China Interactive Education Books Q1 2010 Loss of USD 1 Mln
PRNewswire-Asia, 6/17/10
Chinese interactive education software firm China Interactive Education (OTCBB: CIVN) has announced financial results for the three months ended March 31, 2010.
Revenue for the quarter reached USD 3.6 mln, up 13% from USD 3.2 mln for the same period in 2009. The company recorded a net loss of USD 1 mln, compared to profit of USD 1.3 mln for the same period in 2009.
Since January 1, 2010, the company has signed multiple framework contracts valued at approximately USD 94 mln with local area distributors for the sale of its new Interactive Classroom Solution ("ICS") products, which it plans to launch in 2010, and its new Educational Learning Products ("ELP") which it launched in 2009.
Approximately USD 80 mln of the company's contract wins are in the ICS product segment and approximately USD 14 mln are in the ELP segment. China Interactive Education expects that as a result of these contracts, its ICS product sales and distribution network will cover more than 149,000 schools in Guangdong, Shandong, Fujian, Sichuan, Guangxi, Shanghai and Beijing, and that the company's ELP products will reach retail distribution networks in 18 provinces resulting in more than 2,000 points of sale. The ELP contract wins mark the company's introduction of its own "Five-Best Student" brand into existing distribution channels throughout China, along with its other licensed brands.
China Interactive Education reaffirmed its 2010 guidance of USD 90 - USD 106 mln in revenue and USD 17 - USD 20 mln in net income.
For China Interactive Education's full financial report, click here.
Keywords: education guidance loss profit revenue software Q1 2010 CIVN China Interactive Education fiscal report
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