FUZHOU, China, Aug. 13, 2012 /PRNewswire-Asia-FirstCall/
-- China Yida Holding Company (Nasdaq: CNYD) ("China Yida"or
the "Company"), a diversified tourism and entertainment enterprise
in China, today announced
financial results for the second quarter ended June 30, 2012.
Second Quarter 2012 Results
- Total net revenue was $7.4
million, a decrease of 32.5% compared to $11.0 million in the year-ago period
- Net revenue from the tourism business was $2.7 million, an increase of 6.1% year over year,
with a gross margin of 35.8%
- Net revenue from the media business was $4.8 million, a decrease of 43.9% year over year,
with a gross margin of 64.2%
- Gross profit was $4.5 million, a
decrease of 40.2% compared to $7.5
million in the year-ago period
- Operating income was $1.8
million, a decline of 64.3% compared to $5.2 million in 2011
- Net income attributable to China Yida Holding Company was
$1.1 million, a decrease of 69.3%
compared to $3.5 million in the
year-ago period
- Fully diluted EPS was $0.05 per
share compared to $0.18 in the
year-ago period
"We are pleased to announce that we achieved a solid increase in
tourist traffic to two of our key tourist destinations in the
quarter as well as a modest rise in revenue from our tourism
segment. We believe that this is a result of the successful
execution of a number of initiatives, including our strategy to
create scale economies in marketing that extends to all of our
properties with the goal to boost tourist traffic to all of our
sites," commented Dr. Chen Minhua, Chairman and Chief Executive
Officer of China Yida. "We are encouraged to see that visitor
traffic to Great Golden Lake has recovered and that visitor traffic
to Yunding Park has begun to flourish, although both sites are
hampered by ongoing road access issues. Given that the
fundamentals in China's dynamic
tourism market remain strong, we expect further contribution from
our tourism segment growth to the Company's top and bottom line as
the summer tourism season draws to a close."
"We reiterate that our focused growth strategy is the
development of unique and attractive tourist destinations to meet
the strong fundamentals for tourism in China and we plan upon strategically shifting
more fully towards this segment of our business over time," Dr.
Chen continued. "The development of three additional properties is
on schedule and we expect to commence operation of these new
tourist destinations in early 2013."
Second Quarter 2012 Results
Total consolidated net revenue for the Company's two business
segments, Tourism and Media, was $7.4
million in the first quarter of 2012, a decrease of 32.5% as
compared to $11.0 million in the
year-ago quarter. A review of each business segment follows.
Tourism Business
Net revenue from the tourism business was $2.7 million, an increase of 6.1% as compared to
$2.5 million in net revenue in the
second quarter of 2011. The increase was primarily attributable to
an increasing number of tourists visiting both the Great Golden
Lake and Yunding Recreational Park tourist destinations, partially
offset by the continued downturn at the Hua'An Tulou site. Gross
margin from the tourism business was 43.8% for the second quarter
of 2012, compared 51.9% in the year-ago quarter, but it improved
sequentially from 17.5% in the first quarter of 2012.
The total number of visitors that entered the Great Golden Lake
during the second quarter of 2012 was approximated 86,000 as
compared to 76,000 in the same period of last year, and up
sequentially from 37,000 in the first quarter of 2012. The site
generated approximately $1.4 million
in revenue in the second quarter, up 7.9% from the comparable
year-ago quarter.
Yunding Recreational Park attracted 48,000 visitors in the
second quarter of 2012, a solid increase from the 14,000 visitors
in the second quarter of 2011 and a marked increase from the 23,000
visitors in the first quarter of 2012. The site generated
approximately $1.0 million in revenue
in the second quarter of 2012, more than triple the amount
generated in the comparable year-ago quarter, and a strong
improvement sequentially from $0.5
million generated in the first quarter of 2012. The increase
in visitors and revenue at Yunding for the quarter is primarily
attributable to enhanced marketing efforts of the Company's travel
agency.
The Hua'An Tulou tourist destination received approximately
20,000 visitors, compared to 59,000 visitors in the comparable
year-ago quarter, and 38,000 visitors in the first quarter of 2012.
