China Education Resources Inc. Reports Q1 2017 Financial Results VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2017) -China Education Resources, Inc. ("CER") (TSX VETURE:CHN)(OTCQX:CHNUF), an edu-tech company with leading technology in 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 first quarter of 2017. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $2,787,451 in the first quarter of 2017. This is compared to gross revenue of $2,703,191 for the same period in 2016. It recorded a net income attributable to shareholders of $338,954 as compared to a net loss attributable to shareholders of $1,599 for the same period in 2016.
The Q1 of 2017 financial highlights are as summarized as follows:
| | | 2017 | | 2016 | | Percentage |
| | | (USD) | | (USD) | | change |
| Consolidated Statements of Comprehensive Income | | | | | | | | |
| Three months ended March 31, 2017 | | | | | | | | |
| Book sales and distribution services | | 1,142,756 | | 1,011,701 | | | 13.0 | % |
| Online products | | 1,644,695 | | 1,691,490 | | | -2.8 | % |
| Total revenue | | 2,787,451 | | 2,703,191 | | | 3.1 | % |
| Net income attributable to shareholders | | | | | | | | |
| of the Company | | 338,954 | | (1,599 | ) | | 21297.9 | % |
"We are very pleased with our continually increased in profit in the Q1 and the operating performance of the company is doing very well," said Chengfeng Zhou, CEO, China Education Resources. "We expect the sales of the Company will continue to grow." For more information, please visit www.chinaeducationresources.com or Email: admin@chinaeducationresources.com.
CER recently granted 1 million stock purchase options to directors and employees. Each option allows the holder to acquire a common share of the Company for a period of 5 years. The exercise price of the option is CND$0.14 each.
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.
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