FUZHOU, China, Nov. 13, 2012 /PRNewswire/ -- China Yida Holding
Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a
diversified tourism and entertainment enterprise in China, today announced financial results for
the third quarter ended September 30,
2012.
Third Quarter 2012 Results
- Total net revenue was $6.3
million, a decrease of 43.6% compared to $11.2 million in the year-ago period
- Net revenue from the tourism business was $3.2 million, an increase of 9.3% year over year,
with a gross margin of 48.7%
- Net revenue from the media business was $3.2 million, a decrease of 61.9% year over year,
with a gross margin of 61.0%
- Gross profit was $3.5 million, a
decrease of 54.8% compared to $7.7
million in the year-ago period
- Operating income was $0.3 million
compared to $4.9 million in the third
quarter of 2011.
- Net loss attributable to China Yida Holding Company was
$1.0 million, compared to net income
attributable to China Yida Holding Company of $3.2 million in the year-ago period
- Fully diluted loss was $0.05 per
share compared to earnings $0.16 per
share in the year-ago period
"We saw a solid level of tourist traffic to two of our key
tourist destinations in the third quarter which drove a modest rise
in revenue in our tourism segment. However, the quarter
marked the expected contraction of our media business, which
experienced the full effects of regulations that seriously hamper
the means and mode of advertising. As a result, we reported a
loss in the quarter and anticipate an eventual further move away
from this business segment. Most important, we are committed
to our vision of creating a preëminent tourist company and
therefore continue to focus our efforts on developing an array of
attractive tourist destinations," commented Dr. Minhua Chen, Chairman and Chief Executive
Officer of China Yida.
"We are especially pleased to see that visitor traffic to Great
Golden Lake has stabilized with the site's full recovery and that
visitor traffic to Yunding Park has begun to grow. Further,
we believe that both tourist destinations have substantially
greater visitor potential once ongoing road access issues are
resolved," CEO Chen continued. "The development of our three new
properties is largely on schedule and we expect to commence
operation of these new tourist destinations during the first half
of 2013. Given that the fundamentals in China's tourism market remain strong, we are
confident that our tourism segment can achieve continued growth and
that our strategy of developing distinctive and varied tourist
destinations will succeed in the long run."
Third Quarter 2012 Results
Total consolidated net revenue for the Company's two business
segments, Tourism and Media, was $6.3
million in the third quarter of 2012, a decrease of 43.6% as
compared to $11.2 million in the
year-ago quarter. A review of each business segment follows.
Tourism Business
Net revenue from the tourism business was $3.2 million, an increase of 9.3% as compared to
$2.9 million in net revenue in the
third quarter of 2011. The increase was primarily attributable to
an increasing number of tourists visiting both the Great Golden
Lake and Yunding Recreational Park tourist destinations, partially
offset by the continued downturn at the Hua'An Tulou site. Gross
margin from the tourism business was 48.7% in the third quarter,
compared to 51.8% in the year-ago quarter, but it improved
sequentially from 43.8% in the second quarter of 2012.
The total number of visitors that entered the Great Golden Lake
during the third quarter of 2012 was approximated 114,000 as
compared to 110,000 in the same period of last year, and up
sequentially from 86,000 in the second quarter of 2012. The site
generated approximately $2.0 million
in revenue in the third quarter, up 9.7% from the comparable
year-ago quarter. The Company believes that visitor traffic to the
Great Golden Lake is gradually improving and expects additional
potential for growth once a new road that affords main access to
the site is completed.
Yunding Recreational Park attracted 34,000 visitors in the third
quarter of 2012, a solid increase from the 14,000 visitors in the
third quarter of 2011. As compared to the second quarter of
2012, visitor traffic decreased by 14,000 as a result of ongoing
road construction and unfavorable weather conditions. The site
generated approximately $0.9 million
in revenue in the third quarter of 2012, more than double the
amount generated in the comparable year-ago quarter. The increase
in visitors and revenue at Yunding for the quarter is primarily
attributable to enhanced marketing efforts of the Company's travel
agency.
The Hua'An Tulou tourist destination received approximately
18,000 visitors, compared to 50,000 visitors in the comparable
year-ago quarter, and 20,000 visitors in the second quarter of
2012. The decrease was mainly due to tough market competition from
two nearby Tulou clusters in Fujian
Province. Hua'An Tulou generated approximately $0.3 million in revenue in the third quarter of
2012, a decrease from $0.7 million in
the comparable year-ago quarter.
