SHENZHEN, China, Nov. 16 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (NYSE: UTA) ("Universal Travel Group" or the "Company"), a growing travel services provider in China offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced financial results for the third quarter ended September 30, 2009.

    Third Quarter 2009 Highlights
    -- Revenue increased 48.6% year-over-year to $29.8 million
    -- Gross profit increased 40.5% year-over-year to $10.0 million
    -- Gross margin was 33.6%, compared to 35.5% in the same period of 2008
    -- GAAP income from operations increased 33.3% year-over-year to
       $7.4 million
    -- Adjusted income from operations, which excludes the effect of
       non-cash charges related to the change in fair value of derivative
       liabilities of $0.85 million and stock-based compensation of
       $0.31 million, increased 38.8% year-over-year to $7.7 million(*)
    -- GAAP net income from continuing operations increased 8.8% to
       $4.7 million or $0.31 per diluted share
    -- Adjusted net income from continuing operations, which excludes the
       effect of the aforesaid non-cash charges, was $5.9 million, or $0.38
       per diluted share, an increase of 35.5% compared to $4.3 million, or
       $0.35 per diluted share, in the same period of 2008(*)

"Universal Travel Group had a strong third quarter with steady growth in all three business segments," said Ms. Jiangping Jiang, Chairwoman and Chief Executive Officer. "We continued our efforts in expanding our core business into western China and achieved good results from cross marketing and selling our travel related products across our business segments. Our second home base in Chongqing also started generating revenue this quarter."

Third Quarter 2009 Financial Results

Revenue for the three months ended September 30, 2009, was $29.8 million compared to $20.0 million for the same period in 2008, an increase of approximately 48.6%. The increase in revenue was due to the Company's business expansion efforts, along with the strong demand for travel in China, which was helped by the government stimulus package. The Company continues to achieve success in cross selling related travel products and has increased brand awareness from online sales and the deployment of its TRIPEASY Kiosks.

Revenue from air-ticketing was $4.9 million, compared to $3.9 million for the same period last year, an increase of 25.5%. This increase was mainly due to increased domestic demand for airline travel. The Company witnessed strong increases in demand from leisure travelers, but only a modest increase from business travelers during the third quarter of 2009. The Company believes that this difference in demand is attributable to China's consumer-focused stimulus measures versus the more sluggish recovery in the business sector.

Revenue generated by the Company's hotel reservation segment was $3.8 million compared to $2.5 million for the same period in 2008, an increase of 50.8%. This increase was due to strong demand for travel in the quarter as well as the Company's successful cross marketing of its various business segments.

Revenue generated by package tours was $21.1 million compared to $13.6 million for the same period in 2008, an increase of 54.7%. This increase was primarily due to the government's stimulus package, cross marketing across the Company's various business segments and a longer public holiday period during the PRC Golden Week of 2009, which included both the National Celebration Holidays and the Mid-Autumn Festival. Normally the Golden Week includes only the National Celebration Holidays.

Gross profit was $10.0 million compared to $7.1 million for three months ended September 30, 2008, an increase of 40.5%. Gross profit margin for the third quarter of 2009 was 33.6% compared to 35.5% for the same period last year. The decrease in gross profit margin was mostly due to the changes of components of revenues. Revenues generated from package tours, which have a lower profit margin, grew at a much higher rate in the third quarter than revenues generated from air ticketing and hotel reservations.

Selling, general and administrative ("SG&A") expenses totaled $2.6 million compared to $1.5 million for the same period last year, an increase of 66.5%. The SG&A expenses were 8.6% of revenue for the three months ended September 30, 2009, compared to 7.7% for the same period last year. The slight increase in percentage was mainly due to the issuance of stock-based compensation in January 2009 and the amortization of such stock-based compensation; whereas, the stock-based compensation is less significant during the same period last year.

