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UTA to be added to the Russell 3000 6/29!
Certainly can't be a bad thing, especially since we've only been on a major exchange for a few weeks.
Link from yesterday's announcement...
http://www.russell.com/indexes/membership/Reconstitution/Reconstitution_changes.aspx
Best of Luck,
Stiffler
Now 9.80 on no real big news
Could an aquisition be in the works?
Digi
UTA up sharply today
Universal Travel Group (AMEX: UTA)
Real-Time: 9.29 Up 1.10 (13.43%) 2:57pm ET
Universal Travel Group Establishes Second Home Base--Chongqing
http://finance.yahoo.com/news/Universal-Travel-Group-prnews-15439553.html?.v=40
you are right but the forward guidness are excluding any u.s potential contracts and next qurter should be a very good one,so i think that before next qurter results as a nasdaq company it may be a 7-8 $ stock.
I'm aware of WEMU. I don't think the market really trusts their forward guidance.....esp given the difficult times its competitors are having in the solar industry. There is some risk that the announced solar backlogs/orders could be reduced or cancelled.
aathanks, there is another chinese company , a solar company that going to be trade on nasdaq: wemu.ob
good fundamentals, may be a runner on nasdaq.
Universal Travel Group to Begin Trading on NYSE Amex Market
May 26, 2009 12:34:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 26 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that it will begin trading on the NYSE Amex, on Thursday, May 28, 2009 under the ticker symbol "UTA," until which time its common stock will still continue to trade on the Over the Counter Bulletin Board under the symbol "UTVL.OB."
"Since becoming a public company, we have not only devoted a great deal of resources in expanding our growth and increasing our profitability but also in improving our corporate governance to meet the requirements of a senior exchange. We are pleased that our efforts have yielded results and we are now approved to list on the NYSE Amex. We believe this listing will encourage a larger, more diverse group of investors and analysts to follow our company," said Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We expect that our listing on this senior exchange will serve as an excellent platform to enhance our visibility in the US capital markets, increase the attractiveness, liquidity and marketability of our stock and expand our investor base."
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Company Contact - Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn; Investor Relations Contact - CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Mr. Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group Approved to List on NYSE Amex
May 22, 2009 11:07:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 22 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that it has received authorization to list its common stock on the NYSE Amex Market.
The Company's effective trading date and new symbol are expected to be announced shortly.
"This is a major milestone for us in our growth plan to become the leading travel service provider in the PRC. The NYSE Amex's stamp of approval is an important endorsement of the Company as not only a major participant in the PRC travel industry but also to the credibility, experience and integrity of the Company and its management," commented Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We are excited and honored to join the NYSE Amex group of companies and expect to attract additional interest from the investment community following our listing on this senior exchange."
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements." Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Jing Xie
Chief Financial Officer
Universal Travel Group
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
CCG Investor Relations
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Company Contact - Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn; Investor Relations Contact - CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Mr. Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group Seeks New Opportunities Following Attendance at China Chongqing International Investment and Global Sourcing Fair
May 20, 2009 11:14:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 20 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that the Company achieved positive results from attending the 12th Chongqing International Investment and Global Sourcing Fair ("CCISF") and that it plans to seek new business opportunities in Chongqing.
As a result of attending CCISF, Universal Travel Group gained approximately 5,000 new registered members, which helped the Company's member base to surpass 2.8 million. Universal Travel Group also successfully showcased its TRIPEASY Kiosks as well as its other travel services at CCISF to further penetrate the consumer market and familiarize the audience with the Company's capabilities as a top level travel service provider in China.
The Company also plans to establish a new subsidiary in Chongqing to capitalize on the rapid growth in the Chongqing Delta area, which covers Chongqing, Xi'an and Chengdu. Chongqing and Chengdu have current populations of 32 million and 13 million, respectively. Both the Chengdu and Chongqing airports are ranked 6th and 10th in China, respectively, in terms of the total number of passengers transported in China. Chongqing is building a new airport terminal, which will allow the airport to transport over 30 million passengers by 2015, comparable to Shanghai's Pudong International Airport. Additionally, favorable policies including lower income taxes, faster administrative processing, access to lower labor rates and growing local demand driven by close proximity to two international airports -- Chongqing and Chengdu, create a friendly business environment for Universal Travel Group.
"Chongqing and Chengdu are fast developing cities in China with large populations and growing demand for travel and leisure products and services," said Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We plan to leverage our comprehensive service platform to meet the increasing demand and future growth of the people in Chongqing Delta area. We remain very excited about the future development of Universal Travel Group and the travel industry as a whole."
About CCISF
China Chongqing International Investment and Global Sourcing Fair ("CCISF"), an annual event co-hosted by the Ministry of Commerce of the PRC, the Three Gorges Project Construction Office of the State Council, Chongqing Municipal People's Government, and Municipal Governments of Brother Provinces and Cities, is an important activity for trade and investment promotion. It provides a platform for economic exchange and cooperation between China's western areas and other regions, the development of regional economies from eastern, central and western China, and also for the cooperation and communication between Chongqing and other provinces and cities. On the first day of the conference, total business contracts signed were valued at over 65 billion RMB.
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements." Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Company Contact - Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn; Investor Relations Contact - CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Mr. Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group to Present at the 12th China Chongqing International Investment and Global Sourcing Fair
May 12, 2009 11:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 12 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that the Company will be making a presentation at the 12th China Chongqing International Investment and Global Sourcing Fair ("CCISF") from May 13-16, 2009 at the Chongqing International Convention and Exhibition Center. Details of Universal Travel Group's presentation at the fair are as follows:
Date: Wednesday, May 13, 2009 - Saturday, May 16, 2009
Venue: Chongqing International Convention and Exhibition Center
Booth 1-B-17 (Section B, No. 17)
Universal Travel Group plans to showcase its revolutionary TRIPEASY Kiosks and establish more affiliations during the exhibition.
About CCISF
China Chongqing International Investment and Global Sourcing Fair ("CCISF"), an annual event co-hosted by the Ministry of Commerce of the PRC, the Three Gorges Project Construction Office of the State Council, Chongqing Municipal People's Government, and Municipal Governments of Brother Provinces and Cities, is an important activity for trade and investment promotion. It provides a platform for economic exchange and cooperation between China's western areas and other regions, the development of regional economies from eastern, central and western China, and also for the cooperation and communication between Chongqing and other provinces and cities.
Company Contact:
Mr. David Liu
VP of Finance and Investor Relations
Universal Travel Group
Address: 1230 Avenue of the Americas, 7th Floor
New York, NY 10020
Phone: +1-646-756-2666
Fax: +1-646-756-2999
Email: liudy@cnutg.com
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn or CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Mr. Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group Updates 2009 EPS guidance
May 8, 2009 4:30:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 8 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today corrects its prior fiscal year 2009 earnings per fully diluted share guidance announced May 6, 2009.
For the fiscal year 2009, the Company maintained it previous forecasts for sales and net income to range from $88.0 to $96.0 million and $16.8 to $18.0 million, respectively. It estimates earnings per basic share guidance to be in a range of $1.20 to $1.29 and corrects its previously issued earnings per fully diluted share guidance, which it now estimates to be in a range of $1.07 to $1.15 for fiscal year 2009. Net income and EPS estimates exclude stock-based compensation and reflect the recent three-for-one reverse stock split.
The Company remains optimistic due to the increased activities in the travel and leisure industry in the PRC, as well as its comprehensive marketing strategies and online service platform.
