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| ||Mon Dec 1, 2014|
China Education Resources Inc. Reports Q3 2014 Financial Results
| ||VANCOUVER, Canada (December 1, 2014) - 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 2014. All figures are expressed in U.S. dollars.|
China Education Resources generated gross revenues of $2,278,883 in the third quarter of 2014. This is compared to gross revenue of $3,475,166 for the same period in 2013. It recorded a net income attributable to shareholders of $348,906 as compared to a net profit attributable to shareholders of $741,010 for the same period in 2013. The decrease in revenue from online product sales for the current quarter as compared to the sales of the same quarter of previous year was due to the fact that the regulatory authority in China is now revising the content of the online teacher training resulting in a delay in launching the training courses.
Q3 of 2014 financial highlights include:
Online products revenue of $717,849 generated during the third quarter of 2014 as compared to $1,757,026 during the same period in 2013.
Textbook sales revenue of $1,279,013 was generated during the third quarter of 2014 as compared to $1,718,140 during the same period in 2013. The decrease was due to the fact that some textbook sales previously happened in Q3 of 2013 had already been delivered in Q2 of 2014.
"The operating performance of the company continues to be strong, and the Company is growing according to its business plan" said Chengfeng Zhou, CEO, China Education Resources. "We expect our unique and comprehensive blend of education resources and services to generate more 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.
The TSX Venture Exchange has not reviewed, and does not accept, responsibility for the adequacy or accuracy of the contents of this press release.
Contact China Education Resources at: (604) 331-2388
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