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 Tracking 1239 U.S. listed China Stocks and Counting...
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 Tal Intl Group (NYSE:TAL)

Monday, July 21, 2014
Comments & Business Outlook

First Quarter 2014 Financial Results

  • Net revenues increased by 45.0% year-over-year to US$89.0 million from US$61.4 million in the same period of the pri
  • Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.22 vs last years same quarter of US$0.13.

"Over the years we have proven that we can sustain our teaching quality and outstanding reputation as we steadily grow our bricks-and-mortar learning center network. Word-of-mouth is our primary objective; this is what ultimately drives our business results. In determining how quickly to expand our learning center network we will continue to look primarily at customer satisfaction and market reputation as key criteria and not be tempted to expand too quickly in order to achieve short-term business outcomes. As always, we also will not invest heavily in sales and marketing to drive our business results but instead let the quality of our teaching and customer service promote the word-of-mouth which in turn will continue to drive our strong organic growth," said TAL's Chairman and Chief Executive Officer, Mr. Bangxin Zhang.

"TAL's mission is to help students achieve better outcomes through a more efficient learning process. We will use multimedia, Internet, and mobile in a blended learning approach to achieve this goal, and in so doing transform TAL into a leading technology-driven provider of education services in China. Over the last several years we have gradually increased our investment in R&D and online education initiatives and going forward we will continue to reinvest greater resources back into these areas. On August 1, our Eduu platform, which includes websites that we have now run for the last ten years, will change its name to 'Jia Zhang Bang,' or 'Helping Parent Community,' which is the name of our parent community mobile app. Through these efforts and more we will use technology and the mobile Internet to reshape today's teach-and-learn model," Mr. Zhang continued.

Mr. Joseph Kauffman, Chief Financial Officer, added, "With topline growth of 45% and operating income growth of 105%, we further scaled the business with improved efficiencies and utilization driven by strong enrolments. We replicated our successful market entry formula by adding our first learning center in Shijiazhuang and Qingdao in March and April, respectively, and Changsha in June, which extends our footprint to 19 cities in calendar year 2014 as planned. In the first quarter, we expanded our center capacity by a net 199 classrooms in our small class business, including a net ten small class learning centers. We also added a net one new learning center for our one-on-one business. In the coming quarters, we will continue to seek a balance between current and future growth. Our positive outlook remains unchanged."

Business Outlook

Based on the Company's current estimates, total net revenues for the second quarter of fiscal year 2015 are expected to be between US$120.5 million and US$123.2 million, representing an increase of 31% to 34% on a year-over-year basis, assuming no material change in exchange rates and incorporating the expected impact of the weaker RMB in the second quarter of fiscal year 2015 versus the same period of the previous year.


Tuesday, October 22, 2013
Comments & Business Outlook

Second Quarter 2014 Financial Results

  • Net revenues increased by 35.1% year-over-year to US$92.0 million from US$68.1 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share ("ADS") were US$0.30 and US$0.29, respectively. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were US$0.32 and US$0.31, respectively.

"The second quarter was an outstanding quarter for our business. Net revenues increased by 35.1% year-over-year to US$92.0 million, exceeding the top-end of our guidance by US$1.5 million. Revenue growth was supported by a 24.8% increase in enrollments. Our small class business in markets other than Beijing and Shanghai continued to perform well, and accounted for 35% of small class revenues compared to 22% during the same period last year. In addition, our Shanghai operation maintained its solid revenue growth trajectory on the back of continued strong enrollment increases in the summer semester," said TAL's Chairman and Chief Executive Officer, Mr. Bangxin Zhang.

"Given the improved learning center utilization, we took the opportunity to more aggressively ramp up our tutoring network capacity in the quarter. We added a net of nine learning centers, bringing the total to 264 centers, as compared to 255 at the end of the first fiscal quarter. In terms of classroom capacity, we signed leases for a net 247 additional classrooms in the quarter for our small class business, bringing us to a net 351 additional classrooms for the first half of the year. For the remainder of this fiscal year, we plan to continue to add new learning centers as well as classrooms to existing learning centers, but at a slower pace than in the first half of the year," Mr. Zhang said.

