Cross-Border Airfreight Solutions Surge by
117%, Driving Exceptional Financial Performance
ITASCA,
Ill., Oct. 1, 2024 /PRNewswire/ -- Lakeside
Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a
U.S.-based integrated cross-border supply chain solution provider
with a strategic focus on the Asian market operating under the
brand American Bear Logistics ("ABL"), today reported financial
results for the fiscal year ended June 30,
2024.
Fiscal Year 2024 Highlights:
- Total revenues increased by 42.3% to $18.3 million, driven by a 117.6% rise in
airfreight revenues to $10.4 million,
partially offset by a 2.5% decrease in ocean freight revenues to
$7.9 million.
- Cost of revenues increased by 41.6% to $14.6 million, primarily due to higher
transportation costs, up 27.6% to $7.5
million; warehouse service charges, up 107.5% to
$2.9 million; and custom declaration
fees, up 50.2% to $2.4 million, as
well as overhead costs also rose by 29.6%.
- Gross profit increased by 44.9% to $3.7 million, with the profit margin rising
slightly from 19.9% to 20.3%. This was driven by higher sales and
offering a wider range of services, such as warehousing,
distribution, and customs clearance, with higher mark-ups.
- General and administrative expenses rose by 77.5% to
$4.1 million, driven by increased
staffing costs and higher professional fees for audit and legal
services.
- Net loss for the year ended June
30, 2024 was $0.2 million,
compared with a net income of $1.0
million for the year ended June 30,
2023.
Operational Achievements:
- In July, the Company successfully closed an upsized IPO,
raising $6.75 million in gross
proceeds, underscoring strong investor confidence in its growth
potential.
- The Company entered into a one-year renewable agreement in July
with a leading Asia-based
e-commerce platform to provide advanced cross-border fulfillment
services, enhancing supply chain visibility for sellers through API
integration.
- In August, a strategic partnership was announced with a major
social media and e-commerce platform to enhance customs brokerage
services, offering real-time logistics data and streamlining
customs clearance processes.
- In September, a Pick & Pack Fulfillment service was
launched for a major Chinese logistics company, optimizing
inventory management and order processing across U.S. hubs to
enhance fulfillment efficiency.
- The Company expanded its Dallas-Fort
Worth operations in September, more than doubling facility
space to 46,657 sq. ft. and increasing staffing to support growing
demand, while incorporating advanced logistics technology.
Management Commentary
Henry Liu, Chairman and Chief
Executive Officer of Lakeside, commented, "We are pleased to report
strong financial performance for fiscal year 2024, highlighted by a
42.3% increase in revenue to $18.3
million. This growth was driven primarily by the 117.6%
surge in our cross-border airfreight solutions, as we capitalized
on rising demand from the e-commerce sector. Expanding this segment
has proven to be a key strategic move, with the volume of air
freight processed doubling to over 26,000 tons this year, compared
to fiscal year 2023."
"We remain committed to providing flexible and competitive
services that address the evolving needs of our customers. Our
continued investment in workforce expansion and service capacity
has allowed us to manage growing demand while maintaining
exceptional service levels. With a 44.9% increase in gross profit
and improvements in our gross margin, we are excited about the
growth opportunities ahead. Our recent service launches,
operational expansions, and partnerships with leading e-commerce
platforms solidify our position as a trusted provider of seamless,
technology-driven logistics solutions, setting the stage for
continued success in fiscal year 2025 and beyond," concluded Mr.
Liu.
Fiscal Year 2024 Conference Call Details
The Company has scheduled a conference call and live webcast to
discuss its financial results at 8:00 A.M. Eastern Time
(8:00 P.M. Beijing Time)
on Friday, October 4, 2024. Management will deliver prepared
remarks.
The dial-in details for the conference call are as follows:
- Toll-free dial-in number:
+1-877-407-9716
- International dial-in number: + 1-201-493-6779
- Webcast and
replay: https://viavid.webcasts.com/starthere.jsp?ei=1691867&tp_key=a2ac91e949
The live audio webcast of the call can also be accessed by
visiting Lakeside's Investor Relations page on the
Company's website at https://lakeside-holding.com. An archive
of the webcast will be available on the Company's website following
the live call.
