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| Share | November 20, 2009
Dragon Capital Group Corp. Reports Record Financial Results for the First Nine Months of 2009 - (MobiWire) |
- Last Trade: $0.007
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- Revenue Reaches Record $41.1 Million for First Nine Months of 2009 an Increase of 21.87% Compared to $33.7 Million for First Nine Months of 2008;
- Third Quarter Revenue Reaches $14.2 Million an Increase of 24.56% Compared to $11.4 Million for Third Quarter Revenue of 2008;
SHANGHAI, CHINA - Dragon Capital Group Corp. (Pinksheets:DRGV), a leading holding company of emerging high-tech companies in China, announced today the company's financial results for the third quarter ended September 30, 2009.
Financial Highlights:
Revenue for the third quarter ended September 30, 2009 was $14.2 million, a 24.56% increase over the $11.4 million recorded in the third quarter of 2008. Cost of sales for the third quarter of 2009 were $13.3 million compared to $10.6 million in the third quarter of 2008. Net income from continuing operations for the third quarter of 2009 was $356,187, slight decrease from the $383,126 recorded in the third quarter of 2008. Net income in the third quarter of 2009 was approximately $291,000, slight decrease from approximately $310,000 for the third quarter of 2008. The decrease in net income was largely attributable to the Company's efforts to increase sales and market share through an aggressive pricing strategy in a very difficult market environment.
Nine-Month Financial Results
Revenue for the first nine months of 2009 reached record $41.1 million, a 20% increase from the $33.7 million recorded in the first nine months of 2008. For the first nine months of 2009, net income from continuing operations was $799,553 down from $1.11 million in the first nine months of 2008 mainly a result of reduced margins of its main technological product sales.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "As we are emerging away from a very challenging sales environment, Dragon has made a strong effort to increase sales volume and market share through aggressive pricing. Our dedication to this strategy has enabled Dragon to post record sales while remaining profitable for the quarter and the first nine months of the year. We are confident that these gains in market share will result in a significant expansion in our top and bottom line performance as the economy continues to improve in the coming quarters and margins return to normalized levels. We are confident that China's high-tech industry will provide a significant growth opportunity for Dragon as we continue to seek to grow internally and through opportunistic acquisition of complimentary high tech operations for the benefit of our shareholders."
About Dragon Capital Group Corporation
Dragon Capital Group Corporation is a holding company serving as a business incubator for emerging Chinese businesses. Dragon currently controls seven subsidiaries operating in high-tech, IT products and services and management consulting. Three of the subsidiaries are growing strong recurring revenue streams from electronics hardware distribution and network integration. The company's other three subsidiaries, still in the emergent stage, are focused on wireless Internet applications, mobile business solutions, software development, enterprise management, computerized automations systems integration and network integration. For more information, visit, http://www.dragoncapital.us.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations, financial performance and, condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the company's reports filed with the Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Contact:
Investor Relations:
Gary Liu
Tel: 954-363-7333 ext. 318
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