While our online degree programs are growing and profitable, to realize the financial goals of our company, we must look beyond online degree programs. Investment in these types of new initiatives might cause short-term pressure on our margins in 2011, but we are confident that when these businesses begin to contribute revenues, we will see our margins return to or exceed previous levels. We are excited to be in the rapid-growing education market in China, with a strong reputation and established credibility.
ChinaEdu expects total net revenue in the first quarter of 2011 to range from RMB91 million to RMB96 million or $13.8 million to $14.5 million. This forecast reflects ChinaEdu's current and preliminary view, which is subject to change.