Mr. Joseph Kauffman, Chief Financial Officer, continued, "In addition to strong top line results, we had better-than-expected net income growth of 45.4% year-on-year in the second quarter. In coming quarters, we expect to incur higher year-on-year growth in operational costs and expenses as we will bear the impact of past quarters' center and classroom additions as well as invest further in center capacity and the human capital needed to support our current operations and new businesses. In our approach to network expansion, we will continue to be disciplined, employing a combination of scaling up existing facilities and investing in new centers."

Business Outlook

Based on the Company's current estimates, total net revenues for the third quarter of fiscal year 2014 are expected to be between US$69.5 million and US$71.0 million, representing an increase of 42% to 45% on a year-over-year basis.


Tuesday, October 23, 2012
Comments & Business Outlook

Highlights for the Second Quarter of Fiscal Year 2013

  • Net revenues increased by 32.3% year-over-year to US$68.1 million from US$51.4 million in the same period of the prior year.
  • Income from operations increased by 65.1% to US$16.7 million, from US$10.1 million in the second quarter of fiscal year 2012.
  • Net income attributable to TAL increased by 49.7 % year-over-year to US$16.0 million from US$10.7 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 36.8 % year-over-year to US$18.1 million from US$13.2 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share ("ADS")(1) were both US$0.21. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were both US$0.23.

(1) Each ADS represents two Class A common shares.

"I am pleased to report solid top and bottom line results in the second fiscal quarter, which underscore how well we have executed on our plan to improve the quality of our revenue growth this year. During the quarter, we further progressed in better utilizing our learning center network. We closed underperforming, mostly one-on-one, centers while at the same time we grasped opportunities to open new small class centers in new markets. This continued ability to replicate our model in new markets led to our small class business in cities other than Beijing and Shanghai contributing 22% of total small class revenues in the second fiscal quarter versus 11% in the same period last year and 21% in the previous quarter," said TAL's Chairman and Chief Executive Officer, Mr. Bangxin Zhang.

"Beginning with the fall term, based on a new policy adopted by the Beijing Education Commission, we have amended and upgraded the mathematics course offerings in our primary school classes in Beijing. We expect this adjustment to our curriculum to have a near-term impact on student enrollments in our third and fourth fiscal quarters, but believe over a longer time frame the improvements we are now making will support the ongoing health and sustainable growth of our business by providing students with an even more enjoyable and effective environment to pursue their studies."

Mr. Joseph Kauffman, Chief Financial Officer, continued, "Once again this quarter, revenues exceeded our guidance. Growth of operating income and net income outpaced revenue growth and resulted in margin expansion, due mainly to a combination of more effective utilization of learning centers and budgetary discipline. As we believe we have ample room for further growth, particularly in the new cities where we are relatively underpenetrated, we plan to continue to make the appropriate investment to realize this business opportunity."

"Furthermore, we are happy to announce that the Board of Directors has approved our first ever dividend after we became a listed company of 25 cents per common share, or 50 cents per ADS. We believe this is a suitable strategy to achieve capital returns for our shareholders at this time," Mr. Kauffman added.

Business Outlook

Based on the Company's current estimates, total net revenues for the third quarter of fiscal year 2013 are expected to be between US$48.0 million and US$49.2 million, representing an increase of 18% to 21% on a year-over-year basis.

Taking into account the near-term impact of the new Beijing policy, the company is adjusting its full year guidance from that provided on February 29, 2012 and reaffirmed on July 24, 2012. For the fiscal year ending February 28, 2013, the Company expects total net revenues to be in the estimated range ofUS$227.2 million to US$232.6 million, representing an increase of 28% to 31% year-over-year.


Tuesday, March 13, 2012
GeoSpecial Notes

On 02/11/2011 we added TAL to the GeoSpecial list @ $34.89

Catalyst: Strong fourth quarter 2010 results. Adjusted EPS for fourth quarter 2010 were $0.76 versus $0.26 in fourth quarter 2009.  See our GeoSpecial notes from 2/11/2011

We are now removing TAL from the GeoSpeicial List @ $36.44


Potential road blocks: Although managements comments were bullish in fiscal 2011 year end release, a weak  GeoPowerRanking (GPR) of negative 8 prompts us to take TAL off the GeoSpecial list.  We will continue to look for positive news that could potentially change the EPS growth outlook.

