Dragon Capital Group Corp. Reports Earnings Results for the Third Quarter and First Nine Months Ended September 30, 2013; Provides Earnings Guidance for 2013
November 12, 2013 at 09:02 am EST
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Dragon Capital Group Corp. reported earnings results for the third quarter and first nine months ended September 30, 2013. For 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. 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.
For 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.
While the company 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 subsidiary as well as its Shanghai Zhiye Software Development Company 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 solutions for Android, Windows Mobile and Apple's iOS. As a result, the company now sees revenue and earnings remaining flat to marginally higher in 2013.
Dragon Capital Group, Corp. (Dragon Capital) is a holding company. The Company holds interests in various emerging technology enterprises operating in China. It functions as an incubator, offering support in various functions of general business consulting, formation of joint ventures, access to capital markets, consulting regarding merger and acquisition transactions, business valuation and revenue growth strategies. It focuses on software solutions for businesses, as well as sale of computer and electronic component sales. Its subsidiaries include Dragon Venture Corporation, Dragon Venture (Shanghai) New Energy Technology Development Co., Ltd. (Dragon Shanghai), Chengdu Imaging Soft Co., Ltd and Shanghai Yazheng Information Technology Co., Ltd. (Shanghai Yazheng). Dragon Shanghai provides operational support for the operating entities that the Company or its subsidiaries, have formed, or acquired. Shanghai Yazheng provides services for software development projects in China.
Dragon Capital Group Corp. Reports Earnings Results for the Third Quarter and First Nine Months Ended September 30, 2013; Provides Earnings Guidance for 2013