Dragon Capital Group, Inc. Reports Strong Financial Results for the Second Quarter of 2015 Fiscal Year
$10.5 million in Revenue with $926,299 in Net Income
SHANGHAI, Sept. 8, 2015 /PRNewswire/ -- Dragon Capital Group Corp. (OTC: DRGV), a holding company of emerging high-tech companies in China, announced today its strong financial results for the second quarter ended June 30, 2015 for 2015 fiscal year.
Financial Highlights
For the first six months of 2015 fiscal year, total revenues were $10.5 million compared to revenues of $9.3 million recorded in the same period in 2014 fiscal year. Gross margins improved to 7.1% in the second quarter of 2015 compared to gross margins of 4.2% in 2014. Income from continuing operations for the second quarter of 2015 was $628,654 compared to income from continuing operations of $132,159 recorded in the second quarter of 2014. The increase in income was mainly attributable to an increase of general sales revenue as a result of our increasing sales effort and stable cost of sales. Net income attributable to Dragon Capital Group in the second quarter of 2015 was $926,299 compared to net loss attributable to Dragon Capital Group of $232,039 inclusive of a loss of $114,548 from discontinued operations in the same period in 2013.
Balance Sheet
On June 30, 2015, total assets were $11.7 million and shareholder equity was $9.3 million with 2,018 million common shares outstanding. On December 31, 2014, total assets were $10.3 million and shareholder equity was $8.8 million with 986 million common shares outstanding. Working capital was $9.2 million on June 30, 2015 compared to $8.7 million at December 31, 2014.
Commenting on our results for the second quarter of 2015, Mr. Lawrence Wang, Chairman and CEO of Dragon Capital Group, "We are pleased to see the continuous improvement in our revenue in the second quarter of 2015 as we continue to work to increase our sales volume and build sales of higher margin for the 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 throughout the year 2015 and beyond 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.drgv.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.
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