VANCOUVER and BEIJING, China, Nov. 30 /PRNewswire-FirstCall/ -- China Education Resources, Inc. (TSXV:CHN, Pink Sheets:CHNUF), a leading technology provider of online learning, training courses and tools for teachers, students and education professionals in China, announced today its financial results for the third quarter and nine months that ended September 30, 2010. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,112,587 and a net income of $332,823 in the third quarter that ended September 30, 2010. This is compared to gross revenues of $2,022,805 and a net income of $37,955 for the same period in 2009. A 776% increase in net income year-to-year.
Overall, during the nine month period that ended September 30, 2010, China Education Resources generated gross revenues of $4,709,589 and a net loss of $349,601 as compared to gross revenues of $2,087,596 and a net loss of $932,991 during this same period in 2009. A 125% increase in gross revenues year-to-year.
Third Quarter 2010 financial highlights include: -- Online teacher training revenues of $847,983 generated during the third quarter 2010 as compared to $111,239 during the same period in 2009 -- a 662% increase year-to-year; -- Online teacher training revenues of $1,180,038 generated during the first nine months of 2010 as compared to $155,424 during the same period in 2009 -- a 659% increase year-to-year.
"We are very pleased with the direction our sales and operations are heading. With our revenue figures for 2010 to date significantly surpassing last year's results, it is clear that China Education Resources is emerging as a technology and education industry leader," said Chengfeng Zhou, CEO, China Education Resources. "With our recent expansion now into 11 provinces in China - including the largest city and province in China - we are presently undergoing a major growth period that I expect will continue well into 2011."
"With over one million teachers blogging on the China Education Resources Web site already, the company is becoming a true education and technology leader in China," said Richard Donovan, a senior education consultant specializing in languages and cultures, former educator at California State University and associate dean at the Defense Language Institute.
In early October 2010, China Education Resources announced that it had finalized agreements to provide online education and training to teachers and education professionals in the city of Chongqing, China's largest city, and in the provinces of Heilongjiang, Sichuan and Yunnan. "Our four-step growth plan is now being implemented throughout China. The first step involves work with various levels of government to deliver the online teacher training programs. The second step integrates our products and services into the teachers' daily routine. This will allow teachers to interact and communicate with each other," explained Chengfeng Zhou. "The third step is to promote the educational platform section to teachers and the fourth step engages the student with our educational portal which includes our collection of online tutoring courses, assessment tools and educational games. Our corporate revenues are generated from each step of our growth plan."
In collaboration with China's education administrators and experts, China Education Resources is 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 curricula for China's entire kindergarten through twelfth grade system. Helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach, the company is playing an integral part in transforming China's educational system. Presently, China Education Resources has over 1 million kindergarten through 12th grade teachers registered through its Web portal. For more information, visit http://www.chinaeducationresources.com/ or call (604) 683-6865. Information about China Education Resources can also be viewed via Facebook and Twitter.
Safe Harbor Statement This press release contains certain forward-looking statements that reflect current views and/or expectations of China Education Resources Inc. with respect to its performance, business & future events. Such statements are subject to risks, uncertainties & assumptions. Actual results & events may vary significantly. To receive press releases, investor newsletters & corporate updates, email admin@chinaeducationresources.com. Contact China Education Resources at: (604) 683-6865.
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China Education Resources Inc.
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