About Lakeside Holding Limited
Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated
cross-border supply chain solution provider with a strategic focus
on the Asian market, including China and South
Korea. Operating under the brand American Bear Logistics, we
primarily provide customized cross-border ocean freight solutions
and airfreight solutions in the U.S. that specifically cater to our
customers' requirements and needs in transporting goods into the
U.S. We are an Asian American-owned business rooted in the U.S.
with in-depth understanding of both the U.S. and Asian
international trading and logistics service markets. Our customers
are typically Asia- and U.S.-based
logistics service companies serving large e-commerce platforms,
social commerce platforms, and manufacturers to sell and transport
consumer and industrial goods made in Asia into the U.S. For more information,
please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that
reflect our current expectations and views of future events. Known
and unknown risks, uncertainties and other factors may cause our
actual results, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. You can identify some of these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"is/are likely to," "potential," "continue" or other similar
expressions. We have based these forward-looking statements largely
on our current expectations and projections about future events
that we believe may affect our financial condition, results of
operations, business strategy and financial needs. These
forward-looking statements involve various risks and uncertainties.
Except as required by law, we undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events. We qualify all of our forward-looking
statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
*** tables follow ***
|
|
|
|
|
|
|
|
|
LAKESIDE HOLDING
LIMITED
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
As of
|
|
|
As of
|
|
June 30,
|
June 30,
|
|
2024
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash
|
|
$
|
123,550
|
|
|
$
|
174,018
|
|
Accounts
receivable – third parties, net
|
|
|
2,082,152
|
|
|
|
1,373,676
|
|
Accounts
receivable – related party, net
|
|
|
763,285
|
|
|
|
44,627
|
|
Prepayment and other
receivable
|
|
|
-
|
|
|
|
52,623
|
|
Contract
assets
|
|
|
129,506
|
|
|
|
44,740
|
|
Due from related
parties
|
|
|
441,279
|
|
|
|
746,130
|
|
Total current
assets
|
|
|
3,539,772
|
|
|
|
2,435,814
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
Investment in other
entity
|
|
|
15,741
|
|
|
|
—
|
|
Property and equipment
at cost, net of accumulated depreciation
|
|
|
344,883
|
|
|
|
489,520
|
|
Right of use operating
lease assets
|
|
|
3,471,172
|
|
|
|
2,271,070
|
|
Right of use financing
lease assets
|
|
|
37,476
|
|
|
|
48,206
|
|
Deferred tax
asset
|
|
|
89,581
|
|
|
|
—
|
|
Deferred offering
costs
|
|
|
1,492,798
|
|
|
|
90,000
|
|
Prepayment, deposit and
other receivable
|
|
|
202,336
|
|
|
|
137,336
|
|
Total non-current
assets
|
|
|
5,653,987
|
|
|
|
3,036,132
|
|
TOTAL ASSETS
|
|
$
|
9,193,759
|
|
|
$
|
5,471,946
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts
payables – third parties
|
|
$
|
1,161,858
|
|
|
$
|
462,214
|
|
