FUZHOU, China, March 25, 2013 /PRNewswire/ -- China Yida
Holding Company (Nasdaq: CNYD) ("China Yida" or the "Company"), a
diversified tourism and entertainment enterprise in China, today announced its preliminary
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2012.
Fiscal Year 2012 Results
- Net revenue from the tourism business was $10.6 million for fiscal 2012, an increase of
14.8% from fiscal 2011, with a gross margin of 42.8%
- Net revenue from the media business was $17.0 million for fiscal 2012, a decrease of
48.5% as compared to fiscal 2011, with a gross margin of 68.5%
- Total net revenue was $27.6
million for fiscal 2012, a decrease of 34.6% compared to
$42.2 million for fiscal year
2011
- Gross profit was $16.2 million
for fiscal 2012, a decrease of 43.6% compared to $28.7 million for fiscal 2011
- Operating income was $4.4 million
for fiscal 2012 compared to $19.0
million for fiscal 2011
- Net loss attributable to China Yida Holding Company was
$0.3 million for fiscal 2012,
compared to net income attributable to China Yida Holding Company
of $12.1 million for fiscal 2011
- Fully diluted loss was $0.07 per
share for fiscal 2012 compared to fully diluted earnings per share
of $3.10 for fiscal 2011
"As previously stated, China Yida's mission is to be a
preeminent tourist company with all of its operations to consist of
existing and new tourist destinations, and so I am pleased to
report that the Company's tourist segment showed a solid revenue
gain of 14.8% in fiscal 2012 compared to fiscal 2011," stated Dr.
Minhua Chen, Chairman and Chief
Executive Officer of China Yida. "We are also pleased to report a
robust 68.5% rise in tourism revenue for the fourth quarter of 2012
versus the year-ago quarter driven by increased visitor traffic to
our two prime tourist destinations. However, we expect continued
pressure from the high levels of debt that we have had to assume to
fulfill our commitment to local governments to develop our new
tourist projects outside Fujian
Province. Therefore, we expect further losses in the
quarters ahead and a loss for the full year 2013."
"We are especially pleased to see that visitor traffic to the
Great Golden Lake has normalized this year and that a record number
of tourists visited Yunding Recreational Park in the fourth
quarter. We believe that both of these tourist destinations
will generate even greater tourist traffic once ongoing road access
issues are resolved," CEO Minhua
Chen continued. "Given that the fundamentals in
China's tourism market remains
strong, we continue to be committed to our participation in this
market and we will work hard to prevail despite our current funding
challenges."
Fourth Quarter 2012 Results
Total consolidated net revenue for the Company's two business
segments, Tourism and Media, was $6.1
million in the fourth quarter of 2012, a decrease of 25.5%
as compared to $8.2 million in the
year-ago quarter. A review of each business segment follows.
Tourism Business
Net revenue from the tourism segment was $3.3 million in the fourth quarter of 2012, an
increase of 68.5% as compared to $1.9
million in the year-ago quarter. The increase was primarily
attributable to a substantial increase in the 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 segment was
48.3% in the fourth quarter, as compared to 29.5% in the year-ago
quarter.
The total number of visitors that entered the Great Golden Lake
during the fourth quarter of 2012 was approximated 102,000, an
increase of 39.7% as compared to 73,000 in the same period of 2011,
though down sequentially from 114,000 in the third quarter of 2012
due to seasonality factors. The site generated approximately
$1.6 million in revenue in the fourth
quarter, up 40.9% from the comparable year-ago quarter. The Company
believes that visitor traffic to the Great Golden Lake is gradually
improving and expects additional potential for growth once a new
road that affords better access to the site is completed.
Yunding Recreational Park attracted 60,000 visitors in the
fourth quarter of 2012, a substantial increase from the 14,000
visitors in the fourth quarter of 2011, and also up sequentially
from the 34,000 visitors in the third quarter of 2012. The site
generated approximately $1.5 million
in revenue in the fourth quarter of 2012 which represents a
five-fold increase in the revenue generated in the comparable
year-ago quarter. The increase is attributable to the site's added
attractions such as its new trial cottage accommodations which are
encouraging additional site visitors. Further, a sustained
marketing effort by the Company's travel agency over the last year
is having a positive effect on attendance.
