SHANGHAI, China, Jan. 5, 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 third quarter and the first
nine months of 2014 ended September 30,
2014.
Financial Highlights
For the third quarter of 2014, total revenues were $5.0 million compared to revenues of $4.8 million recorded in the third quarter of
2013. Gross margins improved to 5% in the second quarter of 2014
compared to gross margins of 4% in the third quarter of 2013.
Income from continuing operations in the quarter was $160,874 compared to income from continuing
operations of $85,763 recorded in the
third quarter of 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
the third quarter of 2014 was $329,700 inclusive of a ($3,356) loss from discontinued operations
compared to net income attributable to Dragon Capital Group of
$38,942 inclusive of a ($9,159) loss from discontinued operations. In
the third quarter of 2014 the Company's operations resulted in a
income of $0.00 per basic and diluted
share on 896.4 million weighted average shares outstanding compared
to earnings per basic and diluted share of $0.00 on 492.7 million weighted average shares
recorded in the third quarter of 2013.
For the first nine months of 2014 total revenues were
$14.3 million compared to
$14.1 million in the first nine
months of 2013. For the first nine months of 2014 the Company's
operations resulted in a net income attributable to Dragon Capital
Group of $210,537, inclusive of a
($117,904) loss from discontinued
operations. This compared to net income of $158,378 inclusive of a ($15,155) loss from discontinued operations
recorded in the first nine months of 2013. Earnings per basic and
diluted share for the first nine months rounded to $0.00 in both periods on 896.4 million and 492.7
weighted average shares respectively.
Balance Sheet
On September 30, 2014, total
assets were $10.2 million and
shareholder equity was $8.6 million
with 896.4 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 $8.5 million on September
30, 2014 compared to $8.1
million at December 31,
2013.
Commenting on our results for the third quarter of 2014, Mr.
Lawrence Wang, Chairman and CEO of
Dragon Capital Group, "We are seeing a slight improvement in our
revenue in the last quarter 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 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 the coming quarters 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.
