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Sino-Global Announces Fiscal Second Quarter 2013 Financial Results

      Sino-Global Announces Fiscal Second Quarter 2013 Financial Results

- Revenues decreased 19.9% for the second quarter ended December 31, 2012
compared to prior fiscal year -

- General and administrative expenses reduced 30.2% for the second quarter
ended December 31, 2012 compared to prior fiscal year -

- Net loss improved to US$0.57 million from net loss of US$0.83 million in the
second fiscal quarter of 2012 -

PR Newswire

BEIJING, Feb. 13, 2013

BEIJING, Feb. 13, 2013 /PRNewswire/ -- Sino-Global Shipping America, Ltd.
(Nasdaq: SINO), a leading non-state-owned provider of shipping agency services
operating primarily in China, today announced its selected financial results
for its second fiscal quarter ended December 31, 2012.

Financial Highlights for the Second Fiscal Quarter Ended December 30, 2012

  oTotal revenues decreased 19.85% to US$6.43 million, from US$8.02 million
    in the second fiscal quarter ended December 31, 2012.
  oThe devaluation of the US dollar against the Chinese Renminbi ("RMB")
    resulted in a slight reduction in gross margin from 7.11% in the second
    fiscal quarter of 2012 to 6.59% in the current fiscal quarter.
  oStrong internal budget controls reduced General and administrative
    expenses in absolute amount by 30.2% and as a percentage of total revenues
    by 12.91%.
  oNet loss improved to US$565,854 from net loss of US$827,385 in the second
    fiscal quarter of 2012.
  oBasic and diluted losses per share were US$0.10 and US$0.14 for the second
    fiscal quarters of 2013 and 2012, respectively. Earnings and losses per
    share are adjusted for the non-controlling interest.

Mr. Cao Lei, Sino-Global's Chief Executive Officer, stated, "We continue to
face headwinds in our business due to a continued slower pace of growth of the
Chinese economy. Our revenues declined approximately 20% in the second quarter
as a direct result from the number of ships we served, which decreased to 99
from 116 in the quarter, and the revenues per ship served."

Mr. Cao, added, "While this has been a challenging quarter for our company, we
continue to seek additional opportunities to increase revenue in both China
and globally. As a result, we will continue our combined effort to control our
budget and promote business growth. As such, top line growth will remain our
first priority, and we will focus on leveraging our efforts in maintaining our
current clients and attracting new ones, particularly by providing our agency
services to vessels coming to Chinese ports and expanding business activities
at loading ports in Australia, Canada, South Africa, Brazil as well as other
countries with which China has major trading activities. With that in mind,
our goal for fiscal 2013 is to maintain revenues equal to or slightly less
than those in fiscal 2012."

Select Financial Results for the Three and Six Months Periods Ended December
31, 2012

Revenues

Total revenues decreased by 19.85% from $8,022,598 for the three months ended
December 31, 2011 to $6,429,761 in the comparable three months in 2012. The
number of ships that generated revenues for Sino-Global decreased from 116 for
the three months ended December 31, 2011 to 99 for the comparable quarter of
fiscal 2013. In addition, the Company provided protective services to 40
ships, compared to 23 ships for the same quarter of 2011. The Company also
provided loading/discharging service to 59 and 93 ships for the three months
ended December 31, 2012 and 2011, respectively. Because of the decrease in
total ships served and the shift from the higher-revenue loading/discharging
services to the lower-revenue protective services, our revenues decreased.
Total revenues decreased by 13.86% from $16,615,305 for the six months ended
December 31, 2011 to $14,311,829 in the comparable six months in 2012. The
number of ships that generated revenues for Sino-Global increased from 222 for
the six-month period of fiscal 2012 to 223 for the comparable period of fiscal
2013. Despite the increased numbers of ships the Company served, its revenues
decreased. This is because the Company provided protective services for more
ships, which generated significantly lower revenues per ship. For the six
months ended December 31, 2012, Sino-Global provided protective services for
91 ships, compared to 33 ships for the 2011 six month period. In contrast,
Sino-Global provided loading/discharging service to 132 and 189 ships for the
six months December 31, 2012 and 2011, respectively.

General and Administrative Expenses

General and administrative expenses decreased by 30.20% from $1,444,702 for
the three months ended December 31, 2012. This decrease was mainly due to (1)
decreased salaries and benefits for our staff to $48,845, (2) a decrease of
$137,178 in business promotion, (3) decreased listing expense of $94,271. For
the six months ended December 2012, general and administrative expenses
decreased by 29.08% from $2,826,615 to $2,004,611. This is mainly due to (1)
decreased bad debts provision of $67,827, (2) a decrease of $409,140 in
business promotion, (3) decreased listing expense of $108,527, (4) decreased
salaries and benefits for our staff of $40,656. The Company will continue its
budget control efforts to reduce the general and administrative expenses as a
percentage of total revenues.