The Hua' An Tulou tourist destination received approximately
18,000 visitors in the fourth quarter of 2012 compared to 39,000
visitors in the comparable year-ago quarter, and was flat
sequentially from the 18,000 visitors in the third quarter of 2012.
Hua' An Tulou generated approximately $0.2
million in revenue in the fourth quarter of 2012, a decrease
from $0.5 million in the comparable
year-ago quarter. The year-to-year decrease was mainly due to
tough market competition from two nearby Tulou clusters in
Fujian Province.
Media Business
Net revenue from the media business in the fourth quarter of
2012 was $2.9 million, a decrease of
54.4% from the $6.3 million posted in
the comparable period a year ago. Fujian Education Television
Channel ("FETV") experienced a 56.0% fall in revenue in the fourth
quarter as compared to the year-ago quarter to an estimated
$2.8 million due to actions by
domestic media authorities restricting the broadcasting manner and
content of TV advertising. The restriction on content of TV
advertising included shopping programs, mini ads and certain
medical advertisements.
Revenue from the Company's train media business was an estimated
$0.10 million for the fourth quarter
of 2012 as compared to $0.15 million
for the fourth quarter of 2011, as a majority of advertising
clients have terminated their purchases due to the absence of an
automatic broadcasting and monitoring system. The continued
decrease in revenue is in line with the Company's expectations and
further decreases may occur in the next few quarters.
Gross margin for the media business was 60.5% for the fourth
quarter of 2012, as compared to 74.3% in the comparable year-ago
quarter. The decrease in gross margin continues to be attributable
to the substantial fall-off in revenue at FETV.
Fourth Quarter 2012 Consolidated Operating Results
Gross profit for China Yida's consolidated operations was
$3.3 million in the fourth quarter of
2012, representing a gross profit margin of 54.0%, compared to
gross profit of $5.3 million and a
gross margin of 63.8% for the comparable period of 2011.
Total operating expenses increased by 47.3% to $3.6 million in the fourth quarter of 2012,
compared with $2.5 million in the
year-ago quarter. This increase was primarily attributable to a
60.0% jump in selling expenses, which increased to $1.9 million from $1.2
million in the comparable year-ago period due to higher
marketing and operating expenses at Yunding Park including expenses
related to the Company's new subsidiary that will operate
performance and show events at the Yunding site. The Company
experienced an operating loss of $0.3
million in the fourth quarter of 2012 as compared to income
from operations of $2.8 million in
the year ago quarter.
The net loss attributable to China Yida Holding Company for the
fourth quarter of 2012 was $1.5
million, or $0.39 per diluted
share, as compared to net income attributable to China Yida Holding
Company of $1.5 million, or
$0.38 per diluted share, for the
fourth quarter of 2011.
Fiscal Year 2012 Results
Total net revenue decreased by 34.6% to $27.6 million for the fiscal year ended
December 31, 2012, compared with
$42.2 million for the fiscal year
ended December 31, 2011. Net
revenue from the tourism business increased by 14.8% to
$10.6 million for the fiscal year
ended December 31, 2012. However, net
revenue from advertising decreased by 48.5% to $17.0 million, compared to $33.0 million for the twelve months ended
December 31, 2011.
Gross profit for the fiscal year ended 2012 decreased 43.6% year
over year to $16.2 million from
$28.7 million for fiscal 2011. The
gross margin for the fiscal year ended 2012 was 58.6% as compared
to 68.0% for the fiscal year ended 2011. Operating income was
$4.4 million for fiscal 2012, a 77.1%
decrease from $19.0 million for
fiscal year 2011.
China Yida Holding Company experienced a net loss of
$0.3 million for fiscal year, or a
net loss of $0.07 per fully diluted
share, as compared to net income of $12.1
million, or $3.10 per share,
for fiscal year 2011.
Financial Condition
As of December 31, 2012, the
Company had $6.6 million in cash and
cash equivalents, up from $5.7
million as of fiscal year end 2011. The Company's working
capital deficit was $2.3 million due
to an increased level of both short-term loans and the current
portion of long-term debt. As of December
31, 2012, the Company had total debt of $57.0 million out of which short-term loans
comprised $1.6 million and the
current portion of its long-term debt was $6.8 million. Shareholders' equity was
$158.7 million as of fiscal year end
2012 as compared to $157.9 million as
of fiscal year end 2011.
