BEIJING, Feb. 28, 2020 /PRNewswire/ -- New Oriental
Education & Technology Group Inc. (the "Company" or "New
Oriental") (NYSE: EDU), the largest provider of private educational
services in China, today announced
preliminary estimated revenues for the third quarter of fiscal year
2020 ending February 29, 2020.
New Oriental currently expects its preliminary estimated total
net revenues for the third quarter of fiscal year 2020 to be in the
range of US$902.1 million and
US$933.2 million, representing
year-over-year growth in the range of 13% to 17%, respectively.
Without giving effect to the impact of potential change in exchange
rate between Renminbi and the U.S. Dollar, the estimated
year-over-year revenue growth rate in the Company's functional
currency Renminbi is expected to be in the range of 16% to 20% for
the third quarter of fiscal year 2020. The Company previously
announced its outlook which estimated the total net revenues for
the third quarter to be in the range of US$983.0 million and US$1,006.4 million, representing year-over-year
growth in the range of 23% to 26%. The weaker-than-expected
revenues are mainly due to the impact of the outbreak of
coronavirus in China, which was
significantly offset by measures taken by the Company to
effectively move its offline classes to small size online live
broadcasting classes through the self-developed OMO (online merging
offline) system during the quarter.
The above preliminary estimated revenues for the third quarter
of fiscal year 2020 ending February 29,
2020 reflect New Oriental's current and preliminary view,
which is subject to uncertainty and change.
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
language training and test preparation, primary and secondary
school education, online education, content development and
distribution, overseas study consulting services, pre-school
education and study tour. New Oriental's ADSs, each of which
represents one common share, currently trade on the New York Stock
Exchange under the symbol "EDU."
For more information about New Oriental, please visit
http://www.neworiental.org/english/.
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 preliminary estimated revenues for the third quarter of fiscal
year 2020 in this announcement, 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.
Contacts
For investor and media inquiries, please contact:
In China:
Ms. Rita Fong
FTI Consulting
Tel: +852-3768-4548
Email: NewOriental@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
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SOURCE New Oriental Education and Technology Group Inc.