Media Business
Net revenue from the media business in the third quarter of 2012
was $3.2 million, a decrease of 61.9%
from the $8.3 million posted in the
comparable period a year ago. Fujian Education Television Channel
("FETV") experienced a 60.3% fall in revenue in the quarter year
over year to an estimated $3.1
million due to actions by domestic media authorities
restricting the broadcasting manner and content of TV advertising.
The restricting content of TV advertising included shopping
programs, min ads and certain medical advertisements. Revenue from
the Company's train media business was an estimated $0.1 million for the third quarter of 2012 as
compared to $0.6 million for the
third quarter of 2011, as a majority of advertising clients
terminated their purchases due to the absence of an automatic
broadcasting and monitoring system. The decrease in revenue is in
line with the Company's expectation and further decreases may occur
in the next few quarters.
Gross margin for the media business was 61.0% for the third
quarter of 2012, as compared to 74.3% in the comparable year-ago
quarter. The decrease in gross margin was primarily attributable to
the substantial fall-off in revenue at FETV.
Consolidated Operating Results
Gross profit for China Yida's consolidated operations was
$3.5 million in the third quarter of
2012, representing a gross profit margin of 54.8%, compared to
gross profit of $7.7 million and a
gross margin of 68.5% for the comparable period of 2011.
Total operating expenses increased by 12.8% to $3.1 million in the third quarter of 2012,
compared with $2.8 million in the
third quarter of 2011. This increase was primarily attributable to
a 31.8% jump in selling expenses, which increased from $1.6 million to $2.1
million, due to higher marketing and operating expenses at
Yunding Park compared to the same period last year. Operating
income decreased by 93.0% to $0.3
million in the third quarter of 2012 compared with
$4.9 million in the year ago
quarter.
Net loss attributable to China Yida Holding Company for the
third quarter of 2012 was $1.0
million, or $0.05 per diluted
share, as compared with net income of $3.2
million, or $0.16 per diluted
share, for the third quarter of 2011.
Nine Month Results
Total net revenue decreased by 36.8% to $21.5 million for the nine months ended
September 30, 2012, compared with
$34.0 million for the nine months
ended September 30, 2011. Net revenue
from advertising decreased by 47.0% to $14.1
million, compared with $26.7
million for the nine months ended September 30, 2011. Net revenue from the tourism
business increased by 0.6% to $7.3
million for the nine months ended September 30, 2012.
Gross profit for the first nine months of 2012 decreased 45.1%
year over year to $12.9 million from
$23.4 million in the first nine
months of 2011. The gross margin for the first nine months of 2012
was 59.9% as compared to 69.0% in the year-ago period. Operating
income decreased by 71.2% to $4.7
million in the first nine months of 2012, compared with
$16.2 million in the first nine
months of 2011.
Net income attributable China Yida Holding Company for the nine
months ended September 30, 2012 was
$1.3 million, or $0.06 per fully diluted share, as compared to net
income of $10.7 million, or
$0.54 per share, for the comparable
period of 2011.
Financial Condition
As of September 30, 2012, the
Company had $8.4 million in cash and
cash equivalents, up from $5.7
million as of fiscal year end 2011. Working capital was a
negative $4.4 million due to an
increased level of both short-term loans and the current portion of
long-term debt. As of September 30,
2012, the Company had total debt of $40.8 million out of which short term loans
comprise $4.1 million and the current
portion of its long-term debt is $6.9
million. Shareholders' equity was $159.4 million at the end of the third quarter of
2012 as compared to $157.9 million at
the end of 2011.
China Yida generated $0.6 million
in cash flow from operating activities in the third quarter of 2012
and spent $4.5 million on investing
activities. The Company received $1.6
million in proceeds from short-term bank loans in the third
quarter of 2012 to fund the development of its tourism
destinations.
Business Update
The Company experienced reasonably good attendance at its Great
Golden Lake and Yunding Recreation Park tourist destinations in the
third quarter of 2012 attributable to the summer tourism season and
despite still-difficult road access to both sites. Tourist traffic
to the Great Golden Lake increased by approximately 32.6% from the
previous quarter although the road to Shangqing River is still
under construction and visitors must now use a rougher, more
difficult road. It is anticipated that the road construction
by the local government will be completed in the first half of
2013. The natural view and tourism facilities at the Great
Golden Lake destination have now fully recovered from the severe
summer floods of 2010.
