SOURCE: Wonder International Education

Wonder International Education

April 18, 2013 08:00 ET

Wonder International Provides Summary of Audited Financial Results for the Year Ended December 31, 2012

Revenues Increase 27.5% Reaching $18.9 Million in 2012; Operating Income Increases 64.7% to $6.7 Million; Conference Call Scheduled for April 23, 2013 at 11:30 A.M. EDT

PHOENIX, AZ--(Marketwired - Apr 18, 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 year ended December 31, 2012.

Revenues: Total revenue for the 2012 fiscal year increased 27.5% to $18.9 million from $14.8 million of total revenue in 2011. The revenue increase is primarily due to the Company's successful implementation of an aggressive marketing and promotional campaign. Although inhibited by worldwide economic recession, the growth in sales occurred at all seven Company schools. 

Operating Income: Operating income in 2012 increased 64.7% to $6.7 million from $4.08 million in 2011. This increase was a direct result of the aggressive marketing and promotion campaign which increased sales in all schools and close management of our expenses. Despite an increase in advertising costs of $631,023 in 2012, the Company held all other costs down to similar levels in 2011.

Income Per Share: The Company reported earnings of $0.33 per share on a basic and fully diluted basis, compared to earnings of $0.26 per share in the prior year.

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, "In the past year, we have succeeded in positioning ourselves at the forefront of the rapidly expanding vocational training industry and have become a key player in supporting China's ongoing movement towards urbanization. Our established industry position and our continued marketing campaign focused on the largely populated rural areas of China where vocational skills are in high-demand drives our ability to deliver increased revenues in the year ahead."

Wei continued, "The demand for an educated workforce in China remains strong as technology continues to develop at a record pace. With more and more people moving from rural China to the city for greater job opportunities, we expect to see an ongoing increase in our school enrollment. We are pleased to report that we had significant increases in our total revenue and operating income for 2012 and we expect this trend to continue in 2013."

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.

2012 Year-End Conference Call:

The Company is also announcing today that a conference call has been scheduled for Tuesday, April 23, 2013 at 11:30 A.M. Eastern Daylight Time. Domestic participants may dial (888) 567-1602 and international participants may dial (201) 604-5049. Persons unable to participate during the live session may listen to a recorded playback of the conference call by dialing (888) 539-4649 or (908) 379-8864 internationally. The code for playback is (91694) followed by the # sign. The purpose of the call is to discuss the Company's audited financial results, as well as recent Company developments and other business initiatives. Norman Klein, Member of the Board of Directors, will present opening remarks and will conduct a Q & A from participants. All questions should be sent to our investor relations representatives at info@cfsg1.com for consideration. In addition to selected questions which will be answered during the call, a select number of additional questions may be responded to subject to time limitations. 

Attached are the audited comparative balance sheets and income statements for the years ended December 31, 2012, and 2011.

 
 
WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2012 AND 2011
 
    2012   2011
ASSETS
Current Assets:            
  Cash   $ 1,490,802   $ 1,646,542
  Miscellaneous receivables     782,583     273,190
  Accrued interest receivable     -     11,515
  Related party receivable     3,232,062     1,040,750
  Other current assets     55,575     82,231
Total current assets     5,561,022     3,054,228
             
Fixed Assets:            
  Building and related land rights     4,566,810     4,566,810
  Computers and related furniture and equipment     11,986,681     7,393,943
  Vehicles     1,005,257     963,077
Total fixed assets     17,558,748     12,923,830
Less accumulated depreciation     6,026,250     4,873,248
Net fixed assets     11,532,498     8,050,582
             
Other Assets:            
  Investment in related party, at cost     37,998,132     37,878,788
Total other assets     37,998,132     37,878,788
             
Total Assets   $ 55,091,652   $ 48,983,598
             
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:            
  Bank loans payable   $ 2,058,232   $ 3,630,051
  Accounts payable     1,460,984     1,249,957
  Advanced tuition payments     8,841,163     8,387,527
  Accrued liabilities     395,671     617,490
  Taxes payable     2,117,875     1,517,293
Total current liabilities     14,873,925     15,402,318
             
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     26,118,339     19,591,560
  Earnings appropriated for statutory reserves     2,929,391     2,929,391
  Accumulated other comprehensive income     5,311,215     5,201,547
Total stockholders' equity     40,217,727     33,581,280
Total Liabilities and Stockholders' Equity   $ 55,091,652   $ 48,983,598
             
             
             
WONDER INTERNATIONAL EDUCATION & INVESTMENT GROUP CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
 
    2012     2011
Revenue   $ 18,913,562     $ 14,839,050
Cost of Sales     6,102,554       5,406,587
Gross Profit     12,811,008       9,432,463
               
  Selling and Administrative Expenses     6,097,866       5,357,099
  Operating Income     6,713,142       4,075,364
               
Other Income and Expense:              
               
  Interest income     -       1,021,656
  Dividend income     590,095       -
  Other income     15,524       452,500
  Interest expense     (296,849 )     (211,619)
  Other expense     (495,133 )     (220,054)
               
Net income     6,526,779       5,117,847
               
Other comprehensive income - foreign currency translation adjustments     109,668       2,030,842
Total comprehensive income   $ 6,636,447     $ 7,148,689
               
Income Per Share - Basic and Diluted   $ .33     $ .26
               
               
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