A.C.L.N. Announces Third Quarter Earnings
5 November 1998
A.C.L.N. Announces Third Quarter Earnings; Sales Up 118.2% and Net Income Up 158.5% for Third Quarter
PTE-DE-MONACO--Nov. 5, 1998--A.C.L.N. Limited (Nasdaq NM:ACLNF), today announced its financial results of operations for the three months and nine months ended September 30, 1998.
Sales for the nine months ended September 30, 1998, increased by $20,146,944, or 50.0 percent, to $60,376,911 compared with $40,229,967 for the nine months ended September 30, 1997. Sales for the three months ended September 30, 1998, increased by $15,130,713 or 118.2 percent to $27,936,361 compared with $12,805,648 for the three months ended September 30, 1997.
Net income increased by $4,674,107, or 58.7 percent, to $12,636,778 for the nine months ended September 30, 1998, from $7,962,671 for the nine months ended September 30, 1997. Net income increased by $3,705,865, or 158.5 percent, to $6,044,550 for the three months ended September 30, 1998, from $2,338,685 for the three months ended September 30, 1997.
Earnings per share increased by $.61, or 55.0 percent to $1.72 for the nine months ended September 30, 1998, compared with $1.11 for the nine months ended September 30, 1997. Earnings per share increased by $.42, or 127.3 percent to $.75 for the three months ended September 30, 1998, compared with $.33 for the three months ended September 30, 1997.
Aldo Labiad, President and Chief Executive Officer of A.C.L.N. Limited commented, "We are absolutely delighted with these results and we continue to believe that the demand for our services and the markets we serve will continue to grow. We believe, and these numbers back up the belief, that the Company is currently postured for continued growth in our core markets -- and our growth strategies, including expansion into related business opportunities, will enhance that growth."
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
Nine Months Ended Three Months Ended
September 30, September 30,
1998 1997 1998 1997
(Unaudited) (Unaudited)
Sales $60,376,911 $40,229,967 $27,936,361 $12,805,648
Cost of sales 44,333,348 30,231,472 20,136,285 9,670,317
Gross profit 16,043,563 9,998,495 7,800,076 3,135,331
Selling, general
and administrative
expenses 2,827,728 1,635,616 1,507,549 674,833
Income from
operations 13,215,835 8,362,879 6,292,527 2,460,498
Other income (expense)
Interest income 49,530 3 49,379 --
Interest expense -- (293) -- (102)
----------- ----------- ----------- -----------
49,530 (290) 49,379 (102)
Income before income
taxes 13,265,365 8,362,589 6,341,906 2,460,396
Income taxes 628,587 399,918 297,356 121,711
Net income 12,636,778 7,962,671 6,044,550 2,338,685
Other comprehensive
income (loss) net
of tax:
Foreign currency
translation
adjustments 82,200 (163,057) 98,548 (16,664)
Comprehensive income $12,718,978 $ 7,799,614 $ 6,143,098 $ 2,322,021
Net income per share $ 1.72 $ 1.11 $ 0.75 $ 0.33
Weighted averages
shares outstanding 7,404,396 7,000,000 8,200,000 7,000,000