omniture

Winland Ocean Shipping Reports 2010 Results

2011-03-31 06:46 1541

Revenues and Net Income Increased Sharply Over Last Year

HONG KONG, March 31, 2011 /PRNewswire-Asia/ -- 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.

Contacts:

Winland Ocean Shipping Corp.

 

 

Tiger Cai

 

 

Investor Relations

 

 

Tel: 00852-28549088

 

 

Fax: 00852-28549087

 

 

Email: Tiger@winlandshipping.com

 

 

 

 

Nancy Jing

 

 

Chief Financial Officer

 

 

Tel: 1 510 589 9999

 

 

Fax: 1 800 779 2319

 

 

Email: nancy@winlandshipping.com

 

 

 



WINLAND OCEAN SHIPPING CORP.

(FORMERLY WINLAND ONLINE SHIPPING HOLDINGS CORPORATION)

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


 

 

 

 

2010

 

 

2009

 

 

 

 

 

 

 

 

REVENUES

 

$

 

74,319,289

 

$

 

50,178,721

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

Vessel operating costs

 

 

55,550,118

 

 

40,200,329

 

 

Service costs

 

 

3,109,900

 

 

3,423,667

 

 

Vessel impairment loss

 

 

297,420

 

 

-

 

 

Depreciation and amortization

 

 

6,460,028

 

 

7,481,360

 

 

General and administrative expenses

 

 

3,848,743

 

 

4,106,919

 

 

Selling expenses

 

 

418,831

 

 

343,289

 

 

TOTAL COSTS AND EXPENSES

 

 

69,685,040

 

 

55,555,564

 

 

 

 

 

 

 

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

1,325,303

 

 

627,836

 

 

Other expense, net

 

 

109,876

 

 

649,731

 

 

 

 

 

 

 

 

Income (loss) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

3,199,070

 

 

(6,654,410)

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

 

57,189

 

 

90,084

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

3,141,881

 

 

(6,744,494)

 

 

 

 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

Gain from disposition of discontinued operation

 

 

-

 

 

5,195

 

 

Loss from discontinued operation

 

 

-

 

 

(219,656)

 

 

 

 

 

 

 

 

net LOSS fROM disCONTINUED OPERATIONS

 

 

-

 

 

(214,461)

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

 

3,141,881

 

 

(6,958,955)

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

202,689

 

 

(41,706)

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

$

 

3,344,570

 

$

 

(7,000,661)

 

 

 

 

 

 

 

 

 
Source: Winland Ocean Shipping Corp.
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