HARBIN, China, May 15, 2013 /PRNewswire/ —
China Education Alliance, Inc. (“China Education Alliance” or the “Company”,
OTCQX: CEAI), a China-based education resource and services company, today
announced its first quarter 2013 financial results.
Category : Stocks
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Hemp, Inc. (OTC: HEMP) Inks Lucrative Deal for Its Nutraceutical Division — HerbaGenix™
LAS VEGAS, April 26, 2013
Morgan Stanley’s stock dropped nearly 4% as declines in the bank’s trading division rattled investors.
CALGARY, ALBERTA–(Marketwired – April 9, 2013) - Calmena Energy Services Ltd. (TSX:CEZ) (“Calmena”) is pleased to announce that it has entered into a binding definitive agreement (the “Agreement”) to sell its Wireline Technologies division to Keane Group Holdings, LLC (“Keane”) for a purchase price of $12.0 million. The purchase price is comprised of all cash and is not subject to Keane obtaining financing. The closing is subject to certain conditions and is expected to close before the end of April, 2013. The proceeds from the sale of the Wireline Technologies division will be used to reduce corporate indebtedness.
Separate reports into the crises at two of Britain’s largest lenders revealed a common cause of their problems, but widely varying careers in the aftermath of the crash
In the early hours of 15 September 2008, as the US bank Lehman Brothers was collapsing, many feared the worst, and they were proved correct: markets crumbled and, in the coming days and weeks, so did some 30 banks around the world. But few would have guessed that, five years on, the fallout from that crisis would still be front-page news.
Last week, two reports into two banks that fared very differently after the crisis – Barclays and HBOS – were published, shedding light once more on a furious fight for survival in the dark days of 2008. Barclays succeeded and HBOS failed spectacularly.
What both banks had in common was that their problems were rooted in the phenomenal race for growth during the go-go years of the early 2000s. The traditional caution of bankers was thrown aside and a dash for expansion, fuelled by lending and financial engineering, took hold. Barclays moved into tax avoidance – its structured capital markets division generated more than £1bn in revenue in the four years to 2010 – and failed to stop its traders rigging the Libor interest rate, which eventually resulted in a £290m fine.
The two reports could not be more different. The 244 pages detailing the cultural crisis inside Barclays were commissioned by the bank itself, as a demonstration of its determination to clean up its act. It employed a lawyer – City grandee Anthony Salz, a director of the Scott Trust, which owns the Observer – to investigate how and why standards had hit rock bottom. Salz interviewed 600 individuals in nine months, although none is quoted even anonymously in the analysis.
On its way to making 34 recommendations, the report concludes that the bank overpaid its staff, chased an ambition to become a top five player at all cost and failed to make its 140,000 staff understand they worked for the same organisation. Barclays’ new chairman, Sir David Walker, who is writing a cheque for £17m to cover the costs of the review, described its contents as “uncomfortable reading at times”.
In contrast, the 96 pages on HBOS produced by the parliamentary commission on banking standards, whose members include MPs and peers and the new archbishop of Canterbury, was an excoriating attack on the incompetence of the three men at the bank’s helm. It pulled no punches and called for City regulators to conduct an investigation into whether the three – long-standing chairman Lord Stevenson, and chief executives Sir James Crosby and Andy Hornby – should be banned from the City for life. None has commented on the scathing attack on their “toxic” mistakes. Just how much the HBOS report has cost the taxpayer is unclear, but it will be a fraction of the Barclays bill.
HBOS did not survive the Lehman fallout: within three days it had been rescued by Lloyds TSB. A month later, it was bailed out with £20bn of taxpayers’ cash. Barclays did scrape through, but only by going cap in hand to Middle Eastern investors; the circumstances of that venture are now being investigated by the Serious Fraud Office. Salz describes this desperate battle to avoid a bailout as making Barclays look “too clever by half”, damaging its relationship with overstretched regulators and its own investors.
While HBOS was being rescued, Barclays was still chasing growth, snapping up the Wall Street operations of the collapsed Lehman Brothers – a move that Salz said added to the management challenges facing a bank that was already stretched.
Stories had circulated for years about splits inside Barclays. The high street tellers felt no link to Bob Diamond’s casino operations, which the report said had a win-at-all-costs attitude that came to dominate the organisation. Diamond’s chief operating officer, Paul Idzik, was infamous for his behaviour, which included cutting off people’s ties and snapping pens that did not bear the company logo.
But the Salz report shows the retail bank was not blameless either. Salz details a culture of fear that pervaded the division when it was run by the Dutchman Frits Seegers, who left suddenly in 2009. Sales targets were tough, and staff incentivised to push loans with profitable payment protection insurance (PPI) attached.
