China Education Resources Inc. Reports Q3 2012 Financial Results
www.chinaeducationresources.com
VANCOUVER,
Nov. 29, 2012 /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 third quarter of 2012. All figures
are expressed in U.S. dollars.
China Education Resources generated gross
revenues of $2,716,353 in the third
quarter of 2012. This is compared to gross revenue of $3,162,211 for the same period in 2011. There was
a decrease in sales for the current quarter as compared to the
sales of the same quarter of previous year as some book sales
orders were delayed.
The net profit of the third quarter attributable
to the shareholders was $1,008,994 as
compared to a net profit of $670,842
for the same period in 2011.
During the nine months ended September 30, 2012, the Company generated revenue
of $7,079,133 as compared with
$6,433,951 for the same period of
last year. The profit attributable to the shareholders of the
Company for the period was $1,442,512
as compared to $716,402 for the same
period of last year.
Q3 of 2012 financial highlights includes:
Online products revenue of $1,979,384 generated during the third quarter of
2012 as compared to $1,755,040 during
the same period in 2011;
Text book sales revenue of $736,969 generated during the third quarter of
2012 as compared to $1,407,171 during
the same period in 2011.
"We are very pleased with our increasing net
profit in the Q3 2012 results, and the operating performance of the
company continues to be strong." said Chengfeng Zhou, CEO, China Education
Resources.
"We expect our digital textbook program and school platform to
generate more internet related revenue, and we are encouraged by
increasing utilization of our internet platform and educational
social network, which work together with our existing
online/offline products.
This combination provides teachers and students with a unique and
comprehensive blend of education resources and services. Our goal
is to strengthen our position as the leading provider of digital
educations services to China's
K-12 sector."
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.
