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PR Newswire
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L & L Energy Announces Third Quarter Fiscal 2012 Financial Results

SEATTLE, March 12, 2012 /PRNewswire/ -- L & L Energy, Inc., (NASDAQ: LLEN)("L&L" or the "Company"), a U.S.-based company operating coal businesses in China, today announced its financial results for the third fiscal quarter ended January 31, 2012. The Company generated $30.2 million in sales for the third quarter and net income totaled $4.9 million. L&L also entered into an agreement acquiring controlling interest in its fifth coal mine.

L&L Acquires the Weishe Mine

--

Estimated FY2013 (Ended April 30) Impact of Weishe


Production:

124,000 tons


Price per ton:

$158


Revenues:

$19.6 million


EBITA:

$9.8 million


Cash flow attributable to L&L: $3.75 million

--

Weishe Mine is designed with high standards of safety and mechanization

--

Weishe is currently approved for 150,000 tons of annual production. The planned addition of a second
ventilation shaft will be installed prior to the mines expansion to 450,000 tons.



Dickson Lee, Chairman and CEO of L&L commented, "We are pleased with our progress in becoming a consolidator in Guizhou, targeting 2-3 million tons of production by the end of 2013. We have begun our execution plans and our acquisition of the Weishe Mine ("Weishe") was an important milestone. Weishe is a great addition to our portfolio and our new partners and former majority owners of Weishe, Union Energy, Co. are very experienced with strong connections throughout Guizhou."

Lee went on to say, "We have a pipeline of other acquisitions in place, including two additional Union Energy mines. These additional acquisitions will meet our standards for safety, scalability, and operational efficiency. With the support of the government and our new partnership with Union Energy, I anticipate a strong finish to our fiscal 2012 year and have an optimistic outlook for 2013."

Third Quarter FY2012 Financial Summary and Fourth Quarter Outlook

Ian Robinson, Chief Financial Officer stated, "As we have stated in the past several quarters, the Guizhou consolidation would provide tremendous growth opportunities to acquire mines at highly accretive prices. However, in the short term, the operating environment would be challenging. The last four quarters have been difficult, but we seem to have turned the corner going forward."

"In this third quarter of FY2012, our mines produced 67,000 tons. This reduction was the result of two temporary setbacks which the Company does not anticipate will affect our fourth quarter. First, a government mandated slowdown as a result of a major accident in the early part of the third quarter near our DaPuAn mine caused its production to drop over 50%. However, during the early part of the fourth quarter the Chinese government notified the Company that DaPuAn has passed its safety inspection and was approved to ramp up production. The second contributor to the decreased production in the third quarter was the Chinese New Year holiday, which traditionally results in a two week idling of nearly all businesses throughout China. We estimate that this annual holiday celebration impacted the Company's quarterly revenues by approximately 15%. Our revenues, net income, gross profit and diluted EPS for the third quarter were as follows:"

-- Revenues were $30.2 million
-- Gross profit was $8.8 million
-- Net income was $4.9 million
-- Earnings per share was $0.11 per diluted share

Robinson continued, "We are optimistic that the fourth quarter of FY2012 will see significant improvements from the third quarter. Our DaPuAn, Su Tsong, and Da Ping mines are operating near or at their approved mining permits and our recently acquired Weishe mine began test production this February. Looking forward and assuming four mines at or near approved production, combined with even minimal production at Ping Yi, we believe our revenues next fiscal year would exceed those in FY2011, which for the most part was not impacted by Guizhou's accelerated consolidation. "

Forward-Looking Statements

The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. Actual results of the future events described in this document could differ materially due to numerous factors and other made by the company filing with the Securities and Exchange Commission. 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JANUARY 31,2012 AND APRIL 30,2011

(Unaudited)




January31,2012


April 30, 2011

ASSETS






CURRENT ASSETS:






Cash and cash equivalents

$

7,296,153

$

4,914,425


Accounts receivables


27,963,397


24,017,391


Prepaid and other current assets


23,646,226


28,641,462


Other receivables


789,707


2,586,147


Inventories


10,021,924


6,633,019


Total current assets


69,717,407


66,792,444








Property, plant, equipment, and mine development, net


116,469,383


96,479,552


Construction-in-progress


45,388,396


44,943,609


Intangible assets, net


802,893


902,555


Goodwill


3,077,183


2,988,175


Restricted Cash


565,606


544,588


Long term receivable


6,874,968


7,272,828


Related party notes receivable


5,895,978


7,428,574


Total non-current assets


179,074,407


160,559,881




 


 

TOTAL ASSETS

$

248,791,814

$

227,352,325







LIABILITIES AND EQUITY





CURRENT LIABILITIES:






Accounts payables

$

3,099,413

$

3,439,460


Accrued and other liabilities


925,320


717,298


Other payables


6,379,766


7,546,391


Related party payables


15,521,963


17,264,815


Due to officers


1,068,800


1,070,000


Taxes payables


20,440,859


18,835,276


Customer deposits


2,114,038


4,338,424


Shares to be issued


271,524


-


Bank loans


4,594,787


5,385,030


Total current liabilities


54,416,470


58,596,694







LONG-TERM LIABILITIES






Long-term payable


800,000


800,000


Asset retirement obligation


2,160,091


1,978,877


Total long-term liabilities


2,960,091


2,778,877








Total Liabilities


57,376,561


61,375,571







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: 32,992,151 and 32,277,579 shares issued and outstanding at January 31, 2012 and April 30, 2011 respectively)


