China Yida Announces Fourth Quarter and Fiscal Year 2012 Results

       China Yida Announces Fourth Quarter and Fiscal Year 2012 Results

PR Newswire

FUZHOU, China, March 25, 2013

FUZHOU, China, March 25, 2013 /PRNewswire/ --China Yida Holding Company
(Nasdaq: CNYD) ("China Yida" or the "Company"), a diversified tourism and
entertainment enterprise in China, today announced its preliminary unaudited
financial results for the fourth quarter and fiscal year ended December 31,
2012.

Fiscal Year 2012 Results

  oNet revenue from the tourism business was $10.6 million for fiscal 2012,
    an increase of 14.8% from fiscal 2011, with a gross margin of 42.8%
  oNet revenue from the media business was $17.0 million for fiscal 2012, a
    decrease of 48.5% as compared to fiscal 2011, with a gross margin of 68.5%
  oTotal net revenue was $27.6 million for fiscal 2012, a decrease of 34.6%
    compared to $42.2 million for fiscal year 2011
  oGross profit was $16.2 million for fiscal 2012, a decrease of 43.6%
    compared to $28.7 million for fiscal 2011
  oOperating income was $4.4 million for fiscal 2012 compared to $19.0
    million for fiscal 2011
  oNet loss attributable to China Yida Holding Company was $0.3 million for
    fiscal 2012, compared to net income attributable to China Yida Holding
    Company of $12.1 million for fiscal 2011
  oFully diluted loss was $0.07 per share for fiscal 2012 compared to fully
    diluted earnings per share of $3.10 for fiscal 2011

"As previously stated, China Yida's mission is to be a preeminent tourist
company with all of its operations to consist of existing and new tourist
destinations, and so I am pleased to report that the Company's tourist segment
showed a solid revenue gain of 14.8% in fiscal 2012 compared to fiscal 2011,"
stated Dr. Minhua Chen, Chairman and Chief Executive Officer of China Yida.
"We are also pleased to report a robust 68.5% rise in tourism revenue for the
fourth quarter of 2012 versus the year-ago quarter driven by increased visitor
traffic to our two prime tourist destinations. However, we expect continued
pressure from the high levels of debt that we have had to assume to fulfill
our commitment to local governments to develop our new tourist projects
outside Fujian Province. Therefore, we expect further losses in the quarters
ahead and a loss for the full year 2013."

"We are especially pleased to see that visitor traffic to the Great Golden
Lake has normalized this year and that a record number of tourists visited
Yunding Recreational Park in the fourth quarter. We believe that both of
these tourist destinations will generate even greater tourist traffic once
ongoing road access issues are resolved," CEO Minhua Chen continued."Given
that the fundamentals in China's tourism market remains strong, we continue to
be committed to our participation in this market and we will work hard to
prevail despite our current funding challenges."

Fourth Quarter 2012 Results

Total consolidated net revenue for the Company's two business segments,
Tourism and Media, was $6.1 million in the fourth quarter of 2012, a decrease
of 25.5% as compared to $8.2 million in the year-ago quarter. A review of each
business segment follows.

Tourism Business

Net revenue from the tourism segment was $3.3 million in the fourth quarter of
2012, an increase of 68.5% as compared to $1.9 million in the year-ago
quarter. The increase was primarily attributable to a substantial increase in
the number of tourists visiting both the Great Golden Lake and Yunding
Recreational Park tourist destinations partially offset by the continued
downturn at the Hua' An Tulou site. Gross margin from the tourism segment was
48.3% in the fourth quarter, as compared to 29.5% in the year-ago quarter.

The total number of visitors that entered the Great Golden Lake during the
fourth quarter of 2012 was approximated 102,000, an increase of 39.7% as
compared to 73,000 in the same period of 2011, though down sequentially from
114,000 in the third quarter of 2012 due to seasonality factors. The site
generated approximately $1.6 million in revenue in the fourth quarter, up
40.9% from the comparable year-ago quarter. The Company believes that visitor
traffic to the Great Golden Lake is gradually improving and expects additional
potential for growth once a new road that affords better access to the site is
completed.

