Sino Green Land Corporation (OTCBB: SGLA), a
leading distributor of high-end fruits in China, today announced
its reported financial results for the nine months ended September
30, 2011.
First nine months end September 30, 2011
highlights (year-over-year):
- Sales were $109.6 million, an increase of 16.2%
- Gross profit was $9.9 million, decreased 2.0%
- Net income was $2.7 million
- No long-term debt
- Shareholder's equity of $62.3 million
Our revenue in the third quarter of 2011 reflected in modest
decline from the third quarter of 2010, and our operations showed a
modest net loss for the third quarter of 2011 as compared with net
income of approximately $1.6 million for the third quarter of 2010,
primarily due to:
- Cold weather in the spring of 2011, which resulted in a delay
in the harvest for new apples. Because of this delay we did not
sell any of the new apple crop in the third quarter of 2011
- The apple crop in 2010 was smaller than in previous years, our
farming cooperatives had a smaller volume of apples in cold storage
at the beginning of 2011
- We sold a large percentage of the apples that our cooperative
farming groups held in cold storage during the first half of 2011,
leaving a relatively low volume of apples available for sale during
the third quarter
- The cost of our apples increased during the nine months ended
September 30, 2011 from the comparable period of 2010, and we were
not able to raise our prices to cover fully our increased
expenses
- During 2011 we implemented a program designed to encourage
large wholesalers to buy our apples, which resulted in a decline in
revenue from the sale of apples under this program as we lowered
our standard prices under this program
These factors affected the revenue, gross margin and results of
operations for both the three and nine months ended September 30,
2011.
Mr. Xiong Luo, Chief Executive Officer of Sino Green Land,
commented, "We are pleased with the overall operating as well as
financial performances for the nine months ended September 30,
2011. Our fruit wholesale business experienced some difficulties
during the third quarter, but this year's apple crop is looking
good and we are working hard to improve our wholesale business for
the remaining of this year."
Revenue for the nine months ended September 30, 2011 increased
16.2% to $109.6 million, as compared to $94.3 million for the nine
months ended September 30, 2010. This increase was mainly due to a
19.6% increase in selling price of apples that was more than offset
the decrease in the tonnage of apples sold from 84,310 tons in the
September 2010 period to 80,006 tons in the September 2011 period.
The effects of the increase in the selling price was also offset by
the implementation of an incentive program designed to promote
sales of our products to larger wholesalers and the causes
described above. Gross margin was 9.1% and 10.7% for the September
2011 and September 2010 periods, respectively. Our gross margin in
the September 2011 period was affected by increases in our cost of
apples which were not fully reflected in our prices of apples and
our incentive program aimed at large wholesalers. Net income for
the nine months ended September 30, 2011 was $2.7 million, or $0.01
per share (basic and diluted), as compared with $5.5 million, or
$0.04 per share (basic) and $0.03 per share (diluted), for the
September 2010 period.
As of September 30, 2011, the company had cash and cash
equivalents of $0.6 million, no long-term debt and shareholders'
equity of $62.3 million.
Sales decreased approximately $1.4 million, or 4.7%, to
approximately $29.5 million in the three months ended September 30,
2011 from approximately $31.0 million in the three months ended
September 30, 2010. Sales of our Fuji apples decreased 9.5% in the
three months ended September 30, 2011 as compared to the three
months ended September 30, 2010. Our sales volume decreased by an
aggregate of 3,941 tons in the three months ended September 30,
2011 as compared to the three months ended September 30, 2010. Our
sales declined for the reasons set forth above. Gross margins for
the quarter ended September 30, 2011 was 6.4%, compared with 10.9%
for the quarter ended September 30, 2010. This decline in gross
margin results primarily from the increases in our cost of apples
which was not fully reflected in our prices to customers and the
incentive program aimed at large wholesalers. Our net loss was
$350,079, or $0.00 per share (basic and diluted) for the three
months ended September 30, 2011 period, as compared with a net
income of $1.6 million, or $0.01 per share (basic and diluted) for
the same period of 2010.