Yunding Recreational Park continued to see strong progress as
tourist traffic was up in the third quarter of 2012, almost two and
a half times the level seen in the comparable year-ago
quarter. However, tourist traffic is still below that of
Yunding's designed capacity since the site is also hampered by poor
road access. However, the new expressway connecting
Fuzhou to Yongtai Town is being
built by the local government and is expected to be completed by
the first half of 2013. In the meantime, Management has been
enhancing its marketing efforts as well as developing second-stage
entertainment attractions to further enrich tourists' visiting
experience. The Company plans to put its recently constructed guest
cottages into operation in mid-November of 2012 which will enable
visitors to extend their stay at Yunding. The two new restaurants
in Gorges are currently in operation and valley rafting facilities
began trial operation at the site in conjunction with the season
from June to October. In addition, the camping center and
shopping plaza are both under development and are expected to roll
out in the first half of 2013.
The increase in tourism segment revenue at both the Great Golden
Lake and Yunding Recreational Park was partially offset by the
decrease in revenue at the Hua'An Tulou tourism destination,
attributable to strong competition among the homogeneous tourism
destinations, Nanjing Tulou Cluster and Yongding Tulou
Cluster. The Company plans upon utilizing its travel agency
to promote the site as well as offer more promotions in Xiamen
City. China Yida's tourism marketing center designs and
executes proactive marketing strategies that include developing
creative and constructive relationships with travel agencies and
explores new markets for its tourist destinations.
As of September 30, 2012, China
Yida has made significant progress in the development of its three
new tourism destinations, Ming Dynasty Entertainment World in
Bengbu City, Anhui province,
China Yang-sheng (Nourishing Life)
Paradise in Zhangshu City, Jiangxi
province, and the City of Caves in Fenyi City, Jiangxi province. The development and
construction of these new tourist destinations are in line with the
Company's schedule. In the first nine months of 2012, the Company
invested approximately $4.6 million
in the acquisition of land use rights, approximately $9.5 million in the construction of tourism
facilities and $1.2 million in the
planning and design for these new tourist destinations.
Management believes that it can finance all of its ongoing
capital expenditures from cash on hand, cash from operations and
bank loans secured against its land bank. China Yida carefully
reviews its capital expenditures on a regularly basis. Although
interest expense were significant in the third quarter, the Company
still generated over $10 million in
operating cash flow as of September 30,
2012, which it believes is sufficient to meet its repayment
obligations. In addition, the Company has ample credit facilities
because local banks remain positive as to the Company's future
prospects.
Entering 2012, new construction and development was adversely
affected by more-than-normal rainy days. However, the Company will
undertake its best efforts to complete Phase I construction of
these new projects and expects to commence operation of the two new
tourist destinations in Jiangxi
province by the first half of 2013 and the other one in
Anhui province by the second half
of 2013.
In terms of its media segment, the Company has previously
disclosed that due to strict regulations on certain types of TV
advertising, it expects that FETV's advertising revenue may
continue to decline further in the quarters ahead. The Company now
expects that it may have to discontinue the FETV business when the
contract is due in July 2013.
Beginning on January 1, 2012, the
State Administration of Radio Film and Television (SARFT)
disallowed any commercial advertisements that are inserted in the
midst of certain TV programming with the result that ad time is now
minimized and only able to be inserted at a program's end. In
addition, the Company also expects that in the near future, it is
highly likely that it will discontinue its train media business
which generates minimal revenue, though such timing has not yet
been determined.
The Company's strategic plan is to transition from what is
currently a media and tourism company to one that is primarily a
tourist company, where revenues derived from its tourism properties
account for an ever-increasing percentage of its total
revenues. China Yida foresees diverse revenue streams
emanating from its tourist properties which the Company expects
will drive a sustainable level of revenue and earnings growth.
Conference Call
China Yida will conduct a conference call at 9:00 a.m. Eastern Time (ET) on Tuesday, November 13, 2012, to discuss its
financial results for the third quarter ended September 30, 2012. To participate in the live
conference call, please dial any of the following numbers five to
ten minutes prior to the scheduled conference call time.