Accounts
payables – related parties
|
|
|
227,722
|
|
|
|
365,413
|
|
Accrued liabilities and
other payables
|
|
|
1,335,804
|
|
|
|
325,701
|
|
Current portion of
obligations under operating leases
|
|
|
1,186,809
|
|
|
|
769,782
|
|
Current portion of
obligations under financing leases
|
|
|
37,619
|
|
|
|
42,889
|
|
Loans payable,
current
|
|
|
746,962
|
|
|
|
586,688
|
|
Dividend
payable
|
|
|
98,850
|
|
|
|
98,850
|
|
Tax payable
|
|
|
79,825
|
|
|
|
32,829
|
|
Due to
shareholders
|
|
|
1,018,281
|
|
|
|
90,000
|
|
Total current
liabilities
|
|
|
5,893,730
|
|
|
|
2,774,366
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Loans payable,
non-current
|
|
|
136,375
|
|
|
|
231,599
|
|
Deferred tax
liability
|
|
|
-
|
|
|
|
24,752
|
|
Obligations under
operating leases, non-current
|
|
|
2,506,402
|
|
|
|
1,564,633
|
|
Obligations under
financing leases, non-current
|
|
|
17,460
|
|
|
|
21,836
|
|
Total non-current
liabilities
|
|
|
2,660,237
|
|
|
|
1,842,820
|
|
TOTAL
LIABILITIES
|
|
$
|
8,553,967
|
|
|
$
|
4,617,186
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Common stocks, $0.0001
par value, 200,000,000 shares authorized,
6,000,000 and 6,000,000 issued and outstanding as of June 30,
2024
and 2023, respectively*
|
|
|
600
|
|
|
|
600
|
|
Subscription
receivable
|
|
|
(600)
|
|
|
|
(600)
|
|
Additional paid-in
capital
|
|
|
642,639
|
|
|
|
-
|
|
Accumulated other
comprehensive income (loss)
|
|
|
2,972
|
|
|
|
(244)
|
|
(Deficits) Retained
earnings
|
|
|
(5,819)
|
|
|
|
862,072
|
|
Total stockholders'
equity
|
|
|
639,792
|
|
|
|
861,828
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests in subsidiary
|
|
|
-
|
|
|
|
(7,068)
|
|
Total equity
|
|
|
639,792
|
|
|
|
854,760
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
$
|
9,193,759
|
|
|
$
|
5,471,946
|
|
LAKESIDE HOLDING
LIMITED
|
|
CONSOLIDATED
STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE
INCOME (LOSS)
|
|
|
|
For the Years
Ended
|
|
June 30,
|
|
|
2024
|
|
|
2023
|
|
Revenue from third
party
|
|
$
|
16,450,908
|
|
|
$
|
12,763,577
|
|
Revenue from related
parties
|
|
|
1,864,247
|
|
|
|
109,314
|
|
Total
revenue
|
|
|
18,315,155
|
|
|
|
12,872,891
|
|
|
|
|
|
|
|
|
|
Cost of revenue from
third party
|
|
|
12,316,374
|
|
|
|
8,385,222
|
|
Cost of revenue from
related parties
|
|
|
2,282,824
|
|
|
|
1,923,380
|
|
Total cost of
revenue
|
|
|
14,599,198
|
|
|
|
10,308,602
|
|
Gross
profit
|
|
|
3,715,957
|
|
|
|
2,564,289
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
expense
|
|
|
2,500
|
|
|
|
79,822
|
|
General and
administrative expenses
|
|
|
4,138,190
|
|
|
|
2,331,312
|
|
Loss from
deconsolidation of a subsidiary
|
|
|
73,151
|
|
|
|
-
|
|
Provision (reversal) of
allowance for expected credit loss
|
|
|
28,157
|
|
|
|
(93,742)
|
|
Total operating
expenses
|
|
|
4,241,998
|
|
|
|
2,317,392
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
operations
|
|
|
(526,041)
|
|
|
|
246,897
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
|
338,435
|
|
|
|
885,501
|
|
Interest
expense
|
|
|
(108,008)
|
|
|
|
(123,600)
|
|
Total other income,
net
|
|
|
230,427
|
|
|
|
761,901
|
|
|
|
|
|
|
|
|
|
(Loss) Income before
income taxes
|
|
|
(295,614)
|
|
|
|
1,008,798