China Yida generated $11.2 million
in cash flow from operating activities for fiscal year 2012,
compared to approximately $17.4
million for fiscal 2011, with the decrease of approximately
$6.2 million primarily due to the
decrease in net income during fiscal 2012. The net cash used
in investing activities for fiscal 2012 was approximately
$33.3 million as compared to
$48.0 million for fiscal 2011, with
the decrease of approximately $14.6
million primarily due to the decrease expended in fiscal
2012 for obtaining land use rights for its tourist destinations.
The Company's net cash provided by financing activities was
$23.0 million for fiscal year 2012 as
compared to $28.9 million for fiscal
year 2011 attributable to a higher level of long-term loan
repayments during fiscal 2012 as compared to fiscal 2011.
Business Update and 2013 Outlook
The Company experienced vastly improved attendance at its Great
Golden Lake and Yunding Recreation Park tourist destinations in the
fourth quarter of 2012 attributable to the promotion efforts of the
Company's tourist agency as well as enhanced tourist attractions at
the Yunding site. For the year, tourist traffic increased
9.4% at the Great Golden Lake to 339,000 visitors and tourist
traffic increased 38.7% to 165,000 visitors at Yunding Recreational
Park. The Company believes that there is room for improved
tourist traffic to both tourist destinations when road construction
that will enable easier travel to both sites is completed.
As the natural view and tourism facilities at the Great Golden
Lake has now recovered from the flash floods of the summer of 2010,
with tourist traffic having normalized, revenue for fiscal 2012
increased 15.4% to approximately $5.5
million from fiscal 2011. However, 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
2013.
Yunding Recreational Park continues to see strong progress as
tourist traffic set a record in the fourth quarter of 2012 and
revenues attributable to the site rose 102.1% to approximately
$3.9 million for fiscal 2012 as
compared to fiscal 2011. The site's guest cottages were in
trial operation in the fourth quarter of 2012 and the Company
should realize revenue in these overnight accommodations beginning
in the first quarter of 2013. However, the revenue generated
from the site's valley rafting activity, which has been in
operation since the beginning of the third quarter, will likely see
a slowdown in the winter months. The Company believes that
tourist traffic is still below that of Yunding's designed capacity
since the site is 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 in 2013.
The increase in tourism revenue at both the Great Golden Lake
and Yunding Recreational Park was partially offset by a decrease in
revenue at the Hua' An Tulou tourism destination. The Hua' An
Tulou destination generated approximately $1.3 million in fiscal 2012, a 55.4% decrease
from fiscal 2011. This decrease is attributable to strong
competition from nearby homogeneous tourist sites, Nanjing Tulou
Cluster and Yongding Tulou Cluster. The Company plans upon
further engaging in promotions that might enhance traffic to our
Hua' An Tulou site.
As of fiscal year end, 2012, China Yida has made significant
progress in the development of its three new tourism destinations,
Ming Dynasty Entertainment World in Bengbu City, Anhui Province, China
Yang-sheng (Nourishing Life) Paradise in Zhangshu City,
Jiangxi Province, and the City of
Caves in Fenyi City, Jiangxi Province. These three new
tourism projects are outside of Fujian
Province and further expands the Company's geographic
footprint to capitalize upon the rapidly growing tourism and
leisure market opportunity in China. Operating components of
all three sites are expected to open in 2013 as the development and
construction of these new tourist destinations are in line with the
Company's schedule.
Ming Dynasty Entertainment World in Bengbu City, Anhui Province, is a tourist site emblematic
of cultural tourism that will reproduce the royal life of the Ming
Dynasty and offer recreational activities of the era. As of
December 31, 2012, the first phase of
the site construction has commenced and the Company a total of
$10.3 million of capital has been
invested towards the development of this site.
China Yang-sheng (Nourishing
Life) Paradise in Zhangshu City, Jiangxi
Province, is a leisure and health tourist destination which
is planned to include a spa and resort hotel, will reflect the
region's reputation as a traditional medicine and herb
center. The site contains the only natural salt water hot
spring destination in southern China. The capital
expenditures planned for the first development phase of this
tourist site is estimated at approximately $36.6 million. Management expects that the Salt
Water Hot Spring Spa & Health Center and the Yang-sheng resort
hotel will be open to the public by the third quarter of 2013.
