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SOURCE China Education Resources Inc.
VANCOUVER, May 1, 2014 /PRNewswire/ - China Education Resources, Inc. ("CER") (TSXV: CHN, OTCQX: CHNUF), a leading technology and content provider of intelligent system, online learning, training courses and social media for teachers, students and education professionals, announced its financial results for the year ended December 31, 2013. All figures are expressed in U.S. dollars.
The 2013 financial highlights are as summarized as follows:
|Consolidated Statements of Comprehensive Income|
|Book sales and distribution services||5,732,836||3,653,759||56.9%|
|Net loss for the year before goodwill|
|impairment (non-cash item)||(248,520)||(1,003,652)||75.2%|
|Net loss for the year after goodwill|
|impairment (non-cash item)||(2,469,961)||(1,503,652)||-64.3%|
|Net loss attributable to shareholders of|
|the Company after goodwill impairment|
|Consolidated Statement of Cash Flows|
|Net cash provided by (used in) operating|
For the year ended December 31, 2013, CER reported aggregate sales revenue of $10,085,422 as compared to $7,391,934 for the same period in 2012, representing a 36.4% increase as a result of a 56.9% increase in book sales and distribution services and 36.3% increase in online products in 2013. The net cash provided by the operating activities was $308,280 in 2013 as compared to net cash used by operating activities of $1,987,294 in 2012, representing a 115.5% improvement made in 2013. The Company recognized a net loss for the year ended December 31, 2013 of $2,802,724 attributable to the shareholders as compared to a net loss of $1,380,439 attributable to the shareholders for the same period in 2012. The increase in the loss for the current year was mainly due to the goodwill impairment loss of $2,305,805 (non-cash item) as a result of goodwill impairment analysis using restrictive assumptions and an increase in selling expenses of $382,713 to $3,362,290 to promote and develop the business of the Company.
"We are very pleased with the direction of our sales and operations. Our sales revenue continues to increase in 2013." said Chengfeng Zhou, CEO, China Education Resources. "The 2013 business results further strengthen our confidence that our business will continue to grow in 2014."
"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 by 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 one 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.
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