BEIJING, Dec. 3, 2021 /PRNewswire/ -- China Liberal Education Holdings Limited (Nasdaq: CLEU) ("China Liberal", or the "Company", or "we"), aChina-based company that provides smart campus solutions and other educational services, today announced its financial results for the first six months of fiscal year 2021.
Ms.Ngai Ngai Lam, Chairwoman and CEO of China Liberal, commented, "We still delivered respectable results in the first half of the fiscal year 2021, although the ongoing uncertainties associated with the COVID-19 pandemic caused many Chinese universities and colleges to hold off on their 'smart campus' project plans. Through our efforts and dedication, we achieved highly resilient financial results while prioritizing our customers during the pandemic. For the first half of fiscal year 2021, our revenue decreased by 18.5% year-over-year to $1.85 million from $2.27 million for the same period last year. However, our gross profit reached $1.37 million, an increase of 74.3% from $0.79 million for the same period of last year, and our gross margin was 74.2%, a year-over-year increase of 39.5% from 34.7% for the same period of last year. We are also excited about our business progress of integration of enterprises and vocational education business(tailored job readiness training services). To address the actual needs of regional economic development and industrial upgrading and transformation, we provided colleges and universities with school-enterprise integrated education solutions. We strived to establish a talent training system and a comprehensive platform, providing talent trainings and co-op opportunities for students. In addition, our self-developed and patented all-in-one teaching machine, AI-Space machine, has been recognized by the market and the industry and installed in several colleges and universities across China, including Beijing Foreign Studies University, Beijing Language and Culture University, and Straits Institute of Minjiang University, laying a solid foundation for our future potential revenue growth. We believe that we are well-positioned for the future with our brand awareness, innovative technologies, and loyal customer base."
First Six Months of Fiscal Year 2021 Financial Highlights
For the Six Months Ended June 30,
($ millions, except per share data)
2021
2020
%Change
Revenue
1.85
2.27
-18.5%
Gross profit
1.37
0.79
74.3%
Gross margin
74.2%
34.7%
39.5%
Income (Loss) from operations
0.30
(0.11)
NM
Operating profit(loss) margin
16.3%
-5.0%
NM
Net income (loss)
0.23
(0.08)
NM
Basic and diluted earnings (loss) per share
0.03
(0.02)
NM
First Six Months of Fiscal Year 2021 Financial Results
Revenue
Revenue decreased by 18.5% year-over-year to $1.85 million for the six months ended June 30, 2021 from $2.27 million for the same period last year. The decrease in revenue was mainly driven by decreased revenue from technological consulting services for smart campus solutions as the Company did not enter into new large "smart campus" project contract with Chinese universities/ colleges during the six months ended June 30, 2021 since continued uncertainties associated with the COVID-19 pandemic caused many Chinese universities/colleges to hold off on their "smart campus" project plans.
For the Six Months Ended June 30,
($ millions)
2021
2020
Revenue
Revenue
Cost of Revenue
Gross Margin
Revenue
Cost of Revenue
Gross Margin
Sino-foreign Jointly Managed Academic Programs
1.42
0.23
84.0%
1.26
0.26
79.2%
Technological Consulting Services for Smart Campus Solutions
0.34
0.19
43.9%
0.93
1.21
-29.3%
Overseas Study Consulting Services
0.03
0.02
29.3%
0.07
0.01
82.9%
Tailored Job Readiness Training Services
0.07
0.04
37.9%
-
-
-
Total
1.85
0.48
74.2%
2.27
1.48
34.7%
For the six months ended June 30, 2021, revenue from sino-foreign jointly managed academic programs increased by $0.16 million, or 12.3%, to $1.42 million, from $1.26 million for the same period last year. This increase was primarily attributed to an increase in the number of students by 173 or 6.5%, to 2,841 students in six months ended June 30, 2021, from 2,668 students in six months ended June 30, 2020. Furthermore, the increase is also attributable to an approximately 9.03% positive impact from foreign currency fluctuation when the average exchange rate used in converting RMB into USD increased from $1 to RMB 7.0416 in the six months ended June 30, 2020 to $1 to RMB 6.4587 in the six months ended June 30, 2021. The increase is partially offset by a 3.3% decrease in average tuition fees. The decrease in average tuition fee was mainly caused by change in student mix enrolled in different academic programs with the universities/ colleges.