Company Contact:
Mr. David Liu
VP of Finance and Investor Relations
Universal Travel Group
Address: 1230 Avenue of the Americas, 7th Floor
New York, NY 10020
Phone: +1-646-756-2666
Fax: +1-646-756-2999
Email: liudy@cnutg.com
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn; CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Mr. Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group to Present at the Las Vegas Money Show
May 8, 2009 12:49:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 8 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that the Company will be presenting at the Las Vegas Money Show, to be held in Las Vegas, Nevada May 11-14, 2009.
Universal Travel Group will participate in the Money Show from May 11 through May 14, 2009. The Company will have a presentation booth, which will showcase the Company's products, technology and investment highlights to an audience of prospective retail investors.
The Money Show was developed to join individual investors, expert speakers, leading financial services firms, and the top investment media partners together in a live forum. Since its inception, the Money Show has provided investors with specific advice and recommendations from leading investment and economic experts. This year, the Money Show in Las Vegas will feature more than 200 workshops, 100 speakers who will provide their insights and advice on the following topics: The Markets, Politics, and the Economy; Global Investing; Mutual Funds, ETFs, and REITs; Commodities and Options; and much more. For more information, please visit http://www.moneyshow.com/LVMS/ .
Company Contact:
Mr. David Liu
VP of Finance and Investor Relations
Universal Travel Group
Address: 1230 Avenue of the Americas, 7th Floor
New York, NY 10020
Phone: +1-646-756-2666
Fax: +1-646-756-2999
Email: liudy@cnutg.com
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the PRC, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme, "Wings towards a more colorful life," the company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation, and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel Group's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie, Chief Financial Officer
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Phone: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn; CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group Announces Strong First Quarter 2009 Results
-- Exceeds First Quarter 2009 Guidance of $16 to $17 million in revenue and $2.5 to $3 million in net income
May 6, 2009 4:15:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 6 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced strong financial results for the first quarter ended March 31, 2009.
First Quarter of 2009 Highlights
-- Revenue reached $17.4 million, up 72.4% year-over-year
-- Gross profit totaled $6.3 million, up 123.3% year-over-year
-- Gross margin was 37% for the first quarter of 2009, compared to 28% in
the same period in 2008
-- Income from operations was $4.4 million, up 133% year-over-over
-- Operating margin was 25% in the first quarter of 2009, compared to 19%
in the same period in 2008
-- Net income was $3.3 million or $0.21 per fully diluted share, up 123.3%
year-over-year from $1.5 million, or $0.12 per fully diluted share, in
the same quarter of 2008
-- Signed exclusive, five year co-operation agreement with Byte Power (CQ)
Info Tech Limited to rollout its TRIPEASY Kiosks in strategic locations
in Chongqing
-- Completed a three-for-one reverse split in an effort to prepare the
Company to apply for listing on a senior exchange
-- Strengthened its management team with the appointment of Mr. Jing Xie
as Chief Financial Officer
-- Added increased functionality to it revolutionary TRIPEASY Kiosks
"Although the macroeconomic environment worldwide has continued to be challenging, Universal Travel Group has exhibited strong growth in revenue and net income year-over-year. We attribute this strong performance to the Government's stimulus plan and support of the industry, the successful introduction of our TRIPEASY Kiosks, increased brand awareness and solid execution," said Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We have leveraged our full-service platform to expand our distribution network and have benefitted as our high margin online businesses continue to scale."
First Quarter of 2009 Financial Results
Revenue for the three months ended March 31, 2009 was $17.4 million compared to $10.1 million for the same period in 2008, an increase of approximately 72.4%. The increase in revenue was due to improved weather conditions in the first quarter 2009, compared to the same period last year when severe snowstorms struck most areas in China. The growth in revenue was further supported by the Chinese government's effective economic stimulus plans, creation of a new holiday policy to include a 3-day public holiday in April -- "Tomb sweeping day", the successful rollout of additional TRIPEASY Kiosks, and the Company's increased brand recognition.
Revenue from air-ticketing was $2.8 million for the three months ended March 31, 2009 compared to $1.4 million for the same period last year, an increase of approximately 92.5%. This increase was mainly due to expanded distribution channels, partnership with premium agents and higher commissions obtained from many airlines.
Revenue generated by the cargo agency segment for the three months ended March 31, 2009 was $1.9 million compared to $3.1 million for the same period in 2008, a decrease of approximately 40.5%. This decrease was due to reduced cargo volume as a result of the global economic crisis, with the overall industry falling 16.6%.
Revenue generated by the hotel reservation segment for the three months ended March 31, 2009 was $2.5 million compared to $0.6 million for the same period in 2008, an increase of approximately 310.9%. This increase was due to successful cross marketing and selling strategy within the Company's service chain.
Revenue generated by packaged tours for the three months ended March 31, 2009 was $10.2 million compared to $4.9 million for the same period in 2008, an increase of approximately 108.6%. This increase was primarily due to the tremendous growth of the domestic travel industry; first quarter travelers reached 560 million and tourism income receipts grew by 12.9%.
Gross profit for three months ended March 31, 2009 was $6.3 million compared to $2.8 million for three months ended March 31, 2008, an increase of approximately 123.3%. The increase in gross profit reflects the Company's steady growth and profitability as well as efficient operational control by an experienced management team. Gross profit margin for the first quarter 2009 was 36.6% compared to 28.2% for the same period last year.
Selling, general and administrative expenses for three months ended March 31, 2009 totaled $1.8 million compared to $0.9 million for the same period last year, an increase of approximately 110.4%. The increase in selling, general and administrative expenses reflects the expansion in the Company's business segments.
Interest expense for three months ended March 31, 2009 totaled $0 compared to $0.04 million for three months ended March 31, 2008. The decrease in interest expense was a result of the Company paying off all bank loans in July 2008.
Net income was $3.3 million or 18.8% of revenue for three months ended March 31, 2009, compared to $1.5 million or 14.5% of revenue for three months ended March 31, 2008. The increase in net income reflects the continued growth in the Company's business, and improved weather conditions in first quarter of 2009. The increase in net income as a percentage of revenue is due to the change in revenue mix, where the Company took advantage of the booming domestic tourism industry, created synergies by partnering air ticketing with hotel reservation businesses; and shifted its focus away from the lower margin cargo segment.
Financial Condition
Cash for operations and liquidity needs are funded primarily through cash flows from operations and short-term borrowings. Cash and cash equivalents were $19.2 million as of March 31, 2009. Current assets and current liabilities as of March 31, 2009, were $37.9 million and $5.3 million, yielding working capital of $32.6 million. The Company has no long-term debt. The Company believes that the income from operations is adequate to meet its operating needs in the near future. For the three months ended March 31, 2009, net cash provided by operating activities was approximately $4.2 million, which resulted primarily from efficient operational control and effective management of cash flow.
Recent Developments
-- Appointed U.S. based VP of Finance and Investor Relations, Mr. David
Liu
-- Launched a newly designed corporate website, which integrates the
Company's three previous, separate ones (Classic, TRIPEASY, and
Easytrip versions) into a single more integrated and streamlined
platform
-- Formed a partnership with Fantasia Property Management Co., Ltd., as a
first step to install 50 TRIPEASY Kiosks at 20 different locations of
the partnership's properties in Shenzhen
-- Presented the Best Sales Award by China Southern Airlines
Business Outlook
The Company is optimistic about the economic conditions in the People's Republic of China as well as the continued positive momentum in the travel industry. The abundant liquidity created by government stimulus packages has spurred consumption and demand for travel related services. In addition, a survey published by China Confidential on April 2, 2009 ranked the People's Republic of China to be the most popular holiday destination, taking 63.1% of overall votes, ahead of the U.S. and Europe.
