Market Overview

Sino-Global Announces Fiscal 2019 Third Quarter Financial Results Highlighted by a 337.9% Increase to $22.8 Million in Total Revenues

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ROSLYN, New York, May 15, 2019 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ:SINO) ("Sino-Global", the "Company", "our", "we" or "us"), a logistics integrated solutions provider engaged in non-asset based global shipping, freight logistics, and inland transportation management and related services, today announced its financial and operating results for the third quarter and nine months ended March 31, 2019.

The Company has also provided an update on its quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission the same day. Management encourages investors to review this filing for more details of the Company's financial results for the period.

Fiscal Year 2019 Third Quarter Financial Review

  • Total revenues increased by 337.9% to approximately $22.8 million for the three month period ended March 31, 2019, compared to approximately $5.2 million in the three month period ended March 31, 2018. The increase was mainly due to continuing efforts to diversify its business, resulting in the rise in revenues generated from its freight logistics services segment.  Freight logistics services consist primarily of cargo forwarding, brokerage and other freight services in China.
  • The Company's gross profit for the three month period ended March 31, 2019 was approximately $1.7 million, compared to approximately $1.8 million for the same period in the prior year. Gross margin during the period was approximately 7.5% compared to approximately 34.5% for the same period last year. 
  • Sino-Global's selling, general and administrative expenses (SG&A expenses) were approximately $2.8 million for the three month period ended March 31, 2019, compared to approximately $1.2 million in the same period of the prior year. As a percentage of revenue, SG&A expenses decreased to approximately 12.2% from approximately 23.7% in the prior year period, largely due to greater efficiency on higher revenues. 
  • The Company's provision for doubtful accounts was $1,583,965 for the three months ended March 31, 2019, compared with a provision for doubtful accounts of $570,712 for the same period in 2018. The increase was due to slower collections from customers with significant increased credit sales. As the Company continues its business relationship with several large customers, it continues to monitor the collection closely with respect to trade accounts receivable.
  • For the three months ended March 31, 2019, the Company reported a net loss attributable to the Company of approximately $1.4 million, or $(0.09) per diluted share based on weighted average diluted shares outstanding of 15,295,703, compared to a net income attributable to the Company of approximately $0.1 million, or $0.01 per diluted share based on weighted average diluted shares outstanding of 10,870,221, for the same period in the prior year.

The following tables present summary information by segments for the three months ended March 31, 2019 and 2018:


For the Three Months Ended March 31, 2019



Shipping
Agency
Services



Inland

Transportation
Management
Services



Freight
Logistics
Services



Container
Trucking
Services



Total


Revenues















- Related party

$

-



$

36,380



$

-



$

-



$

36,380


- Third parties

$

956,583



$

93,407



$

21,599,675



$

87,094



$

22,736,759


Total revenues

$

956,583



$

129,787



$

21,599,675



$

87,094



$

22,773,139


Cost of revenues

$

862,970



$

48,750



$

20,098,417



$

65,058



$

21,075,195


Gross profit

$

93,613



$

81,037



$

1,501,258



$

22,036



$

1,697,944


Depreciation and amortization

$

-



$

39,109



$

476



$

4,448



$

44,033


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