Revenue from technological consulting services for smart campus solutions decreased by $0.59 million, or 63.8%, to $0.34 million for the six months ended June 30, 2021, from $0.93 million for the same period last year. The decrease was primarily because the Company did not obtain smart campus projects of large size during the six months ended June 30, 2021. In addition, the continued uncertainties associated with COVID-19 caused many Chinese universities/colleges to hold their "smart campus" project plans.
Revenue from overseas study consulting services decreased by $0.04 million, or 64.2%, to $0.03 million for the six months ended June 30, 2021, from $0.07 million for the same period last year. The decrease was mainly due to the impact of the COVID-19 pandemic which caused certain countries closed its borders and imposed travel restrictions. As a result, the number of students interested in seeking overseas education reduced significantly. A portion of our revenue from overseas study consulting services was recognized when the students received offers and obtained appropriate visas. For the six months ended June 30, 2021, none of the students who participated in overseas consulting services received offers or visas as they have not yet completed their trainings and studies compared to 11 students who received school offers and obtained visas in the same period in 2020.
Revenue from tailored job readiness training services was $0.07 million for the six months ended June 30, 2021, compared with nil for the same period last year. The Company provided tailored job readiness training services to more than 130 students for the six months ended June 30, 2021.
Cost of Revenue
Cost of revenue decreased by $1.00 million, or 67.8%, to $0.48 million for the six months ended June 30, 2021, from $1.48 million for the same period last year, primarily due to the decreased hardware costs of $1.02 million associated with the smart campus projects.
Gross Profit
Gross profit increased by$0.58 million, or 74.3%, to$1.37 millionfor the six months endedJune 30, 2021, from$0.79 millionfor the same period last year, while gross profit margin increased by 39.5%, to 74.2% for the six months endedJune 30, 2020,from 34.7% for the same period last year. The increase in gross profit and gross margin was primarily due to decreased hardware costs associated with the Company's technological consulting service projects.
Operating Expenses
Selling expenses decreased by$53,872, or 41.3%, to$76,593for the six months endedJune 30, 2021, from$130,465for the same period last year. The decrease in selling expenses was primarily attributable to the decrease in the rental and office expenses and depreciation expenses by $54,679 when the Company relocated to a smaller office space.
General and administrative expenses increased by$224,833, or 29.2%, to$995,451for the six months endedJune 30, 2021, from$770,618for the same period last year, primarily due to an increase in salaries and welfares expenses of $74,630 resulting from increased number of administrative employees, an increase in professional services fees of $57,300, an increase in share-based compensation to independent directors of $53,250 and an increase in independent director compensation of $28,419.
Interest Income
Interest income decreased by $22,797 or 27.5%, to $59,973 for the six months ended June 30, 2021, from $82,770 for the same period last year. In connection with the Company's technological consulting services for smart campus projects, the Company recognized financing component resulted from a timing difference between when control is transferred and when the Company collected cash consideration from the customer. For the six months ended June 30, 2021 and 2020, the Company recognized $56,511 and $79,907 interest income in connection with the aforementioned financing component, respectively.
Other Expense
Other expense was $7,249 and $907 for the six months ended June 30, 2021 and 2020, respectively, the increase was due to increased bank charges.
