FUZHOU, China, Nov. 17 /PRNewswire-Asia-FirstCall/ -- China Yida Holding Company (OTC Bulletin Board: CNDH) ("China Yida" or the "Company"), a leading diversified entertainment and media enterprise in China, today announced its unaudited financial results for the third quarter ended September 30, 2009.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20091012/CNM039LOGO )

    Third Quarter 2009 Highlights
    -- Total net revenue increased 79.3% to $14.0 million, compared to $7.8
       million in the third quarter of 2008
    -- Net revenue from the tourism business increased 176.3% year over year
       to $5.5 million, with a gross margin of 88.9%
    -- Net revenue from the media business increased 46.0%  year over year to
       $8.5 million, with a gross margin of 75.1%
    -- Gross profit grew 98.8% to $11.3 million, compared to $5.7 million in
       the same period last year
    -- Operating income grew 87.7% to $9.5 million, compared to $5.1 million
       in the third quarter of 2008
    -- Net income increased 45.6% to $7.1 million, compared to $4.9 million in
       the same period last year
    -- Fully diluted EPS increased 42.9% to $0.40 per share, compared to $0.28
       in the third quarter of 2008

Dr. Chen Minhua, Chairman and Chief Executive Officer of China Yida, stated, "We are very pleased to report another quarter of record results, and we particularly delighted with the traction we are getting from our tourism business, which delivered triple-digit year-over-year growth in the third quarter. As we enter the fourth quarter we continue to be excited about the opportunities to continue our rapid and profitable growth. As we announced recently, on October 1, 2009 we opened the Shangping Tulou cluster to visitors as a part of Hua'An Tulou, which brought in 11,000 visitors during this National holiday, compared to 52,000 visitors to the more established Great Golden Lake destination during the same period. We expect attendance and revenue contribution at existing and newly opened tourist attractions to continue to grow driven by our marketing efforts nationwide. Our advertising business also experienced strong growth this quarter driven by increase in demand for airtime at our FETV broadcasting station. Finally, we are also pleased with the progress we made with our 'Journey through China on a Train' infomercial as we continued to expand the number of rail lines and trains where our railway on-board programs are shown. This is an important part of our strategy to ensure that we can raise awareness about our tourism destinations all over the China."

Third Quarter 2009 Results

Total net revenue increased by 79.3% to $14.0 million, compared with $7.8 million in the third quarter of 2008.

Tourism Business

Net revenue from the tourism business increased 176.3% to $5.5 million, compared with $2.0 million in the third quarter of 2008. Cost of revenue from the tourism business, mainly consisting of Chinese business tax at a rate of 5% and depreciation of fixed assets at tourism destinations, was $0.6 million, down 32.2% from $0.9 million in the same period of last year. Gross margin from the tourism business was 88.9% for the third quarter of 2009, compared to 54.8% a year ago.

During the third quarter of 2009, the total number of visitors that entered the Great Golden Lake was around 161,000, an increase of 85%, compared with 87,000 in the same period of last year. Revenue from the Great Golden Lake totaled $4.9 million for the third quarter of 2009.

Subsequent to the end of the quarter China Yida registered a record number of visitors to the Great Golden Lake during China's National Holiday between October 1, 2009 and October 8, 2009. The site received a total of 52,000 visitors during the eight-day period, an increase of 13% compared with 46,000 in the same period of last year. In addition, on October 1, 2009 China Yida opened to visitors the Shangping Tulou cluster, part of Hua'An Tulou's World Heritage tourism destination. Tulou received 11,000 visitors during the National Holiday. The Company expects to attract 160,000 visitors in 2010 to this destination.

Media Business

Net revenue from the media business grew 46.0% to $8.5 million, compared with $5.8 million in the same period of last year. This increase was due to organic growth from advertising sales which resulted from the steady growth of FETV's audience rating which led to higher airtime sales. Cost of revenue from the media business, mainly including Chinese business tax at a rate of 8.5%, procurement cost for TV programs and depreciation of media equipment, was $2.1 million, up 71.0% from $1.2 million in the same period of last year. Gross margin for the media business was 75.1% for the third quarter of 2009, representing a slight decrease from 78.7% a year ago.

FETV's advertising time is sold mainly through about 15 advertising agencies, which are long-term partners. The three largest distributors account for 19% of FETV's revenues in total.

As of November 10, 2009, "Journey through China on the Train", Yida's railway on-board tourist infomercial program, is shown on 32 railroad lines including 27 high-speed railroad lines.