The decrease was mainly due to tough market competition from two
nearby Tulou clusters in Fujian
Province. Hua'An Tulou generated approximately $0.3 million in revenue in the second quarter of
2012, a decrease of 71.7% from $0.9
million in the comparable year-ago quarter.
Media Business
Net revenue from the media business in the second quarter of
2012 was $4.8 million, a decrease of
43.5% from the $8.5 million posted in
the comparable period a year ago. Fujian Education Television
Channel ("FETV") experienced a 41.5% fall in revenue in the quarter
year over year to an estimated $4.6
million due to actions by domestic media authorities
restricting the broadcasting manner and content of TV advertising.
Revenue from the Company's train media business was an estimated
$0.1 million for the first quarter of
2012 as compared to $0.8 million for
the first quarter of 2011, as a majority of advertising clients
terminated their purchases due to the absence of an automatic
broadcasting and monitoring system.
Gross margin for the media business was 69.9% for the second
quarter of 2012, as compared to 73.2% in the comparable year-ago
quarter. The decrease in gross margin was primarily attributable to
the fall-off in revenue generated from the railway media broadcasts
as well as the increase in contracting costs associated with FETV's
commercial airtime.
Consolidated Operating Results
Gross profit for China Yida's consolidated operations was
$4.5 million in the second quarter of
2012, representing a gross profit margin of 60.6%, compared to
gross profit of $7.5 million and a
gross margin of 68.4% for the comparable period of 2011.
Total operating expenses increased by 12.8% to $2.6 million in the second quarter of 2012,
compared with $2.3 million in the
second quarter of 2011. This increase was primarily attributable to
a 20.9% jump in selling expenses, which increased from $1.2 million to $1.5
million, due to higher marketing and operating expenses at
Yunding Park compared to the same period last year. Operating
income decreased by 64.3% to $1.8
million in the second quarter of 2012 compared with
$5.2 million in the year ago
quarter.
Net income attributable to China Yida Holding Company for the
second quarter of 2012 was $1.1
million, or $0.05 per diluted
share, as compared with $3.5 million,
or $0.18 per diluted share, for the
second quarter of 2011.
Six Month Results
Total net revenue decreased by 33.5% to $15.1 million for the six months ended
June 30, 2012, compared with
$22.8 million for the six months
ended June 30, 2011. Net revenue from
advertising decreased by 40.3% to $11.0
million, compared with $18.4
million for the six months ended June
30, 2011. Net revenue from the tourism business decreased by
5.1% to $4.2 million, compared with
$4.4 million for the six months ended
June 30, 2011.
Gross profit for the first six months of 2012 decreased 40.4%
year over year to $9.4 million from
$15.8 million in the first six months
of 2011. The gross margin for the first six months of 2012 was
62.0% as compared to 69.3% in the year-ago period. Operating income
decreased by 61.7% to $4.3 million in
the first six months of 2012, compared with $11.3 million in the first six months of
2011.
Net income for the six months ended June
30, 2012 was $2.2 million, or
$0.11 per fully diluted share, as
compared to net income of $7.4
million, or $0.38 per share,
for the comparable period of 2011.
Financial Condition
As of June 30, 2012, the Company
had $12.1 million in cash and cash
equivalents. Working capital was $1.7
million with a current ratio of 1.1. As of June 30, 2012, the Company had total debt of
$40.0 million. Shareholders'
equity was $161.3 million at the end
of the second quarter of 2012 as compared to $157.9 million at the end of 2011.
China Yida generated $8.2 million
in cash flow from operating activities in the second quarter of
2012 and spent $3.2 million on
investing activities. The Company received $3.4 million in proceeds from long-term bank
loans in the second quarter of 2012 to fund the development of its
tourism destinations.
