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China Education Resources swings to profit in Q1

China Education Resources Inc. said its normalized net income for the first quarter was $237,550, compared with a loss of $17,830 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 7.7% from negative 0.7% in the year-earlier period.

Total revenue increased 39.1% on an annual basis to $3.4 million from $2.5 million, and total operating expenses rose 36.8% on an annual basis to $2.9 million from $2.1 million.

Reported net income grew from the prior-year period to $401,760, or 1 cents per share, from $101,890, or 0 cents per share.