Universal Travel Group Announces Fourth Quarter and Full Year 2009 Results
SHENZHEN, China, March 5 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (NYSE: UTA) ("Universal Travel Group" or the "Company"), a growing travel services provider in China offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced financial results for the fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights
-- Revenue increased 16.1% year-over-year to $34.2 million
-- Gross profit increased 1.3% year-over-year to $10.1 million
-- Gross margin was 29.5%, compared to 33.8% in the prior year period
-- Income from operations was $7.5 million, compared to $8.2 million in
the prior year period
-- Adjusted income from operations, which excludes the effect of non-cash
charges related to stock-based compensation of $0.4 million, was
$7.9 million, compared to $8.2 million in the prior year period(*)
-- GAAP net income from continuing operations was $5.2 million or $0.32
per diluted share, compared to $6.3 million or $0.44 per diluted share
in the prior year period
-- Adjusted net income from continuing operations, which excludes the
effect of non-cash charges related to the change in fair value of
derivative liabilities of $0.3 million and stock-based compensation of
$0.4 million, was $5.9 million, or $0.36 per diluted share, compared to
$6.4 million, or $0.44 per diluted share, in the prior year period(*)
Full Year 2009 Highlights
-- Revenue increased 48.7% year-over-year to $97.9 million
-- Gross profit increased 43.8% year-over-year to $32.4 million
-- Gross margin was 33.1%, compared to 34.2% last year
-- GAAP income from operations increased 34.9% year-over-year to
$24.2 million
-- Adjusted income from operations, which excludes the effect of non-cash
charges related to stock-based compensation of $1.2 million, increased
39.7% year-over-year to $25.3 million(*)
-- GAAP net income from continuing operations was $11.3 million or $0.74
per diluted share, compared to $13.8 million or $1.07 per diluted share
last year
-- Adjusted net income from continuing operations, which excludes the
effect of non-cash charges related to the change in fair value of
derivative liabilities of $6.8 million and stock-based compensation of
$1.2 million, was $19.3 million, or $1.26 per diluted share, an
increase of 38.1% compared to $14.0 million, or $1.09 per diluted share
last year(*)
"Our fourth quarter and full year results reflect strong organic revenue growth," said Ms. Jiangping Jiang, Chairwoman and Chief Executive Officer. "The greatest impact to our financial performance is from the growth of our business volume, since the average prices of our travel products and commission rates were stable, and some of them even decreased slightly during 2009. Our revenue growth reflects the continued development of the domestic tourism market in China and the strength of our operating platform. Universal Travel has a strong product portfolio, broad geographic coverage and a brand awareness that enable us to continue to expand our network of customers and remain at the forefront of the growing China travel market."
Fourth Quarter 2009 Financial Results
Revenue for the three months ended December 31, 2009, was $34.2 million compared to $29.4 million for the same period in 2008, an increase of approximately 16.1%. Revenue generated by the air cargo agency segment for the three months ended December 31, 2008 was $2.4 million. Excluding this segment, revenue generated from the current three segments was $27 million, a year-over-year increase of 26.6%.
Revenue from air-ticketing was $6.6 million, compared to $5.1 million for the same period last year, an increase of 29.6%. This increase was mainly due to the increased demand for air passenger transportation.
Revenue generated by the Company's hotel reservation segment was $4.0 million compared to $3.8 million for the same period in 2008, an increase of 5.5%. This increase was due to the successful integration of the various business segments of the Company.
Revenue generated by package tours was $23.6 million compared to $18.2 million for the same period in 2008, an increase of 30.0%. This increase was primarily due to the increase in tourism demand and successful integration of the Company's various business segments and marketing channels.
Gross profit was $10.1 million compared to $9.9 million for three months ended December 31, 2008, an increase of 1.3%. Gross profit margin for the fourth quarter of 2009 was 29.5% compared to 33.8% for the same period last year. The decrease in gross profit margin was primarily because the packaged tour business, which has a lower profit margin due to the way revenues are recognized, constituted a higher percentage of the Company's total revenues than during the prior year period.
Selling, general and administrative ("SG&A") expenses totaled $2.5 million compared to $1.7 million for the same period last year, an increase of 45.1%. The SG&A expenses were 7.4% of revenue for the three months ended December 31, 2009, compared to 5.9% for the same period last year. The increase in percentage was primarily due to higher amortization expenses related to the Company's employee stock incentive plan, higher marketing and rent expenses to support the increased sales volume, and additional professional fees.
