VANCOUVER, Sept. 2, 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 second
quarter of 2014. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of
$4,257,454 in the second quarter of
2014. This is compared to gross revenue of $4,052,614 for the same period in 2013. It
recorded a net loss attributable to shareholders of $332,775 as compared to a net profit attributable
to shareholders of $123,138 for the
same period in 2013. The increase in cost of goods was due to the
new textbook products and distribution services.
Q2 of 2013 financial highlights include:
Online products revenue of $1,555,108 generated during the second quarter of
2014 as compared to $2,124,335 during
the same period in 2013. The decrease in sales revenue was due to
delay in the starting of teacher training programs by the local
education authorities in the current year;
Textbook sales revenue of $2,676,917 was generated during the second
quarter of 2014 as compared to $1,928,279 during the same period in 2013.
During the six months ended June 30,
2014, the Company generated revenue of $6,714,758 as compared with $6,455,983 for the same period in 2013. The net
loss attributable to the owners of the Company for the period was
$230,881 as compared to a net loss of
$122,941 for the same period in
2013.
"Our sales revenue continuously keeps on increasing and the
Company is growing according to its business plan" said
Chengfeng Zhou, CEO, China Education
Resources. "The strategic partnership with a major China local teacher continuous training
company has started to benefit CER's business. We expect our
comprehensive blended education resources and services will
generate more revenue."
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.
