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Dragon Capital Group, Inc. Reports Financial Results for the First Quarter of 2014 Ended March 31, 2014
Dragon Capital Group, Inc. Reports Financial Results for the First Quarter of 2014 Ended March 31, 2014.
About this update from Dragon Capital Group Corp.
[{"type":"text","content":"\n\n\n\nDragon Capital Group, Inc. Reports Financial Results for the First Quarter of 2014 Ended March 31, 2014\n\n\n\n\n\nDragon Capital Group, Inc. Reports Financial Results for the First Quarter of 2014 Ended March 31, 2014\nPR Newswire\nSHANGHAI, May 6, 2014\n\n\n\nSHANGHAI, May 6, 2014 /PRNewswire/ --\n\nDragon Capital Group Corp. (OTC: DRGV), a holding company of emerging high-tech companies in China, announced today its financial results for the first quarter of 2014 ended March 31, 2014.\n\nFinancial Highlights\n\nFor the first quarter of 2014, total revenues were $4.3 million compared to revenues of $4.2 million recorded in the first quarter of 2013.  The increase in revenue was mainly attributable to an increase in sales of lower margin office equipment at the Company's Shanghai Zhaoli Technology Development Co., Ltd. (\"Zhaoli\").  Gross margins were 5.7% in the first quarter of 2014 compared to gross margins of 7.3% in the first quarter of 2013.  Income from continuing operations in the first quarter of 2014 was $141,000 compared to income from continuing operations of $181,000 recorded in the first quarter of 2013. Net income attributable to Dragon Capital Group in the first quarter of 2014 was ($120.00) or ($0.00) per basic and diluted share on 586.3 million weighted average shares outstanding, compared to net income attributable to Dragon Capital Group of $72,000 resulting in earnings per basic and diluted share of $0.00 on 492.7 million weighted average shares.\n\nBalance Sheet\n\nAt March 31, 2014, total assets were $9.8 million and shareholder equity was $7.6 million with 586.3 million common shares outstanding. At 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 $8.2 million at March 31, 2014 compared to $8.2 million at December 31, 2013.  \n\nCommenting on our results for the first quarter of 2014, Mr. Lawrence Wang, Chairman and CEO of Dragon Capital Group, \"We achieved a small increase in overall revenue in the first quarter as a result of increased sales from of lower margin office equipment at our Zhaoli subsidiary.  We continue to work to build sales of higher margin utility monitoring automation software and ...