Income from operations increased 33.3% to $7.4 million from $5.6 million in the same period last year. The Company incurred non-cash charges related to stock-based compensation in the third quarter of $306,432. Excluding this non-cash charge, the Company's adjusted income from operations would be $7.7 million for the third quarter of 2009, an increase of 38.8% from the same period last year. Adjusted operating margin was 26.0%.(*)

Net income from continuing operations was $4.7 million compared to $4.3 million for the same period last year. The Company incurred non-cash charges related to the change in fair value of derivative liabilities of $0.85 million and stock-based compensation in the third quarter of $0.31 million. Excluding these non-cash charges, the Company's adjusted net income from continuing operations would be $5.9 million, or $0.38 per fully diluted share, an increase of 35.5% from $4.3 million, or $0.35 per fully diluted share, in the third quarter of 2008.(*)

Nine Month Results

Revenue for the nine months ended September 30, 2009, was $63.7 million compared to $38.8 million for the same period in 2008, an increase of 64.2%. Revenue from air-ticketing was $10.9 million compared to $7.3 million for the same period last year, an increase of 50.6%. Revenue generated by the hotel reservation segment was $9.1 million compared to $4.6 million for the same period in 2008, an increase of 98.5%. Revenue generated by package tours was $43.7 million compared to $27.0 million for the same period in 2008, an increase of 60.2%.

Gross profit was $22.3 million compared to $13.0 million for the nine months ended September 30, 2008, an increase of 71.7%.

SG&A expenses totaled $5.7 million compared to $3.1 million for the same period last year, an increase of 82.8%. SG&A expenses were 8.9% of revenue compared to 8.0% for the same period last year.

Income from operations increased 68.3% to $16.6 million from $9.9 million in the first nine months of 2008. The Company incurred non-cash charges related to stock-based compensation in the first nine months of $802,157 compared to $155,802 in the year earlier period.

Excluding this non-cash charge, the Company's adjusted income from operations would be $17.4 million for the first nine months of 2009, an increase of 73.6% from the same period last year. Adjusted operating margin was 27.4%.(*)

Net income from continuing operations was $6.1 million compared to $7.6 million for the same period last year. The Company incurred non-cash charges related to the change in fair value of derivative liabilities of $6.55 million and stock-based compensation of $0.8 million in the first nine months of 2009.

Excluding these non-cash charges, adjusted net income from continuing operations would be $13.5 million, or $0.90 per fully diluted share, an increase of 73.8% from $7.7 million, or $0.63 per fully diluted share, in the first nine months of 2008.(*)

    (*) See Table 1 for a reconciliation of operating income, net income
        and EPS to exclude non-cash charges related to the change in fair
        value of derivative liabilities and stock-based compensation.

Financial Condition

Cash and cash equivalents were $23.9 million as of September 30, 2009. Current assets and current liabilities as of September 30, 2009, were $47.5 million and $6.8 million, respectively, yielding working capital of $40.7 million. The Company has no long-term debt. For the nine months ended September 30, 2009, net cash provided by operating activities was approximately $11.9 million.

    Recent Developments
    -- Together with the recent business expansion and establishment of its
       second home base in Chongqing, Universal Travel Group has expanded
       operations at its Shenzhen headquarters and moved to a new office
       building on October 4, 2009.
    -- Achieved key business milestones regarding the Company's Chongqing
       expansion strategy.
    -- Formed a strategic partnership with China Telecom to rollout an
       additional 100 TRIPEASY Kiosks equipped with China Telecom's 3G
       services.
    -- Entered into a number of strategic partnerships with regional travel
       agencies in tier-two cities, many of which are premier travel
       destinations with rich tourism resources and under-penetrated local
       travel markets. Under these agreements, Universal Travel Group is able
       to expand its position in the package tour segment, improve the
       standard of service offered to its customers, expand its customer base
       in fast-growing cities, and enjoy attractive pricing.
    -- Universal Travel Group was awarded one of the top ten brands of travel
       services in the Fifth Annual Consumer Trust Survey in 2009.

Business Outlook

The Company's business in the Pearl River Delta region continues to grow and its expansion into the Chongqing Delta region is on track. The Company has formed partnerships with 50 travel agencies in Chongqing to expand its regional coverage and market share and to support its core package tours, air ticketing and hotel reservation businesses. It has also placed 30 of its TRIPEASY Kiosks throughout Chongqing in apartment and residential communities to support its retail effort and marketing strategy. The Company's call center in Chongqing has quickly ramped up and is operating at full capacity to accommodate the high demand from callers. The Company also formed a strategic partnership with China Telecom to upgrade Universal Travel Group's TRIPEASY Kiosks by enabling them with a 3G Internet connection. The faster connection will increase efficiency and effective transaction execution which should boost customer satisfaction, increase the total number of transactions each kiosk can accommodate and provide opportunities for additional service offerings.

