UNIVERSAL TRAVEL GROUP

CIK:0001336644|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Revenues, Total	$ 41,807,763	$ 45,516,866	$ 108,465,034	$ 97,808,768
Cost of services
Cost of Revenue, Total	31,711,112	34,045,221	80,744,015	71,350,008
Gross Profit	10,096,651	11,471,645	27,721,019	26,458,760
Selling, general and administrative expenses	(2,310,377)	(2,038,141)	(7,881,889)	(5,681,325)
Gain on disposal of fixed assets	66,511	65,853	66,511	65,853
Income from operations	7,852,785	9,499,357	19,905,641	20,843,288
Other income (expense)
Other income (expense)	(538)	(17)	(18,040)	6,900
Gain on change of fair value of derivative liabilities	47,702	304,177	492,918	1,253,181
Interest income	302,371	17,723	537,192	56,434
Total other income	349,535	321,883	1,012,070	1,316,515
Income before income taxes	8,202,320	9,821,240	20,917,711	22,159,803
Provision for income taxes	2,301,785	2,547,194	6,119,873	5,608,744
Net Income	5,900,535	7,274,046	14,797,838	16,551,059
Comprehensive income/(loss)
Net Income	5,900,535	7,274,046	14,797,838	16,551,059
Foreign currency translation adjustments	1,283,504	897,063	3,622,064	442,984
Total Comprehensive income	7,184,039	8,171,109	18,419,902	16,994,043
Net income per common share
Basic	$ 0.30	$ 0.37	$ 0.74	$ 0.92
Diluted	$ 0.30	$ 0.36	$ 0.73	$ 0.88
Weighted average common shares outstanding
Basic	19,898,235	19,898,235	19,898,235	18,020,554
Diluted	19,981,063	20,373,536	20,214,140	18,792,520
Air ticketing, net
Revenues
Revenue	5,478,545	5,736,699	15,759,318	14,439,187
Cost of services
Cost of services	2,139,745	2,080,605	5,973,132	4,913,895
Hotel reservation, net
Revenues
Revenue	2,940,988	4,400,270	9,330,719	10,862,393
Cost of services
Cost of services	177,190	1,554,191	1,714,886	3,533,764
Packaged tours, gross
Revenues
Revenue gross	33,388,230	35,379,897	83,374,997	72,507,188
Cost of services
Cost of services	$ 29,394,177	$ 30,410,425	$ 73,115,397	$ 62,902,349

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,797,838	$ 16,551,059
Add: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	925,383	1,254,187
Provision for doubtful accounts		59,578
Stock based compensation	2,382,335	990,846
(Gain)/Loss on change in fair value of derivative liabilities	(492,918)	(1,253,181)
(Gain)/Loss on sales of fixed assets	(66,511)	(65,853)
(Increase) / decrease in assets:
Restricted cash	(855,372)	(73,488)
Accounts receivable	3,896,226	(7,730,724)
Other receivable	(147,652)	924,561
Due from related parties		(995,798)
Advances		440,115
Prepayments	(655,102)	(792,128)
Trade deposits	(53,998)	2,118,139
Increase / (decrease) in current liabilities:
Accounts payable and accrued expenses	1,347,551	3,605,152
Customer deposits	368,378	308,915
Income tax payable	(874,444)	658,821
Net cash provided by operating activities	20,571,714	16,000,201
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property & equipment	(208,273)	(2,779,988)
Purchase of intangibles		(51,359)
Proceeds from sale of fixed assets	171,108	5,599,590
(Increase)/Decrease in short term investments	(10,768,621)
(Increase)/Decrease in notes receivable	2,358,273	(3,028,571)
Acquisition deposits		497,330
Cash paid for acquisition - net of cash acquired		(15,782,799)
Net cash (used in) investing activities	(8,447,513)	(15,545,797)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of equity financing		18,768,054
Net cash provided by financing activities		18,768,054
Effect of exchange rate changes on cash and cash equivalents	1,263,860	690,945
Net change in cash and cash equivalents	13,388,061	19,913,403
Cash and cash equivalents, beginning balance	39,618,988	36,574,741
Cash and cash equivalents, ending balance	53,007,049	56,488,144
Cash paid during the period for:
Interest payments
Income taxes	6,896,491	4,271,081
Fair value of assets purchased less cash acquired		(767,602)
Acquisition financed with stock issuance		2,833,818
Acquisition paid for with cash - net of acquired		(15,782,799)
Purchased goodwill
Cash paid during the period for:
Purchased intangible assets		(14,612,639)
Purchased intangible assets
Cash paid during the period for:
Purchased intangible assets		$ (3,236,376)

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 53,007,049	$ 39,618,988
Restricted Cash	1,186,507	307,027
Short term investments	31,306,253	19,681,308
Accounts receivable, net	36,052,088	38,658,011
Other receivables and deposits, net	957,639	780,400
Trade deposit	8,513,958	8,173,426
Prepayments	1,924,736	1,216,857
Note receivable		2,314,259
Total Current Assets	132,948,230	110,750,276
Property & equipment, net	1,551,522	1,692,595
Intangible assets, net	2,582,847	3,110,882
Goodwill	24,508,909	24,508,909
Total Noncurrent Assets	28,643,278	29,312,386
Total Assets	161,591,508	140,062,662
Current Liabilities
Accounts payable and accrued expenses	6,590,661	5,045,674
Customer deposits	2,654,645	2,203,487
Income tax payable	2,413,347	3,189,965
Total Current Liabilities	11,658,653	10,439,126
Warrants - derivative liability	318,011	810,929
Deferred tax liability	477,397	477,397
Long-term income tax payable	30,804	30,804
Total Liabilities	12,484,865	11,758,256
Stockholders' Equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively.
Common stock, $.001 par value, 70,000,000 shares authorized, 19,898,235 issued and outstanding at September 30, 2011 and December 31, 2010, respectively	19,898	19,898
Additional paid in capital	66,553,890	64,171,555
Statutory reserve	1,062,741	1,062,741
Retained earnings	74,422,024	59,624,186
Accumulated other comprehensive income	7,048,090	3,426,026
Total Stockholders' Equity	149,106,643	128,304,406
Total Liabilities and Stockholders' Equity	$ 161,591,508	$ 140,062,662