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://sinogreenland.com. Information on our website or any other
website does not constitute a part of this press release.
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, particularly its proposed Metro Green
project, which is very capital intensive; 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" in the Company's
Form 10-K annual report and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in the Company's
Form 10-Q for the nine months ended September 30, 2011, 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
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010
SEPTEMBER 30, DECEMBER 31,
2011 2010
(Unaudited)
--------------- ---------------
ASSETS
Current Assets
Cash and cash equivalents $ 616,891 $ 925,329
Accounts receivable, net 271,740 261,403
Inventories 61,724 8,684
Other current assets 138,499 114,026
Total Current Assets 1,088,854 1,309,442
-
Property and equipment, net 6,275,128 6,238,784
Construction in progress 35,849,007 14,332,199
Long-term prepayments - land usage rights 25,297,348 21,955,769
Deposits 507,640 487,916
67,929,123 43,014,668
Total Assets $ 69,017,977 $ 44,324,110
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses $ 3,205,196 $ 2,734,849
Shares to be issued 300,000 454,817
Derivative liability 233,130 908,142
Due to related party 225,709 120,840
Total Current Liabilities 3,964,035 4,218,648
Commitments and Contingencies
Common shares contingently redeemable 2,746,250 -
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
September 30, 2011 and December 31, 2010,
respectively 1,260 1,410
Common stock, $0.001 par value, 780,000,000
shares authorized, 232,550,455 and
157,793,840 issued and outstanding as of
September 30, 2011 and December 31, 2010,
respectively 232,551 157,794
Additional paid in capital 36,413,637 19,438,509
Retained earnings 21,351,450 18,624,692
Accumulated other comprehensive income 4,308,794 1,883,057
Total shareholders' equity 62,307,692 40,105,462
Total Liabilities and Stockholders'
Equity $ 69,017,977 $ 44,324,110
=============== ===============
Table 2
SINO GREEN LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- --------------------------
2011 2010 2011 2010
------------ ------------ ------------ ------------
Sales $ 29,539,710 $ 30,986,669 $109,577,789 $ 94,313,597
Cost of goods sold 27,642,824 27,619,647 99,642,052 84,179,783
Gross profit 1,896,886 3,367,022 9,935,737 10,133,815
Operating expenses
Selling expenses 595,941 727,852 2,289,197 2,182,192
General and
administrative
expenses 1,626,260 1,354,325 5,467,528 3,160,126
Total operating
expenses 2,222,201 2,082,177 7,756,725 5,342,318
Operating income
(loss) (325,315) 1,284,845 2,179,012 4,791,497
Other income(expense)
Interest income 8,520 322 9,164 2,265
Change in
derivative
liability 90,984 320,063 675,011 674,445
Other (expense) (124,268) (2,274) (136,429) (6,877)
Total other
income (expense) (24,764) 318,111 547,745 669,833
Income (loss) before
income taxes (350,079) 1,602,956 2,726,758 5,461,330
Income taxes - - - -
Net income (loss) (350,079) $ 1,602,956 $ 2,726,758 5,461,330
Deemed preferred
stock dividend (350,000)
Net income (loss)
applicable to common
shareholders $ (350,079) 1,602,956 2,726,758 $ 5,111,330
Comprehensive income:
Net income (350,079) 1,602,956 2,726,758 5,461,330
Other comprehensive
income
Foreign currency
translation gain 1,150,969 471,493 2,425,737 656,736
Comprehensive income $ 800,890 $ 2,074,449 $ 5,152,495 $ 6,118,066
Earnings per share
Basic $ (0.00) $ 0.01 $ 0.01 $ 0.04
Diluted $ (0.00) $ 0.01 $ 0.01 $ 0.03
Weighted average
number of shares
outstanding
Basic 247,050,454 138,113,712 222,315,636 121,973,448
Diluted 247,050,454 171,029,400 240,411,220 156,627,222
============ ============ ============ ============
Contact: Sheena Shen sheenashen@sinogreenland.com
Sino Green Land (PK) (USOTC:SGLA)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Sino Green Land (PK) (USOTC:SGLA)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
