SHANGHAI, May 6, 2014 /PRNewswire/ --
Dragon Capital Group Corp. (OTC: DRGV), a holding company of
emerging high-tech companies in China, announced today its financial results
for the first quarter of 2014 ended March
31, 2014.
Financial Highlights
For the first quarter of 2014, total revenues were $4.3 million compared to revenues of $4.2 million recorded in the first quarter of
2013. The increase in revenue was mainly attributable to an
increase in sales of lower margin office equipment at the Company's
Shanghai Zhaoli Technology Development Co., Ltd. ("Zhaoli").
Gross margins were 5.7% in the first quarter of 2014 compared
to gross margins of 7.3% in the first quarter of 2013. Income
from continuing operations in the first quarter of 2014 was
$141,000 compared to income from
continuing operations of $181,000
recorded in the first quarter of 2013. Net income attributable to
Dragon Capital Group in the first quarter of 2014 was ($120.00) or ($0.00) per basic and diluted share on 586.3
million weighted average shares outstanding, compared to net income
attributable to Dragon Capital Group of $72,000 resulting in earnings per basic and
diluted share of $0.00 on 492.7
million weighted average shares.
Balance Sheet
At March 31, 2014, total assets
were $9.8 million and shareholder equity was $7.6
million with 586.3 million common shares outstanding.
At December 31, 2013, total assets were $9.8
million and shareholder equity was $7.5 million with
492.7 million common shares outstanding. Working capital was
$8.2 million at March 31,
2014 compared to $8.2 million at December 31,
2013.
Commenting on our results for the first quarter of 2014, Mr.
Lawrence Wang, Chairman and CEO of
Dragon Capital Group, "We achieved a small increase in overall
revenue in the first quarter as a result of increased sales from of
lower margin office equipment at our Zhaoli subsidiary. We
continue to work to build sales of higher margin utility monitoring
automation software and services at our Shanghai Yazheng
subsidiary, and mobile software applications from our Shanghai
Zhiye subsidiary. We believe increasing sales at these
subsidiaries will lead to improved performance in the coming
quarters and help drive profitable growth in 2014 and beyond."
About Dragon Capital Group Corporation
Dragon Capital Group Corp. (OTC: 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
Safe Harbor Statement
DISCLOSURE NOTICE:
Dragon Capital Group Corp is hereby providing cautionary
statements identifying important factors that could cause our
actual results to differ materially from those projected in
forward-looking statements (as defined in such act). Any statements
that are not historical facts and that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
indicated through the use of words or phrases such as "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimated," "intends," "plans," "believes" and "projects") may be
forward-looking and may involve estimates and uncertainties which
could cause actual results to differ materially from those
expressed in the forward-looking statements. We caution that the
factors described herein could cause actual results to differ
materially from those expressed in any forward-looking statements
we make and that investors should not place undue reliance on any
such forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which such statement is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances. New factors
emerge from time to time, and it is not possible for us to predict
all of such factors. Further, we cannot assess the impact of each
such factor on our results of operations or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements.
Contact:
Richard Galterio
U.S. Representative
Telephone: +1-954-363-7333 Ext 316
Facsimile: +1-954-363-7320
Email: info@dragoncapital.us
SOURCE Dragon Capital Group Corp.