Dragon Capital Group, Corp. Reports Financial Results for the First Nine Months of 2012 Ended September 30, 2012
12 Décembre 2012 - 3:56PM
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 first nine months of 2012
ended September 30, 2012.
Financial Highlights:
Revenue for the first nine months of 2012 was $15.1 million as
compared to $15.7 million recorded in of the same period of 2011.
While overall revenue narrowly declined in the first nine months of
2012, operating income improved to $319,000 up from $293,000
recorded in the comparable period of 2011. The improvement in
operating income was largely the result of a reduction in selling
expenses as well as general and administrative expenses. Net income
attributable to Dragon Capital Group for the first nine months of
2012 was $143,000 as compared to a net loss of $1.5 million
recorded in the first nine months of 2011. In addition to the
improvement in income from operations, the overall increase in net
income was largely attributable to a $1.7 million loss recorded in
the first nine months of 2011 on the sale of two subsidiary
companies in January of 2011.
Balance Sheet
At September 30, 2012, total assets were $8.6 million with $8.3
million in current assets. This compares to total assets of $8.3
million with $8.0 million in current assets at December 31, 2011.
At September 30, 2012, shareholder equity improved to $7.2 million
with working capital of $5.8 million compared to shareholder equity
of $7.0 million with working capital of approximately $5.7 million
at December 31, 2011.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "While
we have experienced some softness in overall revenue thus far in
2012 we have worked to bring our expenses in line which has
resulted in an improvement in our operating income and overall
bottom line. We continue to position our subsidiaries for growth
and we believe we will see improvement in top and bottom line
performance as we move into 2012. We intend to expand our sales
efforts in the coming quarters as well as look to opportunistically
grow through synergistic acquisitions. We are confident that our
company is again on the right path to resume a strong growth track
in the coming years for the benefit of our stockholders."
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
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: Dore Perler Pearl Group Advisors
Inc. Telephone: (954) 232-5363 Facsimile: (954) 726-2022 Email:
Dore@PearlGroupAdvisors.com
Dragon Capital (PK) (USOTC:DRGV)
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