Business
Dragon Capital Group, Inc. Reports Financial Results for the Third Quarter and First Nine Months of 2013
Dragon Capital Group, Inc. Reports Financial Results for the Third Quarter and First Nine Months of 2013.
About this update from Dragon Capital Group Corp.
[{"type":"text","content":"\n\n\n\nDragon Capital Group, Inc. Reports Financial Results for the Third Quarter and First Nine Months of 2013\n\n\n\n\n\nDragon Capital Group, Inc. Reports Financial Results for the Third Quarter and First Nine Months of 2013\nPR Newswire\nSHANGHAI, China, November 12, 2013\n\n\n\nSHANGHAI, China, November 12, 2013 /PRNewswire/ --\n\nDragon Capital Group Corp. (OTC: DRGV), a leading holding company of emerging high-tech companies in China, announced today our financial results for the third quarter and first nine months of 2013 ended September 30, 2013.\n\nFinancial Highlights\n\nFor the third quarter of 2013, total revenues were $4.8 million compared to revenues of $5.1 million recorded in the third quarter of 2012.  The decrease in revenue was mainly attributable to lowers sales of office equipment at its Shanghai Zhaoli Technology Development Co., Ltd. (\"Zhaoli\").  While gross margins were 4.1%, and improved from 3.2% recorded in the second quarter of 2013, they declined when compared the third quarter of 2012 where gross margins were 5.5%.  Net income attributable to Dragon Capital Group in the third quarter of 2013 was $39,000 compared to net income of $97,000 recorded in the third quarter of 2012.  Earnings per basic and diluted share for the third quarter rounded to$0.00 in both periods on 492.7 million and 362.7 million weighted average shares respectively.\n\nFor the first nine months of 2013 total revenues were $14.1 million compared to $15.0 million for the first nine months of 2012.   Net income attributable to Dragon Capital Group for the first nine months of 2013 increased to $158,000 as compared to net income of $143,000 in the first nine months of 2012.  Earnings per basic and diluted share for the first nine months rounded to$0.00 in both periods on 492.7 million and 362.7 million weighted average shares respectively.\n\nWhile management continues to see improving trends for the coming quarters, sales at Zhaoli have lagged expectations and revenue coming from its Shanghai Yazheng Information Technology Company (\"Yazheng\") subsidiary as well as its Shanghai Zhiye Software Development Company (\"Zhiye\") subsidiary has been slower than anticipated. Yazheng offers gas line monitoring software to maximize the efficiency and repair of utility gas lines while Zhiye offers mobile so...