Toll-Free Dial-In Number:
US
866-395-5819
China, Domestic 400-682-8609
Hong
Kong 800-966-253
Singapore 800-101-1512
International callers can also dial +1-706-643-6986.
The Conference ID for this call is 64152056.
If you are unable to participate in the call at this time, a
replay will be available for two weeks starting on Tuesday, November 13, 2012 at 12:00 p.m. ET. To access the replay, dial
855-859-2056 or 404-537-3406, international callers dial
+1-800-585-8367. The Conference ID is 64152056.
About China Yida
China Yida is a leading tourism and media enterprise focused on
China's fast-growing leisure industry and headquartered in
Fuzhou City, Fujian province of China. The Company
provides tourism management services and specializes in the
development, management and operation of natural, cultural and
historic scenic sites.
China Yida currently operates the Great Golden Lake tourist
destination (Global Geopark), Hua'An Tulou tourist destination
(World Culture Heritage) and China Yunding Park (National
Park). China Yida is also developing three additional tourism
projects, Ming Dynasty Entertainment World, China Yang-sheng (Nourishing Life) Tourism
Project and the City of Caves.
The Company's media business provides operations management
services including content and advertising management for the
Fujian Education Television Station ("FETV"), and "Journey through
China on the Train", an advertisement-embedded travel
program.
For further information, please contact the Company directly, or
visit its Web site at http://www.yidacn.net.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of China Yida Holding Co., Inc. (the
"Company") to be materially different from those expressed or
implied by such forward-looking statements. The Company's future
operating results are dependent upon many factors, including but
not limited to: (i) the Company's ability to obtain sufficient
capital or a strategic business arrangement; (ii) the Company's
ability to build and maintain the management and human resources
and infrastructure necessary to support the anticipated growth of
its business; (iii) competitive factors and developments beyond the
Company's control; and (iv) other risk factors discussed in the
Company's periodic filings with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
Contact:
|
China Yida
Holding
|
CCG
Investor
Relations
|
Jocelyn
Chen
|
Crocker
Coulson, President
|
Phone: +86
591
28082230
|
Phone: +
(1) 646-213-1915
|
Email:
ir@yidacn.net
|
Email:
Crocker.Coulson@ccgir.com
|
FINANCIAL TABLES FOLLOW
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
September 30,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(UNAUDITED)
|
|
(AUDITED)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash equivalents
|
$
|
8,416,253
|
$
|
5,684,847
|
Accounts receivable
|
|
227,674
|
|
129,849
|
Other receivables, net
|
|
625,786
|
|
4,940,389
|
Advances and prepayments
|
|
1,639,287
|
|
1,881,427
|
Repayment – current portion
|
|
363,307
|
|
207,117
|
Total current
assets
|
|
11,272,307
|
|
12,843,629
|
|
|
|
|
|
Property and equipment, net
|
|
140,451,891
|
|
110,593,580
|
Construction in progress
|
|
3,415,337
|
|
25,964,029
|
Intangible assets, net
|
|
44,887,717
|
|
32,355,010
|
Long-term prepayments
|
|
4,819,210
|
|
12,758,763
|
Deferred tax assets
|
|
-
|
|
104,078
|
Total assets
|
$
|
204,846,462
|
$
|
194,619,089
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short-term loans
|
$
|
4,114,575
|
$
|
943,619
|
Long-term debt, current portion
|
|
6,871,340
|
|
3,761,894
|
Accounts payable
|
|
24,827
|
|
91,385
|
Current obligation under airtime rights commitment
|
|
2,206,033
|
|
2,359,169
|
Accrued expenses and other payables
|
|
2,080,927
|
|
638,175
|
Taxes payable
|
|
391,767
|
|
1,223,528
|
Deferred tax liabilities – current
|
|
-
|
|
67,644
|
Total current
