Cash and cash equivalents were $43.6 million as of June 30, 2010. Current assets and current liabilities as of June 30, 2010, were $86.2 million and $10.8 million, respectively, yielding working capital of $75.4 million. The Company has no long-term debt. For the six months ended June 30, 2010, net cash provided by operating activities was $4.5 million.
Recent Developments -- In July 2010, the Company announced a partnership with Agoda, a subsidiary of Priceline.com, to strengthen its hotel reservation business segment and upgrade its website, http://www.cnutg.com . Under the agreement, Universal Travel Group will offer its customers access to Agoda's international network of hotels. Through the updated cnutg.com website, travelers will be able to enjoy special Agoda promotions and instant confirmation at tens of thousands of hotels worldwide. -- In June 2010, the Company acquired Shanxi Jinyang Travel and Kunming Business Travel for $8.0 million, of which 90% was paid in cash and 10% in stock. -- In June 2010, the Company closed a common stock offering and issued 2,857,143 shares of its common stock at $7.00 per share for an aggregate amount of $20 million. The proceeds from this financing were used to fund the cash portion of the Company's two recently closed acquisitions and are expected to be used to fund the cash portion of the two acquisitions that have been announced but have not yet closed (Tianjin Hongxun Aviation Agency Co., Ltd. and Shandong Century Aviation Development Co., Ltd.) as well as for working capital to expand the Company's core business segments. Business Outlook
Ms. Jiang commented, "In June, a number of Chinese airlines reported that they were authorized to cut the commission paid to travel agencies. Currently there has been no major impact on our existing business since the airlines planned to cut only the commission rates for a few flights departing from Beijing and Shanghai. Based on our analysis of air ticket booking habits in China, we believe that in the coming years the airlines will continue to heavily rely on travel agencies and pay travel agency commissions when selling tickets. Furthermore, we believe that any eventual commission rate cuts will serve to accelerate the consolidation of the travel services industry in China. We expect Universal Travel Group to be a beneficiary of any such consolidation as we believe the larger and more efficient travel service providers will gain more market share and the smaller and weaker players would be hurt most from any further commission rate cuts.
"As part of our strategy to position ourselves as a leader in the fast growing and consolidating China travel market, we closed two acquisitions of travel service providers in the second quarter, which together with our three acquisitions in the first quarter, further expanded our geographic reach. We believe our comprehensive travel service platform and broad customer reach will enable us to improve the sales volume and operating efficiency of these new acquisitions. We also expect these newly acquired businesses to help our existing business by broadening the travel services we offer our customers. With a higher volume of bookings from our acquired businesses, our bargaining power with airlines and hotels should also benefit. Overall, we expect improved sales, margins and earnings as we fully integrate these businesses into our platform.
"Finally, we are very excited about our recently announced partnership with Agoda, a subsidiary of Priceline.com. Under the partnership agreement, we offer our customers access to Agoda's international network of hotels. Through our website, travelers will be able to enjoy special Agoda promotions and instant confirmation at tens of thousands of hotels worldwide. Also through this partnership, Agoda intends to increase its exposure in the large Chinese travel market. This partnership offers us the opportunity to work with one of the world's largest online hotel reservation agencies and further strengthen our hotel reservation segment. We intend to leverage Agoda's global brand awareness and look forward to a higher volume of hotel reservations."
As previously announced, for full year 2010, the Company expects to achieve between $145.0 million and $155.0 million in revenue, $27.0 million and $28.0 million in net income, and $1.35 and $1.40 in diluted EPS, excluding the effect of non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation and assuming no further dilutive effect from financings or acquisitions.
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