SHANGHAI, April 1, 2014 /PRNewswire/ -- Dragon Capital
Group Corp. (OTC: DRGV), a holding company of emerging high-tech
companies in China, announced
today its financial results for the full year of 2013 ended
December 31, 2013.
Financial Highlights
For the full year of 2013, total revenues were $19.8 million with net income attributable to
Dragon Capital Group of $0.1 million
compared to total revenues of $20.3
million and net income attributable to Dragon Capital Group
of $0.3 million recorded in 2012.
The decrease in net income was mainly a result of increased
operating expenses at the Company's Shanghai Yazheng
subsidiary. While overall expenses did increase, gross
margins improved to 5.4% in 2013 compared to 5.1% in
2012. Income from operations totaled $0.3 million in 2013 as compared to $0.5 million in 2012. For the full year of
2013 Dragon Capital Group recorded net income of $0.1 million or $0.00 per basic and diluted share on 536.3
million weighted average shares outstanding as compared to net
income of $0.3 million or
$0.00 per basic and diluted share on
492.7 million weighted average shares outstanding in 2012.
Balance Sheet
At December 31, 2013, total assets were $9.8
million and shareholder equity was $7.5 million with
536.3 million weighted average shares outstanding.
At December 31, 2012, total assets were $9.1
million and shareholder equity was $7.0 million with
492.7 million weighted average shares outstanding. Working capital
increased to $8.1 million at December 31,
2013 compared to $7.5 million at December 31,
2012.
Commenting on the results for the full year of 2013, Mr.
Lawrence Wang, Chairman and CEO of
Dragon Capital Group, stated "While we are pleased with our
performance in 2013, we faced a very challenging domestic economy
in China that resulted in a slight
decline in revenue and net income for the year. We continued
with our efforts to move into mobile software applications and
expand our gas line software monitoring business to help us expand
our revenue and profit margins and we are confident this effort
will be rewarded in the future. We have also further improved
working capital and shareholder equity on our balance sheet to help
us position our company for success in 2014 and beyond for the
benefit of our stockholders."
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, 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
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:
Richard Galterio
U.S. Representative
Telephone: (954) 363-7333
Facsimile: (954) 363-7320
Email: info@dragoncapital.us
SOURCE Dragon Capital Group Corp.