VANCOUVER, Dec. 1, 2014 /CNW/ - 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 third quarter of 2014. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,278,883 in the third quarter of 2014. This is compared to gross revenue of $3,475,166 for the same period in 2013. It recorded a net income attributable to shareholders of $348,906 as compared to a net profit attributable to shareholders of $741,010 for the same period in 2013. The decrease in revenue from online product sales for the current quarter as compared to the sales of the same quarter of previous year was due to the fact that the regulatory authority in China is now revising the content of the online teacher training resulting in a delay in launching the training courses.
Q3 of 2014 financial highlights include:
Online products revenue of $717,849 generated during the third quarter of 2014 as compared to $1,757,026 during the same period in 2013.
Textbook sales revenue of $1,279,013 was generated during the third quarter of 2014 as compared to $1,718,140 during the same period in 2013. The decrease was due to the fact that some textbook sales previously happened in Q3 of 2013 had already been delivered in Q2 of 2014.
"The operating performance of the company continues to be strong, and the Company is growing according to its business plan" said Chengfeng Zhou, CEO, China Education Resources. "We expect our unique and comprehensive blend of education resources and services to generate more revenue, and we are encouraged by the increasing utilization of our internet platform and educational social network, which work together with our existing online/offline products."
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.
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SOURCE: China Education Resources Inc.
For further information: Contact China Education Resources at: (604) 331-2388; Email: [email protected]; Website: http://www.chinaeducationresources.com