PHOENIX, AZ--(Marketwired - Apr 18, 2013) - Wonder International Education and Investment Group Corporation (
Revenues: Total revenue for the 2012 fiscal year increased 27.5% to $18.9 million from $14.8 million of total revenue in 2011. The revenue increase is primarily due to the Company's successful implementation of an aggressive marketing and promotional campaign. Although inhibited by worldwide economic recession, the growth in sales occurred at all seven Company schools.
Operating Income: Operating income in 2012 increased 64.7% to $6.7 million from $4.08 million in 2011. This increase was a direct result of the aggressive marketing and promotion campaign which increased sales in all schools and close management of our expenses. Despite an increase in advertising costs of $631,023 in 2012, the Company held all other costs down to similar levels in 2011.
Income Per Share: The Company reported earnings of $0.33 per share on a basic and fully diluted basis, compared to earnings of $0.26 per share in the prior year.
The weighted average number of shares outstanding remains unchanged at 20,000,000.
Frank Wei, CEO of Wonder International Education and Investment Group Corporation, commented, "In the past year, we have succeeded in positioning ourselves at the forefront of the rapidly expanding vocational training industry and have become a key player in supporting China's ongoing movement towards urbanization. Our established industry position and our continued marketing campaign focused on the largely populated rural areas of China where vocational skills are in high-demand drives our ability to deliver increased revenues in the year ahead."
Wei continued, "The demand for an educated workforce in China remains strong as technology continues to develop at a record pace. With more and more people moving from rural China to the city for greater job opportunities, we expect to see an ongoing increase in our school enrollment. We are pleased to report that we had significant increases in our total revenue and operating income for 2012 and we expect this trend to continue in 2013."
About Wonder International
Wonder established its first school in 1993 and operates seven information technology-focused vocational training schools in seven provinces; Anhui, Jiangsu, Zhejiang, Henan, Hubei, Liaoning, and Fujian. The Company's core focus is to educate students in the lesser-developed cities of China to have the practical skills to secure higher-paying jobs.
Wonder also operates employment service agencies in more than twenty provinces and municipalities to serve their more than 20,000 graduating students annually. The Company's partnership with 30,000 corporations and twelve employment agencies will help provide jobs to Wonder's students and increase quality IT to support China's growing economy.
Wonder's stock is traded on the Over the Counter Bulletin Board and OTC Markets under the stock symbol WIEI.
For more information, please view http://www.wonderwiei.com .
2012 Year-End Conference Call:
The Company is also announcing today that a conference call has been scheduled for Tuesday, April 23, 2013 at 11:30 A.M. Eastern Daylight Time. Domestic participants may dial (888) 567-1602 and international participants may dial (201) 604-5049 . Persons unable to participate during the live session may listen to a recorded playback of the conference call by dialing (888) 539-4649 or (908) 379-8864 internationally. The code for playback is (91694) followed by the # sign. The purpose of the call is to discuss the Company's audited financial results, as well as recent Company developments and other business initiatives. Norman Klein, Member of the Board of Directors, will present opening remarks and will conduct a Q & A from participants. All questions should be sent to our investor relations representatives at info@cfsg1.com for consideration. In addition to selected questions which will be answered during the call, a select number of additional questions may be responded to subject to time limitations.
Attached are the audited comparative balance sheets and income statements for the years ended December 31, 2012, and 2011.
| WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| DECEMBER 31, 2012 AND 2011 | |||||||
| 2012 | 2011 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 1,490,802 | $ | 1,646,542 | |||
| Miscellaneous receivables | 782,583 | 273,190 | |||||
| Accrued interest receivable | - | 11,515 | |||||
| Related party receivable | 3,232,062 | 1,040,750 | |||||
| Other current assets | 55,575 | 82,231 | |||||
| Total current assets | 5,561,022 | 3,054,228 | |||||
| Fixed Assets: | |||||||
| Building and related land rights | 4,566,810 | 4,566,810 | |||||
| Computers and related furniture and equipment | 11,986,681 | 7,393,943 | |||||
| Vehicles | 1,005,257 | 963,077 | |||||
| Total fixed assets | 17,558,748 | 12,923,830 | |||||
| Less accumulated depreciation | 6,026,250 | 4,873,248 | |||||
| Net fixed assets | 11,532,498 | 8,050,582 | |||||
| Other Assets: | |||||||
| Investment in related party, at cost | 37,998,132 | 37,878,788 | |||||
| Total other assets | 37,998,132 | 37,878,788 | |||||
| Total Assets | $ | 55,091,652 | $ | 48,983,598 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities: | |||||||
| Bank loans payable | $ | 2,058,232 | $ | 3,630,051 | |||
| Accounts payable | 1,460,984 | 1,249,957 | |||||
| Advanced tuition payments | 8,841,163 | 8,387,527 | |||||
| Accrued liabilities | 395,671 | 617,490 | |||||
| Taxes payable | 2,117,875 | 1,517,293 | |||||
| Total current liabilities | 14,873,925 | 15,402,318 | |||||
| Stockholders' Equity: | |||||||
| Common stock: authorized, 100,000,000 shares without par value; issued and outstanding, 20,000,000 shares | 5,858,782 | 5,858,782 | |||||
| Retained earnings | 26,118,339 | 19,591,560 | |||||
| Earnings appropriated for statutory reserves | 2,929,391 | 2,929,391 | |||||
| Accumulated other comprehensive income | 5,311,215 | 5,201,547 | |||||
| Total stockholders' equity | 40,217,727 | 33,581,280 | |||||
| Total Liabilities and Stockholders' Equity | $ | 55,091,652 | $ | 48,983,598 | |||
| WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 | ||||||||
| 2012 | 2011 | |||||||
| Revenue | $ | 18,913,562 | $ | 14,839,050 | ||||
| Cost of Sales | 6,102,554 | 5,406,587 | ||||||
| Gross Profit | 12,811,008 | 9,432,463 | ||||||
| Selling and Administrative Expenses | 6,097,866 | 5,357,099 | ||||||
| Operating Income | 6,713,142 | 4,075,364 | ||||||
| Other Income and Expense: | ||||||||
| Interest income | - | 1,021,656 | ||||||
| Dividend income | 590,095 | - | ||||||
| Other income | 15,524 | 452,500 | ||||||
| Interest expense | (296,849 | ) | (211,619) | |||||
| Other expense | (495,133 | ) | (220,054) | |||||
| Net income | 6,526,779 | 5,117,847 | ||||||
| Other comprehensive income - foreign currency translation adjustments | 109,668 | 2,030,842 | ||||||
| Total comprehensive income | $ | 6,636,447 | $ | 7,148,689 | ||||
| Income Per Share - Basic and Diluted | $ | .33 | $ | .26 | ||||
| Weighted average number of shares outstanding | 20,000,000 | 20,000,000 | ||||||
Forward-Looking Statements Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.
Company Contact: Norm Klein Wonder Board Director EastBridge Investment Group Corporation 480-966-2020 Investor Relations Contact: Consulting for Strategic Growth 1 Ltd. Stanley Wunderlich 800-625-2236 ext. 7770 Email: Email Contact Investor Relations Contact: Jack Eversull The Eversull Group, Inc. 972-571-1624 214-469-2361 (fax) Email Contact