liabilities
|
|
15,689,469
|
|
9,085,414
|
|
|
|
|
|
Long-term obligation under airtime rights commitment
|
|
-
|
|
1,548,928
|
Long-term debt
|
|
29,769,855
|
|
26,040,732
|
Total
liabilities
|
|
45,459,324
|
|
36,675,074
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
Preferred
stock ($0.001 par value, 10,000,000 shares authorized, none issued
and outstanding)
|
|
-
|
|
-
|
Common
stock ($0.0001 par value, 100,000,000 shares authorized, 19,571,785
and 19,551,785 issued and outstanding as of September 30, 2011 and
December 31, 2011, respectively)
|
|
19,571
|
|
19,551
|
Additional
paid in capital
|
|
49,148,049
|
|
49,111,569
|
Accumulated other comprehensive income
|
|
13,426,488
|
|
12,484,116
|
Retained
earnings
|
|
88,975,816
|
|
87,715,182
|
Statutory
reserve
|
|
2,549,330
|
|
2,549,330
|
Total
China Yida Holding. Co. Stockholders' Equity
|
|
154,119,254
|
|
151,879,748
|
Non-controlling interest
|
|
5,267,884
|
|
6,064,267
|
Total
stockholders' equity
|
|
159,387,138
|
|
157,944,015
|
Total
liabilities and stockholders' equity
|
$
|
204,846,462
|
$
|
194,619,089
|
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND
OTHER
COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
Nine months ended September
30,
|
|
Three
months ended September June 30
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Net
revenue
|
|
|
|
|
|
|
|
|
Advertisement
|
$
|
14,126,023
|
$
|
26,675,830
|
$
|
3,168,963
|
$
|
8,322,439
|
Tourism
|
|
7,340,957
|
|
7,299,124
|
|
3,152,618
|
|
2,885,042
|
|
|
|
|
|
|
|
|
|
Total
net revenue
|
|
21,466,980
|
|
33,974,654
|
|
6,321,581
|
|
11,207,481
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
Advertisement
|
|
4,227,122
|
|
6,847,683
|
|
1,236,714
|
|
2,141,129
|
Tourism
|
|
4,377,807
|
|
3,681,633
|
|
1,618,473
|
|
1,389,869
|
|
|
|
|
|
|
|
|
|
Total
cost of revenue
|
|
8,604,929
|
|
10,529,316
|
|
2,855,187
|
|
3,530,998
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
12,862,051
|
|
23,445,338
|
|
3,466,394
|
|
7,676,483
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
4,751,736
|
|
3,704,622
|
|
2,104,616
|
|
1,596,304
|
General and administrative expenses
|
|
3,443,661
|
|
3,543,764
|
|
1,019,861
|
|
1,174,569
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
8,195,397
|
|
7,248,386
|
|
3,124,477
|
|
2,770,873
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
|
4,666,654
|
|
16,196,952
|
|
341,917
|
|
4,905,610
|
|
|
|
|
|
|
|
|
|
Other
income (expense)
|
|
|
|
|
|
|
|
|
Other expense, net
|
|
(191,870)
|
|
(41,430)
|
|
(77,203)
|
|
(23,648)
|
Interest income
|
|
32,218
|
|
75,358
|
|
11,645
|
|
27,942
|
Interest expenses
|
|
(990,189)
|
|
(228,212)
|
|
(870,698)
|
|
(26,454)
|
|
|
|
|
|
|
|
|
|
Total other expenses
|
|
(1,149,841)
|
|
(194,284)
|
|
(936,256)
|
|
(22,160)
|
|
|
|
|
|
|
|
|
|
Income
(Loss) before income tax and non-controlling
interest
|
|
3,516,813
|
|
16,002,668
|
|
(594,339)
|
|
4,883,450
|
|
|
|
|
|
|
|
|
|
Less:
Provision for income tax
|
|
2,457,792
|
|
5,433,442
|
|
451,471
|
|
1,715,696
|
|
|
|
|
|
|
|
|
|
Net
income (Loss)
|
|
1,059,021
|
|
10,569,226
|
|
(1,045,810)
|
|
3,167,754
|
|
|
|
|
|
|
|
|
|
Net
loss attributed to non-controlling interest
|
|
201,613
|
|
84,015
|
|
70,399
|
|
40,852
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to China Yida Holding Co.
|
|
1,260,634
|
|
10,653,241
|
|
(975,411)
|
|
3,208,606
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
Foreign
currency translation gain (loss)
|
|
980,614
|
|
5,005,563
|
|
(253,430)
|
|
1,741,244
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
$
|
2,039,635
|
$
|
15,574,789
|
$
|
(1,299,240)
|
$
|
4,908,998
|
|
|
|
|
|
|
|
|
|
Compehensive loss attributable to non-controlling
interest
|
|
163,371
|
|
84,678
|
|
79,962
|
|
41,469
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to China
Yida Holding Co.
