SOURCE: Dragon International Group Corp.

February 21, 2008 08:58 ET

Dragon International Group, Corp. Reports Record Financial Results for the Second Quarter of Fiscal 2008

2nd Quarter Revenues Reach $13.05 Million

2nd Quarter Diluted Earnings per Share Reaches $0.02

Revenues Exceed $20 million for First Six Months of Fiscal 2008

NINGBO, CHINA--(Marketwire - February 21, 2008) - Dragon International Group Corp. (OTCBB: DRGG), one of China's manufacturers and distributors of specialty paper products and packaging materials, announced today the Company's financial results for the second quarter of fiscal 2008 ended December 31, 2007.

Financial Highlights:

Revenues for the second quarter of fiscal 2008 ended December 31, 2007 increased to $13,056,527 as compared to revenues of $5,188,903 in the second quarter ended December 31, 2006. The increase in revenues was mainly attributable to its acquisition of Wellton International Fiber Corp. completed in October of 2007.

Gross profit for the second quarter of fiscal 2008 ended December 31, 2007 was more than double that of the comparable period in fiscal 2007 and net income for the second quarter of fiscal 2008 reached $1,976,758 or $0.02 per basic share, as compared to $196,134 or $0.00 per basic share for the comparable period in fiscal 2007. The increases in revenue and income were mainly attributable to the Welton acquisition and were further aided by tax abatements related Dragon's operations in Ningbo.

About Wellton International Fiber Corp. ("Wellton")

Wellton operates as an agent of pulp and related paper products, primarily acting as an agent and supplier for two categories of goods: paper pulp and waste paper. Wellton customers are manufacturers of paper and related products. The majority of Wellton's customers purchase both products using the services of Wellton. Paper pulp and waste paper are raw materials used to manufacture paper related products such as packaging products, office paper and other paper-related products.

Mr. David Wu, CEO and Chairman of Dragon International Group, stated, "We are very pleased with the overall results in our fiscal second quarter. Our acquisition of Wellton has helped us transition our operations to focus on higher margin operations and further develop our pharmaceutical packaging. We look forward to continued improvement in operations for the remainder of the fiscal year as we strive to expand into higher margin opportunities."

About Dragon International Group Corporation

Dragon International Group Corp. is one of China's manufacturers and distributors of specialty paper products and packaging materials. DRGG has a distribution network covering east and central China. The Company and its subsidiaries have cultivated strategic relationships with several of the world's largest and most well-known manufacturers of paper and specialty packaging products. For more information, please visit http://www.drgg.net.

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 Information

  • Contact:

    Dragon International Group
    Tel: 1-877-CHINA-57
    Email: info@drgg.net