HONG KONG, March 30, 2011 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTC Bulletin Board: WLOL), a global shipping Company, today announced full year 2010 financial results, including revenue increased strongly to $74.3 million, up 48.1% over 2009 revenue of $50.2 million, and net income increased sharply to $3.1 million from a loss in 2009.
The Company attributed the improved revenues to the expansion of fleet size and management strategies on utilization of large tonnage chartering vessel. The Company also benefited from continuing improvements in global economy and shipping industry.
"Our results in 2010 were exceptional," stated Miss. Xue Ying, CEO. "The average Baltic Dry Index ("BDI") increased only 5.3% while the Company's revenue significantly increased 48.1% which has well outperformed BDI for the comparable years. The increase benefited from the Company's advantages on vessel management and shipping operation. It also evidenced that expanding capacity directly improved the Company's earning. We believe our initiative on expansion of capacity will continue to develop us to more profitable position. The Company completed a vessel purchase in late 2009."
"Our new vessel delivered in January 2011 reflects our commitment to grow the Company," added Mr. Li Honglin, President. "We are expecting another new vessel to be delivered by April 15, 2011. With the global economy in recovery, especially the steady growth of the Chinese economy, we believe that a cyclical uptrend within the shipping industry is coming. We are looking forward to another year of growth and strong financial performance."
Description of Winland Ocean Shipping Corp.
Winland Ocean Shipping Corp. is a global shipping company with a fleet of Company-owned vessels, mainly in the handysize and MPP (Multi-Purpose Vessel) 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.
WINLAND OCEAN SHIPPING CORP.
(FORMERLY WINLAND ONLINE SHIPPING HOLDINGS CORPORATION)
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009
COSTS AND EXPENSES
Vessel operating costs
Vessel impairment loss
Depreciation and amortization
General and administrative expenses
TOTAL COSTS AND EXPENSES
Interest expense, net
Other expense, net
Income (loss) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
INCOME TAX EXPENSE
INCOME (LOSS) FROM CONTINUING OPERATIONS
Gain from disposition of discontinued operation
Loss from discontinued operation
net LOSS fROM disCONTINUED OPERATIONS
NET INCOME (LOSS)
OTHER COMPREHENSIVE INCOME (loss)
Foreign currency translation gain (loss)
COMPREHENSIVE INCOME (LOSS)
SOURCE Winland Ocean Shipping Corp.