A.C.L.N. Releases Financials for 2000; Conference Call Announced
LIMASSOL, Cyprus--March 6, 2001--A.C.L.N. Limited today released its preliminary balance sheet and income statement, subject to audit completion for the year ended Dec. 31, 2000.The results contained in this announcement supplement the financial information provided in the advance press release of March 5, 2001.
A conference call has been scheduled for 12:00 p.m. EST, Wednesday, March 7, 2001. The dial-in number is 800/331-7072, and the conference participation code is 118059.
Year Ended Quarter Ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
Sales
Sales of Automobiles $85,867,000 $ - $22,297,000
Shipping Revenues 82,281,920 97,538,520 26,408,572 25,206,700
Total Revenue 168,148,920 97,538,520 49,405,572 25,206,700
Cost of Sales
Cost of Automobiles 59,965,200 - 16,077,200 -
Cost of Shipping
Revenue 59,275,706 69,325,373 20,978,085 16,956,399
Total Cost of Sales 119,240,906 69,325,373 37,055,285 16,956,399
Gross Profit 48,908,014 28,213,147 12,350,287 8,250,301
Selling, General &
Admin. 4,922,804 4,685,127 1,357,078 1,447,459
Income from
Operations 43,985,210 25,528,020 10,993,209 6,802,842
Interest Income 1,114,650 46,260 490,275 46,260
Income before Income
Taxes 45,099,860 23,574,280 11,483,484 6,849,102
Income Taxes 2,371,101 1,362,548 687,919 536,387
Net Income 42,728,759 22,211,732 10,795,565 6,849,102
Foreign currency
translation 31,293 6,484 69,435 20,720
Comprehensive Income 42,735,243 22,243,025 10,865,000 6,333,435
Net Income per
Share -- Basic $3.06 $1.70 $0.76 $0.46
Weighted Average Shares
Outstanding -- Basic 13,970,362 13,058,964 14,123,178 13,801,081
Consolidated Balance Sheets
2000 1999
Assets
Current Assets
Cash & Cash Equivalents $56,429,678 $13,944,855
Cash restricted as to Withdrawal 11,291,811 63,630,117
Accounts Receivable 56,233,452 2,400,864
Deferred expenses 440,044 261,762
Fixed Assets
Advance for vessels' acquisition 10,000,000 -
Sea Vessels 5,790,000 -
Furniture and Fittings 4,467 5,474
Deposits 5,258 5,702
Total Assets $140,194,710 $80,248,774
Liabilities & Shareholders' Equity
Current Liabilities
Accounts payable and accruals $14,691,542 $884,541
Amounts due to related parties 33,445 36,272
Income taxes payable 5,108,334 3,012,615
19,833,321 3,933,428
Shareholders' Equity
Ordinary shares 250,610 170,112
Paid-in capital 22,070,801 20,763,972
Retained Earnings 97,972,641 55,320,409
Accumulated other
comprehensive income 67,337 60,853
Total Shareholders' Equity $120,361,389 $76,315,346
Total Liabilities and
Shareholders' Equity $140,194,710 $80,248,774
A.C.L.N. Limited 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 (ii) and 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.