NEW YORK, May 16, 2017 /PRNewswire/ -- American Education Center Inc., ("AEC" or the "Company;" OTCQB: AMCT), a publicly reporting, emerging growth company providing educational and career enrichment opportunities for students, teachers, enterprises and educational institutions between China and the United States, and executive training services to enterprise clients in China, announced its financial results of operations for the three months ended March 31, 2017.
Jay F. McKeage, Chief Executive Officer of AEC, commented, "The strong first quarter results were driven primarily by growth in consulting and training services provided to Chinese clients through our subsidiary AEC Southern in Shenzhen, China. We are working through a period of some uncertainty in some of our U.S.-based consulting activities due to changes in the regulatory climate in China affecting foreign currency exchange and capital outflows. Accordingly, we intend to continue our current efforts to build our China-based business which, we believe, is less subject to these uncertainties, while they last."
First quarter 2017 revenues for the Company were $9.5 million, up 252.4% from $2.7 million in the first quarter of 2016. Recently-acquired AEC Southern contributed $7.4 million in revenues in the first quarter of 2017. Operating profit in the first quarter of 2017 increased 697.9% to $1,580,000, from $198,000 in the prior year first quarter. Net income in the first quarter of 2017 was $1,230,000, or $0.03 per share, a 1,024.4% rise over $109,000, or $0.00 per share, in the first quarter of 2016.
Common shares of AEC outstanding at March 31, 2017 were 41,350,000, compared to 30,000,000 outstanding at March 31, 2016. The increase was largely due to share issuance related to the acquisition of AEC Southern and related executive compensation, in addition to share-based compensation paid to certain consultants.
For detailed information regarding the Company's financial results and results of operations for the first quarter of 2017 please refer to the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on May 15, 2017.
About American Education Center Inc. (OTCQB: AMCT)
AEC's rapidly growing business provides one-stop comprehensive consulting services for international students, educators, institutions, as well as training services for enterprise executives. The Company's services include both international education exchange, by providing educational and career enrichment opportunities for students, teachers, and educational institutions between China and the United States, and executive training services in the food industry. The Company currently provides admission, housing and other consulting services to Chinese students wishing to study in the United States. The Company also provides exchange and placement services for qualified United States educators to teach in China. In addition, the Company provides customized training programs and consulting services for executives of enterprise clients in China.
American Education Center Inc.
2 Wall Street
New York, NY 10005
Emerging Markets Consulting, LLC
Disclaimer: This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the three months ended March 31, 2017, on file with the SEC and available on our investor relations website at http://aec100.com/investor_relations.php and on the SEC website at www.sec.gov. All information provided in this release is as of May 16, 2017, and we undertake no duty to update this information unless required to do so by law.
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SOURCE American Education Center Inc.