PHOENIX, AZ--(Marketwired - May 20, 2013) - Wonder International Education and Investment Group Corporation (
Revenues: Total revenue for the quarter ended March 31, 2013 increased 4% to $4.8 million from $4.6 million for the quarter ended March 31, 2012. The revenue increase is primarily due to the continued success of the Company's marketing and promotional campaign which began in 2009. Although inhibited by worldwide economic recession, growth in sales occurred at five of the seven Company schools. Despite continued impact from worldwide recession, Wonder expects to see revenue growth throughout the remainder of the year.
Operating Income: The Company generated operating income for the first quarter of 2013 of $2,147,460 compared with $2,126,437 for the comparable period in 2012.
Income per Share: The Company reported earnings of $0.10 per share on a basic and fully diluted basis, compared to earnings of $0.10 per share in the prior first quarter of 2012.
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, "As a leading player in China's vocational training industry, we continuously strive to enhance our educational programs and expand our market reach. With the continued success of our marketing campaign, we believe we will attract more and more students to our schools, driving increased enrollment and delivering stronger revenues going forward."
Mr. Wei continued, "We are extremely optimistic for our operational and financial growth in the remainder of 2013 as we continue to market our programs to the increasing population of people in rural China that are seeking specialized training for jobs in China's larger cities."
Wonder International Education and Investment Group Corporation (
For more information and registration, please visit the conference website: http://www.marcumllp.com/microcap
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 .
Attached are the comparative balance sheets and income statements for the First Quarter ended March 31, 2013, and 2012.
| WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| MARCH 31, 2013 AND DECEMBER 31, 2012 | |||||||
| (Unaudited) | |||||||
| March 31, 2013 | December 31, 2012 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 1,138,329 | $ | 1,490,802 | |||
| Miscellaneous receivables | 159,145 | 782,583 | |||||
| Related party receivable | 7,679,403 | 3,232,062 | |||||
| Other current assets | 151,759 | 55,575 | |||||
| Total current assets | 9,128,636 | 5,561,022 | |||||
| Fixed Assets: | |||||||
| Building and related land rights | 4,617,507 | 4,566,810 | |||||
| Computers and related furniture and equipment | 12,061,514 | 11,986,681 | |||||
| Vehicles | 1,018,507 | 1,005,257 | |||||
| Total fixed assets | 17,697,528 | 17,558,748 | |||||
| Less accumulated depreciation | 6,477,332 | 6,026,250 | |||||
| Net fixed assets | 11,220,196 | 11,532,498 | |||||
| Other Assets: | |||||||
| Investment in related party, at cost | 38,298,280 | 37,998,132 | |||||
| Total other assets | 38,298,280 | 37,998,132 | |||||
| Total Assets | $ | 58,647,112 | $ | 55,091,652 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities: | |||||||
| Bank loans payable | $ | 2,074,490 | $ | 2,058,232 | |||
| Accounts payable | 1,538,770 | 1,460,984 | |||||
| Advanced tuition payments | 9,130,381 | 8,841,163 | |||||
| Accrued liabilities | 894,405 | 395,671 | |||||
| Taxes payable | 2,433,305 | 2,117,875 | |||||
| Total current liabilities | 16,071,351 | 14,873,925 | |||||
| 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 | 28,165,345 | 26,118,339 | |||||
| Earnings appropriated for statutory reserves | 2,929,391 | 2,929,391 | |||||
| Accumulated other comprehensive income | 5,622,243 | 5,311,215 | |||||
| Total stockholders' equity | 42,575,761 | 40,217,727 | |||||
| Total Liabilities and Stockholders' Equity | $ | 58,647,112 | $ | 55,091,652 | |||
| WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| For The Three Month Periods Ended March 31, | |||||||||
| (Unaudited) | |||||||||
| 2013 | 2012 | ||||||||
| Revenue | $ | 4,842,032 | $ | 4,638,296 | |||||
| Cost of Sales | 1,382,040 | 1,203,102 | |||||||
| Gross Profit | 3,459,992 | 3,435,194 | |||||||
| Expenses: | |||||||||
| Selling and Administrative Expenses | 1,312,532 | 1,308,757 | |||||||
| Operating Income | 2,147,460 | 2,126,437 | |||||||
| Other Income and Expense: | |||||||||
| Other Income | 31,702 | 27,015 | |||||||
| Interest Expense | (40,388 | ) | (74,934 | ) | |||||
| Other Expense | (101,768 | ) | (31,498 | ) | |||||
| Net Income | 2,037,006 | 2,047,020 | |||||||
| Other comprehensive income - foreign | |||||||||
| currency translation adjustments | 311,028 | 121,879 | |||||||
| Total comprehensive income | $ | 2,348,034 | $ | 2,168,899 | |||||
| Income Per Share - | |||||||||
| Basic and Diluted | $ | .10 | $ | .10 | |||||
| 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