The City of Caves in Fenyi City, Jiangxi Province, has one of the largest and
most characteristic karst land underground caverns in China. Its three hour driving circle covers a
population of approximately 80 million people and is expected to
draw tourists who are also visiting nearby world-class tourist
destinations. In addition, the site is approximately a
one-hour drive from China Yida's Yang-sheng Paradise, which means
that the Company can launch an integrated marketing campaign for
these two tourist sites. The first phase of development for
the City of Caves, composed of the Altair and Vega caves, is
scheduled to start trial operation by the third quarter of
2013. The investment budget for each phase is $14.7 million with a total budget for the site's
three phases of $44.1 million.
Management carefully reviews its capital expenditures on a
regularly basis and has recently come to believe that our ability
to finance our new projects in development has become somewhat
challenged. The Company has had to extensively rely upon bank
financing given that other means of financing, such as the equity
capital markets, have not been accessible to it. Therefore,
the Company will pursue reducing expenses wherever possible since
it places the highest priority on meeting its financial obligations
associated with its bank financing. The Company believes that
this would ensure continued capital flow and enable the development
of its high quality tourist destinations currently in
development.
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. The Company now
expects that it may have to discontinue the FETV business when the
contract is due in July 2013.
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. In
addition, the Company also expects that in the near future, it is
highly likely that it will discontinue its train media business
which generates minimal revenue, though such timing has not yet
been determined.
The Company's is executing upon its strategic plan to transition
from what is currently a media and tourism company to one that is a
tourist company in its entirety, where revenues derived from its
tourism properties ultimately account for all of its revenue
generation. China Yida foresees a diverse revenue stream
emanating from its tourist properties which the Company expects
will drive a sustainable level of revenue and earnings growth.
"Tourism continues to be a dynamic growth sector for China as
domestic tourism has surged due to the country's unprecedented
economic growth and higher disposable incomes. China's
inbound tourism has also risen due to the country's wide spectrum
of rich tourist sites. China is now poised to become the
world's second largest tourism economy after the U.S. by
2015. With six tourist sites expected to be in operation this
year, China Yida expects to be a major participant in this
exciting, high growth sector," CEO Minhua
Chen concluded.
Recent Development
Effective November 19, 2012, the
Company conducted a 1-for-5 reverse stock split of all issued and
outstanding shares of its common stock. Upon the effect of the
reverse stock split, the Company's issued and outstanding shares
reduced from 19,551,785 to 3,914,580. Except as otherwise
specified, all information in the financial statements and all
share and per share information has been retroactively adjusted for
all periods presented to reflect the reverse stock split, as if the
reverse stock split had occurred at the beginning of the earliest
period presented.
Conference Call
China Yida will conduct a conference call at 9:00 a.m. Eastern Time (ET) on Monday, March 25, 2013, to discuss its financial
results for the fourth quarter and fiscal year ended December 31, 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 21802690.
If you are unable to participate in the call at this time, a
replay will be available for two weeks starting on Monday, March 25, 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 21802690.
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.
FINANCIAL TABLES FOLLOW
CHINA YIDA HOLDING
CO. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2012
|
|
2011
|
ASSETS
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
6,572,995
|
|
$
|
5,684,847
|
Accounts
receivable
|
|
|
179,699
|
|
|
129,849
|
Other
receivables, net
|
|
|
176,548
|
|
|
4,940,389
|
Advances and
prepayments
|
|
|
1,824,420
|
|
|
1,881,427
|
Prepayment
¨C current portion
|
|
|
397,490
