Sino-Global Shipping America, Ltd. (NASDAQ: SINO) (“Sino-Global”, the “Company”, “we”, “our”, or “us”), a global logistics service provider, announced its fiscal and operating results for its fiscal 2k20 1st-quarter finished September 30, 2k19.
The Company has also provided more detailed information on its quarterly report on Form 10-Q filed this afternoon with the U.S. Securities and Exchange Commission. Management encourages investors to review the Company’s 10-Q for a detailed discussion of the Company’s financial results for the quarter finished September 30, 2k19.
Fiscal 1st-Quarter 2k20 Financial Review
The Company reported total revenues of approximately $1.80M for the quarter finished September 30, 2k19, compared to approximately $6.50M reported in the similar duration previous year. The decline was largely due to a shift to shipping agency and management activities with certain freight logistics contracts in light of uncertainty surrounding current trade along with lower inland management revenues.
The Company’s gross profit for the 2k20 fiscal 1st-quarter was approximately $1.10M, compared to approximately $1.40M in the similar duration previous year. Gross profit margin throughout the quarter was approximately 61.70 percent, compared to approximately 21.80 percent in the similar duration previous year. The incline was largely due to shifting toward its agency business for providing freight logistics services where the Company acted solely as an agent and did not control the services rendered to its customers.
Balance Sheet Information
As of September 30, 2k19, the Company’s working capital was approximately $9.40M and the Company had cash of approximately $0.10M. The Company plans to fund continuing operations through identifying new prospective joint venture partners and strategic alliance opportunities for new revenue sources, and by reducing costs to improve profitability and replenish working capital.
The Company’s allowance for doubtful accounts was approximately $6.50M as of September 30, 2k19 compared with allowance of doubtful accounts of approximately $5.70M as of June 30, 2k19.