Income from operations was $7.5 million compared to $8.2 million in the same period last year. The Company incurred non-cash charges related to stock-based compensation of $0.4 million in the fourth quarter of 2009 compared to $0.1 million in the prior year period. Excluding these non-cash charges, the Company's adjusted income from operations was $7.9 million for the fourth quarter of 2009, compared to $8.2 million in the prior year period. Adjusted operating margin was 23.1%(*).
Net income from continuing operations was $5.2 million, or $0.32 per diluted share, compared to $6.3 million, or $0.44 per diluted share, for the same period last year. Excluding the effect of non-cash charges related to the change in fair value of derivative liabilities of $0.3 million and stock-based compensation of $0.4 million, the Company's adjusted net income from continuing operations was $5.9 million, or $0.36 per diluted share, compared to $6.4 million, or $0.44 per diluted share, in the fourth quarter of 2008(*).
Full Year 2009 Financial Results
Revenue for full year 2009 was $97.9 million compared to $65.8 million in 2008, an increase of 48.7%. Revenue from air-ticketing was $17.5 million compared to $12.3 million last year, an increase of 42.0%. Revenue generated by the hotel reservation segment was $13.0 million compared to $8.3 million last year, an increase of 56.4%. Revenue generated by package tours was $67.3 million compared to $45.1 million last year, an increase of 49.1%.
Gross profit was $32.4 million compared to $22.5 million for full year 2008, an increase of 43.8%. Gross profit margin for the full year of 2009 was 33.1% compared to 34.2% last year.
SG&A expenses totaled $8.2 million compared to $4.6 million last year, an increase of 78.7%. SG&A expenses were 8.4% of revenue compared to 7.0% last year.
Income from operations increased 34.9% to $24.2 million from $17.9 million in the full year 2008. The Company incurred non-cash charges related to stock- based compensation in the full year 2009 of $1.2 million compared to $0.2 million last year.
Excluding these non-cash charge, the Company's adjusted income from operations would be $25.3 million for the full year 2009, an increase of 39.7% from last year. Adjusted operating margin was 25.8%(*).
Net income from continuing operations was $11.3 million compared to $13.8 million last year. The Company incurred non-cash charges related to the change in fair value of derivative liabilities of $6.8 million and stock-based compensation of $1.2 million in the full year 2009. Excluding these non-cash charges, adjusted net income from continuing operations would be $19.3 million, or $1.26 per fully diluted share, an increase of 38.1% from $14.0 million, or $1.09 per diluted share, in the full year 2008(*).
(*) See Table 1 for a reconciliation of operating income, net income and
EPS to exclude non-cash charges related to the change in fair value of
derivative liabilities and stock-based compensation.
Financial Condition
Cash and cash equivalents were $36.7 million as of December 31, 2009. Current assets and current liabilities as of December 31, 2009, were $70.5 million and $6.3 million, respectively, yielding working capital of $64.2 million. The Company has no long-term debt. For the year ended December 31, 2009, net cash provided by operating activities was $11.5 million.
Recent Developments
-- In January 2010, the Company entered into a Letter of Intent to acquire
Zhengzhou Yulongkang Travel Service Company for RMB 39 million
(approximately $5.7 million), 90% of which to be paid in cash and 10%
of the purchase consideration in shares of the Company's common stock.
-- In January 2010, the Company entered into a Letter of Intent to acquire
Hebei Tianyuan Travel Agency for RMB 29 million (approximately
$4.2 million), 80% of which shall be paid in cash and 20% of the
consideration in shares of the Company's common stock.
-- In December 2009, the Company entered into a Letter of Intent to
acquire Huangshan Holiday Travel Service Company for RMB 20 million
(approximately $2.9 million), 80% of which shall be paid in cash and
20% in shares of the Company's common stock.
-- In December 2009, the Company entered into definitive subscription
agreements to sell to institutional investors an aggregate of 2,222,222
shares of its common stock at a price of $9.00 per share for gross
proceeds of approximately $20.0 million. The net proceeds of the
financing are being used for acquisitions and working capital. The sale
of the common stock closed on December 15, 2009.
