Sino Green Land Reports $41.2 Million in Revenue and $1.7 Million of Net Income for the First Quarter of 2011
17 Maio 2011 - 10:40AM
Sino Green Land Corporation (OTCBB:SGLA), a
leading distributor of high-end fruits and vegetables in China,
today announced its reported financial results for the three months
ended March 31, 2011.
First quarter 2011 highlights
(year-over-year):
- Sales reached $41.2 million, an increase of 23%
- Gross profit increased 22% to $4.4 million
- Net income of $1.7 million vs. net loss in the same period of
2010
- No long-term debt and shareholder's equity of $54.7
million
Mr. Xiong Luo, Chief Executive Officer of Sino Green Land,
commented, "We had yet another strong quarter demonstrating the
success of our co-op model, whereby we obtained our produce from
local farmers pursuant to agreements with the farming cooperatives,
and in return, we provide these farmers with land to grow the
produce and an outlet for their produce. The Company's strong
performance in the first quarter of this year reflects higher
average sales prices in the fruits. Overall, our consistent
delivery of high quality produce and services has led to a revenue
increase of 23% compared to the same period last year, as well as
strong margin improvement and $1.7 million of net income. Looking
ahead, we remain confident in the outlook for sustained growth and
improved profitability for the balance of 2011."
Mr. Luo continued, "Sino Green Land Corporation continues to
take advantage of the growing demand for healthy food in China. We
are underway with the interior construction of our new Metro Green
Food Distribution Hub in the Guangdong wholesale market. We believe
that our hub will be the first centralized distribution center for
green foods in China. Green foods are healthy and environmentally
friendly and their profit margins are expected to be higher than
our current products. We are uniquely positioned to capitalize on
this opportunity due to our established distribution channels and
our relationship with the China Green Foods Association. We
are excited by the forthcoming debut of this new hub, which we
expect will become a pillar of our overall business
success. However, we will require additional financing in
order for us to commence operations in this business."
Revenue for the three months ended March 31, 2011 increased 23%
to $41.2 million, as compared to $33.6 million for the three months
ended March 31, 2010. The increase was primarily due to higher
average sales price of produce which offset a modest decline in the
volume of Fuji apples we sold during the period. Gross profit
increased 22% to $4.4 million for the three months ended March 31,
2011, as compared to $3.6 million for the three months ended March
31, 2010, representing gross margins of approximately 10.8% and
10.8%, respectively. Net income for the three months ended
March 31, 2011 was $1.7 million, or $0.01 per diluted share,
compared to net loss applicable to common shareholders of $0.4
million, or $0.00 per diluted share, for the same period last year.
The net loss for the 2010 quarter reflected a $2.3 million
negative change in derivate liability as compared with income from
change in derivative liability of $476,000 in the 2011 period.
As of March 31, 2011, the company had cash and cash equivalents
of $1.0 million, no long-term debt and shareholders' equity of
$54.7 million.
The Company's balance sheet and statements of operations are set
forth in tables 1 and 2 to this press release.
About Sino Green Land Corporation
Sino Green Land Corporation is a leading agricultural
distributor of high end fruits and vegetables in the People's
Republic of China. Since its inception in 2003, Sino Green Land has
grown from a small distributor of various produce to become a large
distributor of high end fruits -- Fuji apples, emperor bananas and
tangerine oranges. In the process, Sino Green Land has built a
solid reputation, a sophisticated supply chain and a distribution
network that stretches from Beijing to Guangzhou. Our website
is http://www.sinogreenland.com. Information on our website
or any other website does not constitute a part of this press
release.
The Sino Green Land Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8334
Safe Harbor Statement
This press release may contain forward-looking
statements. Such statements include, among others, those
concerning the company's expected financial performance and
strategic and operational plans, as well as all assumptions,
expectations, predictions, intentions or beliefs about future
events. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and that a
number of risks and uncertainties could cause actual results of the
Company to differ materially from those anticipated, expressed or
implied in the forward-looking statements. The words "believe,"
"expect," "anticipate," "project," "targets," "optimistic,"
"intend," "aim," "will" or similar expressions are intended to
identify forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Risks and uncertainties that could
cause actual results to differ materially from those anticipated
include risks related to the company's ability to overcome
competition in its market; the impact that a downturn or negative
changes in the price of the company's products could have on its
business and profitability; the company's ability to simultaneously
fund the implementation of its business plan and invest in new
projects; economic, political, regulatory, legal and foreign
exchange risks associated with international expansion; or the loss
of key members of the company's senior management; any of the
factors and risks mentioned in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" of the Company's Form 10-K annual report and .
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" as well as information contained in our
other filings with the SEC. The Company assumes no
obligation, and does not intend, to update any forward-looking
statements, except as required by law.
