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30.07.2013 12:00:00
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L&L Energy Announces Fiscal Year End 2013 Results
SEATTLE, July 30, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or "Company"), a Seattle-based company with a track record of profitable coal operations in China, announced its financial results for fiscal year 2013, ended April 30, 2013.
Fiscal Year 2013 Highlights:
- Revenues increased 76% year-over-year to $199 million for FY2013 from $113 million last year.
- Net income attributable to L&L increased 169% year-over-year to $38.4 million for the FY2013 from $14.2 million last year.
- Earnings per share for FY2013 was $1.03, an increase of 140% from $0.43 last year. FY2013 EPS was reduced by $0.05 due to a non-cash derivative loss.
- The Company's Book Value for the year end 2013 was $214,000,000 or $5.55 per share.
- Coal mining tons sold increased 182% year over year to 670,000 tons for FY2013 from 237,000 last year.
- In November 2012, L&L acquired the Luozhou and Lashu Coal Mines in Guizhou adding 350,000 tons of coal mining production and, when fully expanded, 750,000 tons of annual production.
"Our fiscal 2013 year was one of strong organic and acquisitive growth," commented L&L Vice President and Director, Clayton Fong."Our two newly acquired mines, Luozhou and Lashu, were able to ramp up their production ahead of schedule contributing 167,000 tons to the Company's mining segment in a little over 5 months. With the addition of L&L's Weishe mine, which produced approximately 143,000 tons during FY2013, the Company anticipates its three Guizhou mines to produce 1.2 million tons by 2015."
Fong continued, "Luozhou and Lashu have been wonderful additions to our mining portfolio. We have been pleased with their organic expansion thus far and look forward to expanding both mines, as well as our Weishe mine, to their designed capacities."
The 5 mines L&L currently owns produced approximately 670,000 tons for FY2013. When fully expanded L&L's current mining operations are targeted to produce approximately 1.8 million tons. In the fourth quarter the Company's mining production, the primary driver of its earnings produced on target with 196,000 tons, however net income was reduced $1.9 million, or $0.05 per share, from a non-cash derivative expense due to a market valuation on a derivative per US accounting standards.
In addition to the Company's growth in South China, L&L announced earlier this year that it has begun to evaluate larger mining operations with over 1 million tons of annual production in northern China. These larger mines have inherently lower production costs and will allow L&L to grow its mining segment exponentially. L&L Directors, Mr. Jingcai Yang and Dr. Syd Peng have played integral roles in this due diligence process. L&L also relocated its headquarters to Beijing in April 2013.
L&L's wholesale segment also saw significant growth this year, securing a new large contract with Datang Power. The increase in volume allowed the Company to further build out its infrastructure, developing additional coal processing operations in Guizhou. Earlier this year L&L opened its second loading and blending station in Guizhou. The facilities at ShinPingBa and ZhaZhou are strategically placed to increase the Company's ability to source coal from a broader area.
L&L also signed a strategic agreement with Apollo Technologies a Taiwan based environmental remediation monitoring firm to explore joint ventures in clean coal projects in China.
Conference Call
Management will host a conference call to discuss its 2013 fiscal year end (4/30/2013) financial results at 12:00 p.m. Eastern Daylight Time (9:00 a.m. Pacific Daylight Time) on Wednesday, July 31, 2013. Investors may access the call as follows:
The audio call of the meeting will be available via telephone at:
North America Toll Free: 800-893-5360
International Toll: 404-665-9534
Conference ID: 24623365
Please call five minutes prior to 12:00 p.m. Eastern Daylight Time. A live webcast of the call will also be available at http://www.llenergyinc.com. A replay will be available from July 31, 2013 to August 7, 2013. The number for the replay is 855-859-2056 or for international calls, 404-537-3406. Conference ID#: 24623365.
Contacts:
L&L Energy Inc.