Business Outlook
Universal Travel Group expects to continue to capitalize on the fast growing China travel market through organic growth and strategic acquisitions. The Company's business in the Pearl River Delta region continues to grow and its expansion into the Chongqing Delta region is on track. In addition, the Company has made significant progress identifying acquisition targets that it believes will help Universal Travel achieve its goal of further expanding its geographic footprint into additional regions of China. Following its $20 million financing in December of last year, the Company announced its intention to acquire travel businesses in Anhui Province, Hebei Province, and Henan Province. Universal Travel plans to integrate and further expand these businesses in 2010.
Universal Travel Group is also planning a nationwide rollout of the TRIPEASY Travel Service Kiosks (the "Kiosks") within the next two years. In 2010, the Company plans to roll out an additional 1,400 Kiosks in certain selected cities in China. (By the end of 2009, Universal Travel Group had 623 Kiosks in place to serve its customers.) The Kiosks will enable customers to make travel related inquiries and book their travel without a computer or an internet connection. The Company will promote the Kiosks via local media such as newspapers, billboards and internet ads, including its own award-winning website, http://www.cnutg.com , as well as other related websites, which in turn will further the Company's brand recognition. The Company expects the Kiosks themselves to provide a strong media platform to strengthen Universal Travel Group's franchise.
Ms. Jiang commented, "We our optimistic about our business prospects. The travel market in China continues to show robust growth. We expect to see increasing sales and strong financial performance in 2010 as we integrate our recently announced acquisitions and as our comprehensive marketing initiatives continue to demonstrate positive results. In addition, the TRIPEASY Kiosks, which have shown promising results to date, will serve, together with our website and call center, to further integrate our air ticket sales, hotel room sales, and packaged tours businesses."
For the full year 2010, Universal Travel Group expects to achieve an organic growth rate of approximately 20% for revenues and net income.
Use of Adjusted Financial Measures
GAAP results for the three and twelve months ended December 31, 2009 include non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided adjusted financial information excluding the impact of these items in this release. It is a departure of US GAAP, however, the Company's management believes that this adjusted measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.
Conference Call Information
The Company will host a conference call at 9:00 a.m. ET on Monday, March 8, 2010, to discuss the Company's financial results for the fourth quarter and full year 2009. To participate in the call, please dial +1 (877) 779-7834 five minutes prior to the start time (to allow time for registration) and reference conference ID number 59112684. International callers should dial +1 (706) 902-2087.
A replay of the call will be available for 14 days beginning Monday, March 8, 2010, at 12:00 p.m. Eastern Time. To listen to the replay, dial +1 (800) 642-1687 and enter the conference ID number 59112684. International callers should dial +1 (706) 645-9291. An audio recording will also be available on the company's website at http://us.cnutg.com .
About Universal Travel Group
Universal Travel Group is a leading travel service provider in China offering packaged tours, air ticketing, and hotel reservation services via the Internet and customer service representatives. The Company also operates TRIPEASY Kiosks, which are placed in shopping malls, office buildings, residential apartment buildings, and tourist sites. These kiosks are designed for travel booking with credit and bank cards, and serve as an advertising platform for Universal Travel Group. The Company's headquarters and main base of operations is located in Shenzhen in the Pearl River Delta region of China. More recently, Universal Travel Group has expanded its business into Western China, opening a second home base in the Chongqing Delta region, and other attractive, under-penetrated tier-two travel markets throughout the country. For more information on 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 further information, please contact:
Company Contact:
Universal Travel Group
Mr. Jing Xie
Secretary of Board and Vice President
Phone: +86-755-8366-8489
Email: [email protected]
Web: http://us.cnutg.com
Investor Relations Contact:
CCG Investor Relations
Mr. Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: [email protected]
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: [email protected]
Web: http://www.ccgirasia.com
UNIVERSAL TRAVEL GROUP
RECONCILIATION OF ADJUSTED NET INCOME AND DILUTED EPS FROM
CONTINUING OPERATIONS
FOR THE THREE MONTHS AND TWELVE MONTHS ENDED
DECEMBER 31, 2009 AND 2008
Three Months Ended Three Months Ended
December 31, 2009 December 31, 2008
Net Diluted Net Diluted
Income EPS Income EPS
Adjusted Amount $5,867,042 $0.36 $6,378,080 $0.44
Stock-based compensation $353,346 $0.02 $51,786 $0.00
Change in fair value of
derivative liabilities $278,215 $0.02 -- $0.00
GAAP amount per
consolidated statement of
income $5,235,481 $0.32 $6,326,294 $0.44
Weighted average number of
shares - diluted 16,187,323 -- 14,344,442 --
Twelve Months Ended Twelve Months Ended
December 31, 2009 December 31, 2008
Net Diluted Net Diluted
Income EPS Income EPS
Adjusted Amount $19,324,115 $1.26 $13,989,316 $1.09
Stock-based compensation $1,154,408 $0.08 $207,588 $0.02
Change in fair value of
derivative liabilities $6,832,186 $0.45 -- $0.00
GAAP amount per
consolidated statement of
income $11,337,521 $0.74 $13,781,728 $1.07
Weighted average number of
shares - diluted 15,318,460 -- 12,854,051 --
RECONCILIATION OF ADJUSTED INCOME FROM OPERATIONS
FOR THE THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31, 2009
AND 2008
Three Months Three Months
Ended December Ended December
31, 2009 31, 2008
Operating Income Operating Income
Adjusted Amount $7,886,773 $8,240,582
Stock-based compensation $355,346 $51,786
GAAP amount per consolidated
statement of income $7,531,427 $8,188,796
Twelve Months Twelve Months
Ended December Ended December
31, 2009 31, 2008
Operating Income Operating Income
Adjusted Amount $25,322,955 $18,124,697
Stock-based compensation $1,154,408 $207,588
GAAP amount per consolidated
statement of income $24,168,547 $17,917,109
UNIVERSAL TRAVEL GROUP
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2009 AND 2008
12/31/09 12/31/08
Assets Restated
Cash and cash equivalents $36,677,422 $15,720,182
Accounts receivable, net 17,321,174 8,991,849
Other receivables and deposits, net 257,907 62,547
Trade deposits 9,775,735 6,571,164
Advances 440,063 438,468
Escrow deposits -- 762,800
Prepaid expenses 216,727 312,409
Note receivable 1,711,392 --
Acquisition Deposits 4,077,921 --
Current assets held of discontinued
operations -- 2,459,777
Total Current Assets 70,478,341 35,319,196
Property, plant & equipment, net 4,992,677 242,648
Intangible assets 339,240 307,335
Goodwill 9,896,270 9,896,270
Non-current assets held of
discontinued operations -- 3,661,231
15,228,187 14,107,484
Total Assets $85,706,528 $49,426,680
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses $2,615,730 $1,691,689
Customer deposits 2,000,117 1,039,942
Income tax payable 1,654,475 1,731,246
Current liabilities held of
discontinued operations -- 562,931
Total Current Liabilities 6,270,322 5,025,808
Derivative liability 1,815,319 --
Total liabilities 8,085,641 5,025,808
Stockholders' Equity
Common stock, $.001 par value,
70,000,000 shares authorized,
16,714,457 and 13,873,969 issued and
outstanding at December 31, 2009
2008, respectively 16,714 13,873
Additional paid in capital 37,671,645 15,861,116
Other comprehensive income 1,645,133 1,520,166
Statutory reserve 372,144 372,144
Retained earnings 37,915,251 26,633,573
Total Stockholders' Equity 77,620,887 44,400,872
Total Liabilities and Stockholders'
Equity $85,706,528 $49,426,680
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE YEARS ENDED DECEMBER 31,