Yunding Recreational Park attracted 60,000 visitors in the fourth quarter of
2012, a substantial increase from the 14,000 visitors in the fourth quarter of
2011, and also up sequentially from the 34,000 visitors in the third quarter
of 2012. The site generated approximately $1.5 million in revenue in the
fourth quarter of 2012 which represents a five-fold increase in the revenue
generated in the comparable year-ago quarter. The increase is attributable to
the site's added attractions such as its new trial cottage accommodations
which are encouraging additional site visitors. Further, a sustained marketing
effort by the Company's travel agency over the last year is having a positive
effect on attendance.

The Hua' An Tulou tourist destination received approximately 18,000 visitors
in the fourth quarter of 2012 compared to 39,000 visitors in the comparable
year-ago quarter, and was flat sequentially from the 18,000 visitors in the
third quarter of 2012. Hua' An Tulou generated approximately $0.2 million in
revenue in the fourth quarter of 2012, a decrease from $0.5 million in the
comparable year-ago quarter. The year-to-year decrease was mainly due to
tough market competition from two nearby Tulou clusters in Fujian Province.

Media Business

Net revenue from the media business in the fourth quarter of 2012 was $2.9
million, a decrease of 54.4% from the $6.3 million posted in the comparable
period a year ago. Fujian Education Television Channel ("FETV") experienced a
56.0% fall in revenue in the fourth quarter as compared to the year-ago
quarter to an estimated $2.8 million due to actions by domestic media
authorities restricting the broadcasting manner and content of TV advertising.
The restriction on content of TV advertising included shopping programs, mini
ads and certain medical advertisements.

Revenue from the Company's train media business was an estimated $0.10 million
for the fourth quarter of 2012 as compared to $0.15 million for the fourth
quarter of 2011, as a majority of advertising clients have terminated their
purchases due to the absence of an automatic broadcasting and monitoring
system. The continued decrease in revenue is in line with the Company's
expectations and further decreases may occur in the next few quarters.

Gross margin for the media business was 60.5% for the fourth quarter of 2012,
as compared to 74.3% in the comparable year-ago quarter. The decrease in gross
margin continues to be attributable to the substantial fall-off in revenue at
FETV.

Fourth Quarter 2012 Consolidated Operating Results

Gross profit for China Yida's consolidated operations was $3.3 million in the
fourth quarter of 2012, representing a gross profit margin of 54.0%, compared
to gross profit of $5.3 million and a gross margin of 63.8% for the comparable
period of 2011.

Total operating expenses increased by 47.3% to $3.6 million in the fourth
quarter of 2012, compared with $2.5 million in the year-ago quarter. This
increase was primarily attributable to a 60.0% jump in selling expenses, which
increased to $1.9 million from $1.2 million in the comparable year-ago period
due to higher marketing and operating expenses at Yunding Park including
expenses related to the Company's new subsidiary that will operate performance
and show events at the Yunding site. The Company experienced an operating loss
of $0.3 million in the fourth quarter of 2012 as compared to income from
operations of $2.8 million in the year ago quarter.

The net loss attributable to China Yida Holding Company for the fourth quarter
of 2012 was $1.5 million, or $0.39 per diluted share, as compared to net
income attributable to China Yida Holding Company of $1.5 million, or $0.38
per diluted share, for the fourth quarter of 2011.

Fiscal Year 2012 Results

Total net revenue decreased by 34.6% to $27.6 million for the fiscal year
ended December 31, 2012, compared with $42.2 million for the fiscal year ended
December 31, 2011. Net revenue from the tourism business increased by 14.8%
to $10.6 million for the fiscal year ended December 31, 2012. However, net
revenue from advertising decreased by 48.5% to $17.0 million, compared to
$33.0 million for the twelve months ended December 31, 2011.

Gross profit for the fiscal year ended 2012 decreased 43.6% year over year to
$16.2 million from $28.7 million for fiscal 2011. The gross margin for the
fiscal year ended 2012 was 58.6% as compared to 68.0% for the fiscal year
ended 2011. Operating income was $4.4 million for fiscal 2012, a 77.1%
decrease from $19.0 million for fiscal year 2011.

China Yida Holding Company experienced a net loss of $0.3 million for fiscal
year, or a net loss of $0.07 per fully diluted share, as compared to net
income of $12.1 million, or $3.10 per share, for fiscal year 2011.