|
|
|
207,117
|
Total
current assets
|
|
|
9,151,352
|
|
|
12,843,629
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
142,928,290
|
|
|
110,593,850
|
Construction
in progress
|
|
|
-
|
|
|
25,964,029
|
Intangible
assets, net
|
|
|
61,638,361
|
|
|
32,355,010
|
Long-term
prepayments
|
|
|
5,061,734
|
|
|
12,758,763
|
Deferred tax
assets
|
|
|
-
|
|
|
104,078
|
Total
assets
|
|
$
|
218,779,737
|
|
$
|
194,619,089
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
liabilities
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
1,586,294
|
|
$
|
943,619
|
Long-term
debt, current portion
|
|
|
6,808,376
|
|
|
3,761,894
|
Accounts
payable
|
|
|
48,798
|
|
|
91,385
|
Current
obligation under airtime rights commitment
|
|
|
1,545,582
|
|
|
2,359,169
|
Accrued
expenses and other payables
|
|
|
1,101,228
|
|
|
638,175
|
Taxes
payable
|
|
|
312,464
|
|
|
1,223,528
|
Deferred tax
liabilities
|
|
|
-
|
|
|
67,644
|
Total
current liabilities
|
|
|
11,402,742
|
|
|
9,085,414
|
|
|
|
|
|
|
|
Long-term
obligation under airtime rights commitment
|
|
|
-
|
|
|
1,548,928
|
Long-term
debt
|
|
|
48,643,945
|
|
|
26,040,732
|
Total
liabilities
|
|
|
60,046,687
|
|
|
36,675,074
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock ($0.0001
par value, 10,000,000 shares authorized, none issued and
outstanding)
|
|
|
-
|
|
|
-
|
Common stock ($0.001 par
value, 100,000,000 shares authorized, 3,914,580 and 3,910,580
shares issued and outstanding as of December 31, 2012 and December
31, 2011, respectively)
|
|
|
19,572
|
|
|
19,552
|
Additional paid in
capital
|
|
|
49,148,048
|
|
|
49,111,568
|
Accumulated other
comprehensive income
|
|
|
13,791,374
|
|
|
12,484,116
|
Retained
earnings
|
|
|
87,435,678
|
|
|
87,715,182
|
Statutory
reserve
|
|
|
2,549,330
|
|
|
2,549,330
|
Total China Yida
Holding, Co. Stockholders¡¯ Equity
|
|
|
152,944,002
|
|
|
151,879,748
|
Non-controlling
interest
|
|
|
5,789,048
|
|
|
6,064,267
|
Total stockholders'
equity
|
|
|
158,733,050
|
|
|
157,944,015
|
Total liabilities and
stockholders' equity
|
|
$
|
218,779,737
|
|
$
|
194,619,089
|
|
|
|
|
|
|
|
CHINA YIDA HOLDING
CO. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
FOR THE YEARS ENDED
DECEMBER 31
|
(UNAUDITED)
|
|
|
|
2012
|
|
|
2011
|
|
Net
revenue
|
|
|
|
|
|
|
Advertisement
|
|
$
|
16,993,999
|
|
|
$
|
32,969,701
|
|
Tourism
|
|
|
10,611,890
|
|
|
|
9,240,159
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue
|
|
|
27,605,889
|
|
|
|
42,209,860
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
Advertisement
|
|
|
5,360,780
|
|
|
|
8,463,917
|
|
Tourism
|
|
|
6,068,111
|
|
|
|
5,050,485
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenue
|
|
|
11,428,891
|
|
|
|
13,514,402
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
16,176,998
|
|
|
|
28,695,458
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
6,691,946
|
|
|
|
4,917,097
|
|
General and
administrative expenses
|
|
|
5,130,592
|
|
|
|
4,793,723
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
11,822,538
|
|
|
|
9,710,820
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
4,354,460
|
|
|
|
18,984,638
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Other
expense, net
|
|
|
(320,975)
|
|
|
|
(101,528)
|
|
Interest
income
|
|
|
39,798
|
|
|
|
94,910
|
|
Interest
expenses
|
|
|
(1,833,196)
|
|
|
|
(257,472)
|
|
|
|
|
|
|
|
|
|
|
Total other
expenses
|
|
|
(2,114,373)
|
|
|
|
(264,090)
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before
income tax and non-controlling interest
|
|
|
2,240,087
|
|
|
|
18,720,548
|
|
|
|
|
|
|
|
|
|
|
Less: Provision for
income tax
|
|
|
2,847,274
|
|
|
|
6,770,841
|
|
|
|
|
|
|
|
|
|
|
Net income
(Loss)
|
|
|
(607,187)
|
|
|
|
11,949,707
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to non-controlling interest
|
|
|
327,683
|
|
|
|
195,823
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to China Yida Holding Co.
|
|
$
|
(279,504)
|
|
|
$
|
12,145,530
|
|
|
|
|
|
|
|
|
|
|
Net income
(Loss)
|
|
$
|
(607,187)
|
|
|
$
|
11,949,707
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
Foreign
currency translation gain (loss)
|
|
|
1,359,722
|
|
|
|
5,719,978
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
|
752,535
|
|
|
|
17,669,685
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) attributable to non-controlling interest
|
|
|
275,219
|
|
|
|
(40,878)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) attributable to China Yida Holding Co.
