Dragon Capital Group Corp. Reports Financial Results for the First Six Months of 2009
August 20 2009 - 8:00AM
Marketwired
Dragon Capital Group Corp. (PINKSHEETS: DRGV), a leading holding
company of emerging high-tech companies in China, announced today
the company's financial results for the second quarter ended June
30, 2009.
Financial Highlights:
Revenue for the second quarter ended June 30, 2009 was $15.0
million, a 27% increase over the $11.8 million recorded in the
second quarter of 2008. Cost of goods sold for the second quarter
of 2009 were $14.1 million compared to $11.2 million in the second
quarter of 2008. Net income from continuing operations for the
second quarter of 2009 was $124,500, increasing from the $31,000
recorded in the first quarter of 2009. Net income in the second
quarter of 2008 was approximately $215,000. This decrease in net
income was largely attributable to an increase in selling expenses
as a result of the challenging economic environment.
Six-Month Financial Results
Revenue for the first six months of 2009 reached $26.9 million,
increasing by 20% from the $22.3 million recorded in the first six
months of 2008. For the first six months of 2009, net income from
continuing operations was $155,400 down from $450,800 in the first
six months of 2008 and mainly attributed to higher selling expenses
in 2009.
Balance Sheet
At June 30, 2009, total assets were $14.6 million compared to
$15.9 million at December 31, 2008. At June 30, 2009, shareholder
equity was $7.1 million and total current assets were $14.3 million
with working capital of approximately $7.8 million.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "Dragon
continues to post increasing sales in this challenging environment.
More importantly our profitability has gained momentum from the
first quarter of 2009 despite increases in selling expenses. We are
committed to achieving continued top line and bottom line growth as
we navigate through these challenging economic times. We believe
the high-tech industry within China has tremendous growth potential
for the future and we remain focused on achieving higher operating
efficiencies which we believe can extend our profitability into the
coming years. We continue to seek opportunistic acquisitions to
grow our business as we work diligently to increase our shareholder
value."
About Dragon Capital Group Corporation
Dragon Capital Group Corporation is a holding company serving as
a business incubator for emerging Chinese businesses. Dragon
currently controls seven subsidiaries operating in high-tech, IT
products and services and management consulting. Three of the
subsidiaries are growing strong recurring revenue streams from
electronics hardware distribution and network integration. The
company's other three subsidiaries, still in the emergent stage,
are focused on wireless Internet applications, mobile business
solutions, software development, enterprise management,
computerized automations systems integration and network
integration. For more information, visit,
http://www.dragoncapital.us.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the company's operations, financial performance and, condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs
of production, and other factors as those discussed in the
company's reports filed with the Securities and Exchange Commission
from time to time. In addition, the company disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
Contact: Investor Relations: Gary Liu Tel: 954-363-7333 ext.
318
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