Ms. Jiang concluded, "We remain optimistic about our business prospects due to the continuing positive trends in the travel and leisure industry in China, as well as our growing online service platform and comprehensive marketing strategies. We look forward to a strong fourth quarter and 2010 as we gain momentum and brand awareness with our kiosks strategy and further establish our presence in western China with our second home base in Chongqing."

Fiscal Year 2009 Guidance

For the full year 2009, Universal Travel Group expects sales to increase from $76.8 million in 2008 to between $88.0 - $96.0 million. The guidance originally included the expected revenues from air cargo business, which was $10.9 million in 2008. The Company spun off its air cargo business in June, 2009 to focus on its travel-related businesses. Essentially, the guidance is raised for the rest of the business segments post spin-off.

The Company also expects net income to rise from $14.5 million in 2008 to $18.0 million, and earnings per diluted share to $1.20 in 2009. The updated net income and EPS estimates exclude non-cash charges related to the change in fair value of derivative liabilities and the stock-based compensation.

Use of Adjusted Financial Measures

GAAP results for the three months ended September 30, 2009 include non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided adjusted financial information excluding the impact of these items in this release. It is a departure of US GAAP, however, the Company's management believes that this adjusted measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.

Conference Call Information

The Company will host a conference call at 10:00 a.m. E.S.T. on Tuesday, November 17, 2009 to discuss results for the third quarter of 2009. To participate in the live conference call, please dial the following number five minutes prior to the scheduled conference call time: 888-419-5570. International callers should dial +1-617-896-9871. When prompted by the operator, mention conference ID number 15353182.

If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Tuesday, November 17 at 12:00 p.m. E.S.T. To access the replay, please dial 888-286-8010 and enter the conference ID number 81876817. International callers should dial +1-617-801-6888 and enter the same conference ID number. The replay will also be available on the company's website at http://us.cnutg.com .

About Universal Travel Group

Universal Travel Group, a growing travel services provider in China, is engaged in providing reservation, booking, and domestic and international travel and tourism services via the Internet and through customer service representatives. Under the theme "Wings towards a more colorful life" the Company's core services include package tours for customers and reservation services for airline tickets and hotels. In 2007, Universal Travel Group completed the acquisitions of Shenzhen Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in package tours; Shanghai LanBao, specializing in hotel reservations and Foshan Overseas International, a China-based company that handles domestic and international travel inquiries. In 2009, Universal Travel Group sold Shenzhen Speedy Dragon to focus on more profitable travel related businesses and its cost effective TRIPEASY Kiosks expansion. Universal Travel Group's goal is to become China's leading travel services provider in all fields of the tourism industry. Please visit the Company's website at http://us.cnutg.com for additional information.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements." Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    For further information, please contact:

    Company Contact:
    Universal Travel Group
     Mr. Jing Xie
     Secretary of Board and Vice President
     Phone: +86-755-8366-8489
     Email: 06@cnutg.cn
     Web:   http://us.cnutg.com

    Investor Relations Contact:
    CCG Investor Relations
     Mr. Athan Dounis, Account Manager
     Phone: 1-646-213-1916
     Email: athan.dounis@ccgir.com

     Mr. Crocker Coulson, President
     Phone: 1-646-213-1915
     Email: crocker.coulson@ccgir.com
     Web:   http://www.ccgirasia.com




                              Universal Travel Group
                  RECONCILIATION OF ADJUSTED FINANCIAL MEASURES
     FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

                                       Three Months Ended  Three Months Ended
                                       September 30, 2009  September 30, 2008

    GAAP income from ops.               $7,433,334          $5,576,294
    Stock Based Compensation               306,432                   0
    Adjusted operating income           $7,739,766          $5,576,294

                                       Net Income  Diluted             Diluted
                                                     EPS    Net Income   EPS
    GAAP net income cont. ops.          $4,712,905  $0.31   $4,331,140  $0.35
    Stock Based Compensation               306,432   0.02            0   0.00
    Loss in fair value of derivative
     securities                            847,754   0.05            0   0.00
    Adjusted net income cont. ops.      $5,867,091  $0.38   $4,331,140  $0.35
    Weighted average shares
     outstanding - diluted              15,445,350          12,362,271