(206)-264-8065
ir@llenergyinc.com
L & L ENERGY, INC. | |||||
CONSOLIDATED BALANCE SHEETS | |||||
AS OF APRIL 30, 2013 AND 2012 | |||||
2013 | 2012 | ||||
ASSETS | |||||
CURRENT ASSETS: | |||||
Cash and cash equivalents | $ | 9,565,084 | $ | 4,040,020 | |
Accounts receivables | 35,431,260 | 33,099,101 | |||
Prepaid and other current assets | 23,139,756 | 22,824,020 | |||
Other receivables, net | 12,895,304 | 8,738,868 | |||
Due from related parties | 3,434,502 | - | |||
Related party notes receivable - current | 4,237,715 | - | |||
Inventories | 7,154,544 | 4,946,231 | |||
Total current assets | 95,858,165 | 73,648,240 | |||
Property, plant, equipment, and mine development, net | 173,409,488 | 132,630,829 | |||
Construction-in-progress | 34,679,059 | 31,259,260 | |||
Intangible assets, net | 214,883 | 428,036 | |||
Goodwill | 2,753,439 | 3,768,443 | |||
Other assets | 3,094,830 | 885,680 | |||
Deferred finance fee | 146,072 | - | |||
Long term receivable, net | 12,441,007 | 27,840,433 | |||
Related party notes receivable - noncurrent | - | 6,096,617 | |||
Total non-current assets | 226,738,778 | 202,909,298 | |||
TOTAL ASSETS | $ | 322,596,943 | $ | 276,557,538 | |
LIABILITIES AND EQUITY | |||||
CURRENT LIABILITIES: | |||||
Accounts payable | $ | 3,794,840 | $ | 803,975 | |
Accrued expenses and other current liabilities | 1,011,100 | 1,090,310 | |||
Other payables | 21,373,835 | 20,969,802 | |||
Related party payables - current | 6,808,798 | 17,251,921 | |||
Due to officers | 1,304,431 | 414,667 | |||
Tax payable | 17,792,612 | 13,636,288 | |||
Customer deposits | 745,200 | 1,542,064 | |||
Bank loans | 4,999,985 | 2,229,761 | |||
Total current liabilities | 57,830,801 | 57,938,788 | |||
LONG-TERM LIABILITIES | |||||
Convertible note payable, net | 543,367 | - | |||
Derivative liabilities | 4,594,912 | - | |||
Related party payable - noncurrent | - | 304,951 | |||
Asset retirement obligations | 3,616,643 | 2,459,352 | |||
Total long-term liabilities | 8,754,922 | 2,764,303 | |||
Total Liabilities | 66,585,723 | 60,703,091 | |||
Commitments and contingencies | |||||
EQUITY: | |||||
L&L ENERGY STOCKHOLDERS' EQUITY: | |||||
Preferred stock, no par value, 2,500,000 shares authorized, none issued and outstanding | - | - | |||
Common stock ($0.001 par value, 120,000,000 shares authorized: 38,385,050 and 36,991,397 shares issued and outstanding at April 30, 2013 and 2012 respectively) | 38,385 | 36,991 | |||
Additional paid-in capital | 69,588,550 | 65,752,560 | |||
Accumulated other comprehensive income | 9,814,087 | 10,622,683 | |||
Retained Earnings | 134,487,028 | 96,134,782 | |||
Treasury stock (286,595 shares and 343,093 shares at April 30, 2013 and 2012 respectively, including shared held by subsidiary) | -68,035 | -123,968 | |||
Total L & L Energy stockholders' equity | 213,860,015 | 172,423,048 | |||
Non-controlling interest | 42,151,205 | 43,431,399 | |||
Total equity | 256,011,220 | 215,854,447 | |||
TOTAL LIABILITIES AND EQUITY | $ | 322,596,943 | $ | 276,557,538 | |
L & L ENERGY, INC. | ||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||
FOR THE YEARS ENDED APRIL 30, 2013, 2012 AND 2011 | ||||||
2013 | 2012 | 2011 | ||||