Read the original here:
- Fox News Anchor Comes Unglued, Berates 'Dumb' Liberal Colleague - The Daily Beast - April 27th, 2024 [April 27th, 2024]
- Mathew Chandy '24, College of Liberal Arts and Sciences - UConn Today - University of Connecticut - April 27th, 2024 [April 27th, 2024]
- Will No One Rid Me Of These Meddlesome -Isms: Thinking and Rethinking Liberalism - Front Porch Republic - April 27th, 2024 [April 27th, 2024]
- Why market demand doesn't capture the value of the liberal arts | Letters - Tampa Bay Times - April 27th, 2024 [April 27th, 2024]
- See what the students were wearing for the School of Liberal Studies at Savannah High prom - Savannah Morning News - April 27th, 2024 [April 27th, 2024]
- Is a $330000 liberal arts education still 'worth it?' - Los Angeles Loyolan - April 27th, 2024 [April 27th, 2024]
- Judge installed by liberal Democrats over centrist Hochul pick responsible for Harvey Weinstein ruling - New York Post - April 27th, 2024 [April 27th, 2024]
- Liberal Cities, Conservative Towns Seek Supreme Court's Help on Homelessness - The Wall Street Journal - April 27th, 2024 [April 27th, 2024]
- Luke Grimes on Yellowstones liberal critics: A lot of people see a cowboy hat and think, thats not for me - The Independent - April 27th, 2024 [April 27th, 2024]
- Liberal pundits really do have weekly meetings to 'shape' message on Trump - Washington Times - April 27th, 2024 [April 27th, 2024]
- Trump slams 'Bidenomics' ahead of court, claims to have a 'good chance' of winning liberal state - Fox News - April 27th, 2024 [April 27th, 2024]
- Ones a Conservative, Ones a Liberal. Heres Their Secret to Friendship. - InsideHook - April 27th, 2024 [April 27th, 2024]
- Bill Cotterell: What? NPR is liberal? Say it ain't so - Tallahassee Democrat - April 27th, 2024 [April 27th, 2024]
- Orban: Hungary is island in the European progressive liberal ocean - bne IntelliNews - April 27th, 2024 [April 27th, 2024]
- NY Times keeps spotlight on NPR crisis on heels of Uri Berliner blowing whistle on liberal bias - Fox News - April 27th, 2024 [April 27th, 2024]
- CPAC Hungary: ex Polish PM Morawiecki warns of "destructive ideas of liberal elites" - Notes From Poland - April 27th, 2024 [April 27th, 2024]
- The biggest threat to freedom in the West is liberalism itself - The New Statesman - April 27th, 2024 [April 27th, 2024]
- Letter: NPR Editor Berliner reveals liberal bias of network - Arizona Daily Star - April 27th, 2024 [April 27th, 2024]
- Chicago native says residents livid over liberal mayor's new migrant funding, ready to vote for Trump - Fox News - April 27th, 2024 [April 27th, 2024]
- Ontario Liberal leader says Dresden landfill project could be nixed with 'stroke of a pen' - The Chatham Daily News - April 27th, 2024 [April 27th, 2024]
- Opinion: The Liberals' immigration policies have accomplished the opposite of what was intended - The Globe and Mail - April 27th, 2024 [April 27th, 2024]
- At Issue | Was the Liberal budget a bust with Canadians? - CBC.ca - April 27th, 2024 [April 27th, 2024]
- Have the Liberal Arts Gone Conservative? - The New Yorker - March 12th, 2024 [March 12th, 2024]
- Letters to the Editor: 'I see myself in Katie Britt' what liberal critics missed in the senator's response - Los Angeles Times - March 12th, 2024 [March 12th, 2024]
- Even when it criticizes Israel, the liberal world is not against us - opinion - The Jerusalem Post - March 12th, 2024 [March 12th, 2024]
- Former Trump Aide Alyssa Farah Griffin Becomes a Liberal Favorite - The New York Times - March 12th, 2024 [March 12th, 2024]
