A.C.L.N. Announces Results for 2000; 65% EPS Growth -- $0.76 Q4 2000 vs. $0.46 Q4 1999
LIMASSOL, Cyprus--March 5, 2001--A.C.L.N. Limited today announced that, for the fourth quarter, earnings increased to approximately $10.6 million or $0.76 per share and, for the year, to approximately $42.7 million or $3.06 per share.Financial Highlights of the Quarter include:
| -- | 96% revenue growth versus Q4 1999 |
| -- | 65% E.P.S. Growth |
| -- | $56.4 million of cash at the end of the period |
Financial Highlights of the Year include:
-- 72.4% revenue growth versus 1999
-- 11.4% improvement in Net Income margin
-- 80% E.P.S. Growth
Revenue for the fourth quarter totaled $49.4 million, an increase of 96% over revenue of $25.2 million in the fourth quarter of 1999. Fourth quarter 2000 net income totaled $10.9 million, or $0.76 per share, which represents a 71% increase when compared with fourth quarter 1999 net income of $6.3 million, or $0.46 per share.
"The year 2000 was an inflection point for the Company. I believe that we have demonstrated some of the significant growth opportunities in the markets we serve as well as our ability to take advantage of those opportunities," commented Joseph Bisschops, Chairman of A.C.L.N. "Our growth and profitability this year are especially noteworthy given how radically we changed our business model starting in the first quarter."
During 2000, A.C.L.N. altered its business model in two fundamental ways: it (i) discontinued its "Freight Collect" service in favor of "Pre-paid Freight" services and (ii) began a wholesale distribution business in Africa, through which it sold over 14,000 new cars. The discontinuation of "Freight Collect" service marked the end of the Company's practice of collecting freight revenue upon delivery of automobiles in Africa. Despite these changes, some of which placed A.C.L.N. in direct price competition with competitors often willing to accept smaller profits per car than the Company, the A.C.L.N. posted revenue gains in excess of 72% for the year and was the beneficiary of a more conservative balance sheet and more favorable working capital requirements.
"Our goal for this year was to continue to capitalize upon opportunities in the underserved markets for automobiles in Africa while concurrently diversifying our revenue sources and improving our working capital position. Our results indicate that we were successful in doing so," commented Aldo Labiad, President and Chief Executive Officer of A.C.L.N. Limited.
A.C.L.N. Limited (www.aclnltd.com) is an automobile logistics provider operating between Europe and North and West Africa. Founded in 1978, A.C.L.N. currently operates two primary business segments: (i) automobile logistics services between Europe and North and West Africa and (ii) a wholesale automobile distribution service in Africa.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of management and are subject to a number of risk factors and uncertainties that could cause actual results for performance of the Company to differ materially from those described herein.