Exhibit 99.1

 

American Education Center Reports Third Quarter 2017 Financial Results

 

NEW YORK, Nov. 14, 2017/ PRNewswire/ — American Education Center, Inc. (“AEC” or the “Company;”) (OTCQB: AMCT), an emerging growth company providing educational and career enrichment opportunities for Chinese students studying in the United States, and compliance training and advisory services to companies in China, today announced its financial results for the three and nine months ended September 30, 2017.

 

Mr. Max P. Chen, Chairman and Chief Executive Officer of AEC, commented, “In conjunction with our plan to grow revenues and improve our overall profitability, our total revenues for the third quarter increased by 437.7% to $5.22 million-- thanks to contribution from the newly acquired compliance training and advisory services business that we acquired in October 2016, as well as growth from our career advisory and placement advisory services. Our margins have improved significantly as gross margin increased by 7.3 percentage points to 25.4% and operating loss margin narrowed to 1.6% for the third quarter.”

 

“With market demand for our advisory services continuing to grow at a healthy rate and improving financial condition following the recent $2 million private placement of our Series A Convertible Preferred Stock, both Anthony (our newly appointed Chief Financial Officer) and I are excited about our revised strategic plan and we believe that AEC is well positioned to execute on our growth strategy and launch our uplisting efforts,” concluded Mr. Chen.

 

Third Quarter 2017 Financial

 

   For the Three Months Ended September 30, 
($'000, except per share data)  2017   2016   % Change 
Revenues  $5,216   $970.0    437.7%
Gross profit  $1,325   $175.7    654.2%
Gross margin   25.4%   18.1%   7.3 pp 
Operating loss  $(82)  $(130)   37.2%
Operating loss margin   -1.6%   -13.4%   11.9 pp 
Net loss  $(3)  $(52)   -94.1%
Loss per share  $(0.0001)  $(0.0016)   95.5%

  

Revenues

 

For the third quarter 2017, total revenues increased by $4.25 million, or 437.7%, to $5.22 million from $0.97 million for the same period of last year. The increase in total revenues was primarily due to revenues from compliance training and advisory services delivered by our wholly owned subsidiary, AEC Southern Management Co., Ltd. (“AEC Southern UK”) which we acquired in October 2016 as well as the increase in revenues from career advisory and placement advisory services.

 

   For the Three Months Ended September 30, 
   2017   2016   Y/Y Change 
   Revenue   % of   Revenue   % of   Amount    
  

($'000)

   Total  

($'000)

   Total  

($'000)

   % 
Compliance training & advisory  $3,739    71.7%  $-    0.0%  $3,739    NM 
Placement advisory   141    2.7%   19    2.0%   123    662.4%
Career advisory   841    16.1%   400    41.2%   441    110.3%
Student & family advisory   494    9.5%   551    56.8%   (57)   -10.4%
Total  $5,216    100.0%  $970    100.0%  $4,246    437.7%

 

On a segment basis, revenues from compliance training and advisory services were $3.74 million and accounted for 71.7% of total revenues for the third quarter 2017. Revenues from placement advisory services increased by $0.12 million, or 662.4%, to $0.14 million for the third quarter 2017 from $0.02 million for the same period of last year. Revenues from career advisory services increased by $0.44 million, or 110.3%, to $0.84 million for the third quarter 2017 from $0.40 million for the same period of last year. Revenues from student and family advisory services decreased by $0.06 million, or 10.4%, to $0.49 million for the third quarter 2017 from $0.55 million for the same period of last year. Revenues from placement advisory, career advisory and student and family advisory services were generated by our wholly-owned subsidiary American Education Center, Inc. (“AEC New York”) and accounted for 2.7%, 16.1%, and 9.5%, respectively, of total revenues for the third quarter 2017.

 


The following information was filed by American Education Center, Inc. (AMCT) on Tuesday, November 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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