Sino Green Land Corporation Reports 2010 Financial Results With Record Revenue and Earnings
04 Aprile 2011 - 7:01PM
Sino Green Land Corporation (OTCQB:SGLA), a
leading distributor of high-end fruits and vegetables in China,
today announced its reported financial results for the year ended
December 31, 2010.
2010 Financial Highlights:
- Sales reached $140.0 million, an increase of 30% compared to
2009
- Gross profit increased29% to $15.1 million
- Net income increased 132% to $7.0 million
- No long-term debt and shareholder's equity of $40.1
million
Mr. Xiong Luo, Chief Executive Officer of Sino Green Land,
commented, "Our strong performance in 2010 reflects an increase in
overall volume of produce, coupled with higher average sales
prices."
Mr. Luo continued, "2010 was a special year for all of us at
Sino Green Land. We experienced the tragic loss of our Chairman and
friend Anson Yiu Ming Fong. However, our focus on business has
never changed and we delivered record revenues and earnings in
2010. We continue to take advantage of the growing demand for
healthy food in China. The construction of the exterior of two
buildings for our proposed distribution hub in the Guangzhou
wholesale market in Guangzong has been completed, and we are
commencing the interior construction of and equipment for the
buildings. We expect to commence operations in September
2011. In addition, a 130,000 square foot cold storage facility
at the Guangzhou wholesale market for our apples. The two
buildings for our distribution hub, which we are marketing under
the name Metro Green, form a state of the art premium foods
distribution hub covering approximately 600,000 of floor space
catering both retail and wholesale distributions. We believe
that our hub will be the first centralized distribution center for
healthy and premium foods in China. We believe that 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 hope will become a
pillar of our overall business success."
Revenue for year ended December 31, 2010 increased 30% to a
record high of $140.0 million, as compared to $108.0 million in
2009. The increase was primarily due to higher volume sales of
produce and higher average selling prices. Gross profit increased
29% to a record high of $15.1 million for 2010, as compared to
$11.7 million for 2009. Net income for 2010 was $7.0 million and
net income applicable to common shareholders was $6.7 million, or
$0.05 per diluted share, compared to $0.03 per diluted share, for
2009.
As of December 31, 2010, we had cash and cash equivalents of
$0.9 million, no long-term debt and shareholders' equity of $40.1
million. However, because or our derivative liability of $0.9
million and accounts payable of $2.7 million, we had a working
capital deficiency of $2.9 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 such as: 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. 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 DECEMBER 31, 2010
AND 2009 (RESTATED) |
|
|
|
|
2010 |
2009 |
|
|
(Restated) |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$925,329 |
$1,987,616 |
Accounts receivable, net |
261,403 |
171,143 |
Due from related parties |
-- |
1,006 |
Inventories |
8,684 |
9,934 |
Advances-current portion |
-- |
256,225 |
Other current assets |
114,026 |
343,169 |
Total Current Assets |
1,309,442 |
2,769,093 |
|
|
|
Property and Equipment,
net |
6,238,784 |
547,727 |
|
|
|
Intangible Assets,
net |
9,515,732 |
-- |
|
|
|
Deposit |
487,916 |
365,647 |
|
|
|
Advances |
4,816,467 |
4,355,829 |
|
|
|
Long-term Prepayments |
21,955,769 |
18,961,869 |
|
|
|
Total Assets |
$44,324,110 |
$27,000,165 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
$2,719,724 |
$1,186,923 |
Advances from customers |
15,125 |
48,690 |
Due to related parties |
120,840 |
3,364 |
Shares to be issued as stock
compensation |
384,817 |
-- |
Shares to be issued |
70,000 |
-- |
Derivative liability |
908,142 |
5,206,567 |
Total Current
Liabilities |
4,218,648 |
6,445,544 |
|
|
|
Stockholders' Equity |
|
|
Preferred stock, par value $0.001 per shares,
20,000,000 shares authorized, of which 2,000,000 are designated as
series A preferred stock, with 1,409,858 and 1,650,000 shares
issued and outstanding December 31, 2010 and 2009,
respectively |
1,410 |
1,650 |
Common stock, $0.001 par value, 780,000,000
shares authorized, 157,793,840 and 104,943,337 issued and
outstanding as of December 31, 2010 and 2009, respectively |
157,794 |
104,944 |
Additional Paid-in capital |
19,438,509 |
7,735,406 |
Other comprehensive income |
1,883,058 |
762,504 |
Retained earnings |
18,624,692 |
11,950,117 |
Total stockholders'
equity |
40,105,462 |
20,544,621 |
|
|
|
Total Liabilities and Stockholders'
Equity |
$44,324,110 |
$27,000,165 |
|
Table
2 |
SINO GREEN LAND
CORPORATION AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF INCOME |
FOR THE YEARS
ENDED DECEMBER 31, 2010 AND 2009 (RESTATED) |
|
|
|
|
2010 |
2009 |
|
|
(Restated) |
|
|
|
Sales |
$140,059,507 |
$108,045,437 |
|
|
|
Cost of goods sold |
124,965,427 |
96,308,289 |
|
|
|
Gross profit |
15,094,080 |
11,737,148 |
|
|
|
Operating expenses |
|
|
Selling expenses |
3,407,559 |
2,581,330 |
General and administrative expenses |
3,132,049 |
1,603,189 |
Salary and wages |
1,003,979 |
613,227 |
Stock compensation |
1,288,021 |
-- |
Total operating
expenses |
8,831,608 |
4,797,746 |
|
|
|
Operating income |
6,262,472 |
6,939,402 |
|
|
|
Other income(expense) |
|
|
Interest expenses, net |
2,538 |
(63,882) |
Loss on debt extinguishment |
-- |
(139,289) |
Change in derivative liability |
(770,305) |
(3,866,300) |
Others, net |
(10,740) |
154,404 |
Total other expense |
762,103 |
(3,915,067) |
|
|
|
Net income |
7,024,575 |
3,024,334 |
Deemed preferred stock dividend |
(350,000) |
(650,000) |
Net income applicable to common
stockholders |
6,674,575 |
2,374,334 |
|
|
|
Comprehensive income: |
|
|
Net income |
7,024,575 |
3,024,334 |
Other comprehensive income
(loss): |
|
|
Foreign currency translation gain (loss) |
1,120,554 |
(313,469) |
|
|
|
Comprehensive income |
$8,145,129 |
$2,710,865 |
|
|
|
Net income per share |
|
|
Basic |
$0.05 |
$0.03 |
Diluted |
$0.05 |
$0.03 |
|
|
|
Weighted average number of shares
outstanding |
|
|
Basic |
128,757,864 |
89,772,302 |
Diluted |
153,174,651 |
117,579,469 |
CONTACT: Sino Green Land Corporation
Sheena Shen
Tel: (203) 308-9464
Email: sheenashen@sinogreenland.com
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