Looks like they're paying a big price in stock price for thier method of intro!!
Wednesday March 25, 12:13 pm Eastern Time
Company Press Release
SOURCE: Dawson Science Corporation
Dawson Announces 1997 Results of Operations
NEW YORK, March 19 /PRNewswire/ -- Dawson Science Corporation (''Dawson'') (DWSC) announced today that its consolidated net income in 1997 was approximately $5,886,000, and that its consolidated net revenue in 1997 was approximately $12,538,000.
Wu Zhi Jian, the Company's chairman, stated that the Company's new car rental business, which began operations in the third quarter of 1997, contributed approximately $2,636,000 (21%) to the Company's approximately $12,538,000 of total consolidated net revenue, with approximately $8,425,000 (67%) and $1,477,000 (12%) having been contributed by the Company's taxicab and repair businesses, respectively.
The following sets forth certain consolidated financial data for Dawson for the past three years, and reflects the acquisition by Dawson in March 1997 of 92% of Shenzhen Jinzhenghua Transport Industrial Development Co., Ltd. in exchange for Dawson shares, which has been accounted for as a ''reverse acquisition.''
Year Ended December 3l,
Percentage of Percentage of Percentage of
1997 Revenue, 1996 Revenue, 1995 Revenue,
Net Net Net
(In thousands)
Revenue, net $12,538 100.0% $9,211 100.0% $6,208 100.0 %
Total expenses 5,858 46.7 4,091 44.4 2,910 46.9
Net income 5,886 46.9 4,563 49.5 3,023 48.7
Dawson, through its 92%-owned subsidiary Shenzhen Jinzhenghua Transport Industrial Development Co., Ltd., primarily operates an automobile rental business that it started in the third quarter of 1997 (at present, in Ganzhou, Guangzhou, Nanchang, Nanjing, Xian, Chengdu, Changsha and Yueyang), a taxicab business (at present, in Shenzhen, in Hunan Province and in Ganzhou) and an automobile repair services business (at present, in Shenzhen). Shenzhen Jinzhenghua Transport Industrial Development Co., Ltd. also has been developing a hotel in a resort town in Hunan Province.
SOURCE: Dawson Science Corporation |