Diamond and Seegers were put in charge of the two big businesses inside Barclays by the then chief executive John Varley, who failed to prevent them running the two divisions as separate silos. Salz said that while this was not Varley’s intention, he had failed to create a “cohesive” top team.
Barclays’s new boss, Antony Jenkins, who is trying to reinvent the bank, is not entirely spared criticism either. It is not levelled directly at him, but Jenkins ran the Barclaycard operation that sold millions of pounds of useless PPI to cardholders.
At HBOS, there was no hope of surviving the Lehman fallout. In fact, the parliamentary report makes it clear that it would have gone bust even if there had been no financial crisis because of the £47bn of losses racked up in just three of its divisions.
Only one person – Peter Cummings, who ran the HBOS corporate lending arm – has so far faced any official sanction. At Barclays, the SFO continues to investigate former and current executives. But at HBOS, the chances of action seem slim. Crosby quit as an adviser to private equity group Bridgepoint after the report was published and is under pressure to relinquish his seat on the board at caterer Compass. Hornby has a top job at bookmaker Coral and Stevenson continues to hold directorships at the Tate and Glyndebourne. A three-year rule makes it difficult for City regulators to take any action against the trio.
In addition, the Financial Services Authority closed its enforcement investigation last year when Cummings was fined – even though it is yet to publish its own report into the catastrophe.
Category : Stocks
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Category : World News
HARBIN, China, April 2,
2013 /PRNewswire/ — China Education Alliance, Inc. (“China Education
Alliance” or the “Company”, OTCQX: CEAI), a China-based education resource and services company
today announced its fourth quarter and full year 2012 results. The Company will
host a conference call on Tuesday, April 2, 2013, at
8 a.m. EDT (8 p.m. Beijing time on the same day).
Financial Highlights for the Fourth Quarter ended December 31, 2012
- Total revenues were $1.8 million.
- Gross loss was $0.4 million.
- Operating loss was $4.0 million
- Net loss was $3.4 million.
- EPS was $(0.32) per fully diluted
Financial Highlights for Full Year 2012
- Total revenue was $11.7 million compared to
$34.8 million in 2011.
- Gross profit was $1.6 million compared to $24.1 million in 2011.
- Operating loss was $14.4 million compared to
operating income of $5.0 million in 2011.
- Net loss was $14.1 million compared to $6.1 million in 2011.
- Loss per share was $1.33 per fully diluted share
compared to earnings per share of $0.58 in 2011.
“Our business continued to face significant challenges in 2012 due to the
continuing economic uncertainty lingering over China‘s economy and more intense competition in the
domestic education business which directly impacted our financial results”
commented Mr. Xiqun Yu, Chairman and Chief
Executive Officer of China Education Alliance. “While we are disappointed with
the results, we are optimistic about our future as we continue to work
diligently to build a new model for our online business and expanding our
training center network.”
“The new online platform we have been developing for some time and which, in
effect, is an online mall for education content is in its final testing stage. A
number of schools have contributed content to the trial runs and I am satisfied
with the progress accomplished so far. Once officially launched, sometime this
year, the new platform will act as a digital marketplace for a wide array of
proprietary educational products developed by China Education Alliance in
addition to content from third party developers and educational institutions. As
the growth and adoption of e-commerce platforms in China continue to surge, we are confident that this new
business model will significantly enhance user experience, substantially improve
educational options for a wide population of students, and give us a definite
Mr. Yu concluded, “While this investment will take time to fully yield
results, we are excited about the future opportunities and growth potential of
our new approach to online education and are generally positive about our
business prospects for the future.”
Fiscal Year 2012 Review:
Revenue decreased by $23.0 million, or 66% to
$11.7 million for the full year 2012 from $34.8 million in 2011. The decline in revenue for the year
ended December 31, 2012 was a result of decline in
revenue across all of our business. We believe revenue was affected by external
factors including slowdown in economic growth within the PRC, untruthful
allegations about our businesses, and increased competition. These factors
contributed to the continuous decline in interest of existing and new students,
which resulted in decrease in student enrollments and led to a decline in
revenue as compared to the year ended December 31,
2011. We expect to improve the performance of our online education
division in the future by providing students with more competitive, up-to-date
study materials and easy access. We have contracted technology companies to
design a new web-based platform providing video based long-distance teaching
services which encompass online community system and online teaching management
system. Additionally, we are seeking to establish more onsite training centers
and optimize the operation of existing training centers. As such, we predict
that our revenue will gradually recover after we launch the new web-based
platform and set up more training centers.
Revenue from the on-line education division decreased by $15.3 million, or 77%, to $4.5
million in 2012 from $19.8 million in 2011.
