A.C.L.N. Limited Announces Record First Quarter Results.Business Editors LIMASSOL Limassol (lēmäsôl`), city (1992 pop. 87,091), S Cyprus, on Akrotiri Bay. It is a district administrative center, a port, and a resort. Wine and agricultural goods are exported. Chrome and asbestos are mined in the district. , CYPRUS--(BUSINESS WIRE)--May 30, 2000 First Quarter Revenue Up 45.2 Percent, Net Income Better By 108.3 Percent Free cash increases 91.5 percent since year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. After Tax Margins Improve From 21.3 Percent to 30.6 Percent A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” .L.N. Limited (Nasdaq:ACLNF), today announced its financial results of operations for the three months ended March 31, 2000. Results are being reported on a pre 5 for 4 stock split basis. Sales for the three months ended March 31, 2000 increased by $8,911,572, or 45.2 percent, to $28,625,292 compared with $19,713,720 for the three months ended March 31, 1999. Net income increased by $4,546,075, or 108.3 percent, to $8,745,340 for the three months ended March 31, 2000 from $4,199,265 for the three months ended March 31, 1999. Earnings per share increased by $0.48, or 94.1 percent, to $0.99 for the three months ended March 31, 2000, compared with $0.51 for the three months ended March 31, 1999. On March 31, 2000, the company had $80,471,694 of cash on its balance sheet, or $9.11 of cash per share. First quarter results were effected by a strategic repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. that may affect operations going forward. A shift in operations toward prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. freight shipments away from the historical freight collect model
has had a positive effect on the free cash ratio. Free cash increased by
91.5 percent since year-end. Free cash as a percentage of total cash has
improved from 18 percent to 33.2 percent, an improvement of 15.2 percent
over the fourth quarter of 1999. This shift has resulted in a reduction
of total number of cars shipped for the quarter. The reduction of volume
has been principally in North Africa.In February February: see month. , the company formed a division to trade automobiles No invention has so transformed the landscape of the United States as the automobile, and no other country has so thoroughly adopted the automobile as its favorite means of transportation. . Revenues from automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of trading are offsetting the reduction in shipping volume as the company transitions to a more traditional billing structure. The company bought 2,400 automobiles for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. this quarter. All purchases are for buyers in North and West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. that have placed non-refundable deposits with the company's agents. Automobiles are paid for in full when delivered. "We are pleased with our first quarter results. Our market niche in the shipping business combined with the strength of our balance sheet has provided new opportunities for ACLN. The transition to a traditional prepaid freight model should continue to improve our cash flow and financial position. We are encouraged by the results of our newly formed automobile trading division. ACLN has been serving many of its markets for over 20 years and is benefiting from growing consumer demand for personal automobiles. Our combined financial strength and long term relationships are providing new and exciting growth opportunities," said Aldo Aldo Comes from old German and means old. Aldo may refer to:
Joseph Bisschops, Chairman of the Board added, "Our shift toward a prepaid freight model and the development of related businesses is a result of our rapid growth in assets since becoming a public company. We hope that by increasing the proportion of free cash we will increase shareholder value by improving the perceived per·ceive tr.v. per·ceived, per·ceiv·ing, per·ceives 1. To become aware of directly through any of the senses, especially sight or hearing. 2. To achieve understanding of; apprehend. quality of our assets." A.C.L.N. Limited is a shipping and marine logistics company that provides and arranges for the shipment of personal automobiles and light trucks from four ports in Northern Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and three ports in the U.S.
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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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
Three Months Ended
March 31,
2000 1999
Sales $ 28,625,292 $ 19,713,720
Cost of sales 18,420,822 14,462,668
Gross profit 10,204,470 5,251,052
Selling, general and
administrative expenses 989,516 834,882
Income from operations 9,383,879 4,407,170
Other income (expense):
Income before income
taxes 9,383,879 4,407,170
Income taxes 469,614 207,905
Net income 8,745,340 4,199,265
Foreign currency
translation adjustments 4,002 (43,759)
Comprehensive income $ 8,749,342 $ 4,155,506
Net income per share (basic) $ 0.99 $ 0.51
Weighted average shares
outstanding (basic) 8,832,692 8,200,000
Balance Sheet as of March 31, 2000
March 31, 2000
Assets
Current assets:
Cash and cash equivalents $ 26,710,064
Cash restricted as to withdrawal 53,761,630
Accounts receivable 23,771,537
Deferred expenses 71,542
Furniture and fittings 5,222
Deposits 5,428
$104,325,423
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accruals $ 15,803,497
Amounts due to related parties 34,527
Income taxes payable 3,422,711
19,260,735
Shareholders' equity:
Ordinary shares, stated value of C(pound) 0,01
each, 8,832,692 shares issued and
outstanding 170,112
Paid-in capital 20,763,972
Retained earnings 64,065,749
Accumulated other comprehensive
income 64,855
Total shareholders' equity 84,064,688
$104,325,423
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