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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% | 0.0003 | 0.0002 | 0.0004 | 0.0003 | 0.0003 | 0.0003 | 72,388 | 21:01:37 |
Financial Highlights:
Revenue for the third quarter ended September 30, 2010 was $11.3 million as compared to $14.2 million recorded in the third quarter of 2009. Cost of goods sold for the third quarter of 2010 were $10.7 million compared to $13.3 million in the third quarter of 2009. Net income for the third quarter of 2010 was $951 as compared to $198,900 recorded in the third quarter of 2009. The decrease in revenue and net income was largely attributable to a decrease in sales at our Huice and Longri subsidiaries which service the information technology and networking industries.
Nine-Month Financial Results
Revenue for the first nine months of 2010 was $39.1 million, a slight decrease from the $41.1 million recorded in the first nine months of 2009. For the first nine months of 2010, net income attributable to Dragon Capital Group Corp. was $126,900, a significant improvement from the net loss of ($355,000) recorded in the first nine months of 2009. The improvement in net income was attributable to a reduction in selling expenses and a loss recorded in 2009 from the sale of its Fomde subsidiary.
Balance Sheet
At September 30, 2010, total assets were $15.9 million with $15.6 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 September 30, 2010, shareholder equity improved to $8.0 with working capital of $9.0 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, "While we experienced some softness in our networking and information technology subsidiaries in the quarter we remain extremely pleased with our performance in the first nine months of 2010. Our bottom line results have improved markedly when compared to 2009 and the overall economic environment in China is strengthening. We continue in our efforts to increase shareholder value as we look to trim costs and improve our performance as we move through the remainder of the year and gear up for 2011."
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 September 30, December 31, -------------- -------------- 2010 2009 -------------- -------------- CURRENT ASSETS: Cash and cash equivalents $ 1,550,977 $ 2,236,878 Accounts receivable, net of allowance for doubtful accounts of $156,087 and $152,533, respectively 5,491,594 5,568,519 Other receivables 1,423,633 1,179,751 Inventories 6,720,833 5,567,730 Investment in marketable securities 70,000 114,800 Prepaid taxes 23,374 - Prepaid expenses and other 279,658 190,232 -------------- -------------- Total Current Assets 15,560,069 14,857,910 DERIVATIVE RECEIVABLE 54,978 54,978 DUE FROM RELATED PARTY 73,155 71,667 PROPERTY AND EQUIPMENT - Net 241,086 240,254 -------------- -------------- Total Assets $ 15,929,288 $ 15,224,809 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Loans payable $ 59,718 $ 102,381 Loans payable-related party 22,000 22,000 Accounts payable and accrued expenses 5,464,212 5,620,321 Other payable 845,782 685,206 Taxes payable 128,478 60,274 Advances from customers 1,553 1,521 Due to related party 116,895 141,031 -------------- -------------- Total Current Liabilities 6,638,638 6,632,734 -------------- -------------- EQUITY: Dragon Capital Group, Corp. Common Stock ($0.001 Par Value; 500,000,000 Shares Authorized; 312,735,578 and 259,644,578 shares issued and outstanding at September 30, 2010 and December 31, 2009, respectively) 312,736 259,645 Additional paid-in capital 5,488,834 5,244,770 Accumulated retained earnings 1,273,412 1,146,484 Accumulated comprehensive income 902,841 760,092 -------------- -------------- Total Dragon Capital Group, Corp. 7,977,823 7,410,991 -------------- -------------- Noncontrolling interest 1,312,827 1,058,105 -------------- -------------- Total Equity 9,290,650 8,592,075 -------------- -------------- Total Liabilities and Equity $ 15,929,288 $ 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 Ended For the Nine Months Ended September 30, September 30, -------------------------- -------------------------- 2010 2009 2010 2009 ------------ ------------ ------------ ------------ NET REVENUES $ 11,335,354 $ 14,165,556 $ 39,123,826 $ 41,065,365 COST OF SALES 10,743,203 13,299,065 37,079,454 38,746,832 ------------ ------------ ------------ ------------ GROSS PROFIT 592,151 866,491 2,044,372 2,318,533 ------------ ------------ ------------ ------------ OPERATING EXPENSES: Selling expenses 240,686 341,807 676,200 910,513 Loss on disposition of property and equipment - - 1,609 - General and administrative 248,154 168,497 836,293 608,467 ------------ ------------ ------------ ------------ Total Operating Expenses 488,840 510,304 1,514,102 1,518,980 ------------ ------------ ------------ ------------ INCOME FROM OPERATIONS 103,311 356,187 530,270 799,553 ------------ ------------ ------------ ------------ OTHER INCOME (EXPENSE) Other income (expense) 1,588 142 (6,174) 2,847 Interest income (expense) (7,316) (22,827) (16,477) (23,931) ------------ ------------ ------------ ------------ Total Other Expense (5,728) (22,685) (22,651) (21,084) ------------ ------------ ------------ ------------ INCOME BEFORE DISCONTINUED OPERATIONS, INCOME TAXES AND NONCONTROLLING INTEREST 97,583 333,502 507,619 778,469 DISCONTINUED OPERATIONS: Loss on sale of Fomde subsidiaries - - - (714,983) Gain from discontinued operations - - - 5,603 ------------ ------------ ------------ ------------ Total loss from discontinued operations - - - (709,380) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 97,583 333,502 507,619 69,089 INCOME TAXES (61,802) (42,838) (248,948) (218,220) ------------ ------------ ------------ ------------ NET INCOME (LOSS) 35,781 290,664 258,671 (149,131) Less: Net income attributable to noncontrolling interest (34,830) (91,762) (131,743) (205,956) ------------ ------------ ------------ ------------ NET INCOME (LOSS) ATTRIBUTABLE TO DRAGON CAPITAL GROUP, CORP. 951 198,902 126,928 (355,087) ============ ============ ============ ============ NET INCOME (LOSS) PER COMMON SHARE: Net (loss) income from continuing operations and discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.00 Weighted common shares outstanding - basic and diluted 310,344,274 259,644,578 295,222,640 259,644,578 ============ ============ ============ ============ AMOUNTS ATTRIBUTABLE TO DRAGON CAPITAL GROUP, CORP. COMMON SHAREHOLDERS: Income from continuing operations, net of tax 951 198,902 126,928 354,293 Loss from discontinued operations, net of tax - - - (709,380) ------------ ------------ ------------ ------------ Net income (loss) 951 198,902 126,928 (355,087) ============ ============ ============ ============ 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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