  • Peak performance: Reached a high of  $40.17 on 02/27/2012 for a maiximum potential return of 15%
  • Current Price: $36.28

Monday, February 13, 2012
Comments & Business Outlook
Fourth quarter and full year ended December 31, 2011 Highlights:
  • TAL reported Adjusted pre-tax income of $1.57 per fully diluted share for the fourth quarter of 2011, an increase of 0.6% from the third quarter and an increase of nearly 34% from the fourth quarter of 2010. TAL focuses on its adjusted pre-tax results since it does not currently pay any material cash taxes and does not expect that it will for the next several years.
  • TAL reported leasing revenues of $124.1 million for the fourth quarter of 2011, an increase of 2.6% from the third quarter and an increase of 31.3% from the fourth quarter of 2010.
  • During 2011, TAL invested nearly $775 million in new container purchases and sale-leaseback transactions, purchasing over 270,000 TEU of dry containers and approximately 13,000 TEU of refrigerated containers, leading to a 24.9% increase in revenue earning assets in 2011.
  • TAL announced a quarterly dividend of $0.55 per share payable on March 29, 2012 to shareholders of record as of March 8, 2012.

“TAL’s results in the fourth quarter of 2011 provide a strong ending to an outstanding year” commented Brian M. Sondey, President and CEO of TAL International. “Our Adjusted pretax income for 2011 increased over 90% from 2010, as we benefitted from a full year of exceptional operating performance and as we continued to make aggressive investments to grow our container fleet. In 2011, TAL generated $6.04 of Adjusted pretax income per fully diluted common share and invested nearly $775 million in our container fleet. The high level of investment led to 25% growth in our revenue earning assets and has helped TAL build a strong platform for future profitability since the vast majority of containers added to our fleet were placed on multi-year, long-term leases with the world’s largest shipping lines.”

“Our strong performance in 2011 was supported by attractive market fundamentals. The supply / demand balance for containers was exceptionally tight at the beginning of the year, following the extreme container shortage that developed as trade volumes recovered in 2010; and the supply of containers remained tight throughout 2011 due to solid containerized trade growth, high new container prices and a reluctance of many of our shipping line customers to purchase new containers directly due to financial constraints. In this environment, we were able to maintain very high utilization, increase our average lease rates, and benefit from exceptionally high used container sale prices and disposal gains.”

“Our market environment and our financial performance remained strong in the fourth quarter, and despite some moderation in used container sale prices and disposal gains, we finished 2011 with a record quarter for profitability. We finished the year with exceptional operating performance as well. Excluding off-hire equipment designated for sale, our utilization averaged 98.6% for the fourth quarter of 2011 and stood at 98.1% as of February 10, 2012.”

Outlook

Mr. Sondey continued, “Looking forward, we currently expect many of the market conditions which supported our strong performance in 2011 to continue this year. Leasing company depot inventories of used containers currently remain very low, leasing company and shipping line factory inventories of new containers are currently moderate, most industry participants are expecting moderate levels of containerized trade growth to continue in 2012, and we expect most of our customers to continue to be reluctant to purchase large volumes of new containers directly. Based on this, we expect our utilization to remain historically high in 2012 and expect to continue to have attractive opportunities to invest in our fleet and grow our business.”

“The first quarter typically represents the weakest quarter of the year for us since it is the slow season for dry containers. In 2012, we expect additional pressure in the first quarter as used container sale prices and our disposal gains continue to trend down toward historically normal levels. As a result, we expect our Adjusted pretax income to decrease from the fourth quarter of 2011 to the first quarter of 2012. After the first quarter, we expect ongoing investment in our fleet together with continued high utilization to offset further effects of normalizing sale prices, and we expect our profitability and returns to remain at a historically high level throughout 2012.”

“The main risks we see to our positive expectations for this year include a renewed severe global recession and the potential for a major customer default. We don’t currently consider either of these events likely, but we are wary of a variety of potential event risks for 2012 due to the current high level of uncertainty in the global economy and the significant financial pressures facing our customers.”


Thursday, October 27, 2011
Comments & Business Outlook

Third Quarter 2011 Results

  • Leasing revenues for the third quarter of 2011 were $120.9 million compared to $106.5 million in the second quarter of 2011, and $85.7 million in the third quarter of 2010. Adjusted EBITDA (2), including principal payments on finance leases, was $131.6 million for the quarter versus $121.8 million in the second quarter of 2011, and $90.3 million in the third quarter of 2010.
  • Adjusted net income (3), excluding gains and losses on interest rate swaps and the write-off of deferred financing costs, was $33.8 million for the third quarter of 2011, compared to $33.0 million in the second quarter of 2011, and $18.5 million in the third quarter of 2010. Adjusted net income per fully diluted common share was $1.01 in the third quarter versus $0.99 in the second quarter and $0.60 in the third quarter of 2010.