Gross profit for China Yida's consolidated operations was $11.3 million in the third quarter of 2009, representing a gross margin of 80.5%, compared to $5.7 million and 72.6 % for the comparable period of 2008.

Total operating expense increased by 195.6% to $1.7 million in the third quarter of 2009, compared with $0.6 million in the third quarter of 2008. Selling expenses for the three months ended September 30, 2009 rose 564.9% to $927,679 from $139,524 for the comparable period of 2008. The increase in selling expenses was driven by the higher maintenance cost at Great Golden Lake as a result of growing visitors there. General and administrative expenses increased 79.6% year over year to $0.8 million, which was in line with the Company' s business expansion and revenue growth.

Operating income increased by 87.7% to $9.5 million, compared with $5.1 million a year ago. Operating margin for the third quarter of 2009 was 68.2%, compared with 65.1% for the third quarter of 2008.

Net income for the third quarter of 2009 was $7.1 million, or $0.40 per diluted share, an increase of 45.6%, compared with a net income of $4.9 million, or $0.28 per diluted share, in the third quarter of 2008.

Nine Months Results

Total net revenue increased by 71.4% to $36.7 million, compared with $21.4 million for the nine months ended September 30, 2008. Net revenue from advertising increased by 35.5% to $23.0 million, compared with $16.9 million for the nine months ended September 30, 2008. Net revenue from the tourism business increased by 207.3% to $13.7 million, compared with $4.5 million for the nine months ended September 30, 2008.

During the first nine months of 2009, the total number of visitors that entered the Great Golden Lake was 474,000, an increase of 125.7% compared to 210,000 in the same period of last year. The revenues from the Great Golden Lake totaled $13.1 million for the first nine months of 2009.

During the first nine months of 2009, Hua'an Tulou has accepted 39,000 visitors, and contributed over $0.6 million of revenues to the Company. The Company expects to attract 160,000 visitors in 2010 to this destination.

Gross profit for the first nine months of 2009 increased 84.4% year over year to $29.3 million, with gross margin of 79.7%. Operating income increased by 75.3 % to $24.8 million, compared with $14.1 million in the first nine months of 2008.

Net income for the nine months ended September 30, 2009, was $19.6 million, or $1.11 per fully diluted share, an increase of 43.4% compared with a net income of $13.6 million, or $0.99 per share, for the comparable period of 2008.

Financial Condition

As of September 30, 2009, the Company reported $8.7 million in cash and cash equivalents, representing the same level with the year end of 2008. Working capital was $4.6 million with a current ratio of 2.0. As of September 30, 2009, the Company had $71.7 million in shareholders' equity compared to $52.1 million at the end of 2008. In the first nine months of 2009, China Yida generated $22.3 million in cash flow from operating activities. Capital expenditures were $24.9 million in the first nine months of the year and were primarily used for the construction of entertainment facilities at Yunding Park and Hua'an Tulou cluster.

For the first nine month period of 2009, China Yida has spent $23.1 million on Yunding Park, with a residual scheduled payment in the fourth quarter of 2009 at $8.8 million. The management believes the Company's current cash and operating cash flow will be sufficient to fund this project. Yunding Park, to be opened in the second quarter of 2010, will be the largest leisure tourism destination in Fuzhou, Fujian Province of China.

Business Outlook

Management believes that China Yida is well positioned to benefit from rapidly growing consumer spending on leisure activities in China as a result of increased disposable income and a growing middle class. A recent study by Euromonitor International (2009) forecast trips to tourist destinations are expected to increase at CAGR of 8% between 2008 and 2013, with annual real growth in spending of 13%. In addition, the uncertainty of global economic development will have very minimal impact on the Company's advertising business, as the Chinese economy is recovering rapidly from the recent economic downturn.

Looking forward, Yida's tourism business is expected to experience strong growth driven by existing and newly opened tourist attractions supported by marketing activities nationwide and the addition of services to the Company's scenic spots. The Company also expects moderate organic growth in advertising revenues from its existing media assets. In addition, China Yida will continue to evaluate opportunities to acquire additional TV stations in other provinces where management can find attractive opportunities to replicate its media and tourism business model to accelerate its profitable growth.

