VANCOUVER,
Nov. 29, 2013 /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 2013. All figures are expressed in U.S. dollars.
China Education Resources generated gross
revenues of $3,475,166 in the third
quarter of 2013. This is compared to gross revenue of $2,716,353 for the same period in 2012. It
recorded a net profit attributable to shareholders of $741,010 as compared to a net profit attributable
to shareholders of $1,008,994 for the
same period in 2012. The decrease in net profit attributable to
shareholders for the current period was mainly due to an increase
in selling expenses of $1,243,317 as
compared with that for the same period of prior year for marketing
and promotion of the products of the Company.
Q3 of 2013 financial highlights include:
Online products revenue of $1,757,026 generated during the third quarter of
2013 as compared to $1,979,384 during
the same period in 2012; $5,465,405
for the nine months of 2013 as compared to $3,756,376 during the same period in 2012.
Text book sales revenue of $1,718,140 generated during the third quarter of
2013 as compared to $736,969 during
the same period in 2012; $4,465,744
for the nine months of 2013 as compared to $3,322,757 during the same period in 2012.
During the nine months ended September 30, 2013, the Company generated revenue
of $9,931,149 as compared with
$7,079,133 for the same period in
2012. The net profit attributable to the owners of the Company for
the period was $618,069 as compared
to $1,442,512 net profit for the same
period in 2012.
"We are very pleased with our continually
increasing revenue in the Q3 2013, and the strong operating
performance of the company." said Chengfeng
Zhou, CEO, China Education Resources.
"We expect our unique and comprehensive blend of
education resources and services to generate more on-line related
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.
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.