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Sino Assurance Inc. Reports First Quarter 2010 Results
发布时间:2019-02-01 编辑:918

SHENZHEN, China, May 12 /PRNewswire-Asia-FirstCall/ -- Sino Assurance Inc. (OTC: SNAS) today reported its first quarter results ended March 31, 搜狐体育2010. Sino Assurance's net income was $585,697 and EPS was $0.01, compared with $14,749 or $0.00 in the first quarter of 2009.

First-Quarter Financial Results

During the first quarter of 2010, the Company's revenues totaled $1,894,270, up 160% versus $727,416 in the first quarter of last year. Higher balances of cash advance guarantee services contributed the largest share of the growth in total revenue during the first quarter. Gross profit margin for the quarter was 82% up from 74% in the first quarter of 2009. The increase reflected the growing demand for credit services, success of bank facility arrangement and effective cost control measures.

Income from operations reached $765,942 in the first quarter of 2010 compared with $19,847 in the same period in 2009 driven by growth in net revenue and lower level of insurance claims. GAAP diluted earnings per share for the first quarter of 2010 was $0.01, compared with $0.00 for the first quarter in 2009.

Financial Outlook

Our management believes that sustained growth in revenue and earnings will be largely associated with the demands for the financial services, primarily in the form of credit guaranty. Other expected drive elements include company's new personal credit products and services as well as potential impact of the regulatory governance in credit guaranty market.

Revenue projection for whole year 2010 is between $14 million and $15 million, and expected EPS for 2010 is between $0.08 and $0.09.

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believes,' 'expects' or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the

forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov .

SINO ASSURANCE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2010 AND DECEMBER 31, 2009

(Currency expressed in United States Dollars ("US$"),

except for number of shares)

March 31, 2010 December 31, 2009

(Unaudited) (Audited)

ASSETS

Current assets:

Cash and cash equivalents $ 86,284 $ 559,105

Restricted cash 6,727,309 5,817,191

Guarantee fee receivable 104,454 790

Prepayments and other receivable 237,695 197,984

Loans receivable 4,437,646 3,268,244

Total current assets 11,593,388 9,843,314

Non-current assets:

Plant and equipment, net 361,481 275,232

TOTAL ASSETS $ 11,954,869 $ 10,118,546

LIABILITIES AND STOCKHOLDER'S EQUITY

Current liabilities:

Accounts payable, trade $ 9,079 $ 7,004

Customer collateral 4,642,194 3,729,734

Deferred revenue 478,001 364,636

Amount due to related parties 59,592 59,582

Income tax payable 62,007 29,113

Deferred tax liabilities 459,811 345,577

Accrued liabilities and other payable 652,356 576,768

Total current liabilities 6,363,040 5,112,414

Commitments and contingencies

Stockholders' equity:

Common stock, $0.001 par value; 200,000,000

shares authorized; 60,000,000 shares issued

and outstanding as of March 31, 2010 and

December 31, 2009 60,000 60,000

Additional paid-in capital 2,915,121 2,915,121

Accumulated other comprehensive income 172,859 172,065

Statutory reserve 158,314 158,314

Retained earnings 2,285,535 1,700,632

Total stockholders' equity 5,591,829 5,006,132

TOTAL LIABILITIES AND STOCKHOLDERS'

EQUITY $ 11,954,869 $ 10,118,546

SINO ASSURANCE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009

(Currency expressed in United States Dollars ("US$"))

(Unaudited)

Three months ended March 31,

2010 2009

REVENUES, NET

Guarantee fee income $ 1,871,679 $ 711,282

Interest income 22,591 16,134

Total revenues, net 1,894,270 727,416

COST OF REVENUE (345,901) (189,529)

GROSS PROFIT 1,548,369 537,887

Operating expenses:

Depreciation (29,524) (20,582)

Selling, general and administrative (645,249) (442,686)

Reserve for guarantee losses (107,654) (54,772)

Total operating expenses (782,427) (518,040)

INCOME FROM OPERATIONS 765,942 19,847

Other income (expense):

Other income -- 3

Other expense -- (7,214)

INCOME BEFORE INCOME TAXES 765,942 12,636

Income tax expense (181,039) (1,453)

NET INCOME $ 584,903 $ 11,183

Other comprehensive income:

- Foreign currency translation gain 794 3,566

COMPREHENSIVE INCOME $ 585,697 $ 14,749

Net income per share - basic and diluted $ 0.01 $ 0.00

Weighted average shares outstanding during

the period - basic and diluted 60,000,000 60,000,000

SINO ASSURANCE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009

(Currency expressed in United States Dollars ("US$"))

(Unaudited)

Three months ended March 31,

2010 2009

Cash flows from operating activities:

Net income $ 584,903 $ 11,183

Adjustments to reconcile net income to

net cash provided by (used in) operating

activities:

Depreciation 29,524 20,582

Loss on disposal of plant and equipment -- 2,764

Reserve for guarantee losses 107,654 54,772

Unrealized interest income (20,561) (14,811)

Deferred tax expense 114,180 1,453

Changes in operating assets and liabilities:

Guarantee fee receivable (103,666) 2,725

Prepayments and other receivable (39,680) (42,374)

Accounts payable, trade 2,074 25,724

Deferred revenue 113,308 (29,803)

Income tax payable 32,890 --

Accrued liabilities and other payable (32,159) (114,304)

Net cash provided by (used in) operating

activities 788,467 (82,089)

Cash flows from investing activities:

Change in restricted cash, net of customer

collateral 2,677 122,698

Payment on loans receivable (1,148,332) --

Proceeds from disposal of plant and

equipment -- 616

Purchase of plant and equipment (115,730) --

Net cash (used in) provided by investing

activities (1,261,385) 123,314

Effect of exchange rate changes in cash and

cash equivalents 97 121

NET CHANGE IN CASH AND CASH EQUIVALENTS (472,821) 41,346

CASH AND CASH EQUIVALENT, BEGINNING OF

PERIOD 559,105 90,158

CASH AND CASH EQUIVALENT, END OF PERIOD $ 86,284 $ 131,504

SUPPLEMENTAL DISCLOSURE OF CASH FLOW

INFORMATION:

Cash paid for income taxes $ 29,118 $ --

Cash paid for interest $ -- $ --

本文源自: AG环亚娱乐