Business Update
The Company experienced reasonably good attendance at its Great
Golden Lake and Yunding Recreation Park tourist destinations in the
second quarter of 2012 attributable to the onset of the summer
tourism season and despite still-difficult road access to both
sites. Tourist traffic to the Great Golden Lake increased by
approximately 13% from the comparable year-ago quarter although the
road to Shangqing River is still under construction and visitors
must now use a rougher, more difficult road. It is
anticipated that the road construction by the local government will
be completed in early 2013. The natural view and tourism
facilities at the Great Golden Lake destination have now fully
recovered from the severe summer floods of 2010.
Yunding Recreational Park continued to see strong progress as
tourist traffic was up in the second quarter of 2012 almost two and
a half times the level seen in the comparable year-ago
quarter. However, tourist traffic is still below that of
Yunding's designed capacity since the site is also hampered by poor
road access. However, the new expressway connecting
Fuzhou to Yongtai Town is being
built by the local government and is expected to be completed by
early 2013. In the meantime, Management has been enhancing
its marketing efforts as well as developing second-stage
entertainment attractions to further enrich tourists' visiting
experience. The Company is planning to put its recently constructed
guest cottages into operation the third quarter of 2012 which will
enable visitors to extend their stay at Yunding. The new
restaurants in Gorges are currently in operation and valley rafting
facilities began at the site at the end of June. In addition,
the camping center and shopping plaza are both under
development.
The increase in tourism segment revenue at both the Great Golden
Lake and Yunding Recreational Park was partially offset by the
decrease in revenue at the Hua'An Tulou tourism destination,
attributable to strong competition among the homogeneous tourism
destinations, Nanjing Tulou Cluster and Yongding Tulou
Cluster. The Company plans upon utilizing its travel agency
to promote the site as well as offer more promotions in Xiamen
City. China Yida's tourism marketing center designs and
executes proactive marketing strategies that include developing
creative and constructive relationships with travel agencies and
explores new markets for its tourist destinations.
As of June 30, 2012, China Yida
has made significant progress in the development of its three new
tourism destinations in Anhui and
Jiangxi Provinces, the Ming Dynasty Entertainment World in Bengbu
City, Anhui province, the China
Yang-sheng (Nourishing Life) Paradise in Zhangshu City,
Jiangxi province, and the City of
Caves in Fenyi City, Jiangxi
province. The development and construction of these new
tourist destinations are in line with the Company's schedule. In
the second quarter of 2012, the Company invested approximately
$0.5 million in the acquisition of
land use rights and approximately $2.6
million in the construction of tourism facilities for these
new tourist destinations.
Management believes that it can finance all of its ongoing
capital expenditures from cash on hand, cash from operations and
bank loans secured against its land bank. Entering 2012, new
construction and development was adversely affected by
more-than-normal rainy days. However, the Company will undertake
its best efforts to complete Phase I construction of these new
projects and expects to commence operation of the new tourist
destinations by the first quarter of 2013.
In terms of its media segment, the Company has previously
disclosed that due to strict regulations on certain types of TV
advertising, it expects that FETV's advertising revenue may
continue to decline further in the quarters ahead. Beginning
on January 1, 2012, the State
Administration of Radio Film and Television (SARFT) disallowed any
commercial advertisements that are inserted in the midst of certain
TV programming with the result that ad time is now minimized and
only able to be inserted at a program's end.
The Company's strategic plan is to transition from what is
currently a media and tourism company to one that is primarily a
tourist company, where revenues derived from its tourism properties
account for an ever-increasing percentage of its total
revenues. China Yida foresees diverse revenue streams
emanating from its tourist properties which the Company expects
will drive a sustainable level of revenue and earnings growth.
Conference Call
China Yida will conduct a conference call at 9:00 a.m. Eastern Time (ET) on Monday, August 13, 2012, to discuss its financial
results for the second quarter ended June
30, 2012. To participate in the live conference call, please
dial any of the following numbers five to ten minutes prior to the
scheduled conference call time.
