SEATTLE, July 28, 2010 (GLOBE NEWSWIRE) -- L & L Energy, Inc., (Nasdaq:LLEN) ("L&L" or the "Company"), a U.S.-based company operating coal businesses in China, today announced its fully audited financial results for the fiscal year ended April 30, 2010. Full details of the Company's financial results are available in the Company's Form 10-K filed with the SEC at www.sec.gov.
Highlights of Audited Financials for Fiscal Year Ended April 30, 2010
-- Revenue $109 million for FY2010, up 167% from $41 million in FY2009
-- Net income $33 million for FY2010, up 230% from $10 million in FY2009
-- Fully diluted earnings per share $1.28 for FY2010, up 178% from $0.46 in FY2009
Dickson Lee, CEO of L&L, commented: "We are extremely pleased to report our tremendous growth during the past 12 months, ended April 30, 2010. These audited financials delineate our team's ability to successfully execute acquisitions and grow our existing operations in China, meeting market demands. Our growth has laid a solid foundation, ensuring continued increases in shareholder value."
Lee continued, "As previously stated, L&L will double its revenue in the current fiscal year ending April 30, 2011."
About L & L Energy, Inc.
Founded in 1995 and headquartered in Seattle, L&L Energy, Inc. ("L&L") (http://www.LLEnergyInc.com) focuses on serving the vast energy needs of the Chinese market. L&L's China operations are headquartered in Kunming City, which operates three coal mines, three coal washing facilities, a coking facility, and a coal wholesale network in both Yunnan Province and Guizhou Province of China. Marketing offices are also located in Shenzhen and Guangzhou of Guangdou Province and Taipei, Taiwan.
Forward-Looking Statements
The statements contained words that are not historical fact, including but not limited to, statements related to Company's future performance, and 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.
| L & L ENERGY, INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| AS OF APRIL 30, | ||
| 2010 | 2009 | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $7,327,369 | $5,098,711 |
| Accounts receivable | 17,304,949 | 16,906,010 |
| Prepaid and other current assets | 22,670,529 | 12,611,760 |
| Other receivables | 7,956,069 | 465,821 |
| Inventories | 9,605,103 | 1,524,493 |
| Total current assets | 64,864,019 | 36,606,795 |
| Property, plant, equipment, and mine development, net | 33,657,410 | 6,518,802 |
| Construction-in-progress | 17,211,093 | 2,085,134 |
| Intangible assets, net | 5,028,253 | 2,507,331 |
| Equity interest held in a subsidiary for sale | -- | 573,677 |
| Long term receivable | 1,259,151 | -- |
| Related party notes receivable | 7,141,800 | 5,983,636 |
| Total non-current assets | 64,297,707 | 17,668,580 |
| TOTAL ASSETS | $129,161,726 | $54,275,375 |
| LIABILITIES AND EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $1,995,513 | $4,930,866 |
| Accrued and other liabilities | 1,225,294 | 953,395 |
| Other payables | 15,344,920 | 3,000,000 |
| Taxes payable | 10,387,265 | 6,014,922 |
| Customer deposits | 3,937,770 | 300,435 |
| Due to shareholder | -- | 910,791 |
| Total current liabilities | 32,890,762 | 16,110,409 |
| LONG-TERM LIABILITIES | ||
| Bank loans | 4,146,950 | 3,000,000 |
| Long-term payable | 800,000 | -- |
| Asset retirement obligation | 507,279 | -- |
| Total long-term liabilities | 5,454,229 | 3,000,000 |
| Total Liabilities | 38,344,991 | 19,110,409 |
| 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: 28,791,735 and 28,391,735 shares issued and outstanding at April 30, 2010, respectively; 21,202,200 and 20,802,200 shares issued and outstanding at April 30, 2009, respectively | 28,792 | 21,202 |
| Additional paid-in capital | 32,781,365 | 10,000,693 |
| Deferred stock compensation | -- | (63,667) |
| Accumulated other comprehensive income | 699,755 | 669,913 |
| Retained Earnings | 45,108,530 | 12,200,838 |
| Treasury stock (400,000 shares) | (396,000) | (396,000) |
| Total L & L Energy stockholders' equity | 78,222,442 | 22,432,979 |
| Non-controlling interest | 12,594,293 | 12,731,987 |
| Total equity | 90,816,735 | 35,164,966 |
| TOTAL LIABILITIES AND EQUITY | $129,161,726 | $54,275,375 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
| L & L ENERGY, INC. | |||
| CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME | |||
| FOR THE YEARS ENDED APRIL 30, | |||
| 2010 | 2009 | 2008 | |
| NET REVENUES | $109,217,838 | $40,938,128 | $23,381,508 |
| COST OF REVENUES | 57,036,887 | 17,946,206 | 21,994,429 |
| GROSS PROFIT | 52,180,951 | 22,991,922 | 1,387,079 |
| OPERATING COSTS AND EXPENSES: | |||
| Salaries & wages | 2,560,128 | 481,128 | 191,808 |
| Selling, general and administrative expenses, excluding salaries and wages | 7,295,223 | 3,515,667 | 695,656 |
| Total operating expenses | 9,855,351 | 3,996,795 | 887,464 |
| INCOME FROM OPERATIONS | 42,325,600 | 18,995,127 | 499,615 |
| OTHER INCOME (EXPENSE): | |||
| Interest expense | (196,558) | (265,186) | (24,935) |
| Other income (expense) | 498,184 | (170) | (239) |
| Total other income (expense) | 301,626 | (265,356) | (25,174) |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 42,627,226 | 18,729,771 | 474,441 |
| LESS PROVISION FOR INCOME TAXES | 4,531,088 | 1,219,457 | 186,461 |
| INCOME FROM CONTINUED OPERATIONS BEFORE NON-CONTROLLING INTEREST | 38,096,138 | 17,510,314 | 287,980 |
| LESS: NONCONTROLLING INTEREST | 7,040,555 | 7,315,330 | 119,879 |
| NET INCOME FROM CONTINUED OPERATIONS | 31,055,583 | 10,194,984 | 168,101 |
| DISCONTINUED OPERATIONS | |||
| Gain (loss) on disposal | 1,017,928 | (382,961) | -- |
| Net income from discontinued operations | 834,181 | 145,220 | 806,368 |
| TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 1,852,109 | (237,741) | 806,368 |
| NET INCOME | 32,907,692 | 9,957,243 | 974,469 |
| OTHER COMPREHENSIVE INCOME: | |||
| Foreign currency translation gain | 29,842 | 569,574 | 100,339 |
| COMPREHENSIVE INCOME | $32,937,534 | $10,526,817 | $1,074,808 |
| INCOME PER COMMON SHARE – basic from continued operation | $1.27 | $0.47 | $0.01 |
| INCOME PER COMMON SHARE – basic from discontinued operation | $0.08 | $(0.01) | $0.04 |
| INCOME PER COMMON SHARE – basic | $1.35 | $0.46 | $0.05 |
| INCOME PER COMMON SHARE – diluted from continued operation | $1.21 | $0.47 | $0.01 |
| INCOME PER COMMON SHARE – diluted from discontinued operation | $0.07 | $(0.01) | $0.04 |
| INCOME PER COMMON SHARE – diluted | $1.28 | $0.46 | $0.05 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – basic | 24,375,508 | 21,492,215 | 20,854,212 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted | 25,748,036 | 21,822,215 | 21,255,210 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||