Tue Sep 1, 2015 China Education Resources Inc. Reports Q2 2015 Financial Results
VANCOUVER, Canada (September 1, 2015) - China Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQX: CHNUF), an edu-tech company with leading technology in intelligent system and content provider for online learning, training courses and social media for teachers, students and education professionals, announced its financial results for the second quarter of 2015. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $ 3,983,311 in the second quarter of 2015. This is compared to gross revenue of $4,257,454 for the same period in 2014. It recorded a net income attributable to shareholders of $152,887 as compared to a net loss attributable to shareholders of ($332,775) for the same period in 2014.
During the six months ended June 30, 2015, the Company generated revenue of $7,401,323 as compared with $6,714,758 for the same period in 2014. The net profit attributable to the shareholders of the Company for the period was $554,646 as compared to ($230,881) net loss for the same period in 2014.
The Q2 of 2015 financial highlights are as summarized as follows:
2015 (USD)
2014 (USD)
Percentage
change
Consolidated Statements of Comprehensive Income
Three months ended June 30,
Book sales and distribution services
2,465,919
2,676,917
-7.9%
Online products
1,484,133
1,555,108
-4.6%
Total revenue
3,983,311
4,257,454
-6.4%
Net income (loss) attributable to shareholders of the Company for the three months
152,887
(32,775)
145.9%
Six months ended June 30,
Total revenue
7,401,323
6,714,758
10.2%
Net income (loss) attributable to shareholders
of the Company for the six months
554,646
(230,881)
340.2%
"We are very pleased with our significant increase in profit in the Q2 and six-month period ended June 30, 2015, and the operating performance of the company is expected strong for the remaining of the year." said Chengfeng Zhou, CEO, China Education Resources. "We have launched teacher training mobile APP and the formative assessment program in the first half of 2015, of which can provide various types of programs and services to teachers and students. We expect our unique and comprehensive blend of education resources and services will provide CER with long-term revenue potential."
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.
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