- TAL Education Group (NYSE: TAL) reported a fourth-quarter FY22 sales decline of 60.3% year-on-year, to $541.15 million.
- Operating costs and expenses declined 67.1% Y/Y to $546.3 million.
- The gross profit decreased 56.1% Y/Y to $343.1 million with a gross margin of 63.4%.
- The operating margin was 0.11%, with an operating income of $0.6 million.
- The company held $3.5 billion in cash and equivalents as of February 28, 2022.
- Non-GAAP loss per ADS was $(0.17) versus $(0.14) last year.
- TAL has announced the appointment of Janet Yan Feng to the Board and the resignation of Jane Jie Sun from the Board, both effective April 29, 2022.
- TAL Board has authorized the company to extend its share repurchase program, allowing it to repurchase up to $803.7 million of its common shares through April 30, 2023.
- Separately, the company revealed senior management's intention to use their personal funds to purchase up to an aggregate of $100 million worth of common shares during the 12 months following today.
- Price Action: TAL shares are trading higher by 12.2% at $3.40 on the last check Friday.
Read at Benzinga