Sino-Global Announces 2018 First Quarter Financial Results

ROSLYN, N.Y., Nov. 14, 2017 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", the "Company" or "us"), a non-asset based global shipping and freight logistics integrated solutions provider, today announced its financial and operating results for the quarter ended September 30, 2017. 

Fiscal Year 2018 First Quarter Operating and Financial Highlights(all comparisons to the prior year period)

• Total revenues increased 176.7% to $5.4 million, as compared to $1.9 million for the prior year. The increase was primarily the result of the Company's efforts to diversify its business.
• Gross profit increased to $1.7 million as compared to $1.6 million for the prior year period. 
• Net income for the first quarter of fiscal year 2018 was $716,637 compared to net income of $637,785.
• The Company had $7.9 million in cash and cash equivalents, as of the three months ended September 30, 2017.

Management Comments

Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, "We continue to focus on the advancement of our short-haul trucking business in the U.S. with the further buildout and development of our strategic logistics internet platform. We finished the basic layout in fiscal year 2017 and will continue to work to increase business for our short-haul trucking operations in the United States, which carry lower operating costs than other segments of our business."

Mr. Lei Cao concluded, "For the fiscal 2018 year, we expect to continue the development of our existing businesses. We will also focus on the bulk cargo containerized model in connection with our joint venture agreement with COSCO, as well as developing services models in the U.S. for supply chain logistics for products imported from China to the U.S. Our focus remains on the long-term success of our business and value creation for our shareholders. We intend to continue to maintain an active dialogue with investors as we strive towards becoming a leading global logistics service provider."

Fiscal Year 2018 First Quarter Financial Highlights (all comparisons to the same quarter in the prior year)

• Total revenues for the three months ended September 30, 2017 were $5.4 million, compared to $1.9 million in the same period for the prior year. The increase was primarily due to the Company's efforts to diversify its business in the freight logistics services and container trucking platform services segments. The revenues generated from freight logistics services increased by 665.0% from the three months ended September 30, 2016 to $3,508,704 for the comparable period in 2017. The Company also generated $452,841 in revenue from container trucking services for the three months ended September 30, 2017 with no revenue generated in the comparable period of the prior year. 
• The cost of revenue was $3.7 million for the three months ended September 30, 2017, an increase of approximately $3.4 million as compared to $306,339 for the three months ended September 30, 2016. The increase in the overall cost of revenue for the three months ended September 30, 2017 stemmed primarily from the majority of the revenue generated for the quarter coming from the Company's freight logistics services, which carry higher costs. 
• The Company's gross profit for the period was $1.7 million, compared to $1.6 million in the same period in the prior year.
• Operating income for the three months ended September 30, 2017 was $928,270, compared to an operating income of $712,840 for the comparable period in the prior year.  This was primarily due to an increase in third party revenues generated from freight logistics and container trucking services business. 
• Net income for fiscal year 2018 first quarter was $716,637 compared to net income of $637,785 in the comparable period in the prior year, largely as the result of a significant increase in total revenues which offset higher cost of revenues and an increase in income tax expense for the quarter. 

Balance Sheet Information

• As of September 30, 2017, the Company had $7.9 million in cash and cash equivalents, working capital of $14.6 million and shareholder equity of $20.3 million; compared to $8.7 million, $13.7 million and $19.5 million, respectively, as of June 30, 2017.
• The Company holds no long-term debt.

Additional Information

The Company has also provided extensive industry information on its quarterly report for the fiscal quarter ended September 30, 2017 on Form 10-Q, and management encourages investors to review the document for both background on Sino-Global's business and history as well as the strategy for the fiscal year.

About Sino-Global Shipping America, Ltd.

Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related business services. Headquartered in New York, Sino-Global has offices in Los Angeles, mainland China, Australia, Canada and Hong Kong. The Company's current service offerings consist of inland transportation management, freight logistics and container trucking services. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com.  The Company routinely posts important information on its website.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to sell or a solicitation of an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the U.S. Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events unless required by applicable law or regulations.

Contact Information

The Equity Group Inc.Adam PriorSenior Vice-President(212)-836-9606 / [email protected]

View original content:http://www.prnewswire.com/news-releases/sino-global-announces-2018-first-quarter-financial-results-300555440.html

SOURCE Sino-Global Shipping America, Ltd.