Breaking News: Dragon Capital Group -- August 20, 2009
August 20 2009 - 9:33AM
Marketwired
Stock Market Alert's performance stock list includes: Dragon
Capital Group Corp (PINKSHEETS: DRGV), AT&T Inc. (NYSE: T),
Verizon Communications Inc. (NYSE: VZ) and Sprint Nextel Corp.
(NYSE: S).
Breaking News: Dragon Capital Group, Corp. Reports Financial
Results for the First Six Months of 2009, with revenue reaching
$26.9 million for first six months of 2009. The company, a leading
holding company of emerging high-tech companies in China, issued a
press release this morning announcing its financial results for the
second quarter ended June 30, 2009. According to the release,
financial highlights include:
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.
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.
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."
The stock closed yesterday at under a Penny a share.
For an in-depth profile of Dragon Capital Group, visit
http://wallstreetenews.com/view-company-profiles.php?profile=DRGV_072109.
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AT&T Inc. (NYSE: T) up 1.1% on 19.8 million shares traded.
AT&T Inc. is a premier communications holding company.
Verizon Communications Inc. (NYSE: VZ) up 0.4% on 10.7 million
shares traded. Verizon Wireless operates the nation's most reliable
and largest wireless voice and data network, serving more than 86.6
million customers.
Sprint Nextel Corp. (NYSE: S) down 2.3% on 36.6 million shares
traded. Sprint Nextel offers a comprehensive range of wireless and
wireline communications services bringing the freedom of mobility
to consumers, businesses and government users.
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brand. For current services performed for Dragon Capital Group Corp
(PINKSHEETS: DRGV), China Direct Industries, Inc. ("China Direct
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compensated a total of Fifty Thousand Dollars by China Direct
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