Beginning April 1, 2009, Universal Travel Group expanded the functionality of its TRIPEASY Kiosks to include the ability to deliver cell phone minutes refill services, significantly expanding the Company's potential user base. The Company also formed a partnership to install 50 Kiosks at Fantasia Property Management's properties in Shenzhen to provide a rapid rollout of its TRIPEASY Kiosks to a desired targeted audience. Universal Travel Group should be able to strengthen its existing loyal customer base as well as expand its market share by providing additional value-added services combined with the Kiosks rollout plan.
"We were particularly pleased with our performance this quarter, which demonstrates the strong organic growth in our business, reflecting successful execution of our strategy to cross-sell to our customers via a diversified platform," said Ms. Jiangping Jiang. "We believe we have a wonderful opportunity ahead of us. We believe our online businesses will continue to expand as we capture a greater share of the growing travel services industry in the PRC."
Fiscal Year 2009 Guidance
For the full year 2009, Universal Travel Group expects sales to increase from $76.8 million in 2008 to between $88.0 - $96.0 million, net income to rise from $14.5 million in 2008 to $16.8 - $18.0 million, and earnings per diluted share to grow from $1.11 in 2008 to $1.20 - $1.29 after the recent three-for-one reverse split.
Conference Call Information
The Company will host a conference call at 11:00 a.m. E.D.T. on Thursday, May 7, 2009 to discuss results for the first quarter of 2009. To participate in the live conference call, please dial the following number five minutes prior to the scheduled conference call time: 800-688-0796. International callers should dial +1-617-614-4070. When prompted by the operator, mention conference ID 832 899 57.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, May 7 at 1:00 p.m. E.D.T. To access the replay, please dial 888-286-8010 and enter the conference ID 237 184 38. International callers should dial +1-617-801-6888 and enter the same conference ID 237 184 38.
Company Contact:
Mr. David Liu
VP of Finance and Investor Relations
Universal Travel Group
Address: 1230 Avenue of the Americas, 7th Floor
New York, NY 10020
Phone: +1-646-756-2666
Fax: +1-646-756-2999
Email: liudy@cnutg.com
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the People's Republic of China, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the Company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the Company, please visit http://us.cnutg.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
2009 2008
GROSS REVENUES $17,369,678 $10,076,304
COST OF SERVICES 11,020,899 7,232,758
GROSS PROFIT 6,348,779 2,843,546
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 1,799,879 855,522
STOCK BASED COMPENSATION 165,000 110,012
TOTAL EXPENSES 1,964,879 965,534
INCOME FROM OPERATIONS 4,383,900 1,878,012
OTHER INCOME (EXPENSE)
LOSS ON DISPOSAL OF ASSETS -- (1,104)
OTHER INCOME 3,828 2,874
INTEREST INCOME 25,816 1,415
INTEREST EXPENSE -- (36,707)
TOTAL OTHER INCOME (EXPENSE) 29,644 (33,522)
INCOME BEFORE INCOME TAXES 4,413,544 1,844,490
PROVISION FOR INCOME TAXES (1,145,266) (380,625)
NET INCOME $3,268,278 $1,463,865
NET INCOME PER COMMON SHARE
BASIC $0.24 $0.12
DILUTED $0.21 $0.12
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
BASIC 13,873,969 12,306,715
DILUTED 15,640,635 12,406,715
UNIVERSAL TRAVEL GROUP
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2009 AND DECEMBER 31, 2008
ASSETS March 31, 2009 December 31, 2008
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $19,171,277 $16,204,531
ACCOUNTS RECEIVABLE, NET 12,913,177 10,715,206
OTHER RECEIVABLES AND DEPOSITS, NET 431,979 141,413
REFUNDABLE ACQUISITION DEPOSIT -- --
DUE FROM SHAREHOLDER -- --
TRADE DEPOSIT 4,567,822 6,737,521
ADVANCES 438,981 438,468
ESCROW DEPOSITS 162,301 762,800
PREPAID EXPENSES 196,154 319,257
TOTAL CURRENT ASSETS 37,881,691 35,319,196
PROPERTY & EQUIPMENT, NET 1,473,656 273,340
INTANGIBLE ASSETS 280,134 307,335
GOODWILL 13,526,809 13,526,809
15,280,599 14,107,484
TOTAL ASSETS $53,162,290 $49,426,680
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
NOTES PAYABLE - - BANK $--
$--
NOTE PAYABLE - - OTHERS --
--
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 2,912,428 2,219,156
CUSTOMER DEPOSITS 1,405,967 1,047,250
INCOME TAX PAYABLE 975,038 1,759,402
TOTAL CURRENT LIABILITIES 5,293,433 5,025,808
STOCKHOLDERS' EQUITY
COMMON STOCK, $.001 PAR VALUE,
70,000,000 SHARES AUTHORIZED,
13,873,969 AND 13,873,969
ISSUED AND OUTSTANDING 13,873 13,873
ADDITIONAL PAID IN CAPITAL 16,026,116 15,861,116
OTHER COMPREHENSIVE INCOME 1,554,873 1,520,166
STATUTORY RESERVE 372,144 372,144
RETAINED EARNINGS 29,901,851 26,633,573
TOTAL STOCKHOLDERS' EQUITY 47,868,857 44,400,872
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $53,162,290 $49,426,680
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE THREE MONTHS ENDED MARCH 31, 2009
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $3,268,278 $1,463,865
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 87,283 19,489
PROVISION FOR DOUBTFUL ACCOUNTS 9,205 2,961
STOCK BASED COMPENSATION 165,000 110,102
LOSS ON ASSET DISPOSAL -- 1,105
(INCREASE) / DECREASE IN ASSETS:
ACCOUNTS RECEIVABLE (2,207,176) 455,846
OTHER RECEIVABLE (290,566) 751,167
ADVANCES (513) (24,896)
DUE FROM SHAREHOLDER -- 1,309,981
PREPAID EXPENSES 123,103 (2,492)
TRADE DEPOSITS 2,169,699 (938,405)
CUSTOMER DEPOSITS
ESCROW DEPOSITS 600,499 --INCREASE / (DECREASE) IN CURRENT
LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 693,272 (343,884)
CUSTOMER DEPOSITS 358,717 (120,045)
INCOME TAX PAYABLE (784,364) (311,101)
TOTAL ADJUSTMENTS 924,159 909,828
NET CASH PROVIDED BY(USED IN)
OPERATING ACTIVITIES 4,192,437 2,373,693
CASH FLOWS FROM INVESTING ACTIVITIES
PURCHASE OF PROPERTY & EQUIPMENT (1,260,398) (5,647)
PURCHASE OF INTANGIBLES -- --
PROCEEDS FROM ASSET DISPOSALS -- 663
ACQUISITION DEPOSITS -- 1,453,050
PAID FOR ACQUISITION - - NET OF CASH
ACQUIRED -- --
NET CASH USED BY INVESTING ACTIVITIES (1,260,398) 1,448,066
CASH FLOWS FROM FINANCING ACTIVITIES
(REPAYMENTS)PROCEEDS FROM BANK LOAN -
-
NET -- (78,347)
PROCEEDS OF EQUITY FINANCING -- 599,994
NOTE PAYABLE - - OTHERS --
(977,019)
NET CASH PROVIDED BY FINANCING
ACTIVITIES -- (453,372)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 34,707 351,171
NET CHANGE IN CASH AND CASH
EQUIVALENTS 2,966,746 3,719,558
CASH AND CASH EQUIVALENTS, BEGINNING
BALANCE 16,204,531 2,671,684
CASH AND CASH EQUIVALENTS, ENDING
BALANCE $19,171,277 $6,391,242
SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE YEAR FOR:
INTEREST PAYMENTS $-- $36,707
INCOME TAXES $1,929,630 $691,726
OTHER NON-CASH TRANSACTIONS
For further information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
Tel: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Tel: +1-646-213-1909
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group
----------------------------------------------
Universal Travel Group
Mr. Jing Xie
Chief Financial Officer
+86-755-8366-8489
06@cnutg.cn or CCG Investor Relations
Mr. Crocker Coulson
President
+1-646-213-1915 (NY office)
crocker.coulson@ccgir.com and Gary Chin
+1-646-213-1909
both for Universal Travel Group
Universal Travel Group Announces Conference Call to Discuss First Quarter 2009 Financial Results
May 4, 2009 1:34:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 4 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (OTC Bulletin Board: UTVL) ("Universal Travel Group" or the "Company"), a growing travel services provider in the People's Republic of China ("PRC") specializing in online and customer representative services to the travel service industry offering packaged tours, air ticketing, hotel reservation and air cargo agency services, today announced that it will host a conference call at 11:00 a.m. EDT on Thursday, May 7, 2009, to discuss the Company's financial results for the first quarter 2009.