Selling Expenses

Selling expenses decreased by 10.45% from $108,224 for the three months ended
December 31, 2011 to $96,918 for the three months ended December 31, 2012,
mainly due to lower commission payments related to the sales decrease. Selling
expenses decreased by 13.81% from $212,806 for the six months ended December
31, 2011 to $183,426 for the period ended December 31, 2012. Most selling
expenses are commissions paid to business partners who refer shipping agency
business to Sino-Global; as our referrals decreased, our commissions paid also
decreased.

Operating Loss

The Company had an operating loss of $681,558 for the three months ended
December 31, 2012, compared to operating loss of $982,803 for the comparable
three months in 2011. The operating loss for the second quarter of fiscal
2012 was primarily due to the decrease in costs of revenues and general and
administrative expenses. The Company reported an operating loss of $1,000,434
for the six months ended December 31, 2012, compared to an operating loss of
$1,630,809 for the comparable six months in 2011. The operating loss for the
six-month period of fiscal 2013 decreased primarily due to the reduced general
and administrative expenses.

Financial Income, Net

Net financial income was $32,302 for the three months ended December 31, 2012,
compared to net financial income of $144,860 for the three months ended
December 31, 2011. The net financial income was derived largely from the
foreign exchange gains recognized in the financial statement consolidation.
Foreign exchange losses resulting from the settlement of foreign exchange
transactions are recognized in the condensed consolidated statements of
operations. Net financial income was $29,734 for the six months ended December
31, 2012, compared to net financial income of $100,857 for the six months
ended December 31, 2011. The net financial income was derived largely form
the foreign exchange income recognized in the financial statement
consolidation. Foreign exchange losses resulting from the settlement of
foreign exchange transactions are recognized in the condensed consolidated
statements of operations.

Taxation

The Company's income tax benefits were $78,100 for the three months ended
December 31, 2012, compared to income tax benefits of $1,000 for the three
months ended December 31, 2012. As the Company provided for tax benefits of
$100 and deferred tax benefits of $78,000, the income tax benefits of the
three months ended December 31, 2012 was $78,100. Our income tax expense was
$79,100 for the six months ended December 31, 2012, compared to income tax
benefits of $24,121 for the six months ended December 31, 2011. As we made a
tax provision of $24,100 and deferred tax provision of $55,000, the income tax
expense of the six month period ended December 31, 2012 was $79,100.

Net Loss

Sino reported a net loss of $565,854 for the three months ended December 31,
2012, compared to a net loss of $827,385 for the three months ended December
31, 2011. After deduction of non-controlling interest in loss, net loss
attributable to Sino-Global Shipping America, Ltd. was $291,586 for the three
months ended December 31, 2012, compared to a net loss of $395,001 for the
three months ended December 21, 2011. With other comprehensive loss foreign
currency translation, comprehensive loss was $285,251 for the three months
ended December 31, 2012, compared to comprehensive loss of $423,625 for the
three months ended December 31, 2011. The Company also had a net loss of
$1,008,011 for the six months ended December 21, 2012, compared to a net loss
of $1,654,325 for the six months ended December 31, 2011. After deduction of
non-controlling interest in loss, net loss attributable to Sino-Global
Shipping America, Ltd. was $481,819 for the six months ended December 31,
2012, compared to a net loss of $1,060,788 for the six months ended December
31, 2011. With other comprehensive loss foreign currency translation,
comprehensive loss was $484,267 for the six months ended December 31, 2012,
compared to comprehensive loss of $1,048,982 for the six months ended December
31, 2011.

Basic and diluted losses per share

Basic and diluted losses per share were US$0.10 and US$0.14 for the second
fiscal quarter of 2013 and 2012, respectively. Basic and diluted losses per
share for the six months ended December 31, 2012 and 2011 were US$0.17 and
US$0.37, respectively. Losses per share are adjusted for the non-controlling
interest.

Other Selected Data

As of December 31, 2012, Sino-Global had $885,806 in cash and cash
equivalents. The Company's cash and cash equivalents primarily consist of cash
on hand and cash in banks. Sino-Global has deposited approximately 91.53% of
its cash in banks in the USA, Australia and Hong Kong.

About Sino-Global Shipping America, Ltd.

Registered in the United States in 2001 and operating primarily in mainland
China, Sino-Global is a leading, non-state-owned provider of high-quality
shipping agency services. With local branches in most of China's main ports
and contractual arrangements in all those where it does not have branch
offices, Sino-Global is able to offer efficient, high-quality shipping agency
services to shipping companies entering Chinese ports. With a subsidiary in
Perth, Australia, where it has a contractual relationship with a local
shipping agency, Sino-Global provides complete shipping agent services to
companies involved in trades between Chinese and Australian ports. Sino-Global
also cooperates with companies in Hong Kong, China, India, and South Africa to
offer comprehensive shipping agent services to vessels going to and from some
of the world's busiest ports.

Sino-Global provides ship owners, operators and charters with comprehensive
yet customized shipping agency services including intelligence, planning,
real-time analysis and on-the-ground implementation and logistics support.
Sino-Global has achieved both ISO9001 and UKAS certifications.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to
purchase any security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities laws. Any
statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and
uncertainties as identified in Sino-Global's filings with the Securities and
Exchange Commission. Actual results, events or performance may differ
materially. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as the date hereof. Sino-Global
undertakes no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect the events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

For More Information

For a more detailed review of Sino-Global's financial results for fiscal
second quarter ended September 30, 2012, please refer to the company's filing
on Form 10-Q filing or Sino-Global's web site: www.sino-global.com.

