China Education Resources Inc. Reports Q2 2014 Financial Results
VANCOUVER, Sept. 2, 2014 /PRNewswire/ - China Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQX: CHNUF), a leading technology and content provider of online learning, training courses and social media for teachers, students and education professionals, announced its financial results for the second quarter of 2014. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $4,257,454 in the second quarter of 2014. This is compared to gross revenue of $4,052,614 for the same period in 2013. It recorded a net loss attributable to shareholders of $332,775 as compared to a net profit attributable to shareholders of $123,138 for the same period in 2013. The increase in cost of goods was due to the new textbook products and distribution services.
Q2 of 2013 financial highlights include:
Online products revenue of $1,555,108 generated during the second quarter of 2014 as compared to $2,124,335 during the same period in 2013. The decrease in sales revenue was due to delay in the starting of teacher training programs by the local education authorities in the current year;
Textbook sales revenue of $2,676,917 was generated during the second quarter of 2014 as compared to $1,928,279 during the same period in 2013.
During the six months ended June 30, 2014, the Company generated revenue of $6,714,758 as compared with $6,455,983 for the same period in 2013. The net loss attributable to the owners of the Company for the period was $230,881 as compared to a net loss of $122,941 for the same period in 2013.
"Our sales revenue continuously keeps on increasing and the Company is growing according to its business plan" said Chengfeng Zhou, CEO, China Education Resources. "The strategic partnership with a major China local teacher continuous training company has started to benefit CER's business. We expect our comprehensive blended education resources and services will generate more revenue."
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.
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SOURCE China Education Resources Inc.