Dragon Capital Group, Inc. Reports Financial Results for Fiscal 2014
SHANGHAI, China, Apr. 1, 2015 /PRNewswire/ -- Dragon Capital Group Corp. (OTC: DRGV), a holding company of emerging high-tech companies in China, announced today its financial results for the fiscal year ended December 31, 2014.
Financial Highlights
For fiscal 2014, total revenues were $20.5 million compared to revenues of $19.8 million recorded in fiscal 2013. Gross margins improved to 7.9% in fiscal 2014 compared to gross margins of 5.4% in fiscal 2013. Income from continuing operations for the year 2014 was $839,881 compared to income from continuing operations of $303,001 recorded in 2013. The increase in income was mainly attributable to an increase of general sales revenue and stable cost of sales. Net income attributable to Dragon Capital Group in fiscal 2014 was $500,507 inclusive of a ($111,129) loss from discontinued operations compared to net income attributable to Dragon Capital Group of $58,485 inclusive of a ($25,309) loss from discontinued operations in fiscal 2013. In 2014 the Company's operations resulted in a income of $0.00 per basic and diluted share on 986 million weighted average shares outstanding compared to earnings per basic and diluted share of $0.00 on 536 million weighted average shares recorded in 2013.
Balance Sheet
On December 31, 2014, total assets were $10.3 million and shareholder equity was $8.8 million with 986 million common shares outstanding. On December 31, 2013, total assets were $9.8 million and shareholder equity was $7.5 million with 492.7 million common shares outstanding. Working capital was $8.7 million on December 31, 2014 compared to $8.1 million at December 31, 2013.
Commenting on our results for fiscal 2014, Mr. Lawrence Wang, Chairman and CEO of Dragon Capital Group, "We are pleased to see the continuous improvement in our revenue in fiscal 2014 compared to fiscal year 2013, as we continue to work to build sales of higher margin utility monitoring automation software and services at our Shanghai Yazheng subsidiary, and mobile software applications from our Shanghai Zhiye subsidiary. This effort has resulted in a small but steady increase in our gross margins in the quarter as we maintain our cost of sales which we intend to build upon in future periods. We believe we are on the right track to increase sales in those higher margin businesses to enable our Company to improve performance in 2015 and help us achieve sustained profitability in the quarters and years to come."
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, 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:
Peisha Shen
U.S. Representative
Telephone: +1-954-363-7333
Facsimile: +1-954-363-7320
Email: [email protected]
SOURCE Dragon Capital Group Corp.
Share this article