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 and first
six months of 2010 ended June 30, 2010.
Financial Highlights:
Revenue for the second quarter ended June 30, 2010 was $15.4
million as compared to $15.0 million recorded in the second quarter
of 2009. Cost of goods sold for the second quarter of 2010 were
$14.7 million compared to $14.1 million in the second quarter of
2009. Net income for the second quarter of 2010 was $277,800,
increasing 123% from the $124,500 recorded in the second quarter of
2009. The increase in net income was largely attributable to a
decrease in selling expenses as the overall economic environment
improved when compared to the same period in 2009.
Six-Month Financial Results
Revenue for the first six months of 2010 reached $27.8 million,
a slight increase from the $26.9 million recorded in the first six
months of 2009. For the first six months of 2010, net income
attributable to Dragon Capital Group Corp. was $126,000, a
significant improvement from the net loss of ($554,000) recorded in
the first six months of 2009. The improvement was attributable to a
reduction in selling expenses and a loss recorded in 2009 from the
sale of its Fomde subsidiary.
Balance Sheet
At June 30, 2010, total assets were $16.3 million with $16.0
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 June 30, 2010, shareholder equity improved to $7.7 million with
working capital of $8.6 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, "We are
extremely pleased with our performance in the first six months of
2010. We have substantially improved our bottom line performance as
we continue to increase our revenue. As the overall economic
environment in China continues to improve for our business, we
believe we can continue to build on these positive trends. We are
committed to achieving continued top line and bottom line growth as
we move into the second half of 2010. We remain focused on
achieving higher operating efficiencies which we believe can extend
our profitability into the coming years as we work diligently to
increase our shareholder value."
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
June 30, December, 31,
2010 2009
------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 1,352,432 $ 2,236,878
Accounts receivable, net of allowance for
doubtful accounts of $153,554 and $152,533,
respectively 5,796,220 5,568,519
Other receivables 1,327,690 1,179,751
Inventories 6,962,814 5,567,730
Investment in marketable securities 126,000 114,800
Prepaid taxes 105,634 -
Prepaid expenses and other 275,238 190,232
------------- -------------
Total Current Assets 15,946,028 14,857,910
------------- -------------
DERIVATIVE RECEIVABLE 54,978 54,978
DUE FROM RELATED PARTY 71,968 71,667
PROPERTY AND EQUIPMENT - Net 234,787 240,254
------------- -------------
Total Assets $ 16,307,761 $ 15,224,809
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Loans payable $ 58,749 $ 102,381
Loans payable-related party 22,000 22,000
Accounts payable and accrued expenses 6,056,135 5,620,321
Other payable 824,878 685,206
Taxes payable 142,015 60,274
Advances from customers 1,527 1,521
Due to related party 216,472 141,031
------------- -------------
Total Current Liabilities 7,321,776 6,632,734
------------- -------------
EQUITY:
Dragon Capital Group, Corp. Common Stock
($0.001 Par Value; 500,000,000 Shares
Authorized; 292,735,578 and 259,644,578
shares issued and outstanding at June 30, 2010
and December 31, 2009, respectively) 292,736 259,645
Additional paid-in capital 5,333,834 5,244,770
Accumulated retained earnings 1,272,461 1,146,484
Accumulated comprehensive income 808,957 760,092
------------- -------------
Total Dragon Capital Group, Corp. 7,707,988 7,410,991
------------- -------------
Noncontrolling interest 1,277,997 1,058,105
------------- -------------
Total Equity 8,985,985 8,592,075
------------- -------------
Total Liabilities and Equity $ 16,307,761 $ 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 For the Six Months
Ended June 30, Ended June 30,
------------------------ ------------------------
2010 2009 2010 2009
----------- ----------- ----------- -----------
NET REVENUES $15,373,841 $14,983,463 $27,788,472 $26,899,809
COST OF SALES 14,711,412 14,149,147 26,336,251 25,447,767
----------- ----------- ----------- -----------
GROSS PROFIT 662,429 834,316 1,452,221 1,452,042
----------- ----------- ----------- -----------
OPERATING EXPENSES:
Selling expenses 186,090 359,373 435,514 568,706
Loss on disposition of
property and equipment 1,609 - 1,609 -
General and
administrative (72,287) 159,632 588,139 439,970
----------- ----------- ----------- -----------
Total Operating Expenses 115,412 519,005 1,025,262 1,008,676
----------- ----------- ----------- -----------
INCOME FROM OPERATIONS 547,017 315,311 426,959 443,366
----------- ----------- ----------- -----------
OTHER INCOME
Other income (expense) (7,762) 3,207 (7,762) 2,705
Interest income (expense) (128) 4,030 (9,161) (1,104)
----------- ----------- ----------- -----------
Total Other Income (7,890) 7,237 (16,923) 1,601
----------- ----------- ----------- -----------
INCOME BEFORE
DISCONTINUED
OPERATIONS, INCOME
TAXES AND
NONCONTROLLING INTEREST 539,127 322,548 410,036 444,967
DISCOUNTINUED OPERATIONS:
Loss on sale of Fomde
subsidiaries - - - (714,983)
Gain from discontinued
operations - - - 5,603
-----------
Total loss from
discontinued operations - - - (709,380)
-----------
INCOME (LOSS) BEFORE
INCOME TAXES AND
NONCONTROLLING INTEREST 539,127 322,548 410,036 (264,413)
INCOME TAXES (134,898) (100,684) (187,146) (175,382)
----------- ----------- ----------- -----------
NET INCOME (LOSS) 404,229 221,864 222,890 (439,795)
----------- ----------- ----------- -----------
Less: Net income
attributable to
noncontrolling interest (126,404) (97,374) (96,913) (114,194)
----------- ----------- ----------- -----------
NET (LOSS) INCOME
ATTRIBUTABLE TO DRAGON
CAPITAL GROUP, CORP. 277,825 124,490 125,977 (553,989)
=========== =========== =========== ===========
NET INCOME (LOSS)PER
COMMON SHARE:
Net (loss) income from
continuing and
discontinued
operations $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted commom shares
outstanding
- basic and diluted 291,622,941 259,644,578 286,699,512 259,644,578
AMOUNTS ATTRIBUTABLE TO
DRAGON CAPITAL GROUP,
CORP. COMMON
SHAREHOLDERS:
Income from continuing
operations, net of tax 277,825 124,490 125,977 155,391
Loss from discontinued
operations, net of tax - - - (709,380)
----------- ----------- ----------- -----------
Net income (loss) 277,825 124,490 125,977 (553,989)
=========== =========== =========== ===========
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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