Breaking News Alert: Dragon Capital Group -- July 26, 2010
26 Julio 2010 - 8:38AM
Marketwired
Stock Market Alerts' performance stock list includes: Dragon
Capital Group Corp. (PINKSHEETS: DRGV), Google Inc. (NASDAQ: GOOG),
Verizon Communications Inc. (NYSE: VZ) and Apple Inc. (NASDAQ:
AAPL).
This morning, Dragon Capital Group (PINKSHEETS: DRGV), a leading
holding company of emerging high-tech companies in China, announced
that its subsidiary issued a press release announcing its financial
results for the first quarter ended March 31, 2010.
According to the release, revenue for the first quarter ended
March 31, 2010 was $12.4 million, a 4% increase over the $11.9
million recorded in the first quarter of 2009. Cost of goods sold
for the second quarter of 2010 were $11.6 million compared to $11.3
million in the second quarter of 2010. Gross margins improved to
6.4% in the first quarter ended March 31, 2010, up from 5.2% in the
first quarter of 2009. For the first quarter ended March 31, 2010,
Dragon Capital recorded a net loss that narrowed to ($151,800) as
compared to a net loss of ($678,500) in the first quarter of 2009.
The improvement in net results was mainly attributable to a loss
from the sale of discontinued operations in the first quarter of
2009 of (709,000) partially offset by an increase of $340,000 in
general and administrative expenses in the first quarter of
2010.
At March 31, 2010, total assets were $15.8 million compared to
$15.2 million at December 31, 2009. At March 31, 2010, shareholder
equity was $8.5 million and total current assets were $15.5 million
with working capital of approximately $8.1 million as compared to
December 31, 2009 where shareholder equity was $8.6 million and
total current assets were $14.9 million with working capital of
approximately $8.2 million.
Mr. Lawrence Wang, CEO of Dragon Capital Group, stated, "Dragon
continues to post increasing sales in an environment that remains
somewhat challenging. More importantly our gross margins have shown
marked improvement as we continue to improve overall efficiencies.
We are committed to achieving continued improvement in performance
through the building of our core operations and will continue to
look to opportunistically acquire new businesses and evaluate
strategic alternatives for non-performing assets to further improve
our operating results in the future. We continue to believe the
high-tech industry within China has tremendous growth potential for
the future and we remain focused on achieving improved results to
increase our shareholder value."
The stock closed yesterday at a Penny a share.
For an in-depth profile of Dragon Capital
Group, visit http://www.wallstreetenews.com/view-company-profiles.php?profile=DRGV_072210.
Google Inc. (NASDAQ: GOOG) up 1% on 2.2 million shares
traded.
Google's innovative search technologies connect millions of
people around the world with information every day.
Verizon Communications Inc. (NYSE: VZ) up 3.7% on 47 million
shares traded.
Verizon Wireless operates the nation's most reliable and largest
wireless voice and 3G data network, serving more than 92 million
customers.
Apple Inc. (NASDAQ: AAPL) up 0.3% on 19 million shares
traded.
Apple continues to lead the industry with its award-winning
computers, OS X operating system, and iLife, iWork and professional
applications.
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