SHANGHAI, China, Apr. 1, 2015 /PRNewswire/ -- Dragon Capital
Group Corp. (OTC: DRGV), a holding company of emerging high-tech
companies in China, announced
today its financial results for the fiscal year ended December 31, 2014.
Financial Highlights
For fiscal 2014, total revenues were $20.5 million compared to revenues of
$19.8 million recorded in fiscal
2013. Gross margins improved to 7.9% in fiscal 2014 compared to
gross margins of 5.4% in fiscal 2013. Income from continuing
operations for the year 2014 was $839,881 compared to income from continuing
operations of $303,001 recorded in
2013. The increase in income was mainly attributable to an increase
of general sales revenue and stable cost of sales. Net income
attributable to Dragon Capital Group in fiscal 2014 was
$500,507 inclusive of a ($111,129) loss from discontinued operations
compared to net income attributable to Dragon Capital Group of
$58,485 inclusive of a ($25,309) loss from discontinued operations in
fiscal 2013. In 2014 the Company's operations resulted in a income
of $0.00 per basic and diluted share
on 986 million weighted average shares outstanding compared to
earnings per basic and diluted share of $0.00 on 536 million weighted average shares
recorded in 2013.
Balance Sheet
On December 31, 2014, total assets
were $10.3 million and shareholder
equity was $8.8 million with 986
million common shares outstanding. On 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 $8.7 million on December
31, 2014 compared to $8.1
million at December 31,
2013.
Commenting on our results for fiscal 2014, Mr. Lawrence Wang, Chairman and CEO of Dragon
Capital Group, "We are pleased to see the continuous
improvement in our revenue in fiscal 2014 compared to fiscal year
2013, as 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. This effort has resulted in a small but
steady increase in our gross margins in the quarter as we maintain
our cost of sales which we intend to build upon in future periods.
We believe we are on the right track to increase sales in those
higher margin businesses to enable our Company to improve
performance in 2015 and help us achieve sustained profitability in
the quarters and years to come."
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, 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:
Peisha Shen
U.S. Representative
Telephone: +1-954-363-7333
Facsimile: +1-954-363-7320
Email: info@dragoncapital.us
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SOURCE Dragon Capital Group Corp.