Toll-Free
Dial-In Number:
|
|
|
|
US
|
866-395-5819
|
China,
Domestic
|
400-682-8609
|
Hong
Kong
|
800-966-253
|
Singapore
|
800-101-1512
|
|
|
International callers can also dial +1-706-643-6986.
|
|
|
|
The
Conference ID for this call is 16778586.
|
|
If you are unable to participate in the call at this time, a
replay will be available for two weeks starting on Monday, August 13, 2012 at 12:00 p.m. ET. To access the replay, dial
855-859-2056 or 404-537-3406, international callers dial
+1-800-585-8367. The Conference ID is 16778586.
About China Yida
China Yida is a leading tourism and media enterprise focused on
China's fast-growing leisure
industry and headquartered in Fuzhou City, Fujian province of China. The Company
provides tourism management services and specializes in the
development, management and operation of natural, cultural and
historic scenic sites.
China Yida currently operates the Great Golden Lake tourist
destination (Global Geopark), Hua'An Tulou tourist destination
(World Culture Heritage) and China Yunding Park (National
Park). China Yida is also developing three additional tourism
projects, Ming Dynasty Entertainment World, China Yang-sheng
(Nourishing Life) Tourism Project and the City of Caves.
The Company's media business provides operations management
services including content and advertising management for the
Fujian Education Television Station ("FETV"), and "Journey through
China on the Train", an
advertisement-embedded travel program.
For further information, please contact the Company directly, or
visit its Web site at http://www.yidacn.net.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of China Yida Holding Co., Inc. (the
"Company") to be materially different from those expressed or
implied by such forward-looking statements. The Company's future
operating results are dependent upon many factors, including but
not limited to: (i) the Company's ability to obtain sufficient
capital or a strategic business arrangement; (ii) the Company's
ability to build and maintain the management and human resources
and infrastructure necessary to support the anticipated growth of
its business; (iii) competitive factors and developments beyond the
Company's control; and (iv) other risk factors discussed in the
Company's periodic filings with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
Contact:
|
|
China Yida
Holding
|
CCG
Investor Relations
|
Jocelyn
Chen
|
Crocker
Coulson, President
|
Phone: +86
591 28082230
|
Phone: +
(1) 646-213-1915
|
Email:
ir@yidacn.net
|
Email:
Crocker.Coulson@ccgir.com
|
FINANCIAL TABLES FOLLOW
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
Three
Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Net
revenue
|
|
|
|
|
|
|
|
|
Advertisement
|
$
|
4,762,541
|
$
|
8,484,717
|
$
|
10,957,060
|
$
|
18,353,091
|
Tourism
|
|
2,652,149
|
|
2,498,979
|
|
4,188,339
|
|
4,414,082
|
|
|
|
|
|
|
|
|
|
Total
net revenue
|
|
7,414,690
|
|
10,983,696
|
|
15,145,399
|
|
22,767,173
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
Advertisement
|
|
1,431,408
|
|
2,271,732
|
|
2,990,408
|
|
4,706,554
|
Tourism
|
|
1,491,741
|
|
1,202,363
|
|
2,759,334
|
|
2,291,764
|
|
|
|
|
|
|
|
|
|
Total
cost of revenue
|
|
2,923,149
|
|
3,474,095
|
|
5,749,742
|
|
6,998,318
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
4,491,541
|
|
7,509,601
|
|
9,395,657
|
|
15,768,855
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
1,504,155
|
|
1,244,427
|
|
2,647,120
|
|
2,108,318
|
General and administrative
expenses
|
|
1,144,052
|
|
1,102,585
|
|
2,423,800
|
|
2,369,195
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
2,648,207
|
|
2,347,012
|
|
5,070,920
|
|
4,477,513
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
|
1,843,334
|
|
5,162,589
|
|
4,324,737
|
|
11,291,342
|
|
|
|
|
|
|
|
|
|
Other
income (expense)
|
|
|
|
|
|
|
|
|
Other expense, net
|
|
(75,958)
|
|
(12,439)
|
|
(114,667)
|
|
(17,782)
|
Interest income
|
|
13,859
|
|
25,284
|
|
20,573
|
|
47,416
|
Interest expense
|
|
(55,231)
|
|
(9,358)
|
|
(119,491)
|
|
(201,758)
|
|
|
|
|
|
|
|
|
|
Total
other expenses
|
|
(117,330)
|
|
3,487
|
|
(213,585)
|
|
(172,124)
|
|
|
|
|
|
|
|
|
|
Income
before income tax and non-controlling interest
|
|
1,726,004
|
|
5,166,076
|
|
4,111,152
|
|
11,119,218
|
|
|
|
|
|
|
|
|
|
Less:
Provision for income tax
|
|
720,133
|
|
1,712,056
|
|
2,006,321
|
|
3,717,746
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,005,871
|
|
3,454,020
|
|
2,104,831
|
|
7,401,472
|
|
|
|
|
|
|
|
|
|
Net
loss attributed to non-controlling interest
|
|
63,911
|
|
31,529
|
|
131,214
|
|
43,163
|
|
|
|
|
|
|
|
|
|
Net
income attributable to China Yida Holding Co.