NET REVENUES | $ | 198,982,667 | $ | 112,940,483 | $ | 137,324,576 |
COST OF REVENUES | 137,419,910 | 82,140,286 | 95,158,971 | |||
GROSS PROFIT | 61,562,757 | 30,800,197 | 42,165,605 | |||
OPERATING COSTS AND EXPENSES: | ||||||
Salaries & wages-selling, general and administrative | 4,614,606 | 6,408,059 | 8,649,292 | |||
Selling, general and administrative expenses, excluding salaries and wages | 12,624,785 | 8,934,090 | 8,758,213 | |||
Total operating expenses | 17,239,391 | 15,342,149 | 17,407,505 | |||
INCOME FROM OPERATIONS | 44,323,366 | 15,458,048 | 24,758,100 | |||
OTHER INCOME (EXPENSE): | ||||||
Interest income (expense) | 173,870 | 593,860 | -290,154 | |||
Other income, net | 505,520 | 1,672,627 | 1,485,906 | |||
Derivative loss | -1,951,721 | - | - | |||
Total other income (expense) | -1,272,331 | 2,266,487 | 1,195,752 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES | 43,051,035 | 17,724,535 | 25,953,852 | |||
PROVISION FOR INCOME TAXES | 5,545,883 | 2,395,663 | 2,121,630 | |||
INCOME FROM CONTINUING OPERATIONS | 37,505,152 | 15,328,872 | 23,832,222 | |||
Income attributable to non-controlling interests | 8,563,990 | 3,306,143 | 5,601,449 | |||
Income attributable to L & L | 28,941,162 | 12,022,729 | 18,230,773 | |||
DISCONTINUED OPERATIONS, NET OF TAX | ||||||
Gain on disposal | 5,417,166 | - | - | |||
Net income from discontinued operations attributable to non-controlling interests | 2,236,413 | 1,688,526 | 19,230 | |||
Net income from discontinued operations attributable to L & L | 3,993,918 | 5,407,500 | 18,549,036 | |||
Divestiture net present value cost | - | -3,183,786 | - | |||
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 11,647,497 | 3,912,240 | 18,568,266 | |||
NET INCOME | $ | 49,152,649 | $ | 19,241,112 | $ | 42,400,488 |
Net income attributable to non-controlling interests | $ | 10,800,403 | $ | 4,994,669 | $ | 5,620,679 |
Net income attributable to L & L | 38,352,246 | 14,246,443 | 36,779,809 | |||
OTHER COMPREHENSIVE INCOME: | ||||||
Foreign currency translation gain | 1,818,735 | 4,120,141 | 6,502,542 | |||
COMPREHENSIVE INCOME | $ | 50,971,384 | $ | 23,361,253 | $ | 48,903,030 |
Comprehensive income attributable to non-controlling interests | $ | 11,218,945 | $ | 5,767,281 | $ | 6,327,858 |
Comprehensive income attributable to L & L | 39,752,439 | 17,593,972 | 42,575,172 | |||
INCOME PER COMMON SHARE – basic from continuing operations | $ | 0.78 | $ | 0.36 | $ | 0.61 |
(LOSS) INCOME PER COMMON SHARE – basic from discontinued operations | $ | 0.25 | $ | 0.07 | $ | 0.63 |
INCOME PER COMMON SHARE – basic | $ | 1.03 | $ | 0.43 | $ | 1.24 |
INCOME PER COMMON SHARE – diluted from continuing operations | $ | 0.74 | $ | 0.35 | $ | 0.6 |
(LOSS) INCOME PER COMMON SHARE – diluted from discontinued operations | $ | 0.24 | $ | 0.07 | $ | 0.61 |
INCOME PER COMMON SHARE – diluted | $ | 0.98 | $ | 0.42 | $ | 1.21 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – basic | 37,243,459 | 33,108,863 | 29,764,705 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted | 39,175,569 | 33,544,354 | 30,422,393 | |||
SOURCE L & L Energy, Inc.
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