Hosting the call will be Ms. Jiangping Jiang, Chairwoman and Chief Executive Officer and Mr. Jing Xie, Chief Financial Officer.
To participate in the event by telephone, please dial 800-688-0796 five minutes prior to the start time (to allow time for registration) and reference the conference ID 832 899 57. International callers should dial 617-614-4070.
A digital replay of the call will be available from Thursday, May 7 at 1:00 p.m. EDT for 14 days. To listen to the replay, dial 888-286-8010 and enter the conference ID number 237 184 38. International callers should dial 617-801-6888 and enter the same conference ID number. The replay would also be available on the company's website: us.cnutg.com.
Company Contact:
Mr. David Liu
VP of Finance and Investor Relations
Universal Travel Group
Address: 1230 Avenue of the Americas, 7th Floor
New York, NY 10020
Phone: +1-646-756-2666
Fax: +1-646-756-2999
Email: liudy@cnutg.com
About Universal Travel Group
Universal Travel Group, a growing travel services provider in the People's Republic of China, is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives. Under the theme "Wings towards a more colorful life" the company's core services include tour packaging for customers, booking services for air tickets and hotels as well as air cargo transportation. In 2007, Universal Travel Group completed the acquisitions of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net, specializing in travel packaged tours; Shanghai LanBao, specializing in hotel reservation and Foshan Overseas International, a PRC-based company that handles domestic and international travel inquiries. Universal Travel's goal is to become the PRC's leading travel services provider in all fields of the tourism industry including the aviation, cargo, hotel booking and tour packaging segments. For more information about the company, please visit us.cnutg.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Company Contact:
Mr. Jing Xie
Chief Financial Officer
Universal Travel Group
Phone: +86-755-8366-8489
Email: 06@cnutg.cn
us.cnutg.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Phone: +1-646-213-1915 (NY office) or
Mr. Gary Chin, Tel: +1-646-213-1909
E-mail: crocker.coulson@ccgir.com
www.ccgirasia.com
SOURCE Universal Travel Group Inc.
----------------------------------------------
Company Contact
Mr. Jing Xie
Chief Financial Officer
Universal Travel Group
+86-755-8366-8489
06@cnutg.cn; Investor Relations Contact
Mr. Crocker Coulson
President
CCG Investor Relations
+1-646-213-1915 (NY office) or Mr. Gary Chin
+1-646-213-1909
crocker.coulson@ccgir.com
questions: What is the O/S count post split. What is the PE post split? I see the figure on IHUB and Yahoo!, but I question whether they have been adjusted for the 1:3 split.
TIA.
company says officially: no odd lot round up...
I wanted to know if the board of directors had decided on this:
"In connection with the Reverse Split, the Company’s Board of Directors, in its sole discretion, may provide special treatment to shareholders to preserve round lot holders (i.e., holders owning at least 100 shares) after the Reverse Split."
The transfer agent just told me that this wasn't included in his instructions for the reverse split, but I haven't heard an answer directly from the board on it.
Here's the filing that explains the rationale and the mechanics behind the reverse split:
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6433660
What are your questions? Post them and we can try to answer them here....you can also contact the IR firm via email or phone.
For further information, please contact:
Company Contact:
Universal Travel Group Inc.
Mr. Jing Xie
Chief Financial Officer
Tel: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Mr. Gary Chin
Tel: +1-646-213-1909
Web: http://www.ccgirasia.com
They're gonna need a 5:1 rs to get on a higher exchange.
You find out anything? I bought in zecco..maybe they'll give us 100 shares.
I have a few questions about the reverse split, does anyone here have a good contact at the company who I can call?
This stock is pathetic! No volume! Dry! It will run sometime soon...i hope
Some good news for UTVG (in bold)
http://seekingalpha.com/article/106938-ctrip-short-term-outlook-worsens?source=yahoo
Ctrip: Short-Term Outlook Worsens
PrintEmail Excerpts from Gilford Securities analyst Ashish R. Thadhani's recent note to clients on Ctrip (CTRP):
• • •
Investment Conclusion. Our Hold rating remains in effect given the rapid slowing of Chinese economic activity and a neutral valuation stance (23x forward GAAP EPS). Due to decelerating growth, we are reducing our estimates as follows: 2008 GAAP EPADS to $0.87 on net revenue of $214 million (34% YoY growth) from $0.90 on $223 million; 2009 GAAP EPADS to $0.95 on net revenue of $261 million (22% YoY growth) from $1.20 on $304 million; and 2010 GAAP EPADS to $1.15 on net revenue of $319 million (22% YoY growth) from $1.55 on $398 million. Our model incorporates a conservative tax-rate assumption. We note that upcoming YoY growth comparisons have been made easier by weather, natural and event-driven disruptions throughout 2008. Near-term results will likely suffer from the deferral of non-essential business travel. However, air traffic volume has begun to recover after a 5% YoY contraction in 3Q – helped by the lifting of security/visa restrictions. We believe that CTRP can continue to outpace its peers – with the recent exception of packaged-tour player UTVG (36% organic growth, 26% operating margin in 3Q). In the present environment, it intends to acquire customers from failing rivals, strengthen its vendor relationships and usher cost control measures.
3Q08 Results. GAAP EPADS of $0.22 vs. $0.21 a year ago on net revenue of $54.5 million (27% YoY growth in dollar terms) beat our $0.20 estimate on $53.8 million. However, a lower tax-rate boosted results by 2.4 cents. Operating income of $15.7 million (28.8% margin) rose just 6% YoY and missed our $17.3 million estimate (32.2% margin). Profitability was impacted by price discounting on the part of airlines (10-15% lower vs. last year and ongoing in 4Q), although commission rates stood firm. Management noted continued expansion of the domestic hotel network (+36% YoY to 7,600) and active customer base (+51% YoY to 5.6 million). Net cash climbed to $226.7 million. During the quarter, Ctrip was recognized for the service delivered from its 4,000-employee call center to more than 100K travelers daily.
Noteworthy developments are summarized below.
August 2008. The board authorized a $15 million ADS repurchase program. In 2008, results have been held back by severe weather conditions (1Q), the Sichuan earthquake (2Q), disruption around the Beijing Olympics (3Q) and a slowing economy (4Q).
January 2008. To support growth in 2010 and beyond, Ctrip will invest $40-50 million through 2011 for building a second call center in Nantong (110 kilometers north of Shanghai).
August 2007. Rakuten sold its 13.3 million ADSs for $38 each to lock-in a 360% return over three years.