- Renowned author, liberal arts proponent to deliver annual Lester Lectures - Mercer University - March 12th, 2024 [March 12th, 2024]
- NYU to Host Zaheer Ali at the Annual Liberal Studies Student Research ColloquiumApril 5 - NYU - March 12th, 2024 [March 12th, 2024]
- Power to the Neighborhoods!: New York City Growth Politics, Neighborhood Liberalism, and the Origins of the ... - Joint Center for Housing Studies - March 12th, 2024 [March 12th, 2024]
- Canada's Conservatives back NDP-Liberal anti-scab legislation that undermines the right to strike - WSWS - March 12th, 2024 [March 12th, 2024]
- The Surprising Left-Right Alliance That Wants More Apartments in Suburbs - The New York Times - March 12th, 2024 [March 12th, 2024]
- PARKER: Clarence Thomas, liberal racism and the ongoing denigration of Black conservatives - Kankakee Daily Journal - March 12th, 2024 [March 12th, 2024]
- Liberal Media Scream: Hollywoods freaks over Trump - Washington Examiner - March 12th, 2024 [March 12th, 2024]
- Why liberals failed in the fight against antisemitism - JNS.org - March 12th, 2024 [March 12th, 2024]
- Liberal Renew manifesto sneak peek and bits from Bucharest congress - EURACTIV - March 12th, 2024 [March 12th, 2024]
- Katie Britt calls on liberal media 'to pay attention' to border - 1819 News - March 12th, 2024 [March 12th, 2024]
- Liberal truck wash cited $171k for OSHA violations - KSN-TV - March 12th, 2024 [March 12th, 2024]
- Over 30,000 Killed in Gaza, but Even Israel's 'Liberal Left' Says: That's War - Opinion - Haaretz - March 12th, 2024 [March 12th, 2024]
- Liberal Man Injured in Beaver County Accident - KSCB News.net - March 12th, 2024 [March 12th, 2024]
- What is the Market's View on China Liberal Education Holdings Ltd (CLEU) Stock's Price and Volume Trends Monday? - InvestorsObserver - March 12th, 2024 [March 12th, 2024]
- German liberals send defence expert into tripartite EU election leadership team - EURACTIV - March 12th, 2024 [March 12th, 2024]
- Ramaswamy warns liberal justices 'buying political latitude' with 9-0 ruling as more Trump cases lie ahead - Fox News - March 12th, 2024 [March 12th, 2024]
- How much of this is propelled by white liberal guilt from executives?: Gutfeld - Fox News - March 12th, 2024 [March 12th, 2024]
- Liberals and the Libel of Christian Nationalism - The Imaginative Conservative - March 12th, 2024 [March 12th, 2024]
- Liberal Arts & Science Academy - Austin extends home winning streak to seven - MaxPreps - March 12th, 2024 [March 12th, 2024]
- Liberal Racism and the Denigration of Black Conservatives - Daily Signal - March 12th, 2024 [March 12th, 2024]
- Watchdog group exposes radical, liberal ideology of school-based health centers - The Lion - March 12th, 2024 [March 12th, 2024]
- What happens when a liberal learns her family owned slaves? - Leader & Times - February 11th, 2024 [February 11th, 2024]
- Is it Liberal Arts, Without the Arts? - Xavier Newswire - February 11th, 2024 [February 11th, 2024]
- Quebec Liberal Party would be more popular with Denis Coderre at the helm: poll - Montreal Gazette - February 11th, 2024 [February 11th, 2024]
- Maine's Liberal Members of Congress Stand by Biden After Disastrous, Confused Press Conference - The Maine Wire - February 11th, 2024 [February 11th, 2024]
- Liberal Media Scream: Kristen Welker likes to lecture Republicans, too - Washington Examiner - February 11th, 2024 [February 11th, 2024]
- Australia's only Liberal government lives on - for now - Yahoo News Australia - February 11th, 2024 [February 11th, 2024]
- Liberal institutions are the threat to liberal institutions Claudine Gay is warning about - Washington Examiner - January 10th, 2024 [January 10th, 2024]
