Editorial Summary

Chinese private education company New Oriental Education & Technology Group Inc. (NYSE: EDU) announced financial results for the quarter ended May 31, 2008, the company's fiscal 2008 fourth quarter, before the US markets opened on Thursday.
New Oriental recorded revenue of $40.2 million in the quarter, up 62.5% year-on-year. Net income in the quarter reached $1.8 million, compared to a $1.5 million loss in the year-ago period. Total student enrollment in the fourth quarter was down 2.8% year-on-year to 305,200 students. New Oriental opened three new schools in the quarter and 23 learning centers to reach a total of 207 locations by the end of the quarter.

For fiscal year 2008, New Oriental's total revenue reached $201 million, up 51.6% year-on-year, while net income rose 71.4% year-on-year to $49 million. Total enrollment for fiscal 2008 was 1,271,700. New Oriental added a total of 130 new schools and learning centers in fiscal 2008.

New Oriental announced expected total net revenue for fiscal 2009 first quarter of $103.8 million to $109.5 million, or an increase of 28% to 35% year-on-year, respectively. New Oriental said that its forecast could be negatively impacted by the Olympics.

New Oriental also announced a partnership with New Zealand e-learning company Intuto Ltd. to develop learning material for IELTS courses.