VANCOUVER, Dec. 1, 2014 /PRNewswire/ - 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.
SOURCE China Education Resources Inc.