"In addition to strong organic growth we expect from our existing portfolio of tourism destinations, we see opportunities to accelerate our growth through acquisitions and other strategic partnerships in both tourism and media segments of our business. China's State Administration of Radio Film and Television is in the process of deregulating the industry to encourage the separation of production of content from broadcasting. This should create additional opportunities for the private sector to participate in the expected growth of the industry. We are now looking into opportunities of acquiring management rights to new tourist destinations as well as TV stations out of Fujian province," Dr. Chen added. "We feel confident to be able to replicate our unique and powerful business model in other parts of China, and build our business into world-class market leader in the years ahead."

Conference Call

China Yida will hold its third quarter 2009 conference call for all interested persons at 08:30 a.m. Eastern Time on Wednesday, November 18, 2009 to discuss its results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1-888-419-5570. International callers should dial +1-617-896-9871. When prompted by the operator, mention conference passcode 94830817. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on November 18, 2009 at 10:00 a.m. Eastern Time. To access the replay, dial 888-286-8010 or for international callers, dial +1-617-801-6888 and enter the passcode 912234481.

About China Yida

China Yida Holding Co. is a leading diversified entertainment enterprise focused on China's fast-growing media and tourism industries and headquartered in Fuzhou City, Fujian province of China. The Company's media business provides operations management services; including channel, column and advertisement management for television station, presently the Fujian Education Television Station ("FETV", a top-rated provincial education television station), and "Journey through China on the Train" ("CRTV", the only railway on-board media authorized by Ministry of Railways). Additionally, the Company provides tourism management services, and specializes in the investment and development of natural, cultural and historic scenic sites. China Yida currently operates the Great Golden Lake tourist destination (Global Geopark, including Golden Lake, Shangqing River, Zhuanyuan Rock, Luohan Mountain and Taining Old Town.), Hua'An Tulou tourist desintation (World Culture Heritage, including Dadi Tulou cluster and the Shangping Tulou cluster), and China Yunding tourist destination (National Park, including Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake). The Company's operating scenic sites are over 300 square kilometers in the area. 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 http://www.sec.gov .

                           FINANCIAL TABLES FOLLOW


                    CHINA YIDA HOLDING CO. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)

                                     ASSETS

                                    September 30, 2009       December 31 2008
    Current assets
    Cash and cash equivalents            $8,723,966               $8,715,048
    Accounts receivable, net                 10,882                   76,569
    Prepaid and other receivables           383,905                   76,759
    Deferred income tax asset               164,664                       --
    Total current assets                  9,283,418                9,032,546
    Property, plant and equipment, net   33,350,392               34,173,009
    Construction in progress             27,553,375                2,143,894
    Intangible assets, net                8,247,801                9,358,333
    Advances for property                   440,100                       --
    Total assets                        $78,875,086              $54,543,613

                      LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities
    Accounts payable and accrued expense   $153,077                  $65,368
    Loan payable                          1,173,600                1,172,591
    Other payable                         1,108,206                  456,181
    Unearned revenue                        454,071                    6,597
    Tax payables                            234,552                  214,900
    Deferred income tax liability            15,565                       --
    Income tax payable                    1,512,564                  511,624
    Total current liabilities             4,651,635                2,427,259
    Loan payable, long term               2,495,190                       --
    Total liabilities                     7,146,825                2,427,259


    Commitments                                  --                       --

    Stockholders' equity
    Preferred stock, par value $0.001
     (10,000,000 shares authorized, 0
     share issued and outstanding)               --                       --
    Common stock, par value $0.0001
     (100,000,000, shares authorized
     and 17,021,447 issued and
     outstanding as of June 30, 2009
     and December 31, 2008)                   1,702                    1,702
    Additional paid in capital           21,627,395               21,627,394
    Accumulated other comprehensive
     income                               3,192,887                3,134,077
    Retained earning                     46,906,278               27,353,180

    Total stockholders' equity           71,728,261               52,116,353

    Total liabilities and stockholders'
     equity                             $78,875,086              $54,543,613



                     CHINA YIDA HOLDING CO. AND SUBSIDIARIES
        CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
                                   (UNAUDITED)

                         Nine month periods ended  Three month periods ended
                               September 30,             September 30,
                             2009        2008          2009         2008
    Net revenue

    Advertisement         $22,970,469 $16,947,170   $8,487,986   $5,814,252
    Tourism                13,739,897   4,471,293    5,508,354    1,993,757
    Total net revenue      36,710,366  21,418,463   13,996,340    7,808,009
    Cost of revenue
    Advertisement           5,777,139   3,621,435    2,117,464    1,238,597
    Tourism                 1,665,458   1,921,452      610,262      900,292
    Total cost of revenue  (7,442,596) (5,542,887)  (2,727,726)  (2,138,889)
    Gross profit           29,267,769  15,875,576   11,268,614    5,669,119
    Operating expenses
    Selling expenses        2,205,129     533,097      927,679      139,524
    Operating and
     administrative
     expenses               2,278,021   1,201,403      798,094      444,286
    Total operating
     expenses               4,483,150   1,734,500    1,725,773      583,810

