China Education Alliance Announces Third Quarter 2015 Financial Results

Gross loss was $0.9 million for the third quarter of 2015, an increase of $0.3 million, or 57% from $0.6 million for the same period in 2014. Selling expenses decreased by $2.6 million or 78% to $0.8 million for the second quarter of 2015, from $3.4 million for the prior year. Selling expenses were 452% of total revenue in the second quarter of 2015 compared with 317% in 2014. The decrease in selling expenses was mainly due to the decrease in marketing and advertising expenses as we have been focusing on rebuilding our brand name and reputation through in-house efforts since the beginning of this year.

Administrative expenses decreased by $5.1 million or 53%, to $4.6 million for the third quarter of 2015, from $9.7 million for 2014. We completed and launched the platform in the fourth quarter of 2014 and therefore the research and development expenses for the platform dropped significantly. In addition, the decrease in labor costs for onsite education also contributed to the decrease in administrative expenses for the three months ended September 30, 2015 as compared to the same quarter in 2014.

Net loss was $6.5 million, or negative return of $0.62 per share basic and diluted, for the third quarter of 2015, as compared to net loss of $14.4 million or negative return of $1.36 per share basic and diluted, for the same period in 2014.

Financial Position

At September 30, 2015, we had cash and cash equivalents of $3.6 million, a decrease of $9.8 million or 84%, from $22.7 million as of December 31, 2014.

As of September 30, 2015, the Company had no long-term debt.

About China Education Alliance, Inc.

China Education Alliance, Inc. (http://www.chinaeducationalliance.com) is a leading educational services company offering high-quality instructors and online education materials for students between the ages of 6 to 18 and adults (university students and professionals) aged 18 and over. Divided into two segments, students and graduate professionals, our business model delivers the skills and knowledge necessary to excel in a rapidly growing and highly competitive China. The Company provides students in the first segment with online education materials sourced from top tier schools and famous instructors for download, as well as online training and tutoring services. With teaching centers located across China, the Company also offers hands on training and tutoring to aid Chinese students pass the two most important tests they will face in their educational careers: the senior high school entrance and college entrance exams. In the second segment for graduates and professionals, China Education Alliance provides vocational training courses in subjects including IT, administration, multimedia, as well as several professional training programs.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned expansion and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs and are not a guarantee of future performance but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the education industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large scale implementation of the company's business plan, the ability to attract new customers, ability to increase its product's applications, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release, readers are cautioned not to place undue reliance on any of them and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

China Education Alliance, Inc. and Subsidiaries
Consolidated Balance Sheets
					September 30,		December 31,
					2015		2014
					(Unaudited)
ASSETS
Current Assets
	Cash and cash equivalents			$	3,592,047	$	22,696,126
	Accounts receivable				21,553		22,763
	Other receivables				331,417		464,550
	Prepaid expenses and other current assets				366,355		594,390
		Total current assets			4,311,372		23,777,829
Non-current Assets
	Property and equipment, net				4,402,638		6,555,511
	Intangibles and capitalized software, net				123,858		961,839
		Total non-current assets			4,526,496		7,517,350
		Total Assets		$	8,837,868	$	31,295,179
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Accounts payable and accrued expenses			$	368,404	$	468,098
	Deferred revenue				1,255,955		1,319,962
	Income tax and other taxes payable				199,369		210,582
		Total current liabilities			1,823,728		1,998,642
	Commitments and Contingent Liabilities				-		-
Stockholders' Equity
	Common stock ($0.001 par value, 150,000,000 shares authorized, 10,582,530 and 10,582,530 issued as of September 30, 2015 and December 31, 2014, respectively; 137,512 and 137,512 shares held in treasury, as of September 30, 2015 and December 31, 2014, respectively)				10,583		10,583
	Additional paid-in capital				40,942,009		40,942,009
	Statutory reserve				3,792,161		3,792,161
	Retained earnings				(47,451,703)		(25,859,244)
	Accumulated other comprehensive income				11,987,527		12,338,272
	Less: Treasury stock				(977,072)		(977,072)
		Stockholders' equity - CEAI and Subsidiaries			8,303,505 Werbung Mehr Nachrichten zur China Education Alliance Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - TClarke Plc 26.04.24 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59