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Sino Assurance Inc. (SNAS) Reports Higher Net Income in First Quarter

Sino Assurance Inc. reported net income of $586,000, or $0.01 per share, for the first quarter of 2010. This compares to earnings of $14,749, or $0.00 per share, a year earlier.

The company’s revenue totaled $1.9 million for the quarter, compared to $727,000 in the same quarter of 2009. The management of Sino Assurance Inc. attributed the high revenue growth to the presence of higher cash balances in its cash advance guarantee business.

Sino Assurance Inc. reported no short term or long-term debt as of 3/31/2010. The company had cash and equivalents of $6.8 million, but almost all the cash is restricted on its balance sheet.

Sino Assurance Inc. issued guidance on revenue and earnings per share for 2010. The company said that revenue would range from $14 to $15 million, and earnings per share would range from $0.08 to $0.09 per share. Sino Assurance Inc. based its forecast on its appraisal of the growth in demand for financial services, including credit guarantee services and other personal credit products.

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