|
$
|
2,023,006
|
$
|
15,659,467
|
$
|
(1,219,278)
|
$
|
4,950,467
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
-
Basic
|
$
|
0.06
|
$
|
0.54
|
$
|
(0.05)
|
$
|
0.16
|
-
Diluted
|
$
|
0.06
|
$
|
0.54
|
$
|
(0.05)
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
-
Basic
|
|
19,561,240
|
|
19,551,785
|
|
19,571,785
|
|
19,551,785
|
-
Diluted
|
|
19,561,240
|
|
19,561,621
|
|
19,571,785
|
|
19,555,436
|
|
|
|
|
|
|
|
|
|
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(UNAUDITED)
|
|
|
|
For the
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
1,059,021
|
$
|
10,569,226
|
|
Adjustments to reconcile net income to net cash
provided
|
|
|
|
|
|
by
operating activities:
|
|
|
|
|
|
Depreciation
|
|
3,053,498
|
|
2,599,852
|
|
Amortization
|
|
1,845,015
|
|
2,718,586
|
|
Stock based compensation
|
|
36,500
|
|
576,536
|
|
Deferred tax
|
|
36,434
|
|
51,914
|
|
Amortization of financing
costs
|
|
|
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
(97,174)
|
|
(106,811)
|
|
Other receivables, net
|
|
3,718,652
|
|
(319,681)
|
|
Advances and prepayments
|
|
254,323
|
|
282,239
|
|
Accounts payable
|
|
(67,241)
|
|
(1,098,386)
|
|
Accrued expenses and other
payables
|
|
1,441,158
|
|
1,539,620
|
|
Taxes payable
|
|
(840,807)
|
|
(544,244)
|
|
Net cash provided by operating
activities
|
|
10,619,976
|
|
16,268,581
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
Additions to property and equipment
|
|
(9,103,497)
|
|
(5,823,616)
|
|
Additions to construction in
progress
|
|
(416,744)
|
|
(2,718,003)
|
|
Additions
to intangible asset
|
|
(4,639,247)
|
|
(11,988,896)
|
|
Proceeds
from disposal of intangible asset
|
|
|
|
2,080,636
|
|
Increase to long-term prepayments for
acquisition of
|
|
|
|
|
|
Property, equipment and land use
rights
|
|
(1,185,197)
|
|
(2,778,112)
|
|
Net cash used in investing
activities
|
|
(15,344,685)
|
|
(21,227,991)
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
Repayment of loan from non-controlling
interest
|
|
-
|
|
2,712,533
|
|
Repayment of obligation under airtime rights
commitment
|
|
(1,729,368)
|
|
(1,400,069)
|
|
Payment of deferred financing costs
|
|
(674,645)
|
|
-
|
|
Proceeds from short-term loans
|
|
3,170,326
|
|
|
|
Proceeds of long-term loans
|
|
9,510,977
|
|
10,788,484
|
|
Repayment of long-term loans
|
|
(2,847,632)
|
|
(246,594)
|
|
Net cash provided by financing
activities
|
|
7,429,658
|
|
11,854,354
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON
CASH
|
|
26,457
|
|
317,307
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
|
|
2,731,406
|
|
7,212,251
|
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD
|
|
5,684,847
|
|
7,146,684
|
CASH AND CASH EQUIVALENTS, ENDING OF
PERIOD
|
$
|
8,416,253
|
$
|
14,358,935
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
|
|
Non-cash investing and financing
activities:
|
|
|
|
|
|
Transfer from
construction in progress to property and
equipment
|
$
|
23,165,538
|
$
|
-
|
|
Transfer from advances
and prepayments to intangible
assets
|
$
|
9,556,747
|
$
|
-
|
|
Cash
paid during the period for:
|
|
|
|
|
|
Income
tax
|
$
|
3,199,743
|
$
|
5,830,819
|
|
Interest
|
$
|
2,303,355
|
$
|
691,035
|
The notes in the Company's 2012 10-Q
are an integral part of these consolidated financial
statements.
SOURCE China Yida Holding Company