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.