SOURCE: Dragon International Group Corp.

May 19, 2008 13:51 ET

Dragon International Group Reports Financial Results for the First Nine Months of Fiscal 2008

Revenues Exceed $33 Million for First Nine Months of Fiscal 2008; Net Income Exceeds $2.7 Million for First Nine Months of Fiscal 2008; Net Income of $0.02 per Basic Share for First Nine Months of Fiscal 2008; 3rd Quarter Revenues Reach $12.3 Million, up Over 370% From 3rd Quarter of 2007; 3rd Quarter Net Income Reaches $237,994, up From a Loss of ($549,274) in the 3rd Quarter of 2007

NINGBO, CHINA--(Marketwire - May 19, 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 third quarter of fiscal 2008 ended March 31, 2007.

Financial Highlights:

Revenues for the first nine months of fiscal 2008 increased to $33.28 million as compared to revenues of $13.32 million in the first nine months of fiscal 2007. Net income the first nine months of fiscal 2008 increased to $2.19 million or $0.02 per basic share as compared to a loss of ($348,588) or ($0.00) per basic share in the first nine months of fiscal 2007.

Revenues for the third quarter of fiscal 2008 ended March 31, 2008 increased to $12,302,847 as compared to revenues of $3,304,682 in the third quarter ended March 31, 2007. Gross profit for the third quarter of fiscal 2008 ended March 31, 2008 was $935,765, almost triple that of $318,339 for the comparable period in fiscal 2007 and net income for the third quarter of fiscal 2008 reached $237,994 or $0.00 per basic share, as compared to a loss of ($549,274) or ($0.01) per basic share for the comparable period in fiscal 2007. The increases in revenue and income in the third quarter of 2008 were mainly attributable to the Wellton International Fibre Corp. acquisition.

Mr. David Wu, CEO and Chairman of Dragon International Group, stated, "We are very pleased with the overall results in our fiscal third quarter. Our acquisition of Wellton has helped us continue to show significant improvement in our operating results as compared to fiscal 2007. We continue to focus our development efforts in pharmaceutical packaging. We look forward to further improvement in operations for the remainder of the fiscal year as we strive to expand into higher margin opportunities and focus on increasing our profitable operations."

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. Dragon's Wellton International Fibre Corp subsidiary 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. 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