2009 2008 2007
(Restated) (Restated)
Gross revenues, $97,875,552 $65,821,838 $32,555,580
Cost of services 65,502,426 43,312,826 20,610,777
Gross Profit 32,373,126 22,509,012 11,944,803
Selling, general and administrative
expenses 8,204,579 4,591,903 2,740,857
Income from operations 24,168,547 17,917,109 9,203,946
Other income (expense)
Other expense (87,853) -- --
Loss on disposal of assets (1,594) (1,105) --
Other income 11,431 8,402 25,105
Loss on change of fair value of
derivative liabilities (6,832,186) -- --
Interest income 58,124 37,099 2,385
Interest expense -- (106,163) (80,847)
Total other income (expense) (6,852,078) (61,767) (53,356)
Income before income taxes-
continuing operations 17,316,469 17,855,342 9,150,589
Provision for income taxes 5,978,948 4,073,614 1,641,950
Net income - continuing operations 11,337,521 13,781,728 7,508,639
Income from discontinued operations 177,975 750,449 1,187,254
Loss on disposition of discontinued
operations (770,595)
Net (loss) income from discontinued
operation (592,620) 750,449 1,187,254
Net Income 10,744,901 14,532,177 8,695,894
Net income per common share -
continuing operations
Basic $0.80 $1.07 $0.67
Diluted $0.74 $1.07 $0.67
Net income per common share -
discontinued operations
Basic $(0.04) $0.06 $0.11
Diluted $(0.04) $0.06 $0.11
Weighted average common shares
outstanding
Basic 14,121,542 12,854,051 11,209,839
Diluted 15,318,460 12,854,051 11,209,839
Net income $10,744,901 $14,532,177 $8,695,894
Other comprehensive income-foreign
currency Translation 124,967 975,002 441,353
Comprehensive income 10,869,868 15,507,179 9,137,247
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE YEARS ENDED DECEMBER 31,
2009 2008 2007
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income $10,744,901 $14,532,177 $8,695,894
Add (deduct):
Net loss (income from discontinued
operations 592,620 (750,449) (1,187,254)
Income from continuing operations 11,337,521 13,781,728 7,508,640
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 813,272 61,737 82,074
Provision for doubtful accounts 204,788 137,024 42,900
Stock based compensation 1,154,409 207,588 945,903
Loss on change in fair value of
derivative liabilities 6,832,186 -- --
Loss on asset disposal 1,594 1,105 --
(Increase) / decrease in assets:
Accounts receivable (8,523,007) (5,242,516) (298,560)
Other receivable (195,360) 1,090,398 (491,788)
Advances (1,595) 178,393 1,214,697
Due from shareholder -- 1,444,818 496,287
Prepaid expenses 95,682 (304,111) 26,829
Trade deposits (3,204,571) (3,920,420) (1,177,822)
Escrow deposits 762,800 (762,800) --
Increase / (decrease) in current
liabilities:
Accounts payable and accrued
expenses 924,041 (1,319,797) (2,093,977)
Customer deposits 960,175 (92,943) 309,251
Income tax payable (76,771) 1,139,224 24,685
Net cash provided by continuing
operations 11,085,164 6,399,428 6,589,119
Net cash provided by discontinued
operations 435,259 111,418 284,229
Net cash provided by operating
activities 11,520,423 6,510,846 6,873,348
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property & equipment (5,300,678) (192,436) (57,930)
Purchase of intangibles (296,264) (316,106) --
Proceeds from collection of notes 1,062,019 -- --
Proceeds from asset disposals -- 663 --
Acquisition deposits (4,077,921) 1,453,050 1,428,773
Paid for acquisition - net of cash
acquired -- -- (10,008,642)
Net cash (used in) provided by
continuing operations (8,612,844) 945,171 (8,637,799)
Net cash (used in) provided by
discontinued operations (1,035,125) -- --
Net cash (used in) provided by
Investing activities (9,647,969) 945,171 (8,637,799)
CASH FLOWS FROM FINANCING
ACTIVITIES
(Repayments)Proceeds of bank loan -- (1,288,554) 1,288,554
Proceeds of equity financing 18,950,249 7,712,494 --
Proceeds of warrant exercise 9,570 -- --
Note payable - others -- (1,576,750) 1,576,750
Net cash provided by financing
activities 18,959,819 4,847,190 2,865,304
Effect of exchange rate changes on
cash and cash equivalents 124,967 975,002 297,565
Net change in cash and cash
equivalents 20,957,240 13,278,209 1,398,418
Cash and cash equivalents,
beginning balance 15,720,182 2,441,973 1,043,555
