SOURCE: Wonder International Education

Wonder International Education

May 20, 2013 08:00 ET

Wonder International Provides Summary of Audited Financial Results for the First Quarter Ended March 31, 2013

Revenues Increase 4% Reaching $4.8 Million; Operating Income Flat for the Quarter at $2.1 Million

PHOENIX, AZ--(Marketwired - May 20, 2013) - Wonder International Education and Investment Group Corporation (OTCBB: WIEI) (OTCQB: WIEI), a provider of information technology vocational training schools and the first China-based vocational training school publicly traded in the U.S., announced today its financial results for the first quarter ended March 31, 2013.

Revenues: Total revenue for the quarter ended March 31, 2013 increased 4% to $4.8 million from $4.6 million for the quarter ended March 31, 2012. The revenue increase is primarily due to the continued success of the Company's marketing and promotional campaign which began in 2009. Although inhibited by worldwide economic recession, growth in sales occurred at five of the seven Company schools. Despite continued impact from worldwide recession, Wonder expects to see revenue growth throughout the remainder of the year. 

Operating Income: The Company generated operating income for the first quarter of 2013 of $2,147,460 compared with $2,126,437 for the comparable period in 2012. 

Income per Share: The Company reported earnings of $0.10 per share on a basic and fully diluted basis, compared to earnings of $0.10 per share in the prior first quarter of 2012.

The weighted average number of shares outstanding remains unchanged at 20,000,000.
Frank Wei, CEO of Wonder International Education and Investment Group Corporation, commented, "As a leading player in China's vocational training industry, we continuously strive to enhance our educational programs and expand our market reach. With the continued success of our marketing campaign, we believe we will attract more and more students to our schools, driving increased enrollment and delivering stronger revenues going forward." 

Mr. Wei continued, "We are extremely optimistic for our operational and financial growth in the remainder of 2013 as we continue to market our programs to the increasing population of people in rural China that are seeking specialized training for jobs in China's larger cities." 

Wonder International Education and Investment Group Corporation (OTCBB: WIEI) (OTCQB: WIEI) is pleased to announce that Frank Wei, CEO of Wonder International and Lili Yu, translator, will present at the Second Annual Marcum LLP Micro Cap Conference on Thursday, May 30, 2013 in New York City at the Grand Hyatt Hotel. The Company's presentation is scheduled at 2:30- 3:00 p.m. EDT.

For more information and registration, please visit the conference website: http://www.marcumllp.com/microcap

About Wonder International
Wonder established its first school in 1993 and operates seven information technology-focused vocational training schools in seven provinces; Anhui, Jiangsu, Zhejiang, Henan, Hubei, Liaoning, and Fujian. The Company's core focus is to educate students in the lesser-developed cities of China to have the practical skills to secure higher-paying jobs.

Wonder also operates employment service agencies in more than twenty provinces and municipalities to serve their more than 20,000 graduating students annually. The Company's partnership with 30,000 corporations and twelve employment agencies will help provide jobs to Wonder's students and increase quality IT to support China's growing economy.

Wonder's stock is traded on the Over the Counter Bulletin Board and OTC Markets under the stock symbol WIEI.

For more information, please view http://www.wonderwiei.com.

Attached are the comparative balance sheets and income statements for the First Quarter ended March 31, 2013, and 2012.

 
 
 
WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2013 AND DECEMBER 31, 2012
(Unaudited)
 
    March 31,
2013
  December 31, 2012
ASSETS
Current Assets:            
  Cash   $ 1,138,329   $ 1,490,802
  Miscellaneous receivables     159,145     782,583
  Related party receivable     7,679,403     3,232,062
  Other current assets     151,759     55,575
Total current assets     9,128,636     5,561,022
             
Fixed Assets:            
  Building and related land rights     4,617,507     4,566,810
  Computers and related furniture and equipment     12,061,514     11,986,681
  Vehicles     1,018,507     1,005,257
Total fixed assets     17,697,528     17,558,748
Less accumulated depreciation     6,477,332     6,026,250
Net fixed assets     11,220,196     11,532,498
             
Other Assets:            
  Investment in related party, at cost     38,298,280     37,998,132
Total other assets     38,298,280     37,998,132
             
Total Assets   $ 58,647,112   $ 55,091,652
             
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:            
  Bank loans payable   $ 2,074,490   $ 2,058,232
  Accounts payable     1,538,770     1,460,984
  Advanced tuition payments     9,130,381     8,841,163
  Accrued liabilities     894,405     395,671
  Taxes payable     2,433,305     2,117,875
Total current liabilities     16,071,351     14,873,925
             
Stockholders' Equity:            
  Common stock: authorized, 100,000,000 shares without par value; issued and outstanding, 20,000,000 shares     5,858,782     5,858,782
  Retained earnings     28,165,345     26,118,339
  Earnings appropriated for statutory reserves     2,929,391     2,929,391
  Accumulated other comprehensive income     5,622,243     5,311,215
Total stockholders' equity     42,575,761     40,217,727
Total Liabilities and Stockholders' Equity   $ 58,647,112   $ 55,091,652
             
             
             
WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For The Three Month Periods Ended March 31,
(Unaudited)
 
             
    2013     2012  
                 
                 
Revenue   $ 4,842,032     $ 4,638,296  
Cost of Sales     1,382,040       1,203,102  
Gross Profit     3,459,992       3,435,194  
                 
Expenses:                
Selling and Administrative Expenses     1,312,532       1,308,757  
  Operating Income     2,147,460       2,126,437  
   
Other Income and Expense:                
  Other Income     31,702       27,015  
  Interest Expense     (40,388 )     (74,934 )
  Other Expense     (101,768 )     (31,498 )
   
Net Income     2,037,006       2,047,020  
   
Other comprehensive income - foreign                
currency translation adjustments     311,028       121,879  
Total comprehensive income   $ 2,348,034     $ 2,168,899  
   
Income Per Share -                
  Basic and Diluted   $ .10     $ .10  
   
Weighted average number of shares outstanding     20,000,000       20,000,000  
                 
                 

Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.

Contact Information

  • Company Contact:
    Norm Klein
    Wonder Board Director
    EastBridge Investment Group Corporation
    480-966-2020

    Investor Relations Contact:
    Consulting for Strategic Growth 1 Ltd.
    Stanley Wunderlich
    800-625-2236 ext. 7770
    Email: Email Contact

    Investor Relations Contact:
    Jack Eversull
    The Eversull Group, Inc.
    972-571-1624
    214-469-2361 (fax)
    Email Contact