January 2006. Ctrip promoted COO/co-founder Min Fan to the position of CEO. James Liang, former CEO, continues to serve as Chairman.
October 2005. Ctrip announced that Ms. Jane Jie Sun will assume the position of CFO. Ms. Sun replaced former President/CFO Neil Shen, who joined VC firm Sequoia Capital but remains a board member.
July 2005. The Chinese government changed its currency policy. Over time, anticipated RMB appreciation should translate into higher dollar-denominated operating income, offset by near-term currency translation losses.
December 2004. Existing shareholders (including management) sold 7.7 million ADSs at $12.13 each.
June 2004. Ctrip attracted a $110 million investment at $8.25 per ADS from Rakuten.
December 2003. Ctrip raised net proceeds of $44.5 million from its IPO (at $4.50 per ADS).
Investment Thesis. Powered by rising GDP and disposable incomes, the Chinese travel industry is expected to sustain double-digit growth in coming years. Traditional agencies have been limited to a local/fragmented presence (due to licensing requirements) and focus primarily on tour groups. Pioneering consolidators like Ctrip offer selection plus savings to the individual traveler, and have become valuable aggregators of demand for the travel industry. Superior positioning includes the following: 85% of hotel reservation revenue is derived from bookings at three-to-five star hotels, where the commission per room is highest and room nights have grown 20%+ industry-wide in recent years. Ctrip boasts a nationwide supplier network, which assumes particular significance in a country with no hotel GDS. Market leadership has translated into a premium commission structure, i.e., 15% of the room rate or $10 per night. Ctrip has also sought to differentiate itself through service quality and innovation. Longer-term growth stands to benefit from continued expansion of hotel coverage and relaxation of travel restrictions, as well as recent implementation of an e-ticketing mandate.
CTRP is suitable for aggressive investors. In our opinion, principal risks include the following:
Deterioration of economic conditions or a slowing of travel demand in China.
Inability to secure adequate room availability under “guaranteed allotment” arrangements (that afford risk-free inventory and contribute three-quarters of hotel transaction volume).
Competition could pressure future profitability by way of lower commission rates and/or higher marketing expenses.
Disruptions affecting travel demand. This encompasses terrorist threats; geopolitical instability; catastrophic events; and spread of the H5N1 virus or a recurrence of SARS (necessitating closure of the Shanghai call center).
Correction in the U.S. markets.
Disclosure: None.
For one, this is a real company. You can call up and book a hotel reservation through them just to verify they are not a fraud. A low P/E does not always make it a bargain coz sometimes the sales will decrease and catch up to the low P/E
if it is all true, 'Take a peek at the growth and cash it has'
I've seen many a China low PE high income stock prove to be a scam. This might not be, but it might, and you don't get to know until its too late. I think one of the reason it is trading where it is after last positive earning report.
I found buying in the .50s to work well as long as you settle for less.
who really knows for sure?
Do some DD first and don't lump all China plays as pump and dumps. $5 by next year!! Take a peek at the growth and cash it has... speaks for itself.
these china plays are all pump and dump
Nah i have been averaging down for a lil while. This is a pure fundamental play...
.45 is your buy point
i love the low float
Universal Travel Group Announces Strong Third Quarter 2008 Results
-- Revenue Rises 79% and Net Income Climbs 51% Year-over-Year
-- Raises full year guidance to revenue of $72-$74 million and net income
of $13.5 to $14.5 million, or 32 to 35 cents per share
SHENZHEN, China, Nov. 5 /Xinhua-PRNewswire-FirstCall/ -- Universal
Travel Group Inc. (OTC Bulletin Board: UTVG) ("Universal Travel Group" or
the "Company"), a growing travel services provider in the People's Republic
of China ("PRC") specializing in online and customer representative
services to the travel service industry offering packaged tours, air
ticketing, hotel reservation and air cargo agency services, today announced
its strong financial results for the third quarter ended September 30,
2008.
Third Quarter of 2008 Highlights
-- Revenue reached a record $22.9 million, up 78.7% year-over-year
-- Gross profit totaled $7.9 million, up 74.4% year-over-year
-- Net income was $4.6 million or $0.22 per fully diluted share, up 50.9%
year-over-year from $3.1 million, or $0.16 per fully diluted share, in
the same quarter of 2007
-- Successfully closed a PIPE financing of $7.1 million with a group of
seasoned investors
-- Launched new online booking website, http://www.cnutg.com.cn, with travel
information and 360¡ã view photos of sight-seeing destinations and hotel
rooms
-- Started beta testing of TRIPEASY Kiosks aimed at business travelers and
those who have no access to the internet
"We are extremely pleased with the significant increase in all segments
of our travel businesses during the third quarter, the result of the high
travel season and positive effects from the Beijing Olympics Games," said
Ms. Jiangping Jiang, Chairwoman and CEO of Universal Travel Group. "We plan
to carefully monitor the testing and rollout of our TRIPEASY Kiosks. We
expect to start generating revenue from this innovative product beginning
in 2009, which will contribute to our future growth and expand our brand
recognition as a leader in the travel industry in the PRC."
Third Quarter of 2008 Results
Revenue for the three months ended September 30, 2008 was $22.9 million
compared to $12.8 million for the same period of 2007, an increase of
approximately 78.7%. This increase is due to the company's strategic
expansion into the hotel reservation and packaged tours business via the
acquisitions of Xi'an Golden Net Travel Service Company Limited, Shanghai
Lanbao Travel Service Company Limited and Foshan Overseas International
Travel Service Co., Ltd.
Gross profit for three months ended September 30, 2008 was $7.9 million
compared to $4.5 million for three months ended September 30, 2007, an
increase of approximately 74.4%. The increase in gross profit reflects the
company's strategic expansion into the profitable hotel reservation and
packaged tours business via the acquisitions. The increase also reflects
the results of efficient management and control of operations by an
experienced management team.
Selling, general and administrative expenses for three months ended
September 30, 2008 totaled $1.9 million compared to $812,464 for three
months ended September 30, 2007, an increase of approximately 136.0%.
Selling, general and administrative expenses were approximately 8.4% of
revenue for three months ended September 30, 2008 as compared to 6.3% for
three months ended September 30, 2007. The increase in selling, general and
administrative expenses reflects the increase in the Company's expenses as
a result of the acquisitions of Xi'an Golden Net Travel Service Company
Limited, Shanghai Lanbao Travel Service Company Limited and Foshan Overseas
International Travel Service Co., Ltd.
Net income was $4.6 million, or 20.2% of revenue, for three months
ended September 30, 2008, compared to $3.1 million, or 23.9% of revenue,
for three months ended September 30, 2007. The increase in net income
reflects the continued growth in the Company's business and the income
derived from the acquisitions of Xi'an Golden Net Travel Service Company
Limited, Shanghai Lanbao Travel Service Company Limited and Foshan Overseas
International Travel Service Co., Ltd. The decrease in net income as a
percentage of revenue is the result of the acquisitions of lower net income
margin businesses. By integrating the different business segments and
leveraging off the synergies between such segments, the Company expects
that net income margin could be improved over time.
Nine Month Results
Revenue for the nine months ended September 30, 2008 was $47.3 million
compared to $26.8 million for nine months ended September 30, 2007, an
increase of approximately 76.6%. Gross profit for the nine months ended
September 30, 2008 was $14.9 million, compared to $9.4 million for nine
months ended September 30, 2007, an increase of approximately 58.4%. Gross
profit margin for nine months ended September 30, 2008 was 31.4%, compared
to 35.0% for nine months ended September 30, 2007. Selling, general and
administrative expenses for nine months ended September 30, 2008 totaled $4
million, compared to $2.2 million for nine months ended September 30, 2007.