|
$
|
1,069,782
|
$
|
3,485,549
|
$
|
2,236,045
|
$
|
7,444,635
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
1,005,871
|
$
|
3,454,020
|
$
|
2,104,831
|
$
|
7,401,472
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
Foreign currency translation gain
|
|
83,727
|
|
2,524,447
|
|
1,234,044
|
|
3,375,966
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
1,089,598
|
|
5,978,467
|
|
3,338,875
|
|
10,777,438
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to non-controlling
interest
|
|
60,743
|
|
20,044
|
|
83,409
|
|
68,684
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to China Yida
Holding Co.
|
$
|
1,150,341
|
$
|
5,998,511
|
$
|
3,422,284
|
$
|
10,846,122
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
-
Basic
|
$
|
0.05
|
$
|
0.18
|
$
|
0.11
|
$
|
0.38
|
-
Diluted
|
$
|
0.05
|
$
|
0.18
|
$
|
0.11
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
-
Basic
|
|
19,551,785
|
|
19,551,785
|
|
19,551,785
|
|
19,551,785
|
-
Diluted
|
|
19,551,785
|
|
19,634,421
|
|
19,551,785
|
|
19,792,873
|
|
|
|
|
|
|
|
|
|
|
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
June
30,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(UNAUDITED)
|
|
(AUDITED)
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash equivalents
|
$
|
12,137,978
|
$
|
5,684,847
|
Accounts receivable
|
|
210,466
|
|
129,849
|
Other receivables, net
|
|
399,826
|
|
4,940,389
|
Advances and prepayments
|
|
1,609,763
|
|
1,881,427
|
Prepayment - current portion
|
|
366,606
|
|
207,117
|
Total current
assets
|
|
14,724,639
|
|
12,843,629
|
|
|
|
|
|
Property and equipment, net
|
|
109,620,277
|
|
110,593,580
|
Construction in progress
|
|
31,316,154
|
|
25,964,029
|
Intangible assets, net
|
|
45,574,544
|
|
32,355,010
|
Long-term prepayments
|
|
4,526,790
|
|
12,758,763
|
Deferred tax assets
|
|
-
|
|
104,078
|
Total assets
|
$
|
205,762,404
|
$
|
194,619,089
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short-term loans
|
$
|
2,536,100
|
$
|
943,619
|
Long-term debt, current portion
|
|
6,169,063
|
|
3,761,894
|
Accounts payable
|
|
57,119
|
|
91,385
|
Current obligation under airtime rights commitment
|
|
2,700,946
|
|
2,359,169
|
Accrued expenses and other payables
|
|
778,223
|
|
638,175
|
Taxes payable
|
|
782,107
|
|
1,223,528
|
Deferred tax liabilities - current
|
|
-
|
|
67,644
|
Total current
liabilities
|
|
13,023,558
|
|
9,085,414
|
|
|
|
|
|
Long-term obligation under airtime rights commitment
|
|
135,759
|
|
1,548,928
|
Long-term debt
|
|
31,283,697
|
|
26,040,732
|
Total
liabilities
|
|
44,443,014
|
|
36,675,074
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Preferred
stock ($0.001 par value, 10,000,000 shares authorized, none issued
and outstanding)
|
|
-
|
|
-
|
Common
stock ($0.0001 par value, 100,000,000 shares authorized, 19,551,785
shares issued and outstanding as of June 30, 2012 and December 31,
2011, respectively)
|
|
1,955
|
|
1,955
|
Additional
paid in capital
|
|
49,165,665
|
|
49,129,165
|
Accumulated other comprehensive income
|
|
13,670,355
|
|
12,484,116
