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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dragon Capital Group Corp (PK) | USOTC:DRGV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.0002 | 0.0225 | 0.00 | 13:00:01 |
Financial Highlights:
Revenue for the second quarter ended June 30, 2010 was $15.4 million as compared to $15.0 million recorded in the second quarter of 2009. Cost of goods sold for the second quarter of 2010 were $14.7 million compared to $14.1 million in the second quarter of 2009. Net income for the second quarter of 2010 was $277,800, increasing 123% from the $124,500 recorded in the second quarter of 2009. The increase in net income was largely attributable to a decrease in selling expenses as the overall economic environment improved when compared to the same period in 2009.
Six-Month Financial Results
Revenue for the first six months of 2010 reached $27.8 million, a slight increase from the $26.9 million recorded in the first six months of 2009. For the first six months of 2010, net income attributable to Dragon Capital Group Corp. was $126,000, a significant improvement from the net loss of ($554,000) recorded in the first six months of 2009. The improvement was attributable to a reduction in selling expenses and a loss recorded in 2009 from the sale of its Fomde subsidiary.
Balance Sheet
At June 30, 2010, total assets were $16.3 million with $16.0 million in current assets. This compares to total assets of $15.2 million with $14.9 million in current assets at December 31, 2009. At June 30, 2010, shareholder equity improved to $7.7 million with working capital of $8.6 million compared to shareholder equity of $7.4 million with working capital of approximately $8.2 million at December 31, 2009.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "We are extremely pleased with our performance in the first six months of 2010. We have substantially improved our bottom line performance as we continue to increase our revenue. As the overall economic environment in China continues to improve for our business, we believe we can continue to build on these positive trends. We are committed to achieving continued top line and bottom line growth as we move into the second half of 2010. We remain focused on achieving higher operating efficiencies which we believe can extend our profitability into the coming years as we work diligently to increase our shareholder value."
About Dragon Capital Group Corporation
Dragon Capital Group Corp. (PINKSHEETS: DRGV) is doing business in China through its subsidiaries. Dragon was established to serve as a conduit between Chinese high-growth companies and Western investors. DRGV functions as an incubator of high-tech companies in China, offering support in the critical functions of general business consulting, formation of joint ventures, access to capital, merger & acquisition, business valuation, and revenue growth strategies. DRGV has developed a portfolio of high-tech companies operating in China. For more information about DRGV, please visit http://www.dragoncapital.us
DRAGON CAPITAL GROUP, CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Unaudited) ASSETS June 30, December, 31, 2010 2009 ------------- ------------- CURRENT ASSETS: Cash and cash equivalents $ 1,352,432 $ 2,236,878 Accounts receivable, net of allowance for doubtful accounts of $153,554 and $152,533, respectively 5,796,220 5,568,519 Other receivables 1,327,690 1,179,751 Inventories 6,962,814 5,567,730 Investment in marketable securities 126,000 114,800 Prepaid taxes 105,634 - Prepaid expenses and other 275,238 190,232 ------------- ------------- Total Current Assets 15,946,028 14,857,910 ------------- ------------- DERIVATIVE RECEIVABLE 54,978 54,978 DUE FROM RELATED PARTY 71,968 71,667 PROPERTY AND EQUIPMENT - Net 234,787 240,254 ------------- ------------- Total Assets $ 16,307,761 $ 15,224,809 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Loans payable $ 58,749 $ 102,381 Loans payable-related party 22,000 22,000 Accounts payable and accrued expenses 6,056,135 5,620,321 Other payable 824,878 685,206 Taxes payable 142,015 60,274 Advances from customers 1,527 1,521 Due to related party 216,472 141,031 ------------- ------------- Total Current Liabilities 7,321,776 6,632,734 ------------- ------------- EQUITY: Dragon Capital Group, Corp. Common Stock ($0.001 Par Value; 500,000,000 Shares Authorized; 292,735,578 and 259,644,578 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively) 292,736 259,645 Additional paid-in capital 5,333,834 5,244,770 Accumulated retained earnings 1,272,461 1,146,484 Accumulated comprehensive income 808,957 760,092 ------------- ------------- Total Dragon Capital Group, Corp. 7,707,988 7,410,991 ------------- ------------- Noncontrolling interest 1,277,997 1,058,105 ------------- ------------- Total Equity 8,985,985 8,592,075 ------------- ------------- Total Liabilities and Equity $ 16,307,761 $ 15,224,809 ============= ============= See notes to unaudited consolidated financial statements. DRAGON CAPITAL GROUP, CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the Three Months For the Six Months Ended June 30, Ended June 30, ------------------------ ------------------------ 2010 2009 2010 2009 ----------- ----------- ----------- ----------- NET REVENUES $15,373,841 $14,983,463 $27,788,472 $26,899,809 COST OF SALES 14,711,412 14,149,147 26,336,251 25,447,767 ----------- ----------- ----------- ----------- GROSS PROFIT 662,429 834,316 1,452,221 1,452,042 ----------- ----------- ----------- ----------- OPERATING EXPENSES: Selling expenses 186,090 359,373 435,514 568,706 Loss on disposition of property and equipment 1,609 - 1,609 - General and administrative (72,287) 159,632 588,139 439,970 ----------- ----------- ----------- ----------- Total Operating Expenses 115,412 519,005 1,025,262 1,008,676 ----------- ----------- ----------- ----------- INCOME FROM OPERATIONS 547,017 315,311 426,959 443,366 ----------- ----------- ----------- ----------- OTHER INCOME Other income (expense) (7,762) 3,207 (7,762) 2,705 Interest income (expense) (128) 4,030 (9,161) (1,104) ----------- ----------- ----------- ----------- Total Other Income (7,890) 7,237 (16,923) 1,601 ----------- ----------- ----------- ----------- INCOME BEFORE DISCONTINUED OPERATIONS, INCOME TAXES AND NONCONTROLLING INTEREST 539,127 322,548 410,036 444,967 DISCOUNTINUED OPERATIONS: Loss on sale of Fomde subsidiaries - - - (714,983) Gain from discontinued operations - - - 5,603 ----------- Total loss from discontinued operations - - - (709,380) ----------- INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 539,127 322,548 410,036 (264,413) INCOME TAXES (134,898) (100,684) (187,146) (175,382) ----------- ----------- ----------- ----------- NET INCOME (LOSS) 404,229 221,864 222,890 (439,795) ----------- ----------- ----------- ----------- Less: Net income attributable to noncontrolling interest (126,404) (97,374) (96,913) (114,194) ----------- ----------- ----------- ----------- NET (LOSS) INCOME ATTRIBUTABLE TO DRAGON CAPITAL GROUP, CORP. 277,825 124,490 125,977 (553,989) =========== =========== =========== =========== NET INCOME (LOSS)PER COMMON SHARE: Net (loss) income from continuing and discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.00 Weighted commom shares outstanding - basic and diluted 291,622,941 259,644,578 286,699,512 259,644,578 AMOUNTS ATTRIBUTABLE TO DRAGON CAPITAL GROUP, CORP. COMMON SHAREHOLDERS: Income from continuing operations, net of tax 277,825 124,490 125,977 155,391 Loss from discontinued operations, net of tax - - - (709,380) ----------- ----------- ----------- ----------- Net income (loss) 277,825 124,490 125,977 (553,989) =========== =========== =========== =========== See notes to unaudited consolidated financial statements.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the word expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.
Contact: Investor Relations Lillian Wong Tel: 954-363-7333 ext. 317
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