NEW YORK and GUANGZHOU, China, April 4, 2011 (GLOBE NEWSWIRE) -- 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 . 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
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.
CONTACT: Sino Green Land Corporation Sheena Shen Tel: (203) 308-9464 Email: firstname.lastname@example.org