|
Retained
earnings
|
|
89,951,227
|
|
87,715,182
|
Statutory
reserve
|
|
2,549,330
|
|
2,549,330
|
Total
China Yida Holding, Co. Stockholders' equity
|
|
155,338,532
|
|
151,879,748
|
Non-controlling interest
|
|
5,980,858
|
|
6,064,267
|
Total
equity
|
|
161,319,390
|
|
157,944,015
|
Total
liabilities and equity
|
$
|
205,762,404
|
$
|
194,619,089
|
CHINA
YIDA HOLDING CO. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
(UNAUDITED)
|
|
|
|
|
For The
Six Months Ended June 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
2,104,831
|
$
|
7,401,472
|
|
Adjustments to reconcile net income to
net cash provided by operating activities:
|
|
|
|
|
|
Depreciation
|
|
2,034,363
|
|
1,695,433
|
|
Amortization
|
|
1,245,421
|
|
1,874,315
|
|
Stock based compensation
|
|
36,500
|
|
501,993
|
|
Deferred tax expense
|
|
36,434
|
|
43,060
|
|
|
|
|
|
|
|
Amortization of financing
costs
|
|
115,032
|
|
-
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
-79,674
|
|
-37,502
|
|
Other receivables, net
|
|
4,583,908
|
|
-262,358
|
|
Advances and prepayments
|
|
286,737
|
|
-351,761
|
|
Accounts payable
|
|
-35,019
|
|
-1,098,997
|
|
Accrued expenses and other
payables
|
|
135,164
|
|
107,172
|
|
Taxes payable
|
|
-451,484
|
|
-480,791
|
|
Net cash provided by operating
activities
|
|
10,012,213
|
|
9,392,036
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
Additions to property and equipment
|
|
-164,384
|
|
-4,092,885
|
|
Additions to construction in
progress
|
|
-5,178,448
|
|
-1,454,280
|
|
Additions to intangible asset
|
|
-4,657,796
|
|
-
|
|
Increase in long-term prepayments for
acquisition of property, equipment and land use rights
|
-822,846
|
|
-1,169,102
|
|
Net cash used in investing
activities
|
|
-10,823,474
|
|
-6,716,267
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
Repayment of loan from non-controlling
interest
|
|
-
|
|
244,618
|
|
Repayment of obligation under airtime rights
commitment
|
|
-1,103,201
|
|
-893,665
|
|
Payment of deferred financing costs
|
|
-675,266
|
|
-
|
|
Proceeds from short-term loans
|
|
1,586,622
|
|
-
|
|
Proceeds from long-term loans
|
|
9,519,730
|
|
10,702,055
|
|
Repayment of long-term loans
|
|
-2,096,607
|
|
-91,732
|
|
Net cash provided by financing
activities
|
|
7,231,277
|
|
9,961,276
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON
CASH
|
|
33,116
|
|
287,700
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
|
|
6,453,131
|
|
12,924,745
|
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD
|
|
5,684,847
|
|
7,146,684
|
CASH AND CASH EQUIVALENTS, ENDING OF
PERIOD
|
$
|
12,137,978
|
$
|
20,071,429
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
Transfer from advances
and prepayments to intangible assets
|
$
|
9,565,542
|
$
|
-
|
|
Cash
paid during the period for:
|
|
|
|
|
|
Income
tax
|
$
|
2,343,855
|
$
|
2,078,619
|
|
Interest
|
$
|
1,479,846
|
$
|
437,394
|
|
|
|
|
|
|
|
|
The notes in the Company's 2012 10-Q are an integral part of
these consolidated financial statements.
SOURCE China Yida Holding Company