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| | Mon Nov 30, 2015
China Education Resources Inc. Reports Q3 2015 Financial Results
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| | VANCOUVER, Canada (November 30, 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 third quarter of 2015. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenue of $ 2,419,415 in the third quarter of 2015. This is compared to gross revenue of $ 2,278,883 for the same period in 2014. It recorded a net income attributable to shareholders of $369,437 as compared to a net income attributable to shareholders of $348,906 for the same period in 2014.
During the nine months ended September 30, 2015, the Company generated revenue of $9,820,738 as compared with $8,993,641 for the same period in 2014. The net profit attributable to the shareholders of the Company for the period was $924,083 as compared to $118,025 net profit for the same period in 2014.
The Q3 of 2015 financial highlights are as summarized as follows:
| |
2015
(USD) |
2014
(USD) |
Percentage
change |
Consolidated Statements of Comprehensive Income
Three months ended September 30 |
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|
| Book sales and distribution services |
1,289,982 |
1,279,013 |
0.9% |
| Online products |
849,487 |
717,849 |
18.3% |
| Total revenue |
2,419,415 |
2,278,883 |
6.2% |
| Net income (loss) attributable to shareholders of the Company for the three months |
369,437 |
348,906 |
5.9% |
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| Nine months ended September 30 |
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| Total revenue |
9,820,738 |
8,993,641 |
9.2% |
Net income (loss) attributable to shareholders
of the Company for the six months |
924,083 |
118,025 |
683.0%% |
"We are very pleased with our continually increased in profit in the Q3 and significant increased in nine-month period ended September 30, 2015." said Chengfeng Zhou, CEO, China Education Resources. "We expect the sales of the Company will continue to grow."
CER granted 2.7 million stock purchase options to four directors and four employees. Each option allows the holder to acquire a common share of the company for a period of 5 years, subject to different vesting requirements. The exercise price of the option is CND$0.10.
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
Email: admin@chinaeducationresources.com. Website: http://www.chinaeducationresources.com |
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| | You can view the Previous In the News item: Wed Mar 9, 2016, China Education Resources Inc. Partners Spanish Firm to Develop Soccer Education Program for China K--12 Students
You can view the Next In the News item: Tue Sep 1, 2015, China Education Resources Inc. Reports Q2 2015 Financial Results
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