32,992


32,278


Additional paid-in capital


54,629,134


48,420,321


Accumulated other comprehensive income


11,336,067


6,502,542


Retained Earnings


91,923,639


81,888,339


Treasury stock (143,093 shares and 1,259,000 shares at January 31, 2012 and April 30, 2011 respectively)


(123,768)


(396,859)


Total L & L Energy stockholders' equity


157,798,064


136,446,621


Non-controlling interest


33,617,189


29,530,133


Total equity


191,415,253


165,976,754

TOTAL LIABILITIES AND EQUITY

$

248,791,814

$

227,352,325





L & L ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2012 AND 2011

(Unaudited)


For The Three Months Periods Ended January 31,


For The Nine Months Periods Ended January 31,



2012


2011



2012


2011

NET REVENUES

$

30,192,688

$

65,894,584


$

108,699,834

$

178,642,209

COST OF REVENUES


21,421,144


44,504,406



79,343,401


119,374,564

GROSS PROFIT


8,771,544


21,390,178



29,356,433


59,267,645











OPERATING COSTS AND EXPENSES:










Salaries & wages-selling, general and administrative


1,014,187


1,710,726



4,559,089


4,447,667

Selling, general and administrative expenses, excluding salaries and wages


2,356,848


3,169,118



8,741,739


9,295,726

Total operating expenses


3,371,035


4,879,844



13,300,828


13,743,393











INCOME FROM OPERATIONS


5,400,509


16,510,334



16,055,605


45,524,252

OTHER INCOME (EXPENSE):










Interest income (expense)


(45,760)


(285,359)



260,895


(456,827)

Other income (expense)


160,387


444,341



(1,088,447)


852,459

Total other income (expense)


114,627


158,982



(827,552)


395,632











INCOME BEFORE PROVISION FOR INCOME TAXES


5,515,136


16,669,316



15,228,053


45,919,884

LESS PROVISION FOR INCOME TAXES


618,140


2,147,548



1,992,474


6,337,053

INCOME BEFORE
NON-CONTROLLING INTEREST


4,896,996


14,521,768



13,235,579


39,582,831











Income attributable to non-controlling interests


1,037,525


1,937,138



3,200,280


4,998,828

Income attributable to L & L


3,859,471


12,584,630



10,035,299


34,584,003











NET INCOME

$

4,896,996

$

14,521,768


$

13,235,579

$

39,582,831











OTHER COMPREHENSIVE INCOME:










Foreign currency translation gain


347,024


1,707,441



4,833,525


4,367,017

COMPREHENSIVE INCOME

$

5,244,020

$

16,229,209


$

18,069,104

$

43,949,848











Comprehensive income attributable to non-controlling interests

$

1,093,359

$

2,098,255


$

3,961,242

$

5,351,049

Comprehensive income attributable to L & L


4,150,661


14,130,954



14,107,862


38,598,799





















INCOME PER COMMON SHARE - basic

$

0.12

$

0.42


$

0.31

$

1.17











INCOME PER COMMON SHARE - diluted

$

0.12

$

0.41


$

0.30

$

1.15











WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - basic


32,723,159


30,296,064



32,093,512


29,490,324











WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted


33,539,928


31,018,298



33,004,193


30,183,227


The accompanying notes are an integral part of these consolidated financial statements.




L & L ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED JANUARY 31, 2012 AND 2011

(Unaudited)



For The Nine Months Periods Ended January 31,



2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES:





Net income

$

13,235,579

$

39,582,831

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


4,786,768


6,222,658


Stock compensation


2,913,347


4,060,944


Accretion of asset retirement obligation


181,214


-


Accounts receivable


(3,946,006)


(10,856,252)


Prepaid and other current assets


4,995,236


3,936,965


Inventories


(3,388,905)


(915,667)


Other receivable


766,180


(782,360)


Accounts payable and other payable


(1,704,991)


(9,785,424)


Customer deposit


(2,224,386)


982,112


Accrued and other liabilities


208,022


(375,823)


Taxes payable


1,605,583


3,721,722


Note receivable


1,532,596


-

Net cash provided by operating activities


18,960,237


35,791,706







CASH FLOWS FROM INVESTING ACTIVITIES:






Acquisition of property and equipment


(856,378)


(10,881,933)


Construction-in-progress


(19,677,589)


(29,249,390)


Decrease (increase) in investments


397,860


(4,445,402)


Cash received from spin-off HSC


1,030,260


-

Net cash (used in) investing activities


(19,105,847)


(44,576,725)







CASH FLOWS FROM FINANCING ACTIVITIES:






Payment on bank loans


-


(1,870,775)


Due to officers


(1,200)


-


Proceeds from warrant extension


-


50,000


Proceeds from Treasury stock sold


3,840,795


2,500,007


Payment to previous owner of acquired mine


(1,742,852)


-


Warrants converted to common stock


-


4,669,750

Net cash provided by financing activities


2,096,743


5,348,982







Effect of exchange rate changes on cash and cash equivalents


430,595


4,255,310







INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


2,381,728


819,273

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD


4,914,425


7,327,369

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

7,296,153

$

8,146,642




-



SUPPLEMENTAL INFORMATION





INTEREST PAID

$

344,116

$

446,055

INCOME TAX PAID

$

1,012,634

$

2,615,331







NON-CASH INVESTING AND FINANCING ACTIVITY:





Stock subscription

$

-

$

1,800,000


The accompanying notes are an integral part of these consolidated financial statements



SOURCE L & L Energy, Inc.

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