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 China Yida Holdin (NASDAQ:CNYD)

Friday, November 14, 2014
Comments & Business Outlook

CHINA YIDA HOLDING CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

 

    Nine Months Ended
September 30,
    Three Months Ended
September 30,
 
    2014     2013     2014     2013  
Net revenue                        
Advertisement   $ -     $ 2,899,844     $ -     $ 318,434  
Tourism     9,030,961       6,891,455       3,870,984       2,616,382  
                                 
Total net revenue     9,030,961       9,791,299       3,870,984       2,934,816  
                                 
Cost of revenue                                
Advertisement     -       2,038,196       -       271,213  
Tourism     6,784,170       3,104,123       2,471,661       1,145,681  
                                 
Total cost of revenue     6,784,170       5,142,319       2,471,661       1,416,894  
                                 
Gross profit     2,246,791       4,648,980       1,399,323       1,517,922  
                                 
Operating expenses                                
Selling expenses     7,717,558       6,566,556       2,906,081       2,243,762  
General and administrative expenses     5,555,330       4,160,079       1,967,665       1,669,838  
                                 
Total operating expenses     13,272,888       10,726,635       4,873,746       3,913,600  
                                 
Loss from operations     (11,026,097 )     (6,077,655 )     (3,474,423 )     (2,395,678 )
                                 
Other income (expense)                                
Other expense, net     (399,986 )     (560,284 )     (618,142 )     (527,976 )
Interest income     7,448       75,499       2,975       4,817  
Interest expense     (6,460,899 )     (3,280,394 )     (1,999,487 )     (928,581 )
                                 
Total other expenses     (6,853,437 )     (3,765,179 )     (2,614,654 )     (1,451,740 )
                                 
Loss before income tax and non-controlling interest     (17,879,534 )     (9,842,834 )     (6,089,077 )     (3,847,418 )
                                 
Less: Provision for income tax     -       132,830       -       961  
                                 
Net loss from continuing operations     (17,879,534 )     (9,975,664 )     (6,089,077 )     (3,848,379 )
                                 
Discontinued Operation                                
(Loss) income from discontinued operations, net of income taxes     (616,732 )     (782,692 )     (83,796 )     220,202  
(Loss) gain on disposal of subsidiary, net of income taxes     (6,510,630 )     999,133       (6,510,630 )     -  
                                 
Net (loss) income from discontinued operations, net of income taxes     (7,127,362 )     216,441       (6,594,426 )     220,202  
                                 
Net loss     (25,006,896 )     (9,759,223 )     (12,683,503 )     (3,628,177 )
                                 
Net loss attributable to non-controlling interest:                                
Net loss from discontinued operation     -       102,215       -       -  
                                 
Net loss attributable to China Yida Holding Co.   $ (25,006,896 )   $ (9,657,008 )   $ (12,683,503 )   $ (3,628,177 )
                                 
Net loss   $ (25,006,896 )   $ (9,759,223 )   $ (12,683,503 )   $ (3,628,177 )
                                 
Other comprehensive income                                
Foreign currency translation (loss) gain     (1,138,800 )     3,573,349       143,407       681,539  
                                 
Comprehensive loss     (26,145,696 )     (6,185,874 )     (12,540,096 )     (2,946,638 )
                                 
Comprehensive loss attributable to non-controlling interest     -       390,730       -       -  
                                 
Comprehensive loss attributable to China Yida Holding Co.   $ (26,145,696 )   $ (5,795,144 )   $ (12,540,096 )   $ (2,946,638 )
                                 
Amounts attributable to common stockholders:                                
Net loss from continuing operations, net of income taxes     (17,879,534 )     (9,975,664 )     (6,089,077 )     (3,848,379 )
Net income from discontinued operations, net of income taxes     (7,127,362 )     318,656       (6,594,426 )     220,202  
Net loss attributable to common stockholders     (25,006,896 )     (9,657,008 )     (12,683,503 )     (3,628,177 )
                                 
Net loss attributable to common stockholders per share - basic and diluted:                                
- Basic & diluted earnings/(loss) per share from continuing operations   $ (4.57 )   $ (2.55 )   $ (1.56 )   $ (0.98 )
- Basic & diluted earnings/(loss) per share from discontinued operations   $ (1.82 )   $ 0.08     $ (1.68 )   $ 0.06  
- Basic & diluted earnings/(loss) per share attributable to common stockholders   $ (6.39 )   $ (2.47 )   $ (3.24 )   $ (0.92 )
                                 
Weighted average shares outstanding                                
- Basic     3,914,580       3,914,580       3,914,580       3,914,580  
- Diluted     3,914,580       3,914,580       3,914,580       3,914,580

Management Discussion and Analysis

Net Revenue

Net revenue from continuing operations increased by approximately $0.94 million or approximately 31.9%, from approximately $2.93 million for the three months ended September 30, 2013 to approximately $3.87 million for the three months ended September 30, 2014. The increase in net revenue was primarily due to the increase in the revenue from tourism revenue which was partially offset by the decrease in advertisement revenue.


Net Loss

As a result of the above factors, we have net loss of approximately $12.68 million for the three months ended September 30, 2014 as compared to net loss of approximately $3.63 million for the three months ended September 30, 2013, representing an increase of loss of approximately $9.05 million or approximately 249.58%. The increase of loss was primarily attributable to the decrease in advertisement revenue because the agreement with FETV expired in July 2013, the increase in cost of revenue and general and administrative expenses for the operation of China Yang-sheng paradise for the three months ended September 30, 2014 as compared with that for the three months ended September 30, 2013.


Tuesday, September 2, 2014
Comments & Business Outlook

Item 1.01 Entry into a Material Definitive Agreement.


On August 26, 2014 (the “Effective Date”), Hong Kong Yi Tat International Investment Co., Ltd. (“Hong Kong Yi Tat”), a wholly owned subsidiary of China Yida Holding, Co. (the "Company"), a Nevada corporation, entered into a certain share transfer agreement (the “Share TransfeR Agreement”) with Fujian Taining Great Golden Lake Tourism Economic Development Industrial Co., Ltd. (the “Purchaser”), a wholly owned subsidiary of the Management Committee of the Fujian Taining Great Golden Lake Tourism Economic Development Zone, an affiliate of the Taining County Government (the “Lake Management Committee”),