SHANTOU, China,
May 14, 2014
/PRNewswire/ -- Big Tree Group, Inc. (OTCQB: BIGG), a
company that serves as a "one stop shop" for the
sourcing, distribution and specialty manufacturing of toys and
related products, announced today our financial
results for the full year of 2013 ended December 31, 2013.
Financial Highlights
For the full year of 2013, total revenues reached
$39.7 million, an increase of 17%
compared to total revenues of $33.9
million recorded in 2012.
The increase in sales was driven by a
$5.8 million dollar increase in sales
at our Shantou Big Tree Toys Co., Ltd.
Subsidiary.
Our Brunei subsidiary, Big Tree International Co.,
Ltd., continued to employ the strategy of building our customer
base for export sales of toys which resulted in our customer base
increasing from 259 customers in 2012 to 338 customers in
2013. Overall gross margins improved slightly to
10.6% in 2013 compared to 10.4% in 2012.
Operating expenses to support our business growth increased to
$2.6 million in 2013, up from
$1.9 million in 2012 due to increased
general and administrative expenses and to a lesser extent,
increased rent associated with the addition of our second showroom.
For the full year of 2013 we recorded net income of $0.5 million or
$0.05 per diluted share on 11.2
million weighted average shares outstanding as compared to net
income of $0.8 million or
$0.08 per diluted share as restated
on 10.1 million weighted average shares outstanding in
2012.
Balance Sheet
At December
31, 2013, total assets
were $11.4
million and shareholder equity
was $0.7
million. At December 31, 2012, total assets
were $8.7
million and shareholder equity
was $1.4
million as restated. Working capital was
$0.5
million at December
31, 2013 compared
to $1.2
million at December
31, 2012 as restated.
Commenting on our results for the full year of 2013, Mr.
Wei Lin, Chairman and CEO of Big
Tree Group, stated, "We are pleased with our performance in 2013 as
our efforts to increase our export toy sales through increasing our
customer base continued to gain momentum. We also achieved an
increase in gross margins when compared to 2012 and a slight rise
in operating income. We intend to continue to
build our customer base to achieve further sales expansion in 2014
and believe our business model will enable us to achieve
significant growth in the coming years for the benefit of our
stockholders."
About Big Tree Group, Inc.
Big Tree Group, Inc., headquartered in Shantou,
China, a city known in the toy
industry as the premier location for toy manufacturing in
China, serves
as a "one stop shop" for the sourcing and distribution of
toys and related products. We act as an
authorized agent for over 8,000 toy manufacturers in China offering in excess of 300,000 varieties
of toy products including remote control toys, digital toys, sports
toys, play sets, educational toys, dolls, and infant
toys. We showcase these products at our two
expansive showrooms in Shantou where we also facilitate orders and
combine shipments to destinations across the
globe. Customers can also order via our website
knowing that the products we represent have undergone rigorous
quality control tests at our in-house testing
facility. Additionally, we market a line of
proprietary construction toys known as the Big Tree -Magic Puzzle,
which we sell on our websites as well as through domestic retail
store channels.
For more information about the company, please visit
http://www.bigtreegroup.net
DISCLOSURE NOTICE:
In connection with the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, Big Tree Group,
Inc., 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. This press release is qualified in
its entirety by the cautionary statements and risk factor
disclosure contained in our Securities and Exchange Commission
filings, including our Annual Report on Form 10-K for the fiscal
year ended December 31,
2013.
Contact:
US Representative
Tel: (954) 363-9333, Ext. 316
Email: IR@bigtreegroup.net
SOURCE Big Tree Group, Inc.