China Education Resources Inc. Reports Q1 2014 Financial Results
Canada NewsWire
VANCOUVER, June 3, 2014
VANCOUVER , June 3, 2014 /CNW/ - 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 2014. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,457,304 in the first quarter of 2014. This is compared to gross revenue of $2,403,369 for the same period in 2013. The net profit attributable to the shareholders of the Company for the period was $101,894 as compared to a net loss attributable to shareholders of the Company of $246,079 for the same period of last year..
Q1 of 2014 financial highlights include:
Online products revenue of $1,468,728 generated during the first quarter of 2014 as compared to $1,584,044 during the same period in 2013;
Text book sales revenue of $976,687 generated during the first quarter of 2014 as compared to $819,325 during the same period in 2013.
"Our sales revenue continuously keeps increasing and the Company is growing according to its business plan" said Chengfeng Zhou , CEO, China Education Resources. "The strategic partnership agreement with a major China local teacher continuous training company we recently signed will have the synergy effect of bringing together both parties' training contents and sales channels to deliver teacher training programs under CER's brand "New Thinking" to China kindergarten to grade 12 teachers via the CER's online training platform. The arrangement will significantly reduce CER's cost of marketing and development of teacher training programs and can generate more revenue to both parties. Due to the increase in the number of teachers involved in the training, we can also do cross selling of our other products and services at the same time."
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.
