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Article Excerpt
HARBIN, China, May 18 /PRNewswire-Asia-FirstCall/ -- China Education Alliance, Inc. (OTC Bulletin Board: CEUA; ''China Education Alliance'' or ''the Company''), a leading distributor of educational resources, offering high-quality programs and training both through online networks and an on-site training center in the People's Republic of China, today reported strong financial results for the first quarter ended March 31, 2009.
First Quarter 2009 Highlights -- Total Revenue increased 101.6% year over year to approximately $8.2 million -- Gross profit rose 87.5% to approximately $6.1 million or 74.2% of sales, compared to 79.7% of sales in the first quarter of fiscal 2008 -- Operating income totalled approximately $3.4 million, versus an operating income of approximately $1.5 million in the first quarter of fiscal 2008 -- Net income was approximately $3.2 million, versus net income of approximately $1.9 million in the first quarter of fiscal 2008 -- Net income grew to a record $0.13 per fully diluted share, versus net income of $0.08 per fully diluted share in the first quarter of fiscal 2008
First Quarter 2009 Results China Education Alliance's on-line business generated 58.9% of its total revenue for the first quarter of fiscal 2009 versus 65.1% for the same period the prior year. Its training center business generated 31.0% of its total revenue for the first quarter of fiscal 2009 versus 24.2% for the same period the prior year, and its advertising business generated the remaining 10.1% of its total revenue for the first quarter of fiscal 2009 versus 10.8% for the same period the prior year.
Online education revenue was approximately $4.8 million for the first quarter of fiscal 2009, an increase of 82.4% from approximately $2.6 million for the first quarter of fiscal 2008. Training center revenue for the first quarter of fiscal 2009 was approximately $2.5 million, up 158.9% from $1.0 million in the first quarter last year. Advertising revenue was approximately $0.8 million for the first quarter of fiscal 2009, an increase of 88.6% from approximately $0.4 million for the first quarter the prior year. During 2008 and 2009, we added several new programs for vocational studies and certification programs, which provided new sources of income for our online education business.
Overall cost of sales increased 157.0% to approximately $2.1 million in the first quarter of fiscal 2009, compared to approximately $0.8 million for the same period in fiscal 2008. Gross profit increased to approximately $6.1 million in the first quarter of fiscal 2009,...
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