In the news release, L&L Energy Announces Third Quarter Financial Results – Record Production and Earnings, issued 11-Mar-2013
SEATTLE
Third Quarter Highlights:
Trailing Five Quarter Highlights:
Mining Production Net Income Attributable to L&L Earnings Per Share
Q3 FY2013
233,000 tons
$15.6 million
$0.42
Q2 FY2013
185,000 tons
$7.7 million
$0.21
Q1 FY2013
149,000 tons
$6.2 million
$0.17
Q4 FY2012
108,000 tons
$4.2 million
$0.12
Q3 FY2012
66,000 tons
$3.9 million
$0.11
“Our third quarter results show five quarters of consecutive growth,” commented Ian Robinson
Mr. Robinson continued saying, “Our wholesale segment also recorded solid growth this quarter as L&L increased shipments to Datang Power under the previously increased contract, signed in October 2012.” L&L’s Vice President and Director Clayton Fong
Conference Call
Management will host a conference call to discuss these financial results Tuesday, March 12, 2013
The audio call of the meeting will be available via telephone at:
North America Toll Free
Forward Looking Statements
The release contains statements related to Company’s future performance and is within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve uncertainties and actual results of the future events described in this release could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. Contacts: L&L Energy Inc. (206)-264-8065
ir@llenergyinc.com L & L ENERGY, INC. CONSOLIDATED BALANCE SHEETS AS OF JANUARY 31, 2013 AND APRIL 30, 2012 (Unaudited) 31-Jan-13
30-Apr-12 ASSETS CURRENT ASSETS: Cash and cash equivalents $
5,117,515
$
3,547,953 Accounts receivables 38,499,154
26,032,123 Prepaid and other current assets 23,045,587
17,540,206 Other receivables 21,094,124
8,738,868 Inventories 8,722,746
4,701,954 Assets held for sales –
68,769,279 Total current assets 96,479,126
129,330,383 Property, plant, equipment, and mine development, net 159,220,393
85,469,222 Construction-in-progress 11,200,140
26,417,686 Intangible assets, net 221,176
79,491 Goodwill 2,914,424
919,017 Other assets 993,355
404,689 Long term receivable 26,280,607
27,840,433 Related party notes receivable 6,040,433
6,096,617 Total non-current assets 206,870,528
147,227,155 TOTAL ASSETS $
303,349,654
$
276,557,538 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $
3,790,146
$
799,102 Accrued expenses and other current liabilities 916,908
916,001 Other payables 32,047,140
34,491,367 Related party payables 2,759,608
1,863,413 Due to officers 1,450,375
414,667 Tax payable 15,240,845
12,633,204 Customer deposits 978,194
1,381,300 Liabilities held for sales –
6,126,253 Total current liabilities 57,183,216
58,625,307 LONG-TERM LIABILITIES Related party payable- Long term – 304,951 Asset retirement obligations 3,514,215
1,772,833 Total long-term liabilities 3,514,215
2,077,784 Total Liabilities 60,697,431
60,703,091 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: 37,979,414 and 36,991,397 shares issued and outstanding at January 31, 2013 and April 30, 2012 respectively)
37,979
36,991 Additional paid-in capital 67,850,688
65,752,560 Accumulated other comprehensive income 9,313,948
10,622,683 Retained Earnings 125,660,995
96,134,782 Treasury stock (86,595 shares and 143,093 shares at January 31, 2013 and April 30, 2012 respectively)
(68,035)
(123,968) Total L & L Energy stockholders’ equity 202,795,575
172,423,048 Non-controlling interest 39,856,648
43,431,399 Total equity 242,652,223
215,854,447 TOTAL LIABILITIES AND EQUITY $
303,349,654
$
276,557,538
The accompanying notes are an integral part of these consolidated financial statements L & L ENERGY, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS PERIODS ENDED JANUARY 31, 2013 AND 2012 (Unaudited) For The Three Months Periods Ended January 31, For The Nine Months Periods Ended January 31, 2013 2012 2013 2012 NET REVENUES $
59,852,361
$
19,384,566
$
144,804,738
$
78,336,628 COST OF REVENUES 39,396,382
14,238,311
102,569,810
57,271,928 GROSS PROFIT 20,455,979
5,146,255
42,234,928
21,064,700 OPERATING COSTS AND EXPENSES: Salaries & wages-selling, general and administrative 703,121
1,014,187
2,597,634
4,530,049 Selling, general and administrative expenses, excluding salaries and wages 3,358,112
1,502,100
9,260,485
5,995,523 Total operating expenses 4,061,233
2,516,287
11,858,119
10,525,572 INCOME FROM OPERATIONS 16,394,746
2,629,968
30,376,809
10,539,128 OTHER INCOME (EXPENSE): Interest income (expense) 116,926
85,078
341,261
461,451 Other income (expense),net 71,828
(208,967)
962,243
(1,326,566) Total other income (expense)
188,754
(123,889)
1,303,504
(865,116) INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES 16,583,500
2,506,079
31,680,313
9,674,012 PROVISION FOR INCOME TAXES 1,574,799
336,085
