A.C.L.N. Announces New Contract Serving Ivory Coast
10 December 1998
A.C.L.N. Announces New Contract Serving Ivory Coast
MONACO--Dec. 10, 1998--Company Authorizes Share Buy-Back Program and Expects
to Meet or Exceed Year-end Analyst Estimates
A.C.L.N. Limited (Nasdaq NM:ACLNF), today announced it has signed a new contract to export cars to the Ivory Coast beginning Jan. 15th. This additional port of destination should increase the number of cars shipped by approximately 1,000 cars per month, a 5.9% increase in total cars shipped annually based on an estimated 71,000 cars shipped in 1998.
Aldo Labiad, President and Chief Executive Officer of A.C.L.N. Limited said, "We are delighted with this new contract which broadens our service areas. This expansion of served markets reflects the continued success of our growth strategy which we have outlined since our public offering this past June. Coupled with growing demand for our services in currently served markets as well, we are confident that we will continue to achieve our business goals."
In addition, the Company announced that it has authorized a share buy-back program of up to 200,000 shares. The 200,000-share buyback program, which represents up to approximately 2.44% of the Company's 8,200,000 currently outstanding shares of common stock, will be made from time to time through open market or privately negotiated purchases at the discretion of the Company and in accordance with the rules of the Securities and Exchange Commission. The amount and timing of the repurchases will depend on, among other things, market conditions.
"The strength of our balance sheet provides us with the financial flexibility to authorize this stock buy-back program," said Mr. Labiad. "And our growth strategy, expanding our services in existing markets and adding new markets in Africa, the Middle East and other developing regions around the world, remains on track. Given the continuing strong dynamics of our business fundamentals, we are confident that we will meet or exceed analyst expectations of EPS of $2.15 for 1998."
The Company's value-added services include arranging for the maritime transport of used automobiles, gaining customs clearance, and facilitating financing to pay for the shipment of automobiles purchased in Belgium to be transported to the Company's currently served markets in the Middle East and North and West Africa.
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.