SHANGHAI, CHINA — (Marketwired) — 06/10/13 — Dragon Capital Group Corp. (OTC Pink: DRGV), a holding company of emerging high-tech companies in China, announced today our financial results for the full year of 2012 ended December 31, 2012.
Financial Highlights
For the full year of 2012, total revenues were $20.3 million with net income attributable to Dragon Capital Group of $0.6 million compared to total revenues of $21.9 million and a net loss attributable to Dragon Capital Group of ($1.3 million) recorded in 2011. The improvement in net operating results was mainly due to one-time losses related to the sale of two discontinued subsidiaries in 2011 and a 24% reduction in operating expenses in 2012. While overall gross margins were 5.1% in 2012 compared to 5.6% in 2011, both selling expenses and operating expenses as a percentage of revenue declined in 2012 compared to 2011. This resulted in income from operations totaling $0.5 million in both periods. For the full year of 2012 we recorded net income of $0.6 million or $0.00 per basic and diluted share on 492.7 million weighted average shares outstanding as compared to a net loss of ($1.3 million) or ($0.00) per basic and diluted share on 337.8 million weighted average shares outstanding in 2011.
Balance Sheet
At December 31, 2012, total assets were $9.1 million and shareholder equity was $7.0 million. At December 31, 2011, total assets were $8.3 million and shareholder equity was $5.9 million. Working capital increased to $7.5 million at December 31, 2012 compared to $6.7 million at December 31, 2011.
Commenting on our results for the full year of 2012, Mr. Lawrence Wang, Chairman and CEO of Dragon Capital Group, said, “We are very pleased to have returned to profitability in 2012. We are equally pleased with our efforts to reduce operating expenses in a very challenging environment in China. We believe that our plan to move into mobile software applications and gas line software monitoring will help to launch our company into higher margin opportunities in fast growing business sectors. We look forward to building on 2012 with continued growth in operations in 2013 as we position our company for success in the coming years for the benefit of our stockholders.”
Dragon Capital Group Corp. (OTC Pink: 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
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.
Dore Perler
U.S. Representative
Telephone: (954) 232-5363
Facsimile: (954) 726-2022
Email:
You must be logged in to post a comment Login