Financial Condition

As of December 31, 2012, the Company had $6.6 million in cash and cash
equivalents, up from $5.7 million as of fiscal year end 2011. The Company's
working capital deficit was $2.3 million due to an increased level of both
short-term loans and the current portion of long-term debt. As of December 31,
2012, the Company had total debt of $57.0 million out of which short-term
loans comprised $1.6 million and the current portion of its long-term debt was
$6.8 million. Shareholders' equity was $158.7 million as of fiscal year end
2012 as compared to $157.9 million as of fiscal year end 2011.

China Yida generated $11.2 million in cash flow from operating activities for
fiscal year 2012, compared to approximately $17.4 million for fiscal 2011,
with the decrease of approximately $6.2 million primarily due to the decrease
in net income during fiscal 2012. The net cash used in investing activities
for fiscal 2012 was approximately $33.3 million as compared to $48.0 million
for fiscal 2011, with the decrease of approximately $14.6 million primarily
due to the decrease expended in fiscal 2012 for obtaining land use rights for
its tourist destinations. The Company's net cash provided by financing
activities was $23.0 million for fiscal year 2012 as compared to $28.9 million
for fiscal year 2011 attributable to a higher level of long-term loan
repayments during fiscal 2012 as compared to fiscal 2011.

Business Update and 2013 Outlook

The Company experienced vastly improved attendance at its Great Golden Lake
and Yunding Recreation Park tourist destinations in the fourth quarter of 2012
attributable to the promotion efforts of the Company's tourist agency as well
as enhanced tourist attractions at the Yunding site. For the year, tourist
traffic increased 9.4% at the Great Golden Lake to 339,000 visitors and
tourist traffic increased 38.7% to 165,000 visitors at Yunding Recreational
Park. The Company believes that there is room for improved tourist traffic to
both tourist destinations when road construction that will enable easier
travel to both sites is completed.

As the natural view and tourism facilities at the Great Golden Lake has now
recovered from the flash floods of the summer of 2010, with tourist traffic
having normalized, revenue for fiscal 2012 increased 15.4% to approximately
$5.5 million from fiscal 2011. However, the road to Shangqing River is still
under construction and visitors must now use a rougher, more difficult road.
It is anticipated that the road construction by the local government will be
completed in 2013.

Yunding Recreational Park continues to see strong progress as tourist traffic
set a record in the fourth quarter of 2012 and revenues attributable to the
site rose 102.1% to approximately $3.9 million for fiscal 2012 as compared to
fiscal 2011. The site's guest cottages were in trial operation in the fourth
quarter of 2012 and the Company should realize revenue in these overnight
accommodations beginning in the first quarter of 2013. However, the revenue
generated from the site's valley rafting activity, which has been in operation
since the beginning of the third quarter, will likely see a slowdown in the
winter months. The Company believes that tourist traffic is still below that
of Yunding's designed capacity since the site is hampered by poor road
access. However, the new expressway connecting Fuzhou to Yongtai Town is
being built by the local government and is expected to be completed in 2013.

The increase in tourism revenue at both the Great Golden Lake and Yunding
Recreational Park was partially offset by a decrease in revenue at the Hua' An
Tulou tourism destination. The Hua' An Tulou destination generated
approximately $1.3 million in fiscal 2012, a 55.4% decrease from fiscal 2011.
This decrease is attributable to strong competition from nearby homogeneous
tourist sites, Nanjing Tulou Cluster and Yongding Tulou Cluster. The Company
plans upon further engaging in promotions that might enhance traffic to our
Hua' An Tulou site.

As of fiscal year end, 2012, China Yida has made significant progress in the
development of its three new tourism destinations, Ming Dynasty Entertainment
World in Bengbu City, Anhui Province, China Yang-sheng (Nourishing Life)
Paradise in Zhangshu City, Jiangxi Province, and the City of Caves in Fenyi
City, Jiangxi Province. These three new tourism projects are outside of
Fujian Province and further expands the Company's geographic footprint to
capitalize upon the rapidly growing tourism and leisure market opportunity in
China. Operating components of all three sites are expected to open in 2013
as the development and construction of these new tourist destinations are in
line with the Company's schedule.

Ming Dynasty Entertainment World in Bengbu City, Anhui Province, is a tourist
site emblematic of cultural tourism that will reproduce the royal life of the
Ming Dynasty and offer recreational activities of the era. As of December 31,
2012, the first phase of the site construction has commenced and the Company a
total of $10.3 million of capital has been invested towards the development of
this site.