                                       Nine Months Ended   Nine Months Ended
                                      September 30, 2009  September 30, 2008

    GAAP income from ops.              $16,637,120          $9,887,784
    Stock Based Compensation               802,157             155,802
    Adjusted operating income          $17,439,277         $10,043,586

                                       Net Income  Diluted             Diluted
                                                     EPS    Net Income   EPS
    GAAP net income cont. ops.          $6,102,040  $0.41   $7,589,376  $0.61
    Stock Based Compensation               802,157   0.05      155,802   0.01
    Loss in fair value of derivative
     securities                          6,553,971   0.44            0   0.00
    Adjusted net income cont. ops.     $13,458,168  $0.90   $7,745,178  $0.63
    Weighted average shares
     outstanding - diluted              14,890,318          12,362,271




                             UNIVERSAL TRAVEL GROUP
                           CONSOLIDATED BALANCE SHEETS
                    SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

                                              SEPTEMBER 30,      DECEMBER 31,
                                                  2009              2008
                                               (Unaudited)
    Assets
    Cash and cash equivalents                  $23,492,115       $15,720,182
    Accounts receivable, net                    15,145,415         8,991,849
    Other receivables and deposits, net            113,840            62,547
    Trade deposit                                5,988,623         6,571,164
    Advances                                       439,475           438,468
    Escrow deposits                                     --           762,800
    Prepaid expenses                               185,558           312,409
    Note receivable                              2,174,260                --
    Current assets held of discontinued
     operations                                         --         2,459,777
    Total Current Assets                        47,539,286        35,319,196

    Property and equipment, net                  3,545,238           242,648
    Intangible assets                              397,251           307,335
    Goodwill                                     9,896,270         9,896,270
    Non-current assets held of
     discontinued operations                            --         3,661,231
                                                13,838,759        14,107,484
    Total Assets                               $61,378,045       $49,426,680

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current Liabilities
    Accounts payable and accrued expenses       $3,733,125        $1,691,689
    Customer deposits                            1,433,262         1,039,942
    Income tax payable                           1,652,473         1,731,246
    Current liabilities held of
     discontinued operations                            --           562,931
    Total Current Liabilities                    6,818,860         5,025,808

    Derivative liability                         4,710,798                --

    Total liabilities                           11,529,658         5,025,808

    Stockholders' Equity
    Common stock, $.001 par value,
     70,000,000 shares authorized,
     13,812,545 and 13,873,969 shares
     issued and outstanding at
     September 30, 2009 and December 31,
     2008, respectively                             13,812            13,873
    Additional paid in capital                  15,198,351        15,861,116
    Other comprehensive income                   1,584,310         1,520,166
    Statutory reserve                              372,144           372,144
    Retained earnings                           32,679,770        26,633,573
    Total Stockholders' Equity                  49,848,387        44,400,872
    Total Liabilities and Stockholders'
     Equity                                    $61,378,045       $49,426,680





                             UNIVERSAL TRAVEL GROUP
                        CONSOLIDATED STATEMENTS OF INCOME
                    FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)

                                                  2009              2008

    Revenues                                   $29,784,918       $20,049,313
    Cost of services                            19,778,607        12,927,780
    Gross Profit                                10,006,311         7,121,533

    Selling, general and administrative
     expenses                                    2,572,977         1,545,239
    Income from operations                       7,433,334         5,576,294

    Other Income (Expense)
    Other income                                     2,459             1,485
    Loss on change in fair value of
     derivative liabilities                       (847,754)               --
    Interest income                                 15,909             9,751
    Interest expense                                    --           (13,522)
    Total Other (Expense)                         (829,386)          (22,867)
    Income before income taxes -
     continuing operations                       6,603,948         5,574,008

    Provision for income taxes                  (1,891,043)       (1,242,868)
    Income from continuing operations           $4,712,905        $4,331,140
    Income from discontinued operations                 --           297,187
    Net Income                                  $4,712,905        $4,628,327

    Comprehensive Income
    Net Income                                  $4,712,905        $4,628,327
    Foreign currency translation gains              15,557           157,299
    Total Comprehensive income                  $4,728,462        $4,785,626

