A.C.L.N. Announces Six Month Earnings
18 September 1998
A.C.L.N. Announces Six Month Earnings; Sales Up 18.3 Percent and Net Income Up 17.2 Percent
PTE-DE-MONACO--Sept. 17, 1998--A.C.L.N. Limited (Nasdaq NM:ACLNF), today announced to the public its results of operations for the six months ended June 30, 1998.
Sales for the six months ended June 30, 1998, increased by $5,016,231, or 18.3 percent, to $32,440,550 for the six months ended June 30, 1998, from $27,424,319 for the six months ended June 30, 1997. In addition, net income increased by $968,242, or 17.2 percent, to $6,592,228 for the six months ended June 30, 1998, from $5,623,986 for the six months ended June 30, 1997.
Aldo Labiad, president and chief executive officer of A.C.L.N. Limited commented, "We are pleased with the results for the three and six months ended June 30, 1998 and believe that the market for the maritime transportation of used automobiles will continue to improve. We believe that the company is currently postured to become an increasingly influential participant in this market."
The company arranges for the shipment of used automobiles sold in Belgium by independent auto dealers to purchasers who live in North and West Africa and the Middle East, and provides related customs-clearance services.
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.
A.C.L.N. Limited Selected Financial Data Three Months Ended June 30, Six Months Ended June 30 1998 1997 1998 1997 (Unaudited) (Unaudited) Sales $17,821,081 13,251,924 $32,440,550 $27,424,319 Cost of sales 13,345,947 9,960,504 20,197,063 20,561,155 Gross profit 4,475,134 3,291,420 8,243,487 6,863,164 Selling, general and admini- strative expenses 734,642 338,041 1,320,179 960,783 Income from operations 3,740,492 2,953,379 6,923,308 5,902,381 Other income (expense) Interest income -- 3 151 3 Interest expense -- (191) -- (191) -- (188) 151 (188) Income before income taxes 3,740,492 2,953,191 6,923,459 5,902,193 Income taxes 178,518 107,831 331,231 278,207 Net income 3,561,974 2,845,560 6,592,228 5,623,986 Other comprehensive income (loss) net of tax: Foreign currency translation adjustments 24,046 (52,835) (16,348) (146,393) Comprehensive income $3,596,020 $2,792,525 $6,575,880 $ 5,477,593 Net income per share $ 0.51 $ 0.40 $ 0.94 $0.78 Weighted average shares outstanding 7,000,000 7,000,000 7,000,000 7,000,000