Wednesday November 14, 7:31 am Eastern Time
Press Release
SOURCE: A.C.L.N. Limited
A.C.L.N. Limited Reports Record Third Quarter and First Nine-Month Results
Year Over Year Quarterly Revenue Up 93%, Net Income Up 92%, Earnings Per Share Up 94% to
$1.65 per Diluted Share
LOS ANGELES, Nov. 14 /PRNewswire/ -- A.C.L.N. Limited (NYSE: ASW - news), a global leader in the logistics of
pre-owned automobiles and trucks, announced today that results in its third quarter and first nine months ended September
30, 2001 reached record levels, with revenues increasing by 93.6 percent in the quarter and growing 102 percent for the first
nine months, when compared to the same periods last year. Net income for both periods grew by 92.8 percent and 74 percent
year over year, respectively.
Revenue for the third quarter ended September 30, 2001 was $97.4 million, up from $50.3 million in the third quarter of last
year. Net income for this year's third quarter rose to $24.1 million, or $1.69 per basic and $1.65 per diluted share, compared to
net income of $12.5 million, or $0.89 per basic and $0.85 per diluted share for the prior year's third quarter, an increase of 90
percent in net income per basic and 94 percent in net income per diluted share.
A.C.L.N. Limited President and Chief Executive Officer, Aldo Labiad said, ``Demand for our logistics services was very strong
in the quarter, and has continued into the fourth quarter. Volumes of vehicles shipped grew 100 percent year over year, and 37
percent in the third quarter when compared to the second quarter of this year. Our logistics business in West Africa remains
solid and has, to date, been unaffected by the unrest reported in the northern regions of Nigeria. In our wholesale business we
are on schedule with our deliveries according to plan.
``Recently, we announced the opening of two new ports of origination in Europe, Cuxhaven in Germany and Sheerness in the
United Kingdom,'' Labiad added. ``We are expanding and diversifying A.C.L.N.'s business, and positioning the company to
address more marketplaces. Our objective is to continue to create opportunities for growth and profitability, and to add to the
foundation of our well-established and vigorous logistics and wholesale businesses.''
For the nine months ended September 30, 2001, revenues were $239.5 million versus $118.7 million. Net income for the period
was $55.5 million, or $3.91 per basic and $3.76 per diluted share. Net income for the nine-month period of 2000 was $31.9
million, or $2.29 per basic and $2.20 per diluted share.
The Company provided logistics services for approximately 70,000 automobiles and trucks in the quarter ended September 30,
2001, an increase of 100 percent from shipments of approximately 35,000 vehicles in the third quarter of 2000.
According to A.C.L.N. Chief Financial Officer Christian Payne, the September 30, 2001 unaudited balance sheet showed cash and equivalents of $117.6
million, total assets of $190.4 million, no long-term debt and shareholders' equity of $176.5 million. In addition, the Company reported gross margins
increased by 18.8 percent in its logistics business from the second quarter of 2001, due to use of larger capacity vessels which are cheaper to charter on a per
vehicle basis, and a change in the mix of trucks and automobiles being shipped. Gross margins in the wholesale business declined by 7 percent from the
second quarter of 2001 due to the fact that during the third quarter of 2001, the percentage of lower margin automobiles sold was larger than in the
previous quarter.
About A.C.L.N. Limited
A.C.L.N. Limited (www.aclnfltd.com) is a global leader in pre-owned automobile and truck logistics, serving six European ports, and fourteen ports of
destination in Africa. Founded in 1978, A.C.L.N. currently operates two primary business segments: (i) providing pre-owned automobile and truck
logistics services between Europe and Africa, and (ii) purchasing and selling new automobiles in Africa on a wholesale basis.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include but are not limited to statements that relate to the A.C.L.N.'s sales, profitability and growth, demand for its products
or services, growth in the markets it serves or any other statements that relate to the intent, belief, plans or expectations of A.C.L.N. or its management, or
that are not a statement of historical fact. Any forward-looking statements in this news release are based on current expectations and beliefs and are
subject to numerous risks and uncertainties that could cause actual results to differ materially. Other factors that could cause A.C.L.N.'s actual results to
differ materially are discussed in the A.C.L.N.'s recent filings with the Securities and Exchange Commission. A.C.L.N. disclaims any obligation to update
any forward-looking statements as a result of developments occurring after the date of this press release.
