A.C.L.N. Limited Announces Record Q3 Revenues and Earnings
16 November 2000
A.C.L.N. Limited Announces Record Third Quarter Revenues and Earnings; Net Income Increases 99%; Revenues Up 79%
LIMASSOL, Cyprus--Nov. 15, 2000--A.C.L.N. Limited , today announced its unaudited financial results of operations for the three months and nine months ended September 30, 2000.Sales for the three months ended September 30, 2000 increased by $22,147,780, or 78.7%, to $50,304,180 compared with $28,156,400 for the three months ended September 30, 1999. Sales for the nine months ended September 30, 2000 increased by $46,411,528, or 64.2%, to $118,743,348 compared with $72,331,820 for the nine months ended September 30, 1999.
Net income increased by $6,205,965, or 99.0%, to $12,475,291 for the three months ended September 30, 2000, from $6,269,326 for the three months ended September 30, 1999. Net income increased by $16,033,965, or 100.8%, to $31,932,982 for the nine months ended September 30, 2000 from $15,899,017 for the nine months ended September 30, 1999.
Net income per share increased by $0.40, or 81.6%, to $0.89 for the three months ended September 30, 2000 compared with $0.49 for the three months ended September 30, 1999. Net income per share increased by $1.05, or 84.7%, to $2.29 for the nine months ended September 30, 2000 compared with $1.24 for the nine months ended September 30, 1999.
Gross margin for the three months ended September 30, 2000 was 28.4% compared to 27.9% for the three months ended September 30, 1999 and net margin was 24.8% for the three months ended September 30, 2000 compared to 22.3% for the three months ended September 30, 1999. Gross margin for the nine months ended September 30, 2000 was 30.8% compared to 27.6% for the nine months ended September 30, 1999 and net margin was 26.9% for the nine months ended September 30, 2000 compared to 22.0% for the nine months ended September 30, 1999.
"We are pleased with our continued growth this year. At the beginning of the year we had not anticipated the high demand for our automobile trading business. Due to its success this year, we are in the process of negotiating contracts intended to increase our supply next year. We continue to have strong growth in our shipping business. Our fourth quarter has already gotten off to a strong start as we recently made our largest shipment in company history," commented Aldo Labiad, President and Chief Executive Officer of A.C.L.N. Limited.
"During the third quarter, we opened our newest port of destination, Nouakchott, in Mauritania. Additionally, we had our first full quarter with the company-owned vessel, Sea Atef, in operation and it achieved full utilization. Our shipping margins were negatively impacted this quarter by shipments from the U.S. A strong dollar appears to have weakened demand for U.S. vehicles in Africa. Until demand increases, we will be consolidating shipments from the U.S. through Antwerp," commented Joseph Bisschops, Chairman of A.C.L.N. Limited.
A.C.L.N. Limited
Selected Financial Data
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
(unaudited) (unaudited)
Sales
Sales of automobiles 22,670,000 ---- 62,870,000 ----
Shipping revenues 27,634,180 28,156,400 55,873,348 72,331,820
Total revenues $50,304,180 $28,156,400 $118,743,348 $72,331,820
Cost of sales
Cost of automobiles 15,808,000 ---- 43,888,000 ----
Cost of shipping
revenues 20,203,599 20,310,308 38,297,621 52,368,974
Total cost of sales 36,011,599 20,310,308 82,185,621 52,368,974
Gross profit 14,292,581 7,846,092 36,557,727 19,962,846
Selling, general and
administrative
expenses 1,498,969 1,226,794 3,565,948 3,237,668
Income from
operations 12,793,612 6,619,298 32,991,779 16,725,178
Other income
(expense):
Interest income 326,250 ---- 624,375 ----
326,250 ---- 624,375 ----
Income before income
taxes 13,119,862 6,619,298 33,616,154 16,725,178
Income taxes 644,571 349,972 1,683,172 826,161
Net income 12,475,291 6,269,326 31,932,982 15,899,017
Other comprehensive
income (loss) net
of tax:
Foreign currency
translation
adjustments 1,318 51,938 10,378 10,573
Comprehensive income $12,476,609 $6,321,264 $31,943,360 $15,909,590
Net income per share
- basic $0.89 $0.49 $2.29 $1.24
Weighted average
shares
outstanding 14,074,358 12,812,500 13,916,543 12,812,500
September 30, 2000
(unaudited)
Assets
Current assets:
Cash and cash equivalents $45,403,187
Cash restricted as to withdrawal 19,060,822
Accounts receivable 36,102,260
Deferred expenses 428,812
Fixed Assets:
Advance for vessel construction 10,000,000
Sea vessels 5,880,000
Furniture and fittings 4,718
Deposits 4,991
$116,884,790
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accruals $3,618,628
Amounts due to related parties 31,747
Income taxes payable 4,524,074
8,174,449
Shareholders' equity:
Ordinary shares, stated value of
C(pound)0.0064
each 14,120,581 shares issued and
outstanding 172,159
Paid-in capital 21,213,560
Retained earnings 87,253,391
Accumulated other comprehensive
income 71,231
Total shareholders' equity 108,710,341
$116,884,790