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ORIGINAL: China Education Resources Inc. Increased Revenue for Q3 2021
2021-11-30 08:31 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2021) - China Education Resources, Inc. (TSXV: CHN) (OTCQB: CHNUF) ("CER") a leading ed-tech company with a technology platform of intelligent systems and content is pleased to announce increased revenues of over 68% for the period ending September 30, 2021.
"We are extremely pleased with our third quarter financial results," stated China Education Resources CEO, Chengfeng Zhou.
CER provides online/offline learning, training courses and social media for teachers, students and education professionals.
HIGHLIGHTS:
- Total Revenue increased 68%
- Book Sales increased 147.8%
- Online Products increased 28.1%
The Company's financial results for the third quarter of 2021 are expressed in U.S. dollars.
CER generated gross revenue of $1,814,226 in the third quarter of 2021. This is compared with the gross revenue of $1,079,745 for the same period in 2020. This represents an increase of 68.0% from the previous period.
During the nine months ended September 30, 2021, CER generated revenue of $7,037,476 as compared with $5,413,520 for the same period in 2020. This represents an increase of 30.0% from the previous period.
The Q3 of 2021 financial highlights are summarized as follows:
| | | | | | | | | | |
| | | 2021 | | | 2020 | | | Percentage | |
| | | (USD) | | | (USD) | | | change | |
| Consolidated Statements of Comprehensive Income | | | | | | | | | |
| Three months ended September 30, | | | | | | | | | |
| Book sales and distribution services | | 892,129 | | | 360,034 | | | 147.8% | |
| Online products | | 922,097 | | | 719,711 | | | 28.1% | |
| Total revenue | | 1,814,226 | | | 1,079,745 | | | 68.0% | |
| Net loss attributable to shareholders | | | | | | | | | |
| of the Company | | -37,499 | | | (92,642) | | | 59.5% | |
| | | | | | | | | | |
| Nine months ended September 30, | | | | | | | | | |
| Total revenue | | 7,037,476 | | | 5,413,520 | | | 30.0% | |
| Net income (loss) attributable to shareholders | | | | | | | | | |
| of the Company | | 40,416 | | | 373,690 | | | -89.2% | |
There was a significant increase in revenue from both textbook sales and distribution service as well as online products for the third quarter as compared with the same period in 2020. It clearly indicated that CER's business is continually improving with the gradual recovery following COVID-19's peak period of impact.
"We are very pleased that CER's business is in the right direction to address the speed up of changes in people's lifestyles and habits due to the COVID-19 pandemic," said Chengfeng Zhou, CEO, China Education Resources. "We expect the sales revenue will continue to increase from the intensified e-learning market demands which have arisen as a direct result of the pandemic. CER's online education platform and services provide a vertically blended learning, teaching, research and management system for a student-teacher-school-parent community. We believe it will provide CER with great ongoing long-term revenue potential."
CER has created educational tools and curriculum for China's entire kindergarten through twelfth grade system. The Company is helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach. Presently, CER has 2 million (K-12) 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: https://www.chinaeducationresources.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105745
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