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
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
SOURCE: China Education Resources Inc.
For further information:
Contact China Education Resources at: (604) 331-2388