China Education Resources Inc. made $1,357,757 US dollars net profit in 2017
May 02 2018 - 8:30AM
China Education Resources, Inc. ("CER") (TSX-V:CHN) (OTC: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 audited financial results for the year ended December
31, 2017. All figures are expressed in U.S. dollars except
otherwise stated.
For the year ended December 31, 2017, CER
reported aggregate sales revenue of $11,825,995 as compared to
$13,420,347 for the same period in 2016. The Company recognized a
net profit of $1,357,757 attributable to the shareholders for the
year ended December 31, 2017 as compared to a net profit of
$916,204 attributable to the shareholders for the same period in
2016.
The 2017 financial highlights are as summarized
as follows:
|
|
2017 |
2016 |
Percentage |
|
|
(USD) |
(USD) |
change |
Consolidated Statements of Income and Comprehensive Income |
|
|
|
for the
year ended December 31, 2017: |
|
|
|
|
Book sales and
distribution services |
5,249,251 |
7,411,968 |
-29.18 |
% |
|
Online products |
6,576,744 |
6,008,379 |
9.46 |
% |
|
Total revenue |
11,825,995 |
13,420,347 |
-11.88 |
% |
|
Net income attributable
to shareholders of the Company |
1,357,757 |
916,204 |
48.19 |
% |
|
|
|
|
|
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 income per share was $0.03 USD
for the year ended December 31, 2017 as compared to $0.02 USD for
comparable period ended December 31, 2016. We are delighted to
reverse the over-estimation of income tax payables in previous
years.
CER’s business is continually doing well and the online teacher
training program has expanded into new provinces in China. The
company’s vocational online training platform has been developed
together with an initial 185 training courses and one province has
selected CER to provide vocational training program to
teachers.
CER, together with its partners, has completed thirteen student
soccer textbooks (one book per grade) and four teacher’s books for
teaching the student soccer textbooks. The soccer textbooks also
have soccer training video contents together with online/offline
solutions of soccer education program for students and
teachers.
We are pleased of making progress in both the
soccer project and existing business and excited of the great
opportunity to integrate the functions of our online teacher
training platform and school platform, and provide a unique blended
online/offline contents and services to teachers and students. We
expect to generate more revenue in 2018.
Chinese central government has announced the
development plan of China sports industry to achieve $800 billion
or more by 2025, and the biggest segment is soccer. Management
believes that CER will benefit from the China soccer market through
providing various types of soccer education programs. 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.
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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