Table 1 |
SINO GREEN LAND
CORPORATION AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
AS OF MARCH 31, 2011
(UNAUDITED) AND DECEMBER 31, 2010 |
|
|
|
|
|
|
MARCH 31, |
DECEMBER 31, |
|
|
2011 |
2010 |
ASSETS |
Current Assets |
|
|
|
Cash and cash equivalents |
|
$ 958,120 |
$ 925,329 |
Accounts receivable, net |
|
244,907 |
261,403 |
Inventories |
|
53,967 |
8,684 |
Advances-current portion |
|
772,711 |
-- |
Other current assets |
|
221,240 |
114,026 |
Total Current
Assets |
|
2,250,945 |
1,309,442 |
|
|
|
|
Property and Equipment,
net |
|
6,237,122 |
6,238,784 |
|
|
|
|
Intangible Assets, net |
|
19,291,249 |
9,515,732 |
|
|
|
|
Deposit |
|
491,012 |
487,916 |
|
|
|
|
Advances |
|
8,678,165 |
4,816,467 |
|
|
|
|
Long-term Prepayments |
|
21,829,564 |
21,955,769 |
Total Assets |
|
$ 58,778,057 |
$ 44,324,110 |
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
Current Liabilities |
|
|
|
Accounts payable and accrued
expenses |
|
$ 3,116,826 |
$ 2,719,724 |
Advances from customers |
|
-- |
15,125 |
Due to related parties |
|
18,065 |
120,840 |
Shares to be issued as stock
compensation |
|
486,217 |
384,817 |
Shares to be issued |
|
70,000 |
70,000 |
Derivative liability |
|
431,785 |
908,142 |
Total Current
Liabilities |
|
4,122,894 |
4,218,648 |
|
|
|
|
Shareholders' Equity |
|
|
|
Preferred stock, par value $.001 per share,
20,000,000 shares authorized, of which 2,000,000 shares are
designated as series A convertible preferred stock, with 1,259,858
and 1,409,858 shares outstanding on March 31, 2011 and December 31,
2010, respectively |
|
1,260 |
1,410 |
Common stock, $0.001 par value, 780,000,000
shares authorized, 213,512,924 and 157,793,840 issued and
outstanding as of March 31, 2011 and December 31, 2010,
respectively |
|
213,513 |
157,794 |
Additional paid in capital |
|
31,963,310 |
19,438,509 |
Other comprehensive income |
|
2,163,558 |
1,883,058 |
|
|
|
|
Retained earnings |
|
20,313,523 |
18,624,692 |
Total shareholders'
equity |
|
54,655,164 |
40,105,462 |
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ 58,778,057 |
$ 44,324,110 |
|
Table 2 |
SINO GREEN LAND
CORPORATION AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF INCOME |
FOR THE THREE MONTHS
ENDED MARCH 31, 2011 AND 2010 |
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED |
|
MARCH 31, |
|
|
2010 |
|
2011 |
Restated |
Sales |
$ 41,233,897 |
$ 33,555,804 |
|
|
|
Cost of goods sold |
36,795,972 |
29,919,804 |
|
|
|
Gross profit |
4,437,925 |
3,636,000 |
|
|
|
Operating expenses |
|
|
Selling expenses |
1,026,857 |
792,180 |
General and administrative expenses |
1,612,206 |
442,737 |
Salary and Wages |
263,955 |
208,396 |
Stock Compensation |
312,000 |
3,625 |
Total operating
expenses |
3,215,018 |
1,446,938 |
|
|
|
Operating income |
1,222,907 |
2,189,061 |
|
|
|
Other income(expense) |
|
|
Interest income (expense) |
396 |
1,606 |
Change in derivative liability |
476,356 |
(2,272,481) |
Others, net |
(10,828) |
(2,370) |
Total other income (expense) |
465,924 |
(2,273,245) |
|
|
|
Net income |
1,688,831 |
(84,183) |
Deemed preferred stock dividend |
-- |
(350,000) |
Net income applicable to common
stockholders |
1,688,831 |
(434,183) |
|
|
|
Comprehensive income: |
|
|
Net income |
1,688,831 |
(84,183) |
Other comprehensive income
(loss) |
|
|
Foreign currency translation gain
(loss) |
280,500 |
(3,729) |
|
|
|
Comprehensive income |
$ 1,969,331 |
$ (87,912) |
|
|
|
Net income per share |
|
|
Basic |
$ 0.01 |
$ (0.00) |
Diluted |
$ 0.01 |
$ (0.00) |
Weighted average number of shares
outstanding |
|
|
Basic |
196,336,084 |
109,193,511 |
Diluted |
216,845,606 |
144,961,005 |
CONTACT: Sino Green Land Corporation
Sheena Shen
Tel: (203) 308-9464
Email: sheenashen@sinogreenland.com
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