China Yang-sheng (Nourishing Life) Paradise in Zhangshu City, Jiangxi
Province, is a leisure and health tourist destination which is planned to
include a spa and resort hotel, will reflect the region's reputation as a
traditional medicine and herb center. The site contains the only natural salt
water hot spring destination in southern China. The capital expenditures
planned for the first development phase of this tourist site is estimated at
approximately $36.6 million. Management expects that the Salt Water Hot Spring
Spa & Health Center and the Yang-sheng resort hotel will be open to the public
by the third quarter of 2013.

The City of Caves in Fenyi City, Jiangxi Province, has one of the largest and
most characteristic karst land underground caverns in China. Its three hour
driving circle covers a population of approximately 80 million people and is
expected to draw tourists who are also visiting nearby world-class tourist
destinations. In addition, the site is approximately a one-hour drive from
China Yida's Yang-sheng Paradise, which means that the Company can launch an
integrated marketing campaign for these two tourist sites. The first phase of
development for the City of Caves, composed of the Altair and Vega caves, is
scheduled to start trial operation by the third quarter of 2013. The
investment budget for each phase is $14.7 million with a total budget for the
site's three phases of $44.1 million.

Management carefully reviews its capital expenditures on a regularly basis and
has recently come to believe that our ability to finance our new projects in
development has become somewhat challenged. The Company has had to
extensively rely upon bank financing given that other means of financing, such
as the equity capital markets, have not been accessible to it. Therefore, the
Company will pursue reducing expenses wherever possible since it places the
highest priority on meeting its financial obligations associated with its bank
financing. The Company believes that this would ensure continued capital flow
and enable the development of its high quality tourist destinations currently
in development.

In terms of its media segment, the Company has previously disclosed that due
to strict regulations on certain types of TV advertising, it expects that
FETV's advertising revenue may continue to decline further in the quarters
ahead. The Company now expects that it may have to discontinue the FETV
business when the contract is due in July 2013. Beginning on January 1, 2012,
the State Administration of Radio Film and Television (SARFT) disallowed any
commercial advertisements that are inserted in the midst of certain TV
programming with the result that ad time is now minimized and only able to be
inserted at a program's end. In addition, the Company also expects that in the
near future, it is highly likely that it will discontinue its train media
business which generates minimal revenue, though such timing has not yet been
determined.

The Company's is executing upon its strategic plan to transition from what is
currently a media and tourism company to one that is a tourist company in its
entirety, where revenues derived from its tourism properties ultimately
account for all of its revenue generation. China Yida foresees a diverse
revenue stream emanating from its tourist properties which the Company expects
will drive a sustainable level of revenue and earnings growth.

"Tourism continues to be a dynamic growth sector for China as domestic tourism
has surged due to the country's unprecedented economic growth and higher
disposable incomes. China's inbound tourism has also risen due to the
country's wide spectrum of rich tourist sites. China is now poised to become
the world's second largest tourism economy after the U.S. by 2015. With six
tourist sites expected to be in operation this year, China Yida expects to be
a major participant in this exciting, high growth sector," CEO Minhua Chen
concluded.

Recent Development

Effective November 19, 2012, the Company conducted a 1-for-5 reverse stock
split of all issued and outstanding shares of its common stock. Upon the
effect of the reverse stock split, the Company's issued and outstanding shares
reduced from 19,551,785 to 3,914,580. Except as otherwise specified, all
information in the financial statements and all share and per share
information has been retroactively adjusted for all periods presented to
reflect the reverse stock split, as if the reverse stock split had occurred at
the beginning of the earliest period presented.

Conference Call

China Yida will conduct a conference call at 9:00 a.m. Eastern Time (ET) on
Monday, March 25, 2013, to discuss its financial results for the fourth
quarter and fiscal year ended December 31, 2012. To participate in the live
conference call, please dial any of the following numbers five to ten minutes
prior to the scheduled conference call time.

Toll-Free Dial-In Number:


US 866-395-5819
China, Domestic         400-682-8609
Hong Kong       800-966-253
Singapore     800-101-1512

International callers can also dial +1-706-643-6986.

The Conference ID for this call is 21802690.

If you are unable to participate in the call at this time, a replay will be
available for two weeks starting on Monday, March 25, 2012 at 12:00 p.m. ET.
To access the replay, dial 855-859-2056 or 404-537-3406, international callers
dial +1-800-585-8367. The Conference ID is 21802690.

