China
Education Resources Inc. Reports Q3
2012
Financial Results
VANCOUVER, Canada
(November
29, 2012) - 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 in 2011.
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
press
release.
Contact China
Education Resources at: (604) 331-2388
Email: admin@chinaeducationresources.com.
Website: http://www.chinaeducationresources.com
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