|
|
|
|
|
|
|
|
|
|
Credit (Provision)
for income taxes
|
|
|
67,337
|
|
|
|
(65,068)
|
|
|
|
|
|
|
|
|
|
Net (loss) income
and comprehensive (loss) income
|
|
|
(228,277)
|
|
|
|
943,730
|
|
Net loss attributable
to non-controlling interest
|
|
|
(3,025)
|
|
|
|
(39,872)
|
|
Net (loss) income
attributable to common stockholders
|
|
|
(225,252)
|
|
|
|
983,602
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
3,122
|
|
|
|
(255)
|
|
Comprehensive (loss)
income
|
|
|
(225,155)
|
|
|
|
943,475
|
|
Less: comprehensive
loss attributable to non-controlling interest
|
|
|
(3,119)
|
|
|
|
(39,883)
|
|
Comprehensive (loss)
income attributable to the Company
|
|
$
|
(222,036)
|
|
|
$
|
983,358
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share – basic and diluted
|
|
$
|
(0.04)
|
|
|
$
|
0.16
|
|
Weighted average
shares outstanding – basic and diluted*
|
|
|
6,000,000
|
|
|
|
6,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
June 30,
|
|
|
2024
|
|
|
2023
|
|
Pro Forma
information Statement for Income Tax Provision as a
|
|
|
|
|
|
|
C Corporation upon
Reorganization
|
|
|
|
|
|
|
(Loss) Income before
income taxes
|
|
$
|
(295,614)
|
|
|
$
|
1,008,798
|
|
Credit (Provision)
for income taxes
|
|
|
239,466
|
|
|
|
(307,683)
|
|
|
|
|
|
|
|
|
|
Net (loss) income
and comprehensive (loss) income
|
|
$
|
(56,148)
|
|
|
$
|
701,115
|
|
Net loss attributable
to non-controlling interests
|
|
|
(3,025)
|
|
|
|
(39,872)
|
|
Net (loss) income
attributable to common stockholders
|
|
|
(53,123)
|
|
|
|
740,987
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) gain
|
|
|
3,122
|
|
|
|
(255)
|
|
Comprehensive (loss)
income
|
|
|
(53,026)
|
|
|
|
700,860
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
(3,119)
|
|
|
|
(39,883)
|
|
Comprehensive (loss)
income attributable to the Company
|
|
$
|
(49,907)
|
|
|
$
|
740,743
|
|
(Loss) Earnings per
share – Basic and diluted*
|
|
$
|
(0.01)
|
|
|
$
|
0.12
|
|
Weighted Average Shares
Outstanding – Basic and diluted*
|
|
|
6,000,000
|
|
|
|
6,000,000
|
|
LAKESIDE HOLDING
LIMITED
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
For the Years
Ended
|
|
June 30,
|
|
|
2024
|
|
|
2023
|
|
(Revised)
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(228,277)
|
|
|
$
|
943,730
|
|
Adjustments to
reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation –
G&A
|
|
|
71,980
|
|
|
|
130,755
|
|
Depreciation – overhead
cost
|
|
|
72,657
|
|
|
|
-
|
|
Non-cash operating
lease expense
|
|
|
1,005,686
|
|
|
|
826,284
|
|
Depreciation of
right-of-use finance assets
|
|
|
30,712
|
|
|
|
31,780
|
|
Provision (Reversal) of
allowance for expected credit loss
|
|
|
28,157
|
|
|
|
(93,742)
|
|
Deferred tax (benefit)
expense
|
|
|
(114,333)
|
|
|
|
32,239
|
|
Loss from derecognition
of shares in subsidiary
|
|
|
73,151
|
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable –
third parties
|
|
|
(722,522)
|
|
|
|
(506,152)
|
|
Accounts receivable –
related parties
|
|
|
(732,769)
|
|
|
|
(28,887)
|
|
Contract
assets
|
|
|
(84,766)
|
|
|
|
54,441
|
|
Due from related
party
|
|
|
328,820
|
|
|
|
(579,496)
|
|
Prepayment, other
deposit
|
|
|
(12,377)
|
|
|
|
18,672
|
|
Accounts payables –
third parties
|
|
|
699,644
|
|
|
|
