TAL Education Shares Gain Post Q4 Results

2022-04-30 02:07

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.