VANCOUVER, Aug. 30, 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 second quarter of 2012. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $1,824,968 in the second quarter of 2012. This is compared to gross revenue of $1,103,954 for the same period in 2011. The loss of the second quarter was $177,321 as compared to a loss of $398,431 for the same period in 2011.
During the six months ended June 30, 2012, the Company generated revenue of $4,362,780 as compared with $3,271,740 for the same period in 2011. The profit attributable to the owners of the Company for the period was $433,518 as compared to $45,560 for the same period in 2011.
Q2 of 2012 financial highlights include:
Online products revenue of $739,416 generated during the second quarter of 2012 as compared to $303,438 during the same period in 2011;
Text book sales revenue of $1,085,552 generated during the second quarter of 2012 as compared to $800,516 during the same period in 2011.
"We are very pleased with our increasing revenues in our Q2 2012 results, particularly for the digital textbook sales which have started to generate revenue." said Chengfeng Zhou, CEO, China Education Resources. "We are utilizing our internet platform and educational social network together with our existing online/offline products which will provide blended comprehensive education resources and services to teachers and students. Our goal is to strengthen our position as the leading provider of digital educations services to China's K-12 sector."
With the successfully launched digital textbook program, CER is being approached by educational publishers to develop and provide digital supplementary materials to students through our school platform.
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.
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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.