|
|
$
|
1,027,754
|
|
|
$
|
17,628,807
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per
share
|
|
|
|
|
|
|
|
|
- Basic
|
|
$
|
(0.07)
|
|
|
$
|
3.11
|
|
- Diluted
|
|
$
|
(0.07)
|
|
|
$
|
3.10
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares
outstanding
.
|
|
|
|
|
|
|
|
|
- Basic
|
|
|
3,913,000
|
|
|
|
3,910,580
|
|
- Diluted
|
|
|
3,913,000
|
|
|
|
3,912,628
|
|
|
|
|
|
|
|
|
|
|
CHINA YIDA HOLDING
CO. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE YEARS ENDED
DECEMBER 31
|
(UNAUDITED)
|
|
|
|
|
|
|
2012
|
|
2011
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
|
$
|
(607,187)
|
|
$
|
11,949,707
|
Adjustments to reconcile
net income to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
4,472,558
|
|
|
3,613,094
|
Amortization
|
|
|
2,462,049
|
|
|
3,336,913
|
Stock
based compensation
|
|
|
36,500
|
|
|
651,079
|
Deferred tax
expense
|
|
|
36,434
|
|
|
263,745
|
Amortization
of financing costs
|
|
|
490,322
|
|
|
67,297
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(48,732)
|
|
|
(99,372)
|
Other
receivables, net
|
|
|
4,807,087
|
|
|
22,479
|
Advances
and prepayments
|
|
|
73,280
|
|
|
(94,990)
|
Accounts
payable
|
|
|
(43,381)
|
|
|
(1,167,108)
|
Accrued
expenses and other payables
|
|
|
457,587
|
|
|
(24,854)
|
Taxes
payable
|
|
|
(921,745)
|
|
|
(1,103,215)
|
Net cash
provided by operating activities
|
|
|
11,214,772
|
|
|
17,414,775
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
Additions to
property and equipment
|
|
|
(9,663,232)
|
|
|
(5,874,525)
|
Additions to
construction in progress
|
|
|
-
|
|
|
(4,279,774)
|
Additions to
intangible asset
|
|
|
(21,904,271)
|
|
|
(22,880,972)
|
Proceeds
from disposal of intangible assets
|
|
|
-
|
|
|
2,080,636
|
Increase in refundable deposits ¨C land use rights
|
|
|
-
|
|
|
(4,718,441)
|
Increase in long-term prepayments for acquisition of property,
equipment and land use
rights
|
|
|
(1,760,356)
|
|
|
(12,285,745)
|
Net cash used
in investing activities
|
|
|
(33,327,859)
|
|
|
(47,958,821)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
Repayment of
non-controlling interest
|
|
|
|
|
|
6,064,356
|
Repayment of
obligation under airtime rights commitment
|
|
|
(2,396,568)
|
|
|
(1,933,887)
|
Payment of
deferred financing costs
|
|
|
(675,202)
|
|
|
(1,050,201)
|
Proceeds
from short-term loans
|
|
|
3,172,941
|
|
|
928,218
|
Repayment of
short-term loans
|
|
|
(2,538,353)
|
|
|
(1,825,495)
|
Proceeds
from long-term loans
|
|
|
34,902,353)
|
|
|
29,702,970)
|
Repayment
of long-term loans
|
|
|
(9,507,492)
|
|
|
(3,016,708)
|
Net cash
provided by financing activities
|
|
|
22,957,679
|
|
|
28,869,253
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH
|
|
|
43,556
|
|
|
212,956
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
888,148
|
|
|
(1,461,837)
|
CASH AND EQUIVALENTS,
BEGINNING OF PERIOD
|
|
|
5,684,847
|
|
|
7,146,684
|
CASH AND CASH
EQUIVALENTS, ENDING OF PERIOD
|
|
$
|
6,572,995
|
$
|
|
5,684,847
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES:
|
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
Transfer from
construction in progress to property and equipment
|
|
$
|
26,191,405
|
$
|
|
14,735,861
|
Capitalized
interest in construction in progress
|
|
$
|
1,479,846
|
$
|
|
848,969
|
|
|
|
|
|
|
|
Cash paid during the
year for:
|
|
|
|
|
|
|
Income taxes paid
|
|
$
|
3,570,716
|
$
|
|
7,450,528
|
Interest paid
|
|
$
|
3,122,499
|
$
|
|
1,029,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
SOURCE China Yida Holding Company