Interest expense for nine months ended September 30, 2008 totaled $78,525
compared to $42,724 for nine months ended September 30, 2007, an increase
of approximately 83.8%. Net income was $8.2 million or 17.3% of revenue for
the nine months ended September 30, 2008, compared to $5.4 million or 20.0%
of revenue for the nine months ended September 30, 2007.
Financial Condition
As of September 30, 2008, Universal Travel Group had $12.6 million in
cash and cash equivalents, $24.1 million in working capital and a current
ratio of 6.6:1. The Company has no long-term debt.
The Company generated $2.9 million in cash from operating activities
for the nine months ended September 30, 2008, which resulted primarily from
the company's increase of business activities and trade deposits, and
seasonal decrease of accounts payable, compared to cash provided by
operating activities of $5.3 million in the same period last year. The
Company received proceeds of $7.1 million from an equity financing in the
third quarter from a group of seasoned investors to support corporate
development initiatives.
Business Outlook
Despite the recent economic slowdown worldwide, the Company continues
to experience strong demand for its products and services. Universal Travel
Group has built resilience with integrated and diversified services, aiming
to capture a greater share of the travel market in the long run. In the
PRC, an increasing number of Internet users book hotels through the
Internet, and this option has gradually replaced traditional phone call
bookings as the primary method. Furthermore, the PRC is expected to be one
of the most attractive countries for tourism with developed cities on the
east coast and southern part of the PRC and wonderful natural resources and
rich cultural landscapes in the west.
Universal Travel Group believes the outlook for its all travel segments
remains attractive. The Company anticipates demand for its travel products
and services to continue due to the PRC's rising middle class, world class
conventions scheduled to be held in the PRC and appreciation of the Chinese
Yuan. In addition, the Company is methodically executing its Kiosks'
business plan with proceeds from its recent financing to provide unique
services, and increase its profitability.
"In the midst of the current economic slowdown, the PRC's consumption
continues to rise. We believe the travel sector will continue to push ahead
into the future. This provides significant opportunities for us," said
Jiangping Jiang. "We believe Universal Travel Group's strategy to provide
integrated travel products and services should enable further opportunities
to enhance shareholder value."
Based on greater-than-expected third quarter results, the Company is
increasing its forecast for full-year 2008 revenue to a range of $72
million to $74 million from revenue of $69 million to $73 million; net
income to a range of between $13.5 million and $14.5 million from net
income of $12 million to $14 million, not including stock based
compensation; earnings per share to a range of between $0.32 to $0.35 from
earnings per share of between $$0.29 to $0.33.
Conference Call Information
The Company will host a conference call at 9:00 a.m. E.S.T. on
Thursday, November 6, 2008 to discuss results for the third quarter of
2008. To participate in the live conference call, please dial the following
number five to ten minutes prior to the scheduled conference call time:
888-339-2688. International callers should dial 617-847-3007. When prompted
by the operator, mention Conference passcode 870 055 11. If you are unable
to participate in the call at this time, a replay will be available for 14
days starting on Thursday, November 6 at 11:00 a.m. E.S.T. To access the
replay, please dial 888-286-8010 and enter the passcode 91725351.
International callers should dial 617-801-6888 and enter the same passcode
91725351.
About Universal Travel Group Inc.
Universal Travel Group, a fast growing travel services provider in
China, is engaged in providing reservation, booking, and domestic and
international travel and tourism services throughout China via the internet
and through customer representatives. Under the theme "Wings towards a more
colorful life" the company's core services include tour packaging for
customers, booking services for air tickets and hotels as well as air cargo
transportation. In 2007, Universal Travel Group completed the acquisitions
of Speedy Dragon, specializing in air cargo transportation; Xi'an Golden
Net, specializing in travel packaged tours; Shanghai LanBao, specializing
in hotel reservation and Foshan Overseas International, a China-based
company that handles domestic and international travel inquiries. Universal
Travel's goal is to become China's leading travel services provider in all
fields of the tourism industry including the aviation, cargo, hotel booking
and tour packaging segments. For more information, visit
http://us.cnutg.com.
For more information, please contact:
Company Contact:
Mr. Jing Xie
Secretary of Board & Vice President
Universal Travel Group Inc.
Tel: +86-755-8366-8489
Email: 06@cnutg.cn
Web: us.cnutg.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
-- Financial tables follow --
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2008 2007
Gross revenues, $22,903,643 $12,813,942
Cost of services 15,047,932 8,308,363
Gross Profit 7,855,711 4,505,579
Selling, general and administrative expenses 1,917,323 812,464
Income from operations 5,938,388 3,693,115
Other Income (Expense)
Other income (1,485) --
Interest income (9,941) (2,955)
Interest expense 13,521 21,442
Total Other Income (Expense) 2,095 18,487
Income before income taxes 5,926,293 3,674,628
Provision for income taxes 1,307,966 608,153
Net income $4,628,327 $3,066,475
Net income per common share
Basic $ .12 $ .09
Diluted $ .12 $ .09
Weighted average common shares outstanding
Basic 38,695,295 35,314,298
Diluted 39,693,980 35,464,848
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2008 2007
Gross revenues, $47,324,686 $26,799,445
Cost of services 32,465,680 17,419,435
Gross Profit 14,859,006 9,380,010
Selling, general and administrative expenses 4,024,721 2,222,407
Stock based compensation 155,802 633,360
4,180,523 2,855,767
Income from operations 10,678,483 6,524,243
Other Income (Expense)
Loss on asset disposal 1,105 --
Other income (9,863) --
Interest income (21,881) (17,783)
Interest expense 78,525 42,724
Total Other Income (Expense) 47,886 24,941
Income before income taxes 10,630,597 6,499,302
Provision for income taxes 2,424,713 1,127,306
Net income $8,205,884 $ 5,371,996
Net income per common share
Basic $ .22 $ .16
Diluted $ .22 $ .16
Weighted average common shares outstanding
Basic 37,546,605 34,304,914
Diluted 38,050,305 34,421,337
UNIVERSAL TRAVEL GROUP
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2008 and DECEMBER 31, 2007
ASSETS 2008 2007
Current Assets
Cash and cash equivalents $12,564,894 $2,671,684
Accounts receivable, net 9,218,433 5,403,820
Other receivables and deposits, net 295,896 1,297,426
Refundable acquisition deposit -- 1,453,050
Due from shareholder 137,885 1,444,818
Trade deposit 4,614,844 2,650,744
Advances 437,509 616,861
Escrow deposits 762,800 --
Prepaid expenses 437,761 713,668
Total Current Assets 28,470,022 16,252,071
Property & equipment, net 122,143 127,393
Intangible assets -- 18,626
Goodwill 13,526,809 13,526,809
13,648,952 13,672,828
Total Assets $42,118,974 $29,924,899
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes payable - bank $-- $1,288,554
Note payable - others -- 1,576,750
Accounts payable and accrued expenses 1,941,231 3,604,666
Customer deposits 1,197,362 1,132,886
Income tax payable 1,203,889 664,995
Total Current Liabilities 4,342,482 8,267,851
Stockholders' Equity
Common stock, $.001 par value,
70,000,000 shares authorized,
41,619,966 and 36,809,036
issued and outstanding 41,621 36,810
Additional paid in capital 15,781,582 8,601,534
Other comprehensive income 1,273,865 545,164
Statutory reserve 372,144 372,144
Retained earnings 20,307,280 12,101,396
Total Stockholders' Equity 37,776,492 21,657,048
Total Liabilities and Stockholders'
Equity $42,118,974 $29,924,899
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income 8,205,884 5,371,996
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 49,850 60,269
Provision for doubtful accounts 7,185 --
Stock based compensation 155,802 633,360
Loss on asset disposal 1,105
(Increase) / decrease in assets:
Accounts receivable (3,821,798) (1,982,708)
Other receivable 1,001,530 19,760
Advances 179,352 (414,885)
Due from shareholder 1,306,933 729,173
Prepaid expenses (407,530) 18,752
Trade deposits (1,964,100) 53,652
Customer deposits 64,476 (514)
Escrow deposits (726,800) --
Increase / (decrease) in current
liabilities:
Accounts payable and accrued expenses (1,663,435) 613,482
Income tax payable 538,894 209,551
Total Adjustments (5,314,368) (60,108)
Net cash provided by(used in)
operating activities 2,891,348 5,311,888
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property & equipment (27,742) (50,024)
Proceeds from asset disposals 663
Acquisition deposits 1,453,050 2,288,481
Paid for acquisition - net of cash
acquired -- (7,278,434)
Net cash used by Investing activities 1,425,971 (5,039,977)
CASH FLOWS FROM FINANCING ACTIVITIES
(Repayments)Proceeds from bank loan -
net (1,288,554) 1,289,873
Proceeds of equity financing 7,712,494 --
Note payable - others (1,576,750) --
Net cash provided by financing
activities 4,847,190 1,289,873
Effect of exchange rate changes on
cash and cash equivalents 728,701 123,521
Net change in cash and cash
equivalents 9,893,210 1,685,305
Cash and cash equivalents, beginning
balance 2,671,684 1,043,555
Cash and cash equivalents, ending
balance 12,564,894 2,728,860
SOURCE Universal Travel Group Inc.
