Ambow Education Holding Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, net revenues were $89,151,000 compared to $56,240,000 for the same period a year ago. Operating income was $20,120,000 compared to $13,686,000 for the same period a year ago. Income before tax and non-controlling interest was $15,534,000 compared to $13,085,000 for the same period a year ago. Income from continuing operations was $11,780,000 compared to $10,070,000 for the same period a year ago. Net loss attributable to the company was $6,625,000 compared to net income attributable to the company of $14,399,000 for the same period a year ago. Net loss attributable to ordinary shareholders was $6,625,000 compared to net income attributable to the ordinary shareholders of $14,399,000 for the same period a year ago. Net income from continuing operation per ADS attributable to ordinary shareholders, diluted was $0.17 compared to $0.14 for the same period a year ago. Non-GAAP operating income from continuing operations was $21,576,000 compared to $15,310,000 for the same period a year ago. Non-GAAP net income from continuing operations was $18,410,000 compared to $11,912,000 for the same period a year ago. Non-GAAP net income from continuing operations per adjusted ADS attributable to the company, diluted was $0.25 compared to $0.16 for the same period a year ago. EBITDA from continuing operations excluding disposal loss from continuing operations was $26,488,000 compared to $17,927,000 for the same period a year ago. Adjusted EBITDA from continuing operations excluding disposal loss from continuing operations was $27,944,000 compared to $19,549,000 for the same period a year ago. For the year, net revenues were $279,321,000 compared to $193,381,000 for the same period a year ago. Operating income was $52,763,000 compared to $32,806,000 for the same period a year ago. Income before tax and non-controlling interest was $44,347,000 compared to $30,876,000 for the same period a year ago. Income from continuing operations was $36,082,000 compared to $24,896,000 for the same period a year ago. Net income attributable to the company was $17,871,000 compared to $34,322,000 for the same period a year ago. Net income attributable to ordinary shareholders was $17,871,000 compared to $10,531,000 for the same period a year ago. Net income from continuing operation per ADS attributable to ordinary shareholders, diluted was $0.49 compared to $0.04 for the same period a year ago. Non-GAAP operating income from continuing operations was $58,062,000 compared to $38,242,000 for the same period a year ago. Non-GAAP net income from continuing operations was $46,195,000 compared to $31,022,000 for the same period a year ago. Non-GAAP net income from continuing operations per adjusted ADS attributable to the company, diluted was $0.49 compared to $0.36 for the same period a year ago. EBITDA from continuing operations excluding disposal loss from continuing operations was $70,061,000 compared to $50,215,000 for the same period a year ago. Adjusted EBITDA from continuing operations excluding disposal loss from continuing operations was $75,360,000 compared to $55,651,000 for the same period a year ago. The company provided revenue guidance for the first quarter of 2012. The company expects total net revenues in the first quarter of 2012 to be in the range of $62.8 million (RMB 395 million) to $64.3 million (RMB 405 million).