Revenue from the training center division decreased by $7.8 million, or 52%, to $7.2
million in 2012 from $15.0 million in 2011.
Total cost of revenue decreased by $0.6 million,
or 5%, to $10.1 million in 2012 from $10.7 million in 2011.
Cost of revenue for the online education division increased by $0.3 million, or 4% in 2012 to $7.2
million compared with $6.9 million in 2011.
This increase was mainly attributable to the purchase of new examination papers,
tutorial materials, new servers and computers. In order to keep the online
education material up-to-date and competitive, the Company must constantly
purchase new study materials. Gross profit margin for the online education
division decreased to negative 59% of revenue in 2012 from 65% of revenue in
2011 due to the decrease in revenue and increase in cost of revenue.
Cost of revenue for the training center division decreased by $0.9 million, or 23% to $2.9
million in 2012 from $3.8 million in 2011.
The decrease in cost of revenue for the training center division was primarily
due to the decrease in revenue. However, cost of revenue did not decrease in
proportion to the decrease in revenue as a result of increase in salaries. In
order to improve the performance of the training center division, the Company
offered higher salaries to retain reputable teachers. Increases in salary for
non-faculty staff also contributed to the increase in salaries paid. Gross
profit margin for the training center division decreased to 60% of revenue from
75% in 2011 as a result of the decrease in revenue and increase in salary for
both reputable teachers and non-faculty staff.
Gross profit for the full year 2012 was $1.6
million compared to $24.1 million in
Selling expenses decreased by $4.9 million, or
46%, to $5.8 million in 2012 from $10.7 million in 2011. Selling expenses were 50% of total
revenue in 2012 compared with 31% in 2011. The decrease in selling expenses was
mainly due to the decrease in revenue. The Company’s sales commissions decreased
dramatically as a result of significant drop in revenue. However, advertising
expenses increased by $2.1 million, or 326% due to
increased promotional activities.
Administrative expenses increased by $1.4
million, or 26% to $6.9 million in 2012 from
$5.5 million in 2011. The increase in
administrative expenses was primarily due to the increase in research and
development expenses relating to the development of the web based platform.
Total administrative expenses were 59% of total revenue.
Interest income remained flat at $1.9 million for
both full year 2011 and 2012.
Provision for income tax was nil and deferred tax expenses were $0.3 million for the fiscal year ended December 31, 2012, as compared to the deferred tax
benefits of $0.1 million for the fiscal year ended
December 31, 2011.
Net loss for the year of 2012 was $14.1 million
compared to net income of $6.1 million in 2011.
Basic and diluted loss per share was $1.33 in 2012
compared to earnings per share of $0.58 in 2011. The
decrease in earnings per share was mainly due to the decrease in net income. The
basic weighted average shares outstanding and diluted weighted average shares
outstanding were 10,582,530 in 2012, and 10,572,388 and 10,577,966, respectively
At December 31, 2012, the Company had cash and
cash equivalents of $64.2 million. The Company
generated net cash provided by operating activities of $8.3
At December 31, 2012, the Company had no
China Education Alliance will host a conference call and live webcast at
8 a.m. Eastern Daylight Time (EDT) on April 2, 2013 (8 p.m. in Harbin/Beijing on the
The dial-in details for the live conference call are as follows:
- Participant Dial In (Toll Free USA):
- International Dial In: +65-6723-9381
- China Toll Free:
- Hong Kong Toll Free: 8009-30346
A live webcast of the conference call will be available in the investor
relations section of the Company’s website at: http://www.chinaeducationalliance.com/index.jsp
A telephone replay of the call will be available 1 hour after the end of the
conference for seven days.
The dial-in details for the replay are as follows:
- US Toll Free: +1-855-452-5696
- International Toll:
Passcode Number: 31478528
About China Education Alliance, Inc.
China Education Alliance, Inc. (http://www.chinaeducationalliance.com) is a leading
educational services company offering high-quality instructors and online
education materials for students between the ages of 6 to 18 and adults
(university students and professionals) aged 18 and over. Divided into two
segments, students and graduate professionals, our business model delivers the
skills and knowledge necessary to excel in a rapidly growing and highly
competitive China. The Company provides students
in the first segment with online education materials sourced from top tier
schools and famous instructors for download, as well as online training and
tutoring services. With teaching centers located across China, the Company also offers hands on training and
tutoring to aid Chinese students pass the two most important tests they will
face in their educational careers: the senior high school entrance and college
entrance exams. In the second segment for graduates and professionals, China
Education Alliance provides vocational training courses in subjects including
IT, administration, multimedia, as well as several professional training
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: Certain statements in this press release, constitute forward-looking
statements for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements include, without
limitation, statements regarding our ability to prepare the company for growth,
the Company’s planned expansion in 2009 and predictions and guidance relating to
the Company’s future financial performance. We have based these forward-looking
statements largely on our current expectations and projections about future
events and financial trends that we believe may affect our financial condition,
results of operations, business strategy and financial needs and are not a
guarantee of future performance but they involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, which may include, but are not limited to, such
factors as unanticipated changes in product demand especially in the education
industry, pricing and demand trends for the Company’s products, changes to
government regulations, risk associated with operation of the Company’s new
facilities, risk associated with large scale implementation of the company’s
business plan, the ability to attract new customers, ability to increase its
product’s applications, cost of raw materials, downturns in the Chinese economy,
and other information detailed from time to time in the Company’s filings and
future filings with the United States Securities and Exchange Commission.
