A.C.L.N. Announces It Will Exceed Q3 Estimates
28 October 1998
A.C.L.N. Announces It Will Exceed Third Quarter Estimates
PTE-DE-MONACO--Oct. 27, 1998--A.C.L.N. Limited (Nasdaq NM:ACLNF) announced today that, based upon its preliminary results of operations, third quarter earnings would exceed analyst estimates and that it expects that year-end earnings would also exceed analyst estimates. The third quarter earnings estimate by Cruttenden Roth, the company's underwriter, was recently increased to $.49 from $.41. The company attributed such expected results to three factors: (i) the proceeds from the June offering have provided greater liquidity, which has allowed for a larger number of automobiles to be shipped per vessel; (ii) the number of cars shipped for the third quarter exceeded analyst estimates of 20,000 by approximately 20%; and (iii) the volume of cars arriving at the port for shipment is exceeding previous expectations. Third quarter earnings are expected to be released the week of November 2, 1998.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.