CONTACTS:


Mr. Mingwei Zhang, Chief Financial Officer Stephen D. Axelrod, CFA
Sino-Global, Beijing                       Wolfe Axelrod Weinberger Assoc. LLC
+86-10-6439-1888                           Tel. (212) 370-4500 Fax (212)
                                           370-4505

- Tables to Follow -



SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
                                             For the six months ended      For the three months
                                             December 31,                  ended December 31,
                                             2012           2011           2012          2011
Net Revenues                               $ 14,311,829   $ 16,615,305   $ 6,429,761   $ 8,022,598
Cost of revenues                             (13,124,226)   (15,206,693)   (6,006,063)   (7,452,475)
Gross profit                                 1,187,603      1,408,612      423,698       570,123
General and administrative expenses          (2,004,611)    (2,826,615)    (1,008,338)   (1,444,702)
Selling expenses                             (183,426)      (212,806)      (96,918)      (108,224)
                                             (2,188,037)    (3,039,421)    (1,105,256)   (1,552,926)
Operating Loss                               (1,000,434)    (1,630,809)    (681,558)     (982,803)
Financial income, net                        29,734         100,857        32,302        144,860
Other income, net                            41,789         40,505         5,302         10,473
Loss from equity investment                  -              (188,999)      -             (915)
                                             71,523         (47,637)       37,604        154,418
Netlossbeforeprovisionforincometaxes   (928,911)      (1,678,446)    (643,954)     (828,385)
Income tax (expense) benefit                 (79,100)       24,121         78,100        1,000
Net loss                                     (1,008,011)    (1,654,325)    (565,854)     (827,385)
Net loss attributed to non-controlling       (526,192)      (593,537)      (274,268)     (432,384)
interest
Net loss attributable to Sino-Global         (481,819)      (1,060,788)    (291,586)     (395,001)
Shipping America, Ltd
Net loss                                     (1,008,011)    (1,654,325)    (565,854)     (827,385)
Other comprehensive income:
Foreign currency translation adjustments     (16,923)       (3,989)        (11,104)      (37,638)
Comprehensive loss                           (1,024,934)    (1,658,314)    (576,958)     (865,023)
Less: Comprehensive loss attributable to     (540,667)      (609,332)      (291,707)     (441,398)
non-controlling interest
Comprehensive loss attributable to         $ (484,267)    $ (1,048,982)  $ (285,251)   $ (423,625)
Sino-Global Shipping America Ltd.
Loss per share
 -Basic and diluted                $ (0.17)       $ (0.37)       $ (0.10)      $ (0.14)
Weighted average number of common shares
used in computation
 -Basic and diluted                $ 2,903,841    $ 2,903,841    $ 2,903,841   $ 2,903,841



SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
                                                    December31,   June 30,
                                                    2012           2012
Assets
Current assets
Cash and cash equivalents                         $ 885,806      $ 4,433,333
Advances to suppliers                               945,326        901,654
Accounts receivable, net                            5,834,559      3,788,966
Other receivables, net                              346,245        377,835
Other current assets                                23,442         82,257
Prepaid taxes                                       26,189         27,356
Deferred tax assets                                 87,500         175,000
Total current assets                                8,149,067      9,786,401
Property and equipment, net                         349,229        415,672
Other long-term assets                              19,714         30,457
Deferred tax assets - long term                     376,500        344,000
Total Assets                                        8,894,510      10,576,530
Liabilities and Equity
Current liabilities
Advances from customers                             950,256        303,437
Accounts payable                                    6,100,923      7,467,145
Accrued expenses                                    83,094         92,217
Other current liabilities                           255,544        169,628
Total Current Liabilities                           7,389,817      8,032,427
Total Liabilities                                 $ 7,389,817    $ 8,032,427
Commitments and Contingency
Equity
Preferred stock, 1,000,000 shares authorized, no    -              -
par value;
Common stock, 10,000,000 shares authorized, no
par value; 3,029,032                              $ 7,709,745    $ 7,709,745
shares issued, 2,903,841 outstanding
Additional paid-in capital                          1,191,796      1,191,796
Treasury stock, at cost - 125,191 shares            (372,527)      (372,527)
Accumulated deficit                                 (3,538,678)    (3,056,858)
Accumulated other comprehensive loss                (214)          16,709
Unearned Stock-based Compensation                   (202,089)      (202,089)
Total Sino-Global Shipping America Ltd.             4,788,033      5,286,776
Stockholders' equity
Non-Controlling interest                            (3,283,340)    (2,742,673)
Total equity                                        1,504,693      2,544,103
Total Liabilities and Equity                     $ 8,894,510    $ 10,576,530



SOURCE Sino-Global Shipping America, Ltd.

Website: http://www.sino-global.com