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50% funding from one large bank for 14 coal mine acquisition:
"L&L Receives Endorsement From Industrial and Commercial Bank of China
..Companies:L&L Energy, Inc.Topics:International.Related Quotes
Symbol Price Change
LLEN 2.80 +0.26
{"s" : "llen","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: L & L Energy, Inc. On Monday September 26, 2011, 12:21 pm EDT
SEATTLE, Sept. 26, 2011 /PRNewswire/ -- L & L Energy, Inc., (Nasdaq:LLