VANCOUVER, British Columbia, Nov. 29, 2017 (GLOBE NEWSWIRE) -- China Education Resources, Inc. ("CER") (TSXV:CHN) (OTCQX:CHNUF), an ed-tech company with leading technology of intelligent system and contents to provide online/offline learning, training courses and social media for teachers, students and education professionals, announced its financial results for the third quarter of 2017. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenue of $ 1,538,276 in the third quarter of 2017. This is compared to gross revenue of $ 1,914,856 for the same period in 2016. The decrease in revenue was mainly due to content of some textbooks have to be updated according to the new requirements from the regulatory authorities. It recorded a net income attributable to shareholders of $332,266 as compared to a net income attributable to shareholders of $511,406 for the same period in 2016.
During the nine months ended September 30, 2017, the Company generated revenue of $9,715,057 as compared with $9,856,034 for the same period in 2017. The decrease in revenue was mainly due to content of some textbooks have to be updated according to the new requirements from the regulatory authorities. The net profit attributable to the shareholders of the Company for the period was $1,601,071 as compared to $1,553,454 net profit for the same period in 2016.
|Consolidated Statements of Comprehensive Income|
|Three months ended September 30,|
|Book sales and distribution services||461,663||844,982||-45.4%|
|Net income attributable to shareholders|
|of the Company for the three months||332,266||511,406||-35.0%|
|Nine months ended September 30,|
|Net income (loss) attributable to shareholders|
|of the Company for the nine months||1,601,071||1,553,454||3.1%|
"There was a decrease in revenue from the book sales and distribution services for the current quarter as compared to the same period in 2016 as content of some textbooks have to be updated according to the new requirements from the regulatory authorities.” said Chengfeng Zhou, CEO, China Education Resources. “The sales revenue for the third quarter of 2017 decreased as compared with the same period of last year. However, the net income attributable to shareholders increased in the nine months of 2017 as compared with the same period of last year. The net income per share was $0.03USD for the nine months ended September 30, 2017”
The business of the company is continually doing well. We will update the progress of business to shareholders shortly.
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 kindergartens 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
Source: China Education Resources Inc.