China Education International, Inc. Announces Financial Results for the First Half of Fiscal 2012
Six-Month year-over-year revenue increases 63.5% and Three-Month year-over-year revenue increases 70.6%
DELRAY BEACH, Fla., Aug. 22, 2012 /PRNewswire/ -- China Education International, Inc. (OTCBB: CEII) (the "Company"), which manages the operation of private schools and educational activities within China, today announced its financial results for the first six months, ended June 30, 2012.
First half of fiscal 2012 financial highlights for the six months ended June 30, 2012 include reporting that revenues increased 63.5% year-over-year to $4,164,252 compared to $2,546,860 for the six months ended June 30, 2011 and increased 70.6% year-over-year for the three months ended June 30, 2012. These increases were primarily attributable to additional acquisition of the Anhui Meihua vocational school and the full operations and income from the three schools operated by the Company. In addition, the Company reported that the its first half operations had improved from its first operating year (2011) whereas the six month loss was reduced by 80%, to loss of less than one half cent per share in the first six months of 2012. Cash on hand at the end of the period on a year to year basis increased by more than 100%.
The Company also announced that it had signed an agreement with another education organization, based in Shanghai, which provides a wide range of educational training and services, including art design, adult education, accounting, human resources and an 18 month Executive MBA program with emphasis on international business.
Joel Mason, Chief Executive Officer of the Company commented, "We are very pleased with the revenue results from the first half of the year and we look forward to a strong second half of 2012 as we continue to pursue opportunities to add quality schools and educational organizations to our portfolio. The Company is helping serve the needs of Chinese students by providing them increased opportunities for high quality educational services, especially for those students who wish to continue their education in the United States and Europe, or the highest level schools in China. We will continue to create and offer China's students new and innovative programs that can assist and supplement standard course offerings."
For further information regarding the Company's results for the six months, please see the 10Q report for the period ended June 30, 2012 as filed with the SEC at www.sec.gov and as available on the Company's website.
About China Education International, Inc.
Headquartered in Delray Beach, FL, China Education International, Inc. is a leader in managing the operations of private schools and educational organizations in China, including providing international partnership study programs, more effective English language instruction, and recruiting American and other international teachers for Chinese schools and organizations. The Company manages the operations directly or indirectly providing leadership, financial guidance, and expansion plans. The academic schools under the Company's management provide China's unified national core curriculums including Chinese, English, mathematics, physics, history, biology and other subjects, while the educational organizations provide specialized educational training and programs. For more information, visit: www.chinaeducationintl.com.
This press release contains forward-looking statements, which may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: economic and operational risks, changes in anticipated earnings, continuation of current contracts, an increase in student enrollment in our current schools and educational organizations, the addition of new schools and educational organizations, the successful implementation of AEC or other international programs and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
China Education International, Inc.
Telephone: (561) 666-8059
SOURCE China Education International, Inc.
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