China Education Resources Inc. Reports Q3 2012 Financial Results
VANCOUVER, Nov. 29, 2012 /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 third quarter of 2012. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,716,353 in the third quarter of 2012. This is compared to gross revenue of $3,162,211 for the same period in 2011. There was a decrease in sales for the current quarter as compared to the sales of the same quarter of previous year as some book sales orders were delayed.
The net profit of the third quarter attributable to the shareholders was $1,008,994 as compared to a net profit of $670,842 for the same period in 2011.
During the nine months ended September 30, 2012, the Company generated revenue of $7,079,133 as compared with $6,433,951 for the same period of last year. The profit attributable to the shareholders of the Company for the period was $1,442,512 as compared to $716,402 for the same period of last year.
Q3 of 2012 financial highlights includes:
Online products revenue of $1,979,384 generated during the third quarter of 2012 as compared to $1,755,040 during the same period in 2011;
Text book sales revenue of $736,969 generated during the third quarter of 2012 as compared to $1,407,171 during the same period in 2011.
"We are very pleased with our increasing net profit in the Q3 2012
results, and the operating performance of the company continues to be
strong." said Chengfeng Zhou, CEO, China Education Resources.
"We expect our digital textbook program and school platform to generate more internet related revenue, and we are encouraged by increasing utilization of our internet platform and educational social network, which work together with our existing online/offline products.
This combination provides teachers and students with a unique and comprehensive blend of education resources and services. Our goal is to strengthen our position as the leading provider of digital educations services to China's K-12 sector."
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.
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