A.C.L.N. Limited Reports Record Q2 and First Six-Month
Results
Year Over Year Quarterly Revenue Up 98%, Net Income Up 66%, EPS Up 63%:
Twelfth Consecutive Quarter of Record Earnings
LOS ANGELES, Aug. 13 A.C.L.N. Limited , a
global leader in the distribution and logistics of new and pre-owned
automobiles, announced today that results in its second quarter and first six
months ended June 30, 2001 achieved record levels, with revenues increasing by
98% in the quarter while increasing by 107% for the first six months, when
compared to the same periods last year. Net income for both periods rose year
over year by 66% and 62%, respectively.
Revenue for the second quarter ended June 30, 2001 was $78.9 million, up
from $39.8 million in the second quarter of last year. Net income for this
year's second quarter rose to $17.8 million, or $1.26 per basic and
$1.21 per diluted share, compared to net income of $10.7 million, or
$0.78 per basic and $0.74 per diluted share for the prior year's second
quarter, an increase of 61% in net income per basic share and 63% in net
income per diluted share.
A.C.L.N. Limited President and Chief Executive Officer, Aldo Labiad
commented, "While we have seen dramatic increases in the volumes of cars
shipped, and an acceleration of demand, we are entering our seasonally
strongest period and expect the rapidly growing upward trend to continue. The
markets we serve are significantly underpenetrated. For instance, in Nigeria
there is one car per thousand inhabitants, as compared to 55 cars per
100 inhabitants in Europe. The economies and infrastructures of the countries
we serve are improving, and those dynamics in turn are driving demand."
For the six months ended June 30, 2001, revenues were $142.1 million
versus $68.4 million, net income for the period was $31.5 million, or
$2.22 per basic and $2.12 per diluted share, compared to net income of
$19.5 million, or $1.41 per basic and $1.36 per diluted share for the second
quarter of 2000, up 55% in net income per diluted share.
The Company shipped approximately 51,000 automobiles in the quarter ended
June 30, 2001, a 95 percent increase from shipments in the second quarter of
2000.
According to A.C.L.N. Chief Financial Officer Christian Payne, the
June 30, 2001 balance sheet showed cash and equivalents of $82.4 million,
total assets of $195.8 million, a current ratio of 4.1, no long-term debt and
shareholders' equity of $151.8 million. In addition, the company increased
gross margins by 3.4% in its logistics business.
A.C.L.N. Limited Consolidated Balance Sheets
June 30, 2001 December 31, 2000
(Unaudited) (Audited)
Assets
Currents assets:
Cash and cash equivalents $82,410,824 $56,429,678
Cash restricted as to withdrawal -- 11,291,751
Accounts receivable 97,194,290 56,228,462
Deferred expenses 1,137,525 440,044
Fixed assets:
Advance for vessels' construction 10,000,000 10,000,000
Sea vessels 5,090,000 5,510,000
Furniture and fittings 4,380 4,467
Deposits 4,786 5,258
$195,841,805 $139,909,660
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accruals $36,628,095 $14,716,937
Amounts due to related parties 30,447 33,445
Income taxes payable 7,351,856 5,107,144
44,010,398 19,857,526
Commitments
Shareholders' equity:
Ordinary shares, stated value of
C British pounds 0,01 each 14,161,837
(2000: 14,124,309) shares issued and
outstanding 251,254 250,684
Paid-in capital 22,332,228 22,066,042
Retained earnings 129,142,086 97,668,071
Accumulated other comprehensive income 105,839 67,337
Total shareholders' equity 151,831,407 120,052,134
$195,841,805 $139,909,660
A.C.L.N. Limited Condensed Statement of Operations
Three month period Six month period
ended June 30, ended June 30,
(Unaudited) (Unaudited)
2001 2000 2001 2000
Sales
Sales of automobiles 42,482,500 19,800,000 75,624,500 40,200,000
Shipping revenues 36,412,526 20,013,876 66,455,572 28,239,168
Total revenues $78,895,026 $39,813,876 $142,080,072 $68,439,168
Cost of sales
Cost of automobiles 28,868,800 13,680,000 52,443,000 27,680,000
Cost of shipping
revenues 28,479,241 14,073,200 52,192,244 18,494,022
Total cost of sales 57,348,041 27,753,200 104,635,244 46,174,022
Gross profit 21,546,985 12,060,676 37,444,828 22,265,146
Selling general and
administrative
expenses 2,839,070 1,077,463 4,837,198 2,066,979
Income from
operations 18,707,915 10,983,213 32,607,630 20,198,167
Other income (expense)
Interest income 745,000 298,125 1,243,000 298,125
Commissions received -- -- 5,276 --
745,000 298,125 1,248,276 298,125
Income before expense
taxes 19,452,915 11,281,338 33,855,906 20,496,292
Income taxes 1,652,930 568,987 2,381,891 1,038,601
Net income 17,799,985 10,712,351 31,474,015 19,457,691
Other comprehensive
income (loss), net
of tax:
Foreign currency
translation
adjustments 2,769 528 38,502 4,530
Comprehensive income $17,802,754 $10,712,879 $31,512,517 $19,462,221
Net income per share
- basic $1.26 $0.78 $2.22 $1.41
Net income per share
- diluted $1.21 $0.74 $2.12 $1.36
Weighted average shares
outstanding - basic 14,157,291 13,801,081 14,147,924 13,801,081
Weighted average shares
outstanding
- diluted 14,751,181 14,392,331 14,800,007 14,350,830