Cash and cash equivalents, ending
balance $36,677,422 $15,720,182 $2,441,973
SUPPLEMENTAL DISCLOSURES:
Cash paid during the year for:
Interest payments $-- $106,163 $80,847
Income taxes $6,055,719 $3,181,245 $1,450,924
Other non-cash transactions
Purchased goodwill $-- $-- $(13,526,809)
Fair value of assets purchased
less cash acquired -- -- (2,178,333)
Acquisition financed with stock
issuance -- -- 5,696,500
Acquisition paid for with cash -
net of acquired $-- $-- $(10,008,642)
Net assets sold of discontinued
operations $1,659,292 -- --
Goodwill attributable to sold
discontinued operations 3,630,539 -- --
Notes received on disposition (2,773,411) -- --
-- --
Fair value of treasury stock
received (2,780,950) -- --
Loss on disposition (770,595) -- --
Net cash of discontinued
operations $(1,035,125) -- --
UNIVERSAL TRAVEL GROUP
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE THREE YEARS ENDED DECEMBER 31, 2009, 2008, and 2007
Additional Other
Common Stock Paid In Comprehensive
Shares Amount Capital Income
Balance December
31, 2008 13,873,969 $13,873 $15,861,116 $1,520,166
Restated
Cumulative effect
of a change in
accounting
principle-adoption
of EITF 07-05
effective January
1, 2009 -- -- (2,091,738) --
Foreign currency
translation
adjustments -- -- -- 124,967
Stock based
compensation - Net
of warrants
exercise 41,120 42 1,154,367 --
Fair market value
Of treasury stock
received and
retired (238,095) (239) (2,780,711) --
Warrants exercised 811,941 813 6,571,017 --
Options exercised 3,300 3 9,567 --
Stock Subscription 2,222,222 2,222 18,948,027 --
Income for the year
ended December 31,
2009 -- -- -- --
Balance December
31, 2009 16,714,457 16,714 37,671,645 1,645,133
Balance December
31, 2007 12,270,326 12,269 8,626,075 545,164
Restated
Foreign currency
translation
adjustments -- -- -- 975,002
Forfeited options -- -- (683,437) --
Stock based
compensation -- -- 207,588 --
Equity financings 74,074 74 599,920 --
Equity financings 1,529,569 1,530 7,110,970 --
Income for the year
ended December 31,
2008 -- -- -- --
Balance December
31, 2008 13,873,969 13,873 15,861,116 1,520,166
Balance December
31, 2006 10,150,000 10,150 352,313 103,811
Restated
Stock paid for
acquisition 863,659 863 5,695,637 --
Foreign currency
translation
adjustments -- -- -- 441,353
Stock based
compensation 1,256,667 1,256 1,582,144 --
Warrants issued -- -- 995,981 --
Reflect acquisition -- -- -- --
Transfer to
statutory reserve -- -- -- --
Income for the year
ended December 31,
2007 -- -- -- --
Balance December
31, 2007 12,270,326 $12,269 $8,626,075 $545,164
Total Stock
Retained Statutory holders'
Earnings Reserve Equity
Balance December
31, 2008 $26,633,573 $372,144 $44,400,872
Restated
Cumulative effect
of a change in
accounting
principle-adoption
of EITF 07-05
effective January
1, 2009 536,777 -- (1,554,961)
Foreign currency
translation
adjustments -- -- 124,967
Stock based
compensation - Net
of warrants
exercise -- -- 1,154,409
Fair market value
Of treasury stock
received and
retired -- -- (2,780,950)
Warrants exercised -- -- 6,571,830
Options exercised -- -- 9,570
Stock Subscription -- -- 18,950,249
Income for the year
ended December 31,
2009 10,744,901 -- 10,744,901
Balance December
31, 2009 37,915,251 372,144 77,620,887
Balance December
31, 2007 12,101,396 372,144 21,657,048
Restated
Foreign currency
translation
adjustments -- -- 975,002
Forfeited options -- -- (683,437)
Stock based
compensation -- -- 207,588
Equity financings -- -- 599,994
Equity financings -- -- 7,112,500
Income for the year
ended December 31,
2008 14,532,177 -- 14,532,177
Balance December
31, 2008 26,633,573 372,144 44,400,872
Balance December
31, 2006 3,442,473 -- 3,908,747
Restated
Stock paid for
acquisition -- -- 5,696,500
Foreign currency
translation
adjustments -- -- 441,353
Stock based
compensation -- -- 1,583,400
Warrants issued -- -- 995,981
Reflect acquisition -- 335,173 335,173
Transfer to
statutory reserve (36,971) 36,971 --
Income for the year
ended December 31,
2007 8,695,894 -- 8,695,894
Balance December
31, 2007 $12,101,396 $372,144 $21,657,048
SOURCE Universal Travel Group
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