3,072,766
1,426,412 INCOME FROM CONTINUING OPERATIONS 15,008,701
2,169,994
28,607,547
8,247,600 Income attributable to non-controlling interests 3,007,604
510,282
6,334,799
2,217,152 Income attributable to L & L 12,001,097
1,659,712
22,272,748
6,030,448 DISCONTINUED OPERATIONS Gain on disposal 3,260,086
–
3,260,086
– Net income from discontinued operations attributable to non-controlling interests 176,375
527,243
2,236,402
983,128 Net income from discontinued operations attributable to L & L 335,615
2,199,758
3,993,377
4,004,851 Divestiture net present value cost –
–
–
– – – – TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS 3,772,076
2,727,001
9,489,865
4,987,979 NET INCOME $
18,780,777
$
4,896,996
$
38,097,412
$
13,235,579 Net income attributable to non-controlling interests $
3,183,979
$
1,037,525
$
8,571,201
$
3,200,279 Net income attributable to L & L 15,596,798
3,859,471
29,526,211
10,035,300 OTHER COMPREHENSIVE INCOME: Foreign currency translation (loss) gain (977,322)
347,024
(1,308,735)
4,833,525 COMPREHENSIVE INCOME $
17,803,455
$
5,244,020
$
36,788,677
$
18,069,104 Comprehensive income attributable to non-controlling interests $
3,049,642
$
1,093,359
$
8,377,845
$
3,961,242 Comprehensive income attributable to L & L 14,753,813
4,150,661
28,410,832
14,107,862 INCOME PER COMMON SHARE – basic from continuing operations $
0.32
$
0.05
$
0.60
$
0.19 (LOSS) INCOME PER COMMON SHARE – basic from discontinued operations $
0.10
$
0.07
$
0.19
$
0.12 INCOME PER COMMON SHARE – basic $
0.42
$
0.12
$
0.79
$
0.31 INCOME PER COMMON SHARE – diluted from continuing operations $
0.32
$
0.05
$
0.60
$
0.18 (LOSS) INCOME PER COMMON SHARE – diluted from discontinued operations $
0.10
$
0.07
$
0.19
$
0.12 INCOME PER COMMON SHARE – diluted $
0.42
$
0.12
$
0.79
$
0.30 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – basic 37,318,789
32,723,159
37,562,695
32,093,512 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – diluted 37,318,789
33,539,928
37,562,695
33,004,193 L & L ENERGY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED JANUARY 31, 2013 AND 2012 For The Nine Months Periods Ended January 31, 2013 2012 CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
38,097,412
$
13,235,579
Loss from discontinued operations, net of income taxes
(6,229,779)
(4,987,979)
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of subsidiary
(3,260,086)
–
Income from continuing operations, net of income taxes
28,607,547
8,247,600
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
5,124,945
2,752,804
Stock compensation
2,099,117
2,913,347
Accretion of asset retirement obligation
137,134
108,240
Accounts receivable
(11,457,863)
(4,486,640)
Prepaid and other current assets
(3,584,643)
7,680,822
Inventories
(2,303,922)
(3,463,461)
Other receivable
(17,249,745)
755,196
Accounts payable and other payable
8,358,088
169,917
Customer deposit
(1,273,992)
405,791
Accrued and other liabilities
(417,174)
202,299
Taxes payable
2,513,694
1,107,490
Note receivable
56,184
(3,852,434)
Net cash provided by continuing operating activities 10,609,369
12,540,971
Net cash provided by discontinued operation
9,489,865
6,308,946
Net cash provided by operating activities 20,099,234
18,849,917
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment
(1,596,161)
(681,228)
Construction-in-progress
(27,442,341)
(19,497,219)
Acquisition of businesses, net of cash acquired
(1,748,669)
–
Proceeds from repayment of long term receivable
1,559,826
–
Increase in investments
–
397,860
Cash received from HSC disposal
5,125,291
1,030,260
Net cash used in continuing investing activities (24,102,054)
(18,750,327)
Net cash used in discontinuing investing activities 12,555,005
(1,988,052)
Net cash used in investing activities (11,547,049)
(20,738,379)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to officers
1,035,708
(1,200)
Proceeds from Treasury stock sold
55,933
3,840,795
Payment to previous owner of acquired mine
(8,708,978)
Net cash provided by (used in) continuing financing activities (7,617,337)
3,839,595
Net cash provided by discontinued financing activities
–
Net cash provided by (used in) financing activities (7,617,337)
3,839,595
Effect of exchange rate changes on cash and cash equivalents
634,714
430,595
INCREASE IN CASH AND CASH EQUIVALENTS
1,569,562
2,381,728
CASH AND CASH EQUIVALENTS, BEGINNING OF YEARS
3,547,953
4,914,425
CASH AND CASH EQUIVALENTS, END OF YEARS
$
5,117,515
$
7,296,153
–
SUPPLEMENTAL INFORMATION
INTEREST PAID
$
–
$
344,116
INCOME TAX PAID
$
2,114,059
$
1,012,634
NON-CASH INVESTING AND FINANCING ACTIVITY:
Acquisition of business, net of cash acquired
$
(36,795,600)
$
Divestiture of business, net of cash disposed
$
35,046,931
$ SOURCE L & L Energy, Inc.