54,410
|
|
Accounts payables –
related parties
|
|
|
(137,691)
|
|
|
|
(101,896)
|
|
Accrued expense and
other payables
|
|
|
468,284
|
|
|
|
57,701
|
|
Tax payable
|
|
|
46,996
|
|
|
|
32,829
|
|
Lease
liabilities – Operating lease
|
|
|
(846,992)
|
|
|
|
(833,365)
|
|
Net cash (used in)
provided by operating activities
|
|
|
(53,640)
|
|
|
|
39,303
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Payment made for
investment in other entity
|
|
|
(29,906)
|
|
|
|
—
|
|
Net cash outflow from
deconsolidation of a subsidiary
(Appendix A)
|
|
|
(48,893)
|
|
|
|
—
|
|
Acquisition of property
and equipment
|
|
|
—
|
|
|
|
(18,288)
|
|
Net cash used in
investing activities
|
|
|
(78,799)
|
|
|
|
(18,288)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
loans
|
|
|
400,000
|
|
|
|
—
|
|
Repayment of
loans
|
|
|
(214,986)
|
|
|
|
(100,864)
|
|
Repayment of equipment
and vehicle loans
|
|
|
(119,964)
|
|
|
|
(104,598)
|
|
Principal payment of
finance lease liabilities
|
|
|
(29,628)
|
|
|
|
(20,640)
|
|
Payment for deferred
offering cost
|
|
|
(170,000)
|
|
|
|
(90,000)
|
|
Advance to related
parties
|
|
|
(23,969)
|
|
|
|
—
|
|
Proceeds from
shareholders
|
|
|
237,302
|
|
|
|
110,550
|
|
Repayment to
shareholders
|
|
|
—
|
|
|
|
(47,536)
|
|
Net cash provided by
(used in) financing activities
|
|
|
78,755
|
|
|
|
(253,088)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
3,216
|
|
|
|
32,560
|
|
Net decrease in
cash
|
|
|
(50,468)
|
|
|
|
(199,513)
|
|
Cash, beginning of the
year
|
|
|
174,018
|
|
|
|
373,531
|
|
Cash, end of the
year
|
|
$
|
123,550
|
|
|
$
|
174,018
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
Cash paid for income
tax
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash paid for
interest
|
|
$
|
31,161
|
|
|
$
|
26,474
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
SCHEDULE OF NON-CASH IN
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Deferred offering costs
within due to shareholders
|
|
$
|
860,979
|
|
|
$
|
90,000
|
|
Deferred offering costs
within accrued expense and other
payables
|
|
$
|
541,819
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
NON-CASH
ACTIVITIES
|
|
|
|
|
|
|
|
|
Dividends
declared
|
|
$
|
—
|
|
|
$
|
200,000
|
|
Dividends declared and
offset against due from shareholders
|
|
$
|
—
|
|
|
$
|
101,150
|
|
Property and equipment
additions included in loan payable
|
|
$
|
—
|
|
|
$
|
98,245
|
|
Right of use assets
obtained in exchange for operating lease
obligations
|
|
$
|
2,094,498
|
|
|
$
|
124,600
|
|
Right of use assets
obtained in exchange for finance lease
obligation
|
|
$
|
19,982
|
|
|
$
|
32,107
|
|
|
|
|
|
|
|
|
|
APPENDIX A – Net
cash outflow from deconsolidation of a
subsidiary
|
|
|
|
|
|
|
|
|
Working capital,
net
|
|
$
|
29,812
|
|
|
$
|
—
|
|
Investment in other
entity recognized
|
|
|
(15,741)
|
|
|
|
—
|
|
Elimination of NCl at
deconsolidation of a subsidiary
|
|
|
10,187
|
|
|
|
—
|
|
Loss from
deconsolidation of a subsidiary
|
|
|
(73,151)
|
|
|
|
—
|
|
Cash
|
|
$
|
(48,893)
|
|
|
$
|
—
|
View original
content:https://www.prnewswire.com/news-releases/lakeside-holding-reports-impressive-42-revenue-growth-for-fiscal-year-2024-302264006.html
SOURCE Lakeside Holding Limited