    Income per common share from
     continuing operations
    Basic                                            $0.34             $0.35
    Diluted                                          $0.31             $0.35
    Income per common share -
     discontinued operations
    Basic                                             $--              $0.02
    Diluted                                           $--              $0.02
    Net income per common share
    Basic                                            $0.34             $0.37
    Dilute                                           $0.31             $0.37
    Weighted average common shares
     outstanding
    Basic                                       13,739,880        12,306,715
    Diluted                                     15,445,350        12,362,271




                        CONSOLIDATED STATEMENTS OF INCOME
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)

                                                   2009              2008

    Revenues                                   $63,701,070       $38,804,665
    Cost of services                            41,393,256        25,814,030
    Gross Profit                                22,307,814        12,990,635
    Selling, general and administrative
     expenses                                    5,670,694         3,102,851
    Income from operations                      16,637,120         9,887,784

    Other Income (Expense)
    Loss on disposal of assets                          --            (1,104)
    Other income                                     8,879             9,863
    Loss on change of fair value of
     derivative liabilities                     (6,553,971)               --
    Interest income                                 39,206            21,473
    Interest expense                                    --           (78,526)
    Total Other (Expense)                       (6,505,886)          (48,294)
    Income before income taxes -
     continuing operations                      10,131,234         9,839,490

    Provision for income taxes                  (4,029,194)       (2,250,114)
    Income from continuing operations            6,102,040        $7,589,376
    Income from discontinued operations            177,975           616,508
    Loss on disposition of discontinued
     operations                                   (770,595)               --
    Income (loss) from discontinued
     operation                                    (592,620)          616,508
    Net Income                                  $5,509,420        $8,205,884

    Comprehensive Income
    Net Income                                  $5,509,420        $8,205,884
    Foreign currency translation gains              64,144           728,701
    Total Comprehensive income                  $5,573,564        $8,934,585

    Income per common share from
     continuing operations
    Basic                                            $0.44             $0.62
    Diluted                                          $0.41             $0.61
    Income (loss) per common share from
     discontinued operations
    Basic                                           $(0.04)            $0.05
    Diluted                                         $(0.04)            $0.05
    Net income per common share
    Basic                                            $0.40             $0.67
    Dilute                                           $0.37             $0.66
    Weighted average common shares
     outstanding
    Basic                                       13,828,739        12,306,715
    Diluted                                     14,890,318        12,362,271




                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                   (UNAUDITED)

                                                  2009              2008
                                                                  Restated
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net Income                                  $5,509,420        $8,205,884
    Add (deduct):
    Loss (income) from discontinued
     operations                                    592,620          (616,508)
    Income from continuing operations            6,102,040         7,589,376

    Adjustments to reconcile net income
     to net cash provided by
     operating activities:
    Depreciation and amortization                  422,628            49,850
    Provision for doubtful accounts                 13,961             7,175

    Stock based compensation                       802,157           155,802
    Loss on change in fair value of
     derivative liabilities                      6,553,971                --
    Loss on asset disposal                              --             1,105
    (Increase) / decrease in assets:
    Accounts receivable                         (6,156,621)       (3,349,639)
    Other receivable                               (51,293)        1,093,233
    Advances                                        (1,007)          179,352
    Due from shareholder                                --         1,306,933
    Prepaid expenses                               126,851          (418,791)
    Trade deposits                                 582,541        (1,964,100)
    Escrow deposits                                762,800          (762,800)
    Increase / (decrease) in current
     liabilities:
    Accounts payable and accrued expenses        2,041,436        (1,812,486)
    Customer deposits                              393,320            57,184
    Income tax payable                             (78,773)          544,722
    Net cash provided by continuing
     operations                                 11,514,011         2,676,916
    Net cash provided by discontinued
     operations                                    435,259           214,432
    Net cash provided by operating
     activities                                 11,949,270         2,891,348

    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property and equipment          (3,627,267)          (27,742)
    Purchase of intangibles                       (187,810)               --
    Proceeds from collection of Notes              599,151                --
    Proceeds from asset disposals                       --               663
    Acquisition deposits                                --         1,453,050
    Net cash (used in) provided by
     continuing operations                      (3,215,926)        1,425,971
    Net cash (used in) provided by
     discontinued operations                    (1,035,125)               --
    Net cash (used in) provided by
     Investing activities                       (4,251,051)        1,425,971