About China Yida

China Yida is a leading tourism and media enterprise focused on China's
fast-growing leisure industry and headquartered in Fuzhou City, Fujian
province of China. The Company provides tourism management services and
specializes in the development, management and operation of natural, cultural
and historic scenic sites.

China Yida currently operates the Great Golden Lake tourist destination
(Global Geopark), Hua' An Tulou tourist destination (World Culture Heritage)
and China Yunding Park (National Park). China Yida is also developing three
additional tourism projects, Ming Dynasty Entertainment World, China
Yang-sheng (Nourishing Life) Tourism Project and the City of Caves.

The Company's media business provides operations management services including
content and advertising management for the Fujian Education Television Station
("FETV"), and "Journey through China on the Train", an advertisement-embedded
travel program.

For further information, please contact the Company directly, or visit its Web
site at http://www.yidacn.net.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements may be identified by the use of
words such as "anticipate," "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar expressions.
Such forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of China Yida Holding Co., Inc. (the "Company") to be
materially different from those expressed or implied by such forward-looking
statements. The Company's future operating results are dependent upon many
factors, including but not limited to: (i) the Company's ability to obtain
sufficient capital or a strategic business arrangement; (ii) the Company's
ability to build and maintain the management and human resources and
infrastructure necessary to support the anticipated growth of its business;
(iii) competitive factors and developments beyond the Company's control; and
(iv) other risk factors discussed in the Company's periodic filings with the
Securities and Exchange Commission, which are available for review at
www.sec.gov.

FINANCIAL TABLES FOLLOW

CHINA YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
                                                December 31,   December 31,
                                                2012           2011
ASSETS
Current assets
Cash and cash equivalents                     $ 6,572,995    $ 5,684,847
Accounts receivable                             179,699        129,849
Other receivables, net                          176,548        4,940,389
Advances and prepayments                        1,824,420      1,881,427
Prepayment ¨C current portion                   397,490        207,117
Total current assets                          9,151,352      12,843,629
Property and equipment, net                     142,928,290    110,593,850
Construction in progress                        -              25,964,029
Intangible assets, net                          61,638,361     32,355,010
Long-term prepayments                           5,061,734      12,758,763
Deferred tax assets                             -              104,078
Total assets                                $ 218,779,737  $ 194,619,089
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
 Short-term loans                             $ 1,586,294    $ 943,619
 Long-term debt, current portion                6,808,376      3,761,894
Accounts payable                                48,798         91,385
Current obligation under airtime rights         1,545,582      2,359,169
commitment
Accrued expenses and other payables             1,101,228      638,175
Taxes payable                                   312,464        1,223,528
Deferred tax liabilities                        -              67,644
Total current liabilities                     11,402,742     9,085,414
Long-term obligation under airtime rights       -              1,548,928
commitment
 Long-term debt                                  48,643,945     26,040,732
Total liabilities                             60,046,687     36,675,074
Commitments and contingencies
Stockholders' equity
Preferred stock ($0.0001 par value, 10,000,000
shares authorized, none issued and                -              -
outstanding)
Common stock ($0.001 par value, 100,000,000
shares authorized, 3,914,580 and 3,910,580        19,572         19,552
shares issued and outstanding as of December
31, 2012 and December 31, 2011, respectively)
Additional paid in capital                        49,148,048     49,111,568
Accumulated other comprehensive income            13,791,374     12,484,116
Retained earnings                                 87,435,678     87,715,182
Statutory reserve                                 2,549,330      2,549,330
Total China Yida Holding, Co. Stockholders¡¯      152,944,002    151,879,748
Equity
Non-controlling interest                          5,789,048      6,064,267
Total stockholders' equity                        158,733,050    157,944,015
Total liabilities and stockholders' equity      $ 218,779,737  $ 194,619,089



