China Education Resources Inc. Reports Q1 2013 Financial Results
VANCOUVER, May 31, 2013 /PRNewswire/ - China Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQX: CHNUF), a leading technology provider of online learning, training courses and social media for teachers, students and education professionals, announced its financial results for the first quarter of 2013. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,403,369 in the first quarter of 2013. This is compared to gross revenue of $2,570,769 for the same period in 2012. It recorded a net loss attributable to shareholders of $246,079 as compared to a net profit attributable to shareholders of $610,839 for the same period in 2012.
Q1 of 2013 financial highlights include:
Online products revenue of $1,584,044 generated during the first quarter of 2013 as compared to $1,566,985 during the same period in 2012;
Text book sales revenue of $819,325 generated during the first quarter of 2013 as compared to $1,003,784 during the same period in 2012. The decrease in textbook sales is due to some customers have delayed in making the decision on whether to purchase traditional textbook or digital textbook.
CER is also very pleased to announce that we have signed the agreement with China Telecom (Gansu) to provide Smartphone services to our mobile learning program which is the new solution to CER School Platform for both of the students and teachers.
This program is a keystone to CER's business strategy, the teachers and students interact through our school platform, which is the centerpiece of our online education service business. Not only do teachers and students interact through our platform, they will propagate its use with other teachers, students and parents. Because of its advanced features and complete compliance with government programs, the Company expects that educators, students and parents will gravitate to the system to work, study, interact and develop social networks. We expect the new functions of the school platform will be an example of the high-growth potential of our products and business model.
In collaboration with China's education administrators and experts, China Education Resources has been helping to transform the curriculum of the world's largest educational system. Recognizing the need to address education reform changes, China Education Resources has created educational tools and curriculum for China's entire kindergarten through twelfth grade system. The Company is playing an integral part in transforming China's educational system through helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach. Presently, China Education Resources has over 1 million kindergarten through twelfth grade teachers registered through its Web portal. For more information, please visit www.chinaeducationresources.com or call (604) 331-2388.
Safe Harbor Statement
Certain statements made herein, and other statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. All such forward-looking information and statements are based on certain assumptions and analysis made by China Education Resources, Inc.'s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks and Uncertainties" elsewhere in the Company's MD&A filed at www.SEDAR.com. The reader is cautioned not to place undue reliance on forward-looking information or statements. Except as required by law the Company does not assume the obligation to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future, unanticipated events.
The TSX Venture Exchange has not reviewed, and does not accept, responsibility for the adequacy or accuracy of the contents of this press release.
SOURCE China Education Resources Inc.