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SHENZHEN, China, Nov. 5 UTVG-At-Roth-Event
SHENZHEN, China, Nov. 5 /Xinhua-PRNewswire/ -- Universal Travel Group Inc.
(OTC Bulletin Board: UTVG) ("Universal Travel Group" or the "Company"), a
growing travel services provider in the People's Republic of China ("PRC")
specializing in online and customer representative services to the travel
service industry offering packaged tours, air ticketing, hotel reservation and
air cargo agency services, today announced that the Company will present at
the upcoming Roth Capital China Comes to Vegas Conference held from November
19 - 21, 2008 at the Wynn in Las Vegas, Nevada. Details of Universal Travel
Group's presentation at the conference are as follows:
Date: Friday, November 21, 2008
Time: 12:00 p.m. EST
Presenter: Jing Xie, Secretary of the Board and Vice President
Venue: Palmer 1 - Track 1
The Wynn Las Vegas
3131 Las Vegas Blvd. South
Las Vegas, NV 89109
The Roth Capital China Comes to Vegas Conference is a three-day event that
is dedicated to only Chinese-based, US listed companies. The conference will
bring together executives from more than 70 companies with an average market
cap of $300 million. During the conference, the Company will be available to
meet with analysts and portfolio managers. Participation in the Roth Capital
China Comes to Vegas Conference is by invitation only. Further information
can be found at http://www.roth.com .
About Universal Travel Group Inc.
Universal Travel Group, a growing travel services provider in the People's
Republic of China, is engaged in providing reservation, booking, and domestic
and international travel and tourism services throughout the PRC via the
internet and through customer representatives. Under the theme "Wings towards
a more colorful life" the company's core services include tour packaging for
customers, booking services for air tickets and hotels as well as air cargo
transportation. In 2007, Universal Travel Group completed the acquisitions of
Speedy Dragon, specializing in air cargo transportation; Xi'an Golden Net,
specializing in travel packaged tours; Shanghai LanBao, specializing in hotel
reservation and Foshan Overseas International, a PRC-based company that
handles domestic and international travel inquiries. Universal Travel's goal
is to become the PRC's leading travel services provider in all fields of the
tourism industry including the aviation, cargo, hotel booking and tour
packaging segments. For more information about the company, please visit
http://us.cnutg.com , and http://www.cnutg.com.cn for service website.
For more information, please contact:
Company Contact:
Mr. Jing Xie
Secretary of Board & Vice President
Universal Travel Group Inc.
Tel: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE Universal Travel Group Inc.
LOL i knew you'd come thru ;)
See how stupid UTVG is lol down 9% on a day like today! Damn!!!!!!
UTVG is getting silly now! I really wonder who the heck is selling at these prices
Ok bud do so when you get a chance
im sure your doing a fine job, im interested in checking out your boards, i read the titles but have been busy today so tonight im going to check them out
This stock has really been a big let down!
i see your doing a good job moderating unlike me..
times like these are for lowering your cost average, take advantage of it .IMO
if we could get some more people involved, sharing information and updating eachother about all variables involved when this market frinzy everyone is freaking about is over we'll be back up to a buck and a half, IMO.
this is a company that could actually do something positive
everything is behaving the same in the market, IMO
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SHENZHEN, China, Aug. 6 /Xinhua-PRNewswire-FirstCall/ --
Founded in 1998,
"We look forward to working with CCG to improve our communication with the investment community and the financial media as we pursue our goal of becoming China's leading online travel services provider in all fields of the tourism industry including air-ticketing services, air cargo agency services, hotel booking and tour packaging business segments," said Ms. Jiangping Jiang, Chairperson and CEO of
With the tremendous publicity surrounding the 2008 Beijing Olympic Games approaching, the volume of travelers in and out of China will definitely bring enormous market opportunities. Additionally, the disposable income of the average Chinese consumer is expected to increase, and the Company believes this will immediately translate to greater demand for air travel and vacations.
"We are excited to be working with such a promising client in the growing travel industry in China," said Crocker Coulson, President of CCG. "
About
About CCG
CCG is uniquely positioned to provide an outsourced, high-level investor relations solution that combines in-depth understanding of Asia's corporate culture and economic scene with a direct pipeline into the leading funds and broker-dealers in the United States. CCG is a global, full-service investor relations agency with corporate headquarters in Los Angeles, and offices in New York, Newport Beach, Dallas, Beijing, Shanghai and Shenzhen. For further information, contact CCG or visit the Company's website at http://www.ccgir.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include 'forward- looking statements' within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are 'forward-looking statements'. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the
SHENZHEN, China, Sept. 3 /Xinhua-PRNewswire-FirstCall/ --
Proceeds from the private placement will be used for general corporate development, specifically projects relating to online integration.
''We are determined to capture the opportunities presented by the tourism and business travel markets in China and will use the proceeds to fuel our growth initiatives,'' said Ms. Jiangping Jiang, CEO of
''We are very excited about the growth prospects of
In addition to the PIPE transaction, on August 14, 2008,
"While we did not receive any proceeds from the 5 million share purchase transaction, we were pleased to see that the shares are now held by long term institutional investors that have track records of success in growth investments,'' said Ms. Jiang.
''After several months of due diligence, including in-depth analysis of the Chinese travel space, we believed this dynamic company was significantly undervalued. We are hopeful that when the investment community at large recognizes that a group of sophisticated institutional investors with successful track records investing in, and supporting Chinese companies have accumulated a meaningful position in UTVG that, over time, shareholder value will rise to intrinsic levels. In addition to acquiring this large block of stock from a single non-management shareholder, we had enough confidence in the Company to place the PIPE financing at a premium to the retail price per share in the open market, something rarely done in our space,'' said Beau Johnson of
The securities issued in the PIPE have not been registered under the Securities Act of 1933, as amended, and may not be sold by the investor in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. The Company has agreed to file a registration statement covering the re-sale of the securities by the investor.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include 'forward- looking statements' within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are 'forward-looking statements'. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the
SHENZHEN, China, Sept. 8 /Xinhua-PRNewswire-FirstCall/ --
The new website is a further step to integrate the Company's diversified services into a new platform with selected value-added features and information.
