A.C.L.N. Limited Reports Record Results in First Quarter
Revenue More Than Doubled From Prior Year's First Quarter,
Net Income Rose 57%, EPS Increased 50%
LOS ANGELES, May 16 A.C.L.N. Limited , a
global leader in the sale and logistics of new and pre-owned automobiles,
announced today that results in its first quarter ended March 31, 2001 reached
record levels, with revenues more than doubling when compared to the year
earlier period. The Company's markets in Africa have continued to experience
fast-growing demand for dependable automobiles, and its long-standing
relationships in 14 ports of entry have enabled ACLN to ratchet up its
response by greatly increasing pre-paid shipments of automobiles to customers.
This year's first quarter marks the 11th consecutive quarter of record
year-to-year increases in revenue, net income and earnings per share since the
Company went public in June 1998.
Revenue for the first quarter ended March 31, 2001 was $63.2 million, up
from $28.6 million in the first quarter of last year. Net income for this
year's first quarter rose 57 percent to $13.7 million, or $0.97 per basic and
$0.93 per diluted share, compared to net income of $8.7 million, or
$0.63 per basic and $0.62 per diluted share for the prior year's first
quarter, an increase of 54 percent in net income per basic share and
50 percent in net income per diluted share.
"The relationships and know-how we have developed over the years and our
predominantly outsourced approach to staffing and shipping differentiate us
from other providers of automobile logistics services," commented ACLN
Chairman Joseph Bisschops. "We believe our strong proprietary positions in
the ports we serve, together with our low-cost provider business model, give
us the opportunity to grow the top and bottom line exponentially as the demand
for new and pre-owned vehicles escalates in our markets."
Aldo Labiad, ACLN Chief Executive Officer, said, "We firmly believe the
results for this year's first quarter, which is typically a slower sales
period, clearly demonstrate a continuing and rapidly increasing upward trend
in demand for automobiles in Africa, which validates the focus of our
strategy. The volume increases in both our logistics and wholesale
distribution businesses are very encouraging, and we intend to continue to
capitalize and expand on the opportunities we see in these underserved markets
for automobiles."
According to ACLN Chief Financial Officer Christian Payne, the March 31,
2001 balance sheet showed cash and equivalents of $76.6 million, restricted
cash of $700,000, total assets of $150.6 million, a current ratio of 8.2:1, no
long-term debt and shareholders' equity of $134 million.
As previously announced the Company shipped more than 36,430 vehicles
during this year's first quarter, which did not include approximately
5,700 cars shipped during this year's first quarter that arrived at one of the
Company's 14 ports of destination in Africa shortly after the beginning of the
second quarter of this year. As of March 31, 2001, ACLN also had a backlog of
approximately 8,000 cars at its ports in Europe awaiting delivery through the
Company's logistics services.
Revenue from the Company's Automobile Logistics operations for pre-owned
and new vehicles jumped sharply to $30 million in the first quarter of this
year, up over 3.5 times from revenues of $8.2 million in the year earlier
period. Revenue from its Wholesale Distribution Services business for new
vehicles grew to $33 million in this year's first quarter, up almost
62 percent from $20.4 million for the same period last year, which was the
first quarter of operation for this new business. In the first quarter of
last year, the Company changed its business model to collect in advance of
shipment instead of on a COD basis, which caused a modest temporary decline in
revenues for that quarter in its Automobile Logistics operations.
A.C.L.N. Limited Consolidated Income Statements
March 31, March 31,
2001 2000
(Unaudited)
Sales
Sales of Automobiles $33,142,000 $20,400,000
Shipping Revenues 30,043,046 8,225,292
63,185,046 28,625,292
Cost of Sales
Cost of Automobiles 23,574,200 14,000,000
Cost of Shipping Revenue 23,713,003 4,420,822
47,287,203 18,420,822
Gross Profit 15,897,843 10,204,470
Selling, General & Admin. 1,998,128 989,516
Income from Operations 13,899,715 9,214,954
Interest Income 489,000 --
Commissions Received 5,276 --
Income before Income Taxes 14,402,991 9,214,954
Income Taxes 728,961 469,614
Net Income $13,674,030 $8,745,340
Foreign currency translation 35,733 4,002
Comprehensive Income $13,709,763 $8,749,342
Net Income per Share - Basic $0.97 $0.63
Net Income per Share - Diluted $0.93 $0.62
Weighted Average Shares
Outstanding - Basic 14,138,455 13,826,960
Weighted Average Shares
Outstanding - Fully Diluted 14,771,399 14,142,914
A.C.L.N. Limited Consolidated Balance Sheets
March 31, December 31,
2000 2000
(Unaudited) (Audited)
Assets
Current Assets
Cash & Cash Equivalents $76,587,133 $56,429,678
Cash restricted as to Withdrawal 705,001 11,291,811
Accounts Receivable 57,307,812 56,233,452
Deferred expenses 644,752 440,044
Total Current Assets $135,244,698 $124,394,985
Fixed Assets
Advance for vessels' acquisition $10,000,000 $10,000,000
Sea Vessels 5,300,000 5,790,000
Furniture and Fittings 4,643 4,467
Deposits 4,976 5,258
Total Fixed Assets $15,309,619 $15,799,725
Total Assets $150,554,317 $140,194,710
Liabilities & Shareholders' Equity
Current Liabilities
Accounts payable and accruals $10,710,421 $14,691,542
Amounts due to related parties 31,654 33,445
Income taxes payable 5,836,105 5,108,334
Total Current Liabilities $16,578,180 $19,833,321
Shareholders Equity
Ordinary shares $251,420 $250,610
Paid-in capital 22,279,241 22,070,801
Retained Earnings 111,342,406 97,972,641
Accumulated other comprehensive income 103,070 67,337
Total Shareholders' Equity $133,976,137 $120,361,389
Total Liabilities and Shareholders'
Equity $150,554,317 $140,194,710