- Elon Musk, the "free speech absolutist" kicks liberal journalists off Twitter - Daily Kos - January 10th, 2024 [January 10th, 2024]
- Liberal Arts and studies in humanities under attack on college campuses - The Community Word - January 10th, 2024 [January 10th, 2024]
- Liberal candidate for federal byelection planned to run for Conservatives last year - National Post - January 10th, 2024 [January 10th, 2024]
- Bill Barton: 'The Liberal by the Bay' - Redheaded Blackbelt - December 7th, 2023 [December 7th, 2023]
- OPINION | Female-dominated liberal arts imperative in male-dominated tech world - Tulane Hullabaloo - December 7th, 2023 [December 7th, 2023]
- Dean of the College of Liberal and Fine Arts job with Tarleton State University | 37572379 - The Chronicle of Higher Education - December 7th, 2023 [December 7th, 2023]
- Laughing Stock: 'A liberal agenda' may not be what you think - Tucson Weekly - December 7th, 2023 [December 7th, 2023]
- Justin Trudeau plays the Trump card - POLITICO - POLITICO - December 7th, 2023 [December 7th, 2023]
- Norman Lear, Producer Of TV's 'All In The Family' And Influential Liberal Advocate, Dies At 101 - Newstalk 750 - 103.7 ... - KFQD - December 7th, 2023 [December 7th, 2023]
- Kremlin Taps Liberal Businessman to Oppose Putin in 2024 Election Report - The Moscow Times - December 7th, 2023 [December 7th, 2023]
- Norman Lear, producer of TV's 'All in the Family' and influential liberal advocate, has died at 101 - WV News - December 7th, 2023 [December 7th, 2023]
- MoveOn Carries Out Layoffs as Liberal Groups Struggle to Raise Money - The New York Times - December 7th, 2023 [December 7th, 2023]
- Norman Lear, producer of TV's 'All in the Family' and influential liberal advocate, has died at 101 - El Paso Inc. - December 7th, 2023 [December 7th, 2023]
- UW System President suggests universities with high numbers of low income students should shift away from liberal arts - Wisconsin Examiner - December 7th, 2023 [December 7th, 2023]
- Norman Lear, producer of TV's 'All in the Family' and influential liberal advocate, has died at 101 - The Caledonian-Record - December 7th, 2023 [December 7th, 2023]
- Israels representative in New York resigned to protest Netanyahu. Now hes got some tough words for liberal New York Jews. - Forward - December 7th, 2023 [December 7th, 2023]
- Neal Milner: Watch That Swinging Door, Liberals, Lest It Hit You On The Way Out - Honolulu Civil Beat - December 7th, 2023 [December 7th, 2023]
- The Liberal Answer to Cancel Culture - Manhattan Institute - November 8th, 2023 [November 8th, 2023]
- Study: Liberal US priests facing 'progressive' extinction - The Pillar - November 8th, 2023 [November 8th, 2023]
- Liberal Jewish U.S. Groups Are Walking an Oh-So-Thin Tightrope - The New Republic - November 8th, 2023 [November 8th, 2023]
- Why a liberal arts degree is often a ticket to career success - USC Dornsife College of Letters, Arts and Sciences - November 8th, 2023 [November 8th, 2023]
- Open Forum: In their time, founding fathers were liberal - The Winchester Star - November 8th, 2023 [November 8th, 2023]
- Liberals announce National Campaign Committee Co-Chairs - Liberal Party of Canada - November 8th, 2023 [November 8th, 2023]
- UT College of Liberal Arts hosts panel about Senate Bill 17 - The Daily Texan - November 8th, 2023 [November 8th, 2023]
- Liberal Arts student uses platform to educate others on the ... - Pennsylvania State University - November 8th, 2023 [November 8th, 2023]
- Stanford celebrates 50 years of Structured Liberal Education ... - Stanford University News - November 8th, 2023 [November 8th, 2023]