"We are excited to launch a new website that offers practical and value added information," said Ms. Jiangping Jiang, CEO of
About
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include 'forward-looking statements' within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are 'forward-looking statements'. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the
SHENZHEN, China, Sept. 25 /Xinhua-PRNewswire-FirstCall/ --
The Kiosks are interactive terminals placed in strategically targeted public areas. They will enable convenient, fast and easy to use, real-time air ticketing inquiries, reservations and purchases, as well as hotel and tour reservations. The Kiosks will provide full 360¡ã views of hotels and travel destinations and accept payment via bank cards, debit cards and VISA. According to
"We are pleased to have unveiled this unique solution to help us capture a greater share of the growing domestic tourism market and business travel markets in the PRC," said Ms. Jiangping Jiang, CEO of
About
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward- looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the
SHENZHEN, China, Nov. 5 /Xinhua-PRNewswire/ --
Date: Friday, November 21, 2008 Time: 12:00 p.m. EST Presenter: Jing Xie, Secretary of the Board and Vice President Venue: Palmer 1 - Track 1 The Wynn Las Vegas 3131 Las Vegas Blvd. South Las Vegas, NV 89109
The Roth Capital China Comes to Vegas Conference is a three-day event that is dedicated to only Chinese-based, US listed companies. The conference will bring together executives from more than 70 companies with an average market cap of $300 million. During the conference, the Company will be available to meet with analysts and portfolio managers. Participation in the Roth Capital China Comes to Vegas Conference is by invitation only. Further information can be found at http://www.roth.com .
About
SHENZHEN, China, Nov. 5 /Xinhua-PRNewswire-FirstCall/ --
Third Quarter of 2008 Highlights -- Revenue reached a record $22.9 million, up 78.7% year-over-year -- Gross profit totaled $7.9 million, up 74.4% year-over-year -- Net income was $4.6 million or $0.22 per fully diluted share, up 50.9% year-over-year from $3.1 million, or $0.16 per fully diluted share, in the same quarter of 2007 -- Successfully closed a PIPE financing of $7.1 million with a group of seasoned investors -- Launched new online booking website, www.cnutg.com.cn, with travel information and 360¡ã view photos of sight-seeing destinations and hotel rooms -- Started beta testing of TRIPEASY Kiosks aimed at business travelers and those who have no access to the internet
"We are extremely pleased with the significant increase in all segments of our travel businesses during the third quarter, the result of the high travel season and positive effects from the Beijing Olympics Games," said Ms. Jiangping Jiang, Chairwoman and CEO of
Third Quarter of 2008 Results
Revenue for the three months ended September 30, 2008 was $22.9 million compared to $12.8 million for the same period of 2007, an increase of approximately 78.7%. This increase is due to the company's strategic expansion into the hotel reservation and packaged tours business via the acquisitions of Xi'an
Gross profit for three months ended September 30, 2008 was $7.9 million compared to $4.5 million for three months ended September 30, 2007, an increase of approximately 74.4%. The increase in gross profit reflects the company's strategic expansion into the profitable hotel reservation and packaged tours business via the acquisitions. The increase also reflects the results of efficient management and control of operations by an experienced management team.
Selling, general and administrative expenses for three months ended September 30, 2008 totaled $1.9 million compared to $812,464 for three months ended September 30, 2007, an increase of approximately 136.0%. Selling, general and administrative expenses were approximately 8.4% of revenue for three months ended September 30, 2008 as compared to 6.3% for three months ended September 30, 2007. The increase in selling, general and administrative expenses reflects the increase in the Company's expenses as a result of the acquisitions of Xi'an
Net income was $4.6 million, or 20.2% of revenue, for three months ended September 30, 2008, compared to $3.1 million, or 23.9% of revenue, for three months ended September 30, 2007. The increase in net income reflects the continued growth in the Company's business and the income derived from the acquisitions of Xi'an
Nine Month Results
Revenue for the nine months ended September 30, 2008 was $47.3 million compared to $26.8 million for nine months ended September 30, 2007, an increase of approximately 76.6%. Gross profit for the nine months ended September 30, 2008 was $14.9 million, compared to $9.4 million for nine months ended September 30, 2007, an increase of approximately 58.4%. Gross profit margin for nine months ended September 30, 2008 was 31.4%, compared to 35.0% for nine months ended September 30, 2007. Selling, general and administrative expenses for nine months ended September 30, 2008 totaled $4 million, compared to $2.2 million for nine months ended September 30, 2007. Interest expense for nine months ended September 30, 2008 totaled $78,525 compared to $42,724 for nine months ended September 30, 2007, an increase of approximately 83.8%. Net income was $8.2 million or 17.3% of revenue for the nine months ended September 30, 2008, compared to $5.4 million or 20.0% of revenue for the nine months ended September 30, 2007.
Financial Condition
As of September 30, 2008,
The Company generated $2.9 million in cash from operating activities for the nine months ended September 30, 2008, which resulted primarily from the company's increase of business activities and trade deposits, and seasonal decrease of accounts payable, compared to cash provided by operating activities of $5.3 million in the same period last year. The Company received proceeds of $7.1 million from an equity financing in the third quarter from a group of seasoned investors to support corporate development initiatives.
Business Outlook
Despite the recent economic slowdown worldwide, the Company continues to experience strong demand for its products and services.
"In the midst of the current economic slowdown, the PRC's consumption continues to rise. We believe the travel sector will continue to push ahead into the future. This provides significant opportunities for us," said Jiangping Jiang. "We believe
Based on greater-than-expected third quarter results, the Company is increasing its forecast for full-year 2008 revenue to a range of $72 million to $74 million from revenue of $69 million to $73 million; net income to a range of between $13.5 million and $14.5 million from net income of $12 million to $14 million, not including stock based compensation; earnings per share to a range of between $0.32 to $0.35 from earnings per share of between $$0.29 to $0.33.
Conference Call Information
The Company will host a conference call at 9:00 a.m. E.S.T. on Thursday, November 6, 2008 to discuss results for the third quarter of 2008. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888-339-2688. International callers should dial 617-847-3007. When prompted by the operator, mention Conference passcode 870 055 11. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, November 6 at 11:00 a.m. E.S.T. To access the replay, please dial 888-286-8010 and enter the passcode 91725351. International callers should dial 617-801-6888 and enter the same passcode 91725351.
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SHENZHEN, China, Nov. 18 /PRNewswire-FirstCall/ --
Date: Thursday November 20, 2008 - Sunday November 23, 2008 Venue: Shanxi Exhibition Hall Shanghai New International Expo Center
The Company plans to establish more affiliations during the exhibition. It will also showcase its TRIPEASY Kiosks, seek to expand its hotels and tourism site resources, and promote Xi'an and West China sightseeing to foreign travel agencies.
In an ongoing effort to better satisfy consumers' preferences with more user-friendly features, the company's signature TRIPEASY Kiosks are now installed with an upgraded interface, which can be viewed at http://www.cnutg.com.cn .
About China International Travel Mart
China International Travel Mart ("CITM") is an annual event that is held on an alternate basis in Shanghai and Kunming. As the largest professional travel mart in Asia, CITM has drawn the attention of people in the tourism industry worldwide. Participants in CITM come from all sectors of the travel industry including international and domestic tourism organizations, travel agencies, hotels, airlines and related travel companies. Further information can be found at http://www.citm.com.cn/en .
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