“TAL delivered another outstanding quarter of operational and financial results in the third quarter of 2011,” commented Brian M. Sondey, President and CEO of TAL International. “Our strong performance in the third quarter continued to be supported by favorable market conditions including moderately positive trade growth, reduced direct purchasing of containers by our customers and an overall tight supply / demand balance for containers globally. The utilization of our container fleet averaged 98.4% for the third quarter, and stood at 98.1% as of October 26, 2011. Our leasing revenues increased 13.5% from the second quarter as we benefited from a full period of revenue from containers placed on-hire during the second quarter and as new and sale-leaseback units continued to go on-hire in the third quarter. Sale prices for used containers remained at historically high levels during the third quarter leading to exceptionally high gains on our used container disposals. Our strong operating performance led to excellent financial results, and we generated $1.56 of Adjusted pre-tax income per share during the third quarter of 2011, an increase of approximately 2% from the high level achieved in the second quarter of 2011 and an increase of nearly 70% from the third quarter of 2010.”

Outlook

Mr. Sondey continued, “In general, we expect our operating and financial performance to remain strong for the rest of the year. We expect our leasing revenues to grow moderately from the third quarter to the fourth quarter despite the end of the peak season for dry containers as we will benefit from a full period of revenue from containers placed on hire in the third quarter. However, we expect disposal gains to decrease as used container sale prices begin to return to historical levels. Overall, we expect our Adjusted pre-tax income in the fourth quarter of 2011 to be flat or down slightly from the third quarter level."

“Looking forward into 2012, we currently expect the market conditions supporting our strong performance – solid trade growth, a favorable supply / demand balance for containers and limited direct container purchases by our customers – to continue into next year. Based on this, we expect our utilization to remain historically high in 2012 and expect to continue to have attractive opportunities to invest in our fleet and grow our business. Leasing revenues for 2012 should be well above the 2011 level due to the strong growth achieved over the course of this year and likely opportunities for investments next year. However, we expect used container sale prices to continue to moderate and we expect that our disposal gains will decrease from the very high levels reached in 2011 and be more in line with our historical experience next year."

“The main risks we see to our positive expectations for 2012 include a renewed severe global recession and the potential for a major customer default. We don’t currently consider either of these events likely, but we are wary of a variety of potential risks for 2012 due to the current increased level of uncertainty in the global economy and the renewed financial pressures facing our customers.”


Thursday, July 28, 2011
Comments & Business Outlook

Second quarter ended June 30, 2011.

TAL reported second quarter ended June 30, 2011second quarter ended June 30, 2011Adjusted pre-tax income of $1.53 per fully diluted share for the second quarter of 2011, an increase of 12% from the first quarter of 2011 and an increase of over 100% from the second quarter of 2010. TAL focuses on its adjusted pre-tax results since it does not currently pay any material cash taxes and does not expect that it will for the next several years.

TAL reported Adjusted Net Income of $0.99 per fully diluted common share for the second quarter of 2011, an increase of 11% from the first quarter of 2011 and an increase of over 100% from the second quarter of 2010.

TAL has continued to invest heavily in new equipment during the first half of 2011. As of July 27, 2011, TAL has invested over $700 million in new container purchases or sale-leaseback transactions. Approximately 75% of this equipment (together with TAL’s beginning inventory of uncommitted factory units as of January 1, 2011) is either on-hire or committed to lease transactions.

On April 6, 2011, TAL completed a public offering in which it sold 2,500,000 shares of common stock. TAL’s net proceeds from the offering were $85.5 million.

TAL announced a quarterly dividend of $0.52 per share payable on September 22, 2011 to shareholders of record as of September 1, 2011. This marks the seventh consecutive quarter in which TAL has increased its dividend.

“TAL delivered another outstanding quarter of operational performance and financial results in the second quarter of 2011,” commented Brian M. Sondey, President and CEO of TAL International. “In the second quarter, we continued to benefit from favorable market conditions, and our key operating metrics remained at historically high levels. The utilization of our container fleet averaged 98.6% for the second quarter, and stood at 98.5% as of July 27, 2011. Sale prices for used containers continued to increase during the second quarter, leading to exceptionally high gains on our used container disposals, and our leasing revenue continued to increase strongly in the second quarter as new units were picked-up by customers and as units purchased through sale-leaseback transactions went on-hire. Our strong operating performance led to excellent financial results during the second quarter, and our adjusted pre-tax income per share increased 12% from the high level achieved in the first quarter of 2011 and increased over 100% from the second quarter of 2010.”