CHINA YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31
(UNAUDITED)
                                              2012              2011
Net revenue
Advertisement                                  $ 16,993,999      $ 32,969,701
Tourism                                          10,611,890        9,240,159
Total net revenue                                27,605,889        42,209,860
Cost of revenue
Advertisement                                    5,360,780         8,463,917
Tourism                                          6,068,111         5,050,485
Total cost of revenue                           11,428,891        13,514,402
Gross profit                                     16,176,998        28,695,458
Operating expenses
Selling expenses                               6,691,946         4,917,097
 General and administrative expenses            5,130,592         4,793,723
Total operating expenses                         11,822,538        9,710,820
Income from operations                           4,354,460         18,984,638
Other income (expense)
Other expense, net                             (320,975)         (101,528)
Interest income                                39,798            94,910
Interest expenses                              (1,833,196)       (257,472)
Total other expenses                            (2,114,373)       (264,090)
Income (Loss) before income tax and              2,240,087         18,720,548
non-controlling interest
Less: Provision for income tax                   2,847,274         6,770,841
Net income (Loss)                                (607,187)         11,949,707
Net income (loss) attributable to                327,683           195,823
non-controlling interest
Net income (loss) attributable to China        $ (279,504)       $ 12,145,530
Yida Holding Co.
Net income (Loss)                              $ (607,187)       $ 11,949,707
Other comprehensive income
 Foreign currency translation gain (loss)      1,359,722         5,719,978
Comprehensive income (loss)                      752,535           17,669,685
Comprehensive income (loss) attributable to      275,219           (40,878)
non-controlling interest

Comprehensive income (loss) attributable to      $ 1,027,754     $ 17,628,807
China Yida Holding Co.
Earnings (losses) per share
- Basic                                          $ (0.07)        $ 3.11
- Diluted                                        $ (0.07)        $ 3.10

Weighted average shares
outstanding  .
- Basic                                             3,913,000       3,910,580
- Diluted                                           3,913,000       3,912,628



CHINA YIDA HOLDING CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31
(UNAUDITED)
                                              2012             2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                    $ (607,187)      $ 11,949,707
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation                                 4,472,558        3,613,094
Amortization                                 2,462,049        3,336,913
Stock based compensation                     36,500           651,079
Deferred tax expense                         36,434           263,745
Amortization of financing costs              490,322          67,297
Changes in operating assets and liabilities:
Accounts receivable                          (48,732)         (99,372)
Other receivables, net                       4,807,087        22,479
 Advances and prepayments                     73,280           (94,990)
Accounts payable                             (43,381)         (1,167,108)
Accrued expenses and other payables          457,587          (24,854)
Taxes payable                                (921,745)        (1,103,215)
Net cash provided by operating activities      11,214,772       17,414,775
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment            (9,663,232)      (5,874,525)
Additions to construction in progress          -                (4,279,774)
Additions to intangible asset                  (21,904,271)     (22,880,972)
Proceeds from disposal of intangible assets    -                2,080,636
 Increase in refundable deposits ¨C        -                (4,718,441)
land use rights
 Increase in long-term prepayments for
acquisition of property,                     (1,760,356)      (12,285,745)
 equipment and land use rights
Net cash used in investing activities          (33,327,859)     (47,958,821)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of non-controlling interest                         6,064,356
Repayment of obligation under airtime        (2,396,568)      (1,933,887)
rights commitment
 Payment of deferred financing costs          (675,202)        (1,050,201)
Proceeds from short-term loans               3,172,941        928,218
Repayment of short-term loans                (2,538,353)      (1,825,495)
Proceeds from long-term loans                34,902,353)      29,702,970)
 Repayment of long-term loans                 (9,507,492)      (3,016,708)
 Net cash provided by financing activities    22,957,679       28,869,253
EFFECT OF EXCHANGE RATE CHANGES ON CASH         43,556           212,956
NET INCREASE (DECREASE) IN CASH AND CASH        888,148          (1,461,837)
EQUIVALENTS
CASH AND EQUIVALENTS, BEGINNING OF PERIOD       5,684,847        7,146,684
CASH AND CASH EQUIVALENTS, ENDING OF PERIOD   $ 6,572,995    $   5,684,847
SUPPLEMENTAL DISCLOSURES:
Non-cash investing and financing
activities:
Transfer from construction in progress to    $ 26,191,405   $   14,735,861
property and equipment
Capitalized interest in construction in      $ 1,479,846    $   848,969
progress
Cash paid during the year for:
 Income taxes paid                        $ 3,570,716    $   7,450,528
 Interest paid                            $ 3,122,499    $   1,029,190

Contact:
China Yida                                        CCG Investor
Holding      Relations
Jocelyn                                           Crocker Coulson, President
Chen
Phone: +86 591                                    Phone: + (1) 646-213-1915
28082230
Email:                                            Email:
ir@yidacn.net  Crocker.Coulson@ccgir.com

SOURCE China Yida Holding Company

Website: http://www.yidacn.net
 
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