Winland Ocean Shipping Corp. Announces 3rd Quarter 2011 Earnings Report; Net Income Bounced Back to $3 Million, Rose 291% and 84% Compared with Prior Quarter and Same Period Last Year, Respectively
Nov 14, 2011, 18:00 ET from Winland Ocean Shipping Corp.
HONG KONG, Nov. 14, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTCBB: WLOL), a global shipping Company, today announced its financial results for the third quarter of 2011.
The Company reported the 3rd quarter net income increased 291% to $3.0 million, from $0.77 million in prior quarter this year, versus, the average Baltic Dry Index only increased 10% for the comparable periods.
Compared with the same period last year, net income increased 84% from $1.66 million; whereas, the average Baltic Dry Index decreased 36% for the comparable periods.
"We are pleasant we have maintained a profit for the first three quarters this year," said Ms. Xue Ying, CEO. "The global shipping industry is still full of volatility and challenges. The majority of China's state-owned shipping companies, including COSCO and China Shipping, have suffered huge losses. The average Baltic Dry Index for the first three quarters this year dropped 50% from the same period last year, which evidenced the global shipping industry is experiencing a most difficult time." She continued, "We are glad we have withstood the difficulties and challenges in the depressed market and we are confident we will continue to maintain our growing pace."
"Our profitable performance for the 3rd quarter was mainly contributed by significant gains from the disposition of three old vessels," added Mr. Li Honglin, President. "In addition, two new 57,000 ton dry bulk carriers placed in service in the first half of this year have contributed to the profit. It evidences our fleet optimization strategy has made steady progress, and lays up a solid foundation for further optimizing our fleet structure."
Description of Winland Ocean Shipping Corp.
Winland Ocean Shipping Corp. is a global shipping company with a fleet of 11 Company-owned vessels, mainly in the handysize and supramax category, engaged in ocean transportation of dry bulk cargoes and chartering brokerage services worldwide.
See Attached Table
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive services and products, pricing and new technology; changes in customer preferences and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of doing business, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Contacts: | ||
Winland Ocean Shipping Corp. | ||
Tiger Cai | ||
Investor Relations | ||
Tel: +852-2854-9088 | ||
Fax: +852-2854-9087 | ||
Email: Tiger@winlandshipping.com | ||
Nancy Jing | ||
Chief Financial Officer | ||
Tel: +1-408-833-4588 | ||
Fax: +1-800-779-2319 | ||
Email: nancy@winlandshipping.com | ||
WINLAND OCEAN SHIPPING CORP. (FORMERLY WINLAND ONLINE SHIPPING HOLDINGS CORPORATION) AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2011 | 2010 | 2011 | 2010 | ||||||
$ | 14,697,536 | $ | 15,304,244 | $ | 45,436,489 | $ | 42,477,241 | ||
COSTS AND EXPENSES | |||||||||
Vessel operating costs | 12,127,440 | 11,856,382 | 35,842,270 | 32,066,623 | |||||
Depreciation and amortization | 1,661,023 | 1,050,953 | 4,377,536 | 3,194,966 | |||||
General and administrative | 544,982 | 524,392 | 1,578,429 | 1,396,225 | |||||
Selling | 93,984 | 81,219 | 257,818 | 262,553 | |||||
TOTAL COSTS AND EXPENSES | 14,427,429 | 13,512,946 | 42,056,053 | 36,920,367 | |||||
OTHER EXPENSES | |||||||||
Interest, net | (1,137,360) | (336,148) | (2,790,942) | (853,599) | |||||
Other income, net | 14,791 | 201,521 | 110,221 | 142,122 | |||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (852,462) | 1,656,671 | 699,715 | 4,845,397 | |||||
DISCONTINUED OPERATIONS | |||||||||
Gain from disposition of discontinued operations | 4,216,285 | - | 1,612,882 | - | |||||
(Loss) gain from discontinued operations | (358,024) | (64,800) | (375,421) | 1,385,428 | |||||
Income tax expense from discontinued operations | - | (8,387) | (9,382) | (25,531) | |||||
NET GAIN (LOSS) FROM DISCONTINUED OPERATIONS | 3,858,261 | (73,187) | 1,228,079 | 1,359,897 | |||||
NET INCOME | 3,005,799 | 1,583,484 | 1,927,794 | 6,205,294 | |||||
OTHER COMPREHENSIVE income | |||||||||
Foreign currency translation gain | 156 | 49,310 | 5,919 | 68,349 | |||||
COMPREHENSIVE INCOME | $ | 3,005,955 | $ | 1,632,794 | $ | 1,933,713 | $ | 6,273,643 | |
SOURCE Winland Ocean Shipping Corp.
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