Wednesday, July 27, 2011
Comments & Business Outlook

second quarter ended June 30, 2011.

“TAL delivered another outstanding quarter of operational performance and financial results in the second quarter of 2011”

Highlights:

 

 

TAL reported Adjusted pre-tax income of $1.53 per fully diluted share for the second quarter of 2011, an increase of 12% from the first quarter of 2011 and an increase of over 100% from the second quarter of 2010. TAL focuses on its adjusted pre-tax results since it does not currently pay any material cash taxes and does not expect that it will for the next several years. 

 

  TAL reported Adjusted Net Income of $0.99 per fully diluted common share for the second quarter of 2011, an increase of 11% from the first quarter of 2011 and an increase of over 100% from the second quarter of 2010.

“TAL delivered another outstanding quarter of operational performance and financial results in the second quarter of 2011,” commented Brian M. Sondey, President and CEO of TAL International. “In the second quarter, we continued to benefit from favorable market conditions, and our key operating metrics remained at historically high levels. The utilization of our container fleet averaged 98.6% for the second quarter, and stood at 98.5% as of July 27, 2011. Sale prices for used containers continued to increase during the second quarter, leading to exceptionally high gains on our used container disposals, and our leasing revenue continued to increase strongly in the second quarter as new units were picked-up by customers and as units purchased through sale-leaseback transactions went on-hire. Our strong operating performance led to excellent financial results during the second quarter, and our adjusted pre-tax income per share increased 12% from the high level achieved in the first quarter of 2011 and increased over 100% from the second quarter of 2010.”

“While container leasing market fundamentals remain strong overall, peak-season trade volumes have so far been less than many of our customers had anticipated. Consequently, pick-ups of new dry containers committed to lease early in 2011 have been slower than expected, and we have slowed the pace of our new dry container purchases. However, TAL’s broad product line provides multiple avenues for growth, and our customers continue to rely on leasing containers more heavily than they did before the financial crisis, which helped us secure several sale-leaseback transactions in the second quarter. As of July 27, 2011, we have purchased more than $700 million of new or sale-leaseback containers for delivery in 2011, with roughly 75% of the containers either on-hire or committed to leases.

Outlook

Mr. Sondey continued, “In general, we expect our market to remain favorable for the rest of the year. The supply / demand balance for containers remains generally tight, new container prices remain historically high, and we expect most of our customers to remain cautious about placing large orders for new containers. As a result, we expect our key operating metrics to remain strong throughout 2011.”

“Financially, growth in our leasing revenue should accelerate in the third quarter as we benefit from a full period of leasing revenue on the containers placed on-hire in the second quarter and as containers committed to leases continue to go on-hire. However, we expect sale prices and gains to start to moderate from their current record level, and we expect our adjusted pre-tax income for the third quarter to decrease slightly from the exceptional results we achieved in the second quarter. Still, we expect our operating performance, growth and profitability to remain very strong for the foreseeable future.”


Thursday, April 28, 2011
Comments & Business Outlook

First Quarter Results:

  • TAL reported Adjusted pre-tax income of $1.37 per fully diluted share for the first quarter of 2011. TAL focuses on its adjusted pre-tax results since it does not currently pay any material cash taxes and does not expect that it will for the next several years.
  • TAL reported Adjusted net income of $0.89 per fully diluted common share for the first quarter of 2011, an increase of 17% from the fourth quarter of 2010 and an increase of over 160% from the first quarter of 2010.
  • TAL has continued investing heavily in new equipment during the first quarter of 2011. As of the end of April 2011, TAL has ordered over $450 million of containers for delivery in 2011, and has already committed much of this equipment to lease transactions.
  • On April 6, 2011, the Company completed a public offering of 5,500,000 shares of the Company’s common stock. Of the total shares sold, the Company sold 2,500,000 shares of common stock and certain stockholders of the Company sold an aggregate of 3,000,000 shares of common stock. The Company’s proceeds from the offering, net of underwriting discounts, were $86.2 million.
  • TAL announced an increase in its quarterly dividend to $0.50 per share payable on June 23, 2011 to shareholders of record as of June 2, 2011, increasing total dividends declared since the September 2006 initial dividend to $5.778 per share.
  • Adjusted pre-tax income (1), excluding gains and losses on interest rate swaps, was $42.4 million in the first quarter of 2011, compared to $36.3 million in the fourth quarter of 2010 and $16.2 million in the first quarter of 2010


