 335,749
Net income 44,666,049 53,164,769 7,799,683 Net income per share
Basic 1.20 1.39 0.20 Diluted 1.19 1.35 0.20 Weighted average
ordinary shares outstanding Basic 37,140,389 38,382,081 Diluted
37,646,043 39,398,628 Noah Education Holdings Ltd. Consolidated
Balance Sheet September 30, December 31, 2009 2009 Unaudited
Unaudited RMB RMB USD Assets: Current assets Cash and cash
equivalents 445,051,410 563,459,955 82,547,350 Short-term deposits
374,000,000 230,865,142 33,821,934 Investments 9,098,081 5,941,055
870,369 Accounts receivables, net of allowance 203,758,663
222,084,226 32,535,523 Related party receivables 599,124 646,470
94,708 Inventories 142,209,361 127,151,408 18,627,786 Prepaid
expenses, and other current assets 65,180,318 68,798,085 10,078,976
Deferred tax asset - current 394,753 407,273 59,666 Total current
assets 1,240,291,710 1,219,353,614 178,636,312 Property, plant and
equipment, net 133,218,305 138,457,403 20,284,124 Intangible
assets, net 27,903,701 27,745,511 4,064,740 Goodwill 56,597,146
56,597,146 8,291,529 Deferred tax asset 2,058,180 2,058,180 301,525
Total assets 1,460,069,042 1,444,211,854 211,578,230 Liabilities
and Shareholders' Equity Current liabilities Accounts payable
89,350,344 55,214,031 8,088,901 Other payables, accruals 78,168,232
74,813,907 10,960,298 Advances from customers 2,249,516 4,502,316
659,593 Income taxes payable 403,911 442,477 64,823 Deferred
revenues 3,685,673 3,094,554 453,355 Total current liabilities
173,857,676 138,067,285 20,226,970 Consideration payable 10,000,000
10,000,000 1,465,008 Deferred revenues 6,648,323 6,624,024 970,425
Deferred tax liabilities 2,693,704 2,459,870 360,373 Total
non-current liabilities 19,342,027 19,083,894 2,795,806 Total
liabilities 193,199,703 157,151,179 23,022,776 Shareholders' Equity
Ordinary shares 15,493 15,534 2,276 Additional paid-in capital
1,072,046,283 1,076,978,689 157,778,270 Accumulated other
comprehensive loss (93,935,295) (94,032,450) (13,775,832) Retained
earnings 288,742,858 304,098,902 44,550,740 Total shareholders'
equity 1,266,869,339 1,287,060,675 188,555,454 Total liabilities
and shareholders' equity 1,460,069,042 1,444,211,854 211,578,230
Noah Education Holdings Ltd. Reconciliation of Non-GAAP to GAAP
Three months ended December 31, 2008 2009 (Unaudited) (Unaudited) %
of % of RMB Rev RMB USD Rev GAAP net revenue 135,357,487 100.0%
154,920,928 22,696,044 100.0% GAAP gross profit 68,522,115 50.6 %
73,504,527 10,768,474 47.4% Share-based compensation 61,404 0.0%
71,609 10,491 0.0% Non-GAAP gross profit 68,583,519 50.7%
73,576,136 10,778,965 47.5% GAAP operating income 9,251,507 6.8%
10,059,644 1,473,746 6.5% Share-based compensation 2,301,798 1.7%
2,694,698 394,775 1.7% Non-GAAP operating income 11,553,305 8.5%
12,754,342 1,868,522 8.2% GAAP net income 8,838,092 6.5% 15,356,035
2,249,672 9.9% Share-based compensation 2,301,798 1.7% 2,694,698
394,775 1.7% Change in the fair value of warrants 2,108,498 1.6% 0
0 0.0% Non-GAAP net income 13,248,388 9.8% 18,050,733 2,644,447
11.7% GAAP net income per share Basic 0.24 0.40 0.06 Diluted 0.24
0.39 0.06 Non-GAAP net income per share Basic 0.36 0.47 0.07
Diluted 0.36 0.46 0.07 Six Month Ended December 31, 2008 2009
(Unaudited) (Unaudited) % of % of RMB Rev RMB USD Rev GAAP net
revenue 337,536,982 100.0% 393,086,151 57,587,446 100.0% GAAP gross
profit 169,722,574 50.3% 191,026,430 27,985,530 48.6% Share-based
compensation 122,809 0.0% 143,218 20,982 0.0% Non-GAAP gross profit
169,845,383 50.3% 191,169,648 28,006,512 48.6% GAAP operating
income 25,696,371 7.6% 42,606,518 6,241,890 10.8% Share-based
compensation 4,603,595 1.4% 5,355,601 784,600 1.4% Non-GAAP
operating income 30,299,966 9.0% 47,962,119 7,026,490 12.2% GAAP
net income 44,666,049 13.2% 53,164,769 7,788,683 13.5% Share-based
compensation 4,603,595 1.4% 5,355,601 784,600 1.4% Change in the
fair value of warrants (3,052,506) -0.9% 0 0.0% Non-GAAP net income
46,217,138 13.7% 58,520,370 8,573,283 14.9% GAAP net income per
share Basic 1.20 1.39 0.20 Diluted 1.19 1.35 0.20 Non-GAAP net
income per share Basic 1.33 1.52 0.22 Diluted 1.31 1.49 0.22
DATASOURCE: Noah Education Holdings Ltd. CONTACT: Investor Contact:
Jerry He, CFO and Executive Vice President of Noah Education
Holdings Ltd., +86-755-8204-9263, or ; Investor Relations (US):
Kelly Gawlik of Taylor Rafferty, +1-212-889-4350, or ; Investor
Relations (HK): Ruby Yim of Taylor Rafferty, +852-3196-3712, or
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