    Income from operations 24,784,620  14,141,075    9,542,842    5,085,309
    Other (income) expense
    Other (income) expense,
     net                           93       3,083      (18,242)       6,059
    Interest expense               --     115,226           --       27,143
    Interest income           (28,745)     (5,555)      (3,317)        (875)
    Total other (income)
     expense, net             (28,652)    112,754      (21,558)      32,327

    Income before income
     taxes                 24,813,271  14,028,322    9,564,400    5,052,983

    Provision for
     income taxes           5,260,174     396,568    2,422,562      149,186

    Net income             19,553,098  13,631,754    7,141,838    4,903,797
    Other comprehensive
     income
      Foreign currency
       Translation gain
       (loss)                  58,810   2,059,334      101,238      271,150

    Other comprehensive
     income               $19,611,907 $15,691,088   $7,243,076   $5,174,947

    Basic net earnings
     per share                  $1.15       $1.01        $0.42        $0.29
    Basic weighted average
     shares outstanding    17,021,447  13,510,518   17,021,447   17,021,122

    Diluted net earnings
     per share                  $1.11       $0.99        $0.40        $0.28
    Diluted weighted
     average shares
     outstanding           17,655,738  13,777,185   17,863,857   17,287,789





                     CHINA YIDA HOLDING CO. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
                                   (UNAUDITED)

                                            2009               2008
    CASH FLOWS FROM OPERATING
     ACTIVITIES
      Net Income                        $19,553,098        $13,631,754
      Adjustments to reconcile
       net income to net cash
       provided by operating
       activities:
      Depreciation                        1,079,388            297,897
      Amortization                        1,117,901          3,033,185
      Bad debt expense                           --             32,226
      (Increase) / decrease in
        assets:
         Accounts receivables                65,713             (2,662)
         Other receivables                1,295,166           (154,944)
         Prepaid expenses                    (1,921)                --
        Deferred tax
        Advances                         (1,231,688)          (123,717)
       Increase/(decrease) in
        current liabilities:                     --                 --
        Accounts payable and
         accrued expenses                    88,414             61,505
        Tax payables                        869,154         (1,210,134)
        Unearned revenue                    447,194            233,573
        Accrued payroll                      38,118                 --
        Other payable                      (985,423)          (126,078)
     Net cash provided by
      operating activities               22,335,115         15,672,604
    CASH FLOWS FROM INVESTING
     ACTIVITIES
      Additions to property &
       equipment                           (262,288)            (6,004)
      Addition to construction
       in progress                      (24,665,863)       (21,756,718)
      Purchase of intangible assets              --         (6,435,835)
      Net cash used in
       investing activities             (24,928,151)       (28,198,557)
    CASH FLOWS FROM FINANCING
     ACTIVITIES
      Proceed from related party                 --            901,450
      Issuance of shares for cash                --         13,027,250
      Loan proceeds (payments)            2,491,555           (895,383)
      Net cash provided by
       financing activities               2,491,555         13,033,317
    EFFECT OF EXCHANGE RATE CHANGES
     ON CASH AND CASH EQUIVALENTS           110,401            (13,331)
    NET INCREASE IN CASH AND
     CASH EQUIVALENTS                         8,918            494,034
    CASH AND CASH EQUIVALENTS,
     BEGINNING BALANCE                    8,715,048            726,631
    CASH AND CASH EQUIVALENTS,
     ENDING BALANCE                      $8,723,966         $1,220,665
    SUPPLEMENTAL DISCLOSURES:
     Cash paid during the quarter for:
          Capitalized Interest             $146,087                $--
          Income tax payments            $2,250,492           $100,795
          Interest payments                 $65,405            $88,083



    For more information, please contact:

    China Yida Holdings
     George Wung CFO
     Tel:   +1-909-843-6358
     Email: ir@yidacn.net

    CCG Investor Relations
     Crocker Coulson, President
     Phone: +1-646-213-1915
     Ed Job, CFA
     Tel:   +1-646-213-1914
     Email: ed.job@ccgir.com

SOURCE China Yida Holding Company

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