With our strong first quarter results, TAL is off to a great start in 2011,” commented Brian M. Sondey, President and CEO of TAL International. “We continue to benefit from an exceptionally strong market for leased containers, and our key operating metrics held firm or pushed upwards from the already high levels we achieved in the fourth quarter of last year. The utilization of our container fleet averaged 98.3% for the first quarter, and stood at 98.5% as of April 27, 2011. Our average dry container lease rates increased 7.2% in the first quarter as new containers went on-hire at rates much higher than our portfolio average and as rates on existing containers increased due to the expiration of 2009 concessions and increased rates associated with lease renewals. Sale prices for used containers increased substantially in the first quarter due to a scarcity of available used equipment, leading to exceptionally strong disposal gains and trading margins on third party containers despite limited sales and trading volumes. The ongoing improvement in our operating performance led to excellent financial results during the first quarter, and our adjusted pre-tax income increased 17% from the high level achieved in the fourth quarter of 2010.”

Mr. Sondey continued, “In general, we expect our market to remain highly favorable. The supply / demand balance for containers remains tight, new container prices remain historically high, and we expect most of our customers to remain cautious about placing large orders for new containers this year. As a result, we expect our key operating metrics such as utilization, market lease rates and used container sale prices to remain strong throughout 2011. In addition, our container investments in 2011 are currently running ahead of last year’s pace, though we will need to see pick-ups of our new units accelerate in the second quarter if we are going to approach our 2010 full year investment level.”


Friday, February 11, 2011
GeoSpecial Notes

This morning we coded Tal international group as a GeoSpecial

  • 2011 EPS is expected to grow 34.1% to $2.91
  • GPR of 3. For more on GeoPowerRankings please visit our blog.
  • Pre-tax margins are over 30%
  • Strong Management Commentary:

    Mr. Sondey continued, “Expectations for containerized trade growth in 2011 generally seem to be in the 5-10% range, and we expect shipping lines to continue to rely more heavily on leasing than they have historically, though perhaps not to the full extent they did in 2010. As a result, we generally expect the favorable market environment to continue into 2011, and expect our financial performance to continue to benefit from exceptionally high utilization, market leasing rates and used container sale prices. Also, we are off to a great start with our 2011 investments, and we have already ordered over $300 million of containers for delivery in 2011, many of which have already been committed to leases. Based on our existing new container orders and committed customer lease transactions, we expect strong sequential growth in our leasing revenue to continue at least through the first half of 2011.

    “The first quarter typically represents our weakest quarter of the year since it is the slow season for dry containers, but this year our first quarter performance will be supported by the ongoing global shortage of containers and strong momentum in our leasing revenue. We expect our disposal volumes to remain low until the container shortage eases, though high used container sale prices and strong third-party trading margins should offset some of the impact of the low disposal volumes. Overall, assuming market conditions remain favorable, we expect our first quarter profitability in 2011 to be up slightly from the fourth quarter of 2010, and expect our profitability to increase sequentially throughout 2011 as aggressive ongoing investment and increasing average leasing rates drive continued growth in our leasing revenue.”

  • Dividend Yield of 5.20%

    TAL’s Board of Directors has approved and declared a $0.45 per share quarterly cash dividend on its issued and outstanding common stock, payable on March 24, 2011 to shareholders of record at the close of business on March 3, 2011.

    Mr. Sondey concluded, “We are very pleased to increase our dividend again this quarter. The increase reflects the continued growth in our cash flow and income. We have increased our dividend rapidly over the last year as our performance recovered and then surged forward, and upon payment of this latest dividend, we will have returned $5.278 in dividends per share to our shareholders since our initial dividend in September 2006.

  • Strong Steady Chart
  • Short-term valuation target: $43.65

Caveats:

  • High debt to equity ratio of 4 to 1 could limit P/E expansion and impact the attainment of our short-term target. This is the sole reason we have not coded the stock as a GeoBargain.
  • Stock has nearly tripled from its 52 week low.
  • Stock may be a slow mover