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NewsBot Date: February 18, 2008 07:16:38 AM
Dexterity Surgical, Inc. Reports Financial Results for Second Quarter FY 2008
Dexterity Surgical, Inc. (OTCBB: DEXT stock message board forums) announced
that it has filed Form 10-QSB for the second quarter of fiscal year 2008
with the SEC. Because Dexterity Surgical's assets were liquidated in
March, 2006, and as a result of the reverse merger completed on December
18, 2007, it now conducts all business via its sole operating subsidiary,
Zhi Bao Da Tong (Beijing) Technology Co., Ltd. (ZBDT).
ZBDT was established to develop computer and network software and related
products for the Chinese information technology market via exclusive
technical consulting and service agreements with Beijing Zhi Yuan Tian Xia
Technology Co., Ltd. (ZYTX), a company which began operations in October
2006, and offers online insurance products and services in China including:
a network portal for the Chinese insurance industry, www.soobao.cn
providing industry players a forum for advertising products and services,
website construction and software development services for marketing teams
in the insurance industry, insurance agency services (whereby the Company
generates sales commissions on motor vehicle insurance, property insurance
and life insurance) and accompanying client support services.
Dexterity Surgical's fiscal year ends June 30, the financial results
reported reflect the operating results of ZBDT and ZYTX for the six months
ended December 31, 2007. Because the entities commenced operations in
October 2006, year over year comparisons are not meaningful.
ZYTX unaudited financial results for the quarter ended December 31, 2007
showed revenues of $2.95 million including $1.14 million from software
development, $1.75 million from online insurance advertising and $57,685
from insurance agency business. Gross profit margins for the software
development and online insurance advertising were $1.12 million and $1.65
million, respectively. The insurance agency business incurred a small loss
of $7,280 due to discounts granted to customers. Total gross profit was
$2.76 million. Net income was $2.21 million and net profit margin was 75%
for the three months ended December 31, 2007. Earnings per share for the
period were $0.08.
For the six months ended December 31, 2007, the company had total revenue
of $5.30 million, including $2.15 million from software development, $3.09
million from online insurance advertising and $57,921 from the insurance
agency business. Gross profit margins for software development and online
insurance advertising were $2.11 million and $2.92 million, respectively.
The insurance agency business incurred a small loss of $7,044 due to
discounts granted to customers. Total gross profit was $5.02 million.
Earnings per share for the period were $0.16.
As of December 31, 2007, the Company had $2,894,146 in cash and cash
equivalents, which management believes is sufficient to fund operations for
the next twelve months. Accounts receivable at the end of the quarter
totaled $2,274,929.
"We are very pleased at our results for the second quarter of fiscal year
2008," commented Ms. Junjun Xu, CEO. "We intend to capitalize on the
first-mover advantage of our insurance web portal, www.soobao.cn, and
believe that its growth will continue to generate increasing advertising
revenues as we expand our presence in China."
A number of statements contained in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of the
Private Securities Litigation Act of 1995. These forward-looking statements
involve a number of risks and uncertainties, including a timely closing of
the contemplated acquisition, market acceptance of Zhiyuan's insurance
products and the management services, competitive market conditions,
successful integration of the companies, and the ability to secure
additional sources of financing. The actual results DEXT may achieve could
differ materially from any forward-looking statements due to such risks.
DEXT encourages the public to read the information provided here in
conjunction with its most recent filings on Form 8K and Form 10KSB which
are available here: www.sec.gov.