A.C.L.N. LIMITED
Consolidated Balance Sheets
September 30, December 31,
2001 2000
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $117,587,888 $56,429,678
Cash restricted as to withdrawal -- 11,291,751
Accounts receivable 55,615,348 56,228,462
Deferred expenses 656,774 440,044
Fixed assets:
Advance for vessels' construction 10,000,000 10,000,000
Sea vessels 4,880,000 5,510,000
Furniture and fittings 4,117 4,467
Deposits and other (1) 1,664,906 5,258
$190,409,033 $139,909,660
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accruals $6,008,757 $14,716,937
Amounts due to related parties 32,934 33,445
Income taxes payable 7,874,222 5,107,144
13,915,913 19,857,526
Commitments
Shareholders' equity :
Ordinary shares, stated value of
C British pounds 0,01 each
14,285,016 (2000: 14,124,309)
shares issued and outstanding $253,153 $250,684
Paid-in capital 22,955,439 22,066,042
Retained earnings 153,216,019 97,668,071
Accumulated other comprehensive income 68,509 67,337
Total shareholders' equity 176,493,120 120,052,134
$190,409,033 $139,909,660
(1) Includes approximately $1.65 million investment in an unaffiliated
joint venture which owns a vessel used in our logistics business from
time to time.
A.C.L.N. LIMITED
Condensed Statement of Operations
Three month period Nine month period
ended September 30, ended September 30,
(Unaudited) (Unaudited)
2001 2000 2001 2000
Sales
Sales of
automobiles 47,963,000 22,670,000 123,587,500 62,870,000
Shipping revenues 49,422,174 27,634,180 115,877,746 55,873,348
Total revenues $97,385,174 $50,304,180 $239,465,246 $118,743,348
Cost of sales
Cost of
automobiles 33,621,800 15,808,000 86,064,800 43,888,000
Cost of shipping
revenues 36,621,403 20,203,599 88,813,647 38,297,621
Total cost
of sales 70,243,203 36,011,599 174,878,447 82,185,621
Gross profit 27,141,971 14,292,581 64,586,799 36,557,727
Selling, general
and administrative
expenses 3,183,172 1,498,969 8,020,370 3,565,948
Income from
operations 23,958,799 12,793,612 56,566,429 32,991,779
Other income
(expense)
Interest income
and other income 637,500 326,250 1,885,776 624,375
Total other
income
(expense) 637,500 326,250 1,885,776 624,375
Income before
income taxes 24,596,299 13,119,862 58,452,205 33,616,154
Income taxes 522,366 644,571 2,904,257 1,683,172
Net income 24,073,933 12,475,291 55,547,948 31,932,982
Other comprehensive
income, net of tax:
Foreign currency
translation
adjustments (37,330) 5,848 1,172 10,378
Comprehensive
Income $24,036,603 $12,481,139 $55,549,120 $31,943,360
Net income per
share - basic $1.69 $0.89 $3.91 $2.29
Net income per
share - diluted $1.65 $0.85 $3.76 $2.20
Weighted average
shares outstanding
- basic 14,244,780 14,074,358 14,190,141 13,916,543
Weighted average
shares outstanding
- diluted 14,576,537 14,696,966 14,756,103 14,510,090
For further information, please contact Investors, Jill Cieslak, jill@allencaron.com, or Media, Len Hall, len@allencaron.com, both of Allen & Caron,
+1-949-474-4300, for A.C.L.N. Limited; or Jane Creber, V.P. Investor Relations of A.C.L.N. Limited, +1-310-551-0062, jane@aclnltd.com
SOURCE: A.C.L.N. Limited |
