A.C.L.N. Limited Announces Record Second Quarter Results.PTE-DE-MONACO--(BUSINESS WIRE)--August 17, 1999-- Second Quarter Revenue Up 37.3%, Net Income Better By 52.5% After Tax Margins Improve From 19.9% to 22.2% 2nd Quarter Earnings Per Share of $0.66 A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” .L.N. Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: ACLNF), today announced its financial results of operations for the three months ended June June: see month. 30, 1999. A conference call to discuss the results of operations has been scheduled for Thursday Thursday: see week. , August 19, 1999 at 11:00 AM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The dial-in number for calls within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. is 800-288-8961; for international callers the dial-in number is 612-332-0107. A replay of the call will be available for 48 hours following the call at 800-475-6701 for callers within the United States and 320-365-3844 for international callers. The access code for the replay is 466373. Sales for the three months ended June 30, 1999 increased by $6,640,619, or 37.3%, to $24,461,700 compared with $17,821,081 for the three months ended June 30, 1998. Net income increased by $1,868,452, or 52.5%, to $5,430,426 for the three months ended June 30, 1999, from $3,561,974 for the three months ended June 30, 1998. Earnings per share increased by $0.15, or 29.4%, to $0.66 for the three months ended June 30, 1999 compared with $0.51 for the three months ended June 30, 1998. The Company experienced continued margin improvements as well. For the second quarter of 1999 versus the same period in 1998, the Company's gross margins improved by 11.8% from 25.1% to 28.1%. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margins improved by 11.0% from 20.9% to 23.2% and net income margins improved by 11.1% from 19.9% to 22.2%. These improvements are primarily a result of improved car volumes and attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. cost per car efficiencies. On June 30, 1999, the Company had $57,550,105 of cash on its balance sheet, or $7.02 of cash per share. "This second quarter marks the first full year of our operating as a public company. We are pleased that we have continued to demonstrate the growth potential of the Company and economies of scale of our operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. . We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that a combination of growing demand from our current markets and the opening of new destinations should continue to drive growth for 1999 and beyond," commented Joseph Bisschops, Chairman of the Board of A.C.L.N. Limited. "We are pleased with the results of this quarter and hope to see improved profitability as a result of our decision to purchase two used car carrier vessels, which will be used to transport cars to North Africa. This purchase will give us additional operating flexibility and, we expect, will continue to drive margin improvements," added Bisschops. A.C.L.N. Limited is a marine logistics company that arranges for the shipment of used 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. sold in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. by independent auto dealers to purchasers who live 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. and the Middle East, and provides for related customs-clearance and stevedoring services. -0-
A.C.L.N. Limited
Selected Financial Data
Three Months Ended
June 30,
1999 1998
Sales $24,461,700 $17,821,081
Cost of sales 17,595,998 13,345,947
Gross profit 6,865,702 4,475,134
Selling, general and
Administrative expenses 1,166,992 734,642
Income from operations 5,698,710 3,740,492
Other income (expense): -- --
Income before income taxes 5,698,710 3,740,492
Income taxes 268,284 178,518
Net income 5,430,426 3,561,974
Other comprehensive
income (loss) net of tax:
Foreign currency
translation adjustments 2,394 24,046
Comprehensive income $5,432,820 $3,586,020
Net income per share -
basic and diluted $0.66 $0.51
Weighted average shares
outstanding - basic 8,200,000 7,000,000
Weighted average shares
outstanding - diluted 8,245,470 7,000,000
Balance Sheet Data
As of June 30, 1999
Assets
Current assets:
Cash and cash equivalents $5,185,521
Cash restricted as to withdrawal 52,364,584
Accounts receivable, net of allowance
for bad debts of $306,709 1,425,860
Deferred expenses 578,333
Deferred expenses 6,176
Deposits 5,848
Total Assets $59,566,322
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accruals $825,177
Amounts due to related parties 37,201
Income taxes payable 2,346,956
3,209,334
Shareholders' equity:
Ordinary shares, stated value of C (pounds)
0,01 each, 8,200,000 shares issued and
outstanding 158,470
Paid-in capital 13,471,955
Retained earnings 42,738,368
Accumulated other comprehensive income (11,805)
Total shareholders' equity 56,356,988
Total Liabilities and Shareholders' Equity $59,566,322
Forward Looking Statements 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. Such risk factors and uncertainties include, without limitation, those which are associated with: recent political uncertainty in certain regions where the Company's ports of destination are located; restrictions on the transferability of deposited shipping fees; changes in the demand for used automobiles in the countries of the Company's ports of destination; changes in the prices and supply of used automobiles; economic downturns and currency fluctuations in the countries of the Company's ports of destination; the availability of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. automobile transport vessels; working capital risks associated with growth of the Company's operations; and competition with other automobile transporters. |
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