Investors are urged to consider these factors carefully in evaluating the
forward-looking statements herein and are cautioned not to place undue reliance
on such forward-looking statements, which are qualified in their entirety by
this cautionary statement. The forward-looking statements made herein speak only
as of the date of this press release, readers are cautioned not to place undue
reliance on any of them and the Company undertakes no duty to update any
forward-looking statement to conform the statement to actual results or changes
in the company’s expectations.
For more information, please contact:
China Education Alliance, Inc.
Ms. Cloris Li
Chief Financial Officer
Telephone: +86 10 5826 4939
TMK, a leading global manufacturer of tubular products for the oil and gas industry, has shipped the first pilot batch of vacuum insulated tubing (VIT) made of 13CrS steel (super-chrome steel) for Gazprom’s Bovanenkovo oil and gas condensate field on the Yamal peninsula. The quantity is about 500 running meters. Super-chrome steel VIT are highly resistant to aggressive environments. < ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
“When used in northern fields development, VIT contribute to greater energy efficiency and safety while reducing environmental impact and increasing wells’ life. The development and production of the new tubing is a good example of replacing imported products with those made domestically: previously, Russia had all these pipes supplied from abroad. Today, TMK is the only Russian company that has the technology in place to produce super-chrome steel VIT,” said Alexander Shiryaev, the Company’s CEO.
Time magazine publisher will now stand on its own under a new CEO during an already challenging time for print publications
This Time Inc is different.
The venerable publisher of Time magazine will soon stand on its own as a publicly traded magazine company, away from parent company Time Warner, which will focus purely on entertainment and television. Only hours after Time Inc CEO Laura Lang gave rise to media rumors by pulling out of speaking engagements at several prominent events, the parent company announced that within the year it would spin out Time Inc and replace Lang with a successor who has not yet been named. She will stay through the transition, the company said. She has been in the post for just under a year, while her predecessor lasted half that time.
In a memo to staff, Lang, calling the news “something that people are just beginning to digest”, wrote: “After considerable thought, I have decided that taking the company through a transition to the public markets is not where my passion lies.”
The mystique of the Time editorship remains, even as executives cycle through the role. On Twitter, Belinda Luscombe, a Time editor-at-large, observed of the Time Inc CEO job, “a colleague remarked that job is like the Professor of Dark Arts of the publishing world”.
The moves will leave the company’s magazine division – including 21 titles – to fend for itself under a new CEO in challenging times for print publications. Many major Time titles have seen declining ad pages and drops in circulation, reflecting wider industry trends. Rival Newsweek shuttered its print edition in December.
While Time Warner had signaled last month that it wanted to separate Time Inc, the spinoff into a separate, publicly held company was a surprise. Previously, Time was thought to be in merger talks with another magazine company, Meredith, about merging at least some of their magazines into a new publicly traded company. Time Inc’s magazines include Time, Sports Illustrated, People, InStyle, Fortune and Money. Meredith, which publishes Ladies Home Journal and Better Homes & Gardens, has 18 magazines under its umbrella.
Time Warner CEO Jeff Bewkes explained the spinoff will allow the larger company to “focus entirely on our television networks and film and TV production businesses, and improves our growth profile”. He also said it will allow Time Inc to attract “a more natural stockholder base”, which could mean luring investors who want to invest purely in news and publications rather than the wider world of entertainment. Time Warner has previously separated other divisions, including AOL and Time Warner Cable.
Time Inc CEO Laura Lang pulled out of multiple industry events over recent weeks, which the company attributed to speculation about the future of the magazine division.
The move by Time follows other decisions by media companies to make their publications into standalone companies. News Corp is splitting into two divisions. That will create an entertainment unit, Fox Group, and a publishing division that is the “new” News Corp, headed by CEO Robert Thomson, and which will include the Wall Street Journal and other publications. The shares of both companies will be controlled by Rupert Murdoch. The publishing division posted a $2bn net loss in the last fiscal year.