Dragon Capital Group Reports Financial Results for the Full Year of 2013 Ended December 31, 2013
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.
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.
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
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.
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SOURCE Dragon Capital Group Corp.