LOS ANGELES and SHENZHEN, China, March 28 /PRNewswire/ -- Universal Travel Group (BULLETIN BOARD: UTVG) through its wholly-owned subsidiary, Shenzhen Yu Zhi Lu Aviation Service Company Ltd., a leading air travel agency in Southern China, announced today it projects $21.4 million in revenue for 2007, up 114% from $10.01 million in 2006.
Net income for the year 2007 is expected to be $6.56 million, or $0.19 in earnings per share, an increase of 157% from $2.55 million in 2006. For the first quarter of 2007, the company expects to generate revenue of $3.95 million, up 386% from $813,300 in the first quarter of 2006. Net income projections are $1.1 million, up 140% from $457,000 in the comparable quarter last year. The company projects $0.03 EPS for the first quarter of 2007.
First quarter and full year projections include the remainder of the stock based compensation expense related to the company's equity incentive plan that was not recognized in the fourth quarter of 2006.
Chairman and CEO, Ms. Jiangping Jiang, said, "Fiscal year 2007 projections are based on the operating results for the company last year and our expectations for growth for the upcoming year. The company expects customer membership to rise based on the increased success of its hotel booking service and air cargo transportation divisions. The projections are also based on increased call center and Internet volume, which surpassed 30% last year. We also expect growth from our plans to consolidate our existing market share of the Southern China region. We will develop a comprehensive member service and expand to Beijing, Chengdu, Chongqing, Shanghai and other regions. Our goal is to become China's leading full-service travel agency, providing superior service to customers and maximizing returns for shareholders."
About Universal Travel Group
Universal Travel Group, through its wholly-owned subsidiary, Shenzhen Yu Zhi Lu Aviation Service Company Ltd., is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout China. The company's core services include booking services for air tickets, hotels and restaurants, as well as tour routing for customers. The company's goal is to become China's leading travel services provider. For more information, visit http://www.chutg.com/ .
A profile for investors can be accessed at http://www.hawkassociates.com/utvgprofile.aspx . For investor relations information regarding Universal Travel Group, contact Jacalyn Guo at (310) 443-4151, e-mail
Forward-looking Statement:
The statements in these news releases contain forward-looking information within the meaning of the Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties. In each case actual results may differ materially from such forward-looking statements. Any statements regarding targets for future results are forward-looking and actual results may differ materially. These are the company's targets, not predictions of actual performance.
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