China Education Resources Inc. Reports Q3 2013 Financial Results
VANCOUVER, Nov. 29, 2013 /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 third quarter of 2013. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $3,475,166 in the third quarter of 2013. This is compared to gross revenue of $2,716,353 for the same period in 2012. It recorded a net profit attributable to shareholders of $741,010 as compared to a net profit attributable to shareholders of $1,008,994 for the same period in 2012. The decrease in net profit attributable to shareholders for the current period was mainly due to an increase in selling expenses of $1,243,317 as compared with that for the same period of prior year for marketing and promotion of the products of the Company.
Q3 of 2013 financial highlights include:
Online products revenue of $1,757,026 generated during the third quarter of 2013 as compared to $1,979,384 during the same period in 2012; $5,465,405 for the nine months of 2013 as compared to $3,756,376 during the same period in 2012.
Text book sales revenue of $1,718,140 generated during the third quarter of 2013 as compared to $736,969 during the same period in 2012; $4,465,744 for the nine months of 2013 as compared to $3,322,757 during the same period in 2012.
During the nine months ended September 30, 2013, the Company generated revenue of $9,931,149 as compared with $7,079,133 for the same period in 2012. The net profit attributable to the owners of the Company for the period was $618,069 as compared to $1,442,512 net profit for the same period in 2012.
"We are very pleased with our continually increasing revenue in the Q3 2013, and the strong operating performance of the company." said Chengfeng Zhou, CEO, China Education Resources.
"We expect our unique and comprehensive blend of education resources and services to generate more on-line related revenue, and we are encouraged by the increasing utilization of our internet platform and educational social network, which work together with our existing online/offline products."
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.