A.C.L.N. Limited Reports Record 1999 and Q4 Operating Results
27 March 2000
A.C.L.N. Limited Reports Record 1999 and Fourth Quarter Operating Results; Year Over Year Net Income Increases By 27.5%; Fourth Quarter Net Income Increases By 32.1%
Business Editors
LIMASSOL, CYPRUS--March 27, 2000--
1999 Net Margin 22.8% Vs. 21.3%
Fourth Quarter Net Margin 25.0% Vs. 22.2%
Year End Cash of $77,574,972, or $8.78/Share
Vs. $47,623,230, or $5.81/Share
A.C.L.N. Limited , today announced its financial
results of operations for the three months and year ended December 31,
1999.
A conference call to discuss the results of operations has been
scheduled for Thursday, March 30, 2000 at 2:00 PM EST. To register for
the call and receive the dial-in number and participant code call
310/788-1441.
Sales for the year ended December 31, 1999 increased by
$15,656,152, or 19.1 percent, to $97,538,520 compared with $81,882,368
for the year ended December 31, 1998. Sales for the three months ended
December 31, 1999 increased by $3,701,243, or 17.2% percent, to
$25,206,700 compared with $21,505,457 for the three months ended
December 31, 1998.
Net income increased by $4,796,725, or 27.5 percent, to
$22,211,723 for the year ended December 31, 1999, from $17,414,998 for
the year ended December 31, 1998. Net income increased by $1,630,163,
or 32.1 percent, to $6,399,865 for the three months ended December 31,
1999, from $4,769,702 for the three months ended December 31, 1998.
Earnings per share increased by $0.37, or 16.2% percent, to $2.66
for the year ended December 31, 1999, compared with $2.29 for the year
ended December 31, 1998. Earnings per share increased by $0.15, or
26.3 percent, to $0.72 for the three months ended December 31, 1999,
compared with $0.57 for the three months ended December 31, 1998.
On December 31, 1999, the company had $77,574,972 of cash and cash
equivalents, or $8.78 per share, compared with $47,623,230 of cash and
cash equivalents on its balance sheet on December 31, 1998, or $5.81
per share.
"We are pleased with our 1999 results. Last year we began
diversifying our operations and expanding geographically. By shifting
part of our operations to a more traditional pre-paid freight model,
we have improved our cash flow and increased our net margins. This
year will bring further diversification in both operations and
geography. For example, our financial strength and captive shipping
business makes owning our own vessels logical. In May we expect to
begin service of a vessel capable of carrying 3,000 cars per voyage,"
said Aldo Labiad, President and Chief Executive Officer of A.C.L.N.
Limited.
A.C.L.N. Limited is a marine logistics company that arranges for
the shipment of personal automobiles and light trucks from five ports
in Northern Europe sold by independent auto dealers to purchasers who
live in North and West Africa and the Middle East. The company also
provides for related customs-clearance and stevedoring 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
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Year Ended Three Months Ended
December 31, December 31,
1999 1998 1999 1998
(unaudited) (unaudited)
Sales $97,538,520 $81,882,368 $25,206,700 $21,505,457
Cost of sales 69,325,373 59,698,461 16,956,399 15,365,113
Gross profit 28,213,147 22,183,907 8,250,301 6,140,344
Selling, general
and
Administrative
expenses 4,685,127 4,006,888 1,447,459 1,179,160
Income from
operations 23,528,020 18,177,019 6,802,842 4,961,184
Other income
(expense):
Interest income 46,260 100,118 46,260 50,588
Interest expense 0 (15) 0 (15)
46,260 100,103 46,260 50,573
Income before
income
Taxes 23,574,280 18,277,122 6,849,102 5,011,757
Income taxes 1,362,548 862,124 536,387 233,537
Net income 22,211,732 17,414,998 6,312,715 4,778,220
Other comprehensive
Income (loss) net of tax:
Foreign currency
Translation
adjustments 31,293 73,682 20,720 (8,518)
Comprehensive
income $22,243,025 $17,488,680 $6,333,435 $4,769,702
Net income
per share
Basic $2.66 $2.29 $0.72 $0.57
Weighted
average shares
Outstanding 8,357,737 7,600,000 8,832,692 8,200,000
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December 31, 1999 December 31, 1998
Assets
Current assets:
Cash and
cash equivalents $13,944,855 $11,264,950
Cash restricted
as to withdrawal 63,630,117 36,358,280
Accounts receivable,
net of allowance
for bad debts of
$345,483 and $347,188 2,400,864 1,487,827
Deferred expenses 261,762 ---
Furniture and fixings 5,474 ---
Deposits 5,702 6,587
$80,248,774 $49,117,644
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable
and accruals $884,541 $516,311
Amounts due
to related parties 36,272 41,904
Income taxes payable 3,012,615 1,870,767
3,933,428 2,428,982
Shareholders' equity:
Ordinary shares,
stated value of
C(pound)0,01
each, 8,832,692
(1998: 8,200,000) shares
issued and outstanding 170,112 158,470
Paid-in capital 20,763,972 13,391,955
Retained earnings 55,320,409 33,108,677
Accumulated other
comprehensive
Income 60,853 29,560
Total shareholders'
equity 76,315,346 46,688,662
$80,248,774 $49,117,644
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