    CASH FLOWS FROM FINANCING ACTIVITIES
    Repayments of bank loan                             --        (1,288,554)
    Proceeds of equity financing                        --         7,712,494
    Proceeds from warrants exercise                  9,570                --
    Note payable - others                               --        (1,576,750)
    Net cash (used in) provided by
     continuing operations                           9,570         4,847,190
    Net cash (used in) provided by
     discontinued operations                            --                --
    Net cash provided by financing
     activities                                      9,570         4,847,190

    Effect of exchange rate changes on
     cash and cash equivalents                      64,144           728,701

    Net change in cash and cash
     equivalents                                 7,771,933         9,893,210
    Cash and cash equivalents, beginning
     balance                                    15,720,182         2,671,684
    Cash and cash equivalents, ending
     balance                                   $23,492,115       $12,564,894

    SUPPLEMENTAL DISCLOSURES:
    Cash paid during the period for:
    Interest payments                                   --           $78,525
    Income Taxes                                $4,164,214        $1,885,819

    Net assets sold of discontinued
     operations                                 $1,659,292
    Goodwill attributable to sold
     discontinued operations                     3,630,539
    Notes received on disposition               (2,773,411)

    Fair value of Treasury stock received       (2,780,950)
    Loss on Disposition                           (770,595)
    Net cash of discontinued operations        $(1,035,125)




                              UNIVERSAL TRAVEL GROUP
                  CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
        FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND THE YEAR ENDED
                                 DECEMBER 31, 2008

                                                                  Additional
                                          Common Stock              Paid In
                                            Shares       Amount     Capital

    Balance December 31, 2008              13,873,969   $13,873   $15,861,116

    Cumulative effect of a change in
     accounting principle-adoption of
     Derivative and Hedging, ASC 815-40,
     effective January 1, 2009                                     (2,091,738)

    Foreign currency translation
     adjustments

    Stock-based compensation - Net of
     warrants exercise                         41,120        42       802,115

    Fair value of Treasury Stock received
     and retired                             (238,095)     (239)   (2,780,711)

    Warrants exercised                        132,251       133     3,398,002
    Options exercised                           3,300         3         9,567

    Income for the nine months ended
     September 30, 2009

    Balance September 30, 2009             13,812,545    13,812    15,198,351

    Balance December 31, 2007              12,270,326   $12,269    $8,626,075

    Foreign currency translation
     adjustments

    Forfeited options                                                (683,437)

    Stock-based compensation                                          207,588

    Equity financings                          74,074        74       599,920
    Equity financings                       1,529,569     1,530     7,110,970

    Income for the year ended December
     31,
     2008

    Balance December 31, 2008              13,873,969   $13,873   $15,861,116


                                Other                                Total
                            Comprehensive  Retained   Statutory  Stockholders'
                               Income      Earnings    Reserve      Equity

    Balance December 31,
     2008                     $1,520,166 $26,633,573    $372,144  $44,400,872

    Cumulative effect of a
     change in accounting
     principle-adoption of
     Derivative and Hedging,
     ASC 815-40,
     effective January 1,
     2009                                    536,777               (1,554,961)

    Foreign currency
     translation adjustments      64,144                               64,144

    Stock-based compensation
     - Net of warrants
        exercise                                                      802,157

    Fair value of Treasury
     Stock received
     and retired                                                   (2,780,950)

    Warrants exercised                                              3,398,135
    Options exercised                                                   9,570

    Income for the nine
     months ended
     September 30, 2009                    5,509,420                5,509,420

    Balance September 30,
     2009                      1,584,310  32,679,770     372,144   49,848,387

    Balance December 31,
     2007                       $545,164 $12,101,396    $372,144  $21,657,048

    Foreign currency
     translation adjustments     975,002                              975,002

    Forfeited options                                                (683,437)

    Stock-based compensation                                          207,588

    Equity financings                                                 599,994
    Equity financings                                               7,112,500

    Income for the year
     ended December 31,
     2008                                 14,532,177               14,532,177

    Balance December 31,
     2008                     $1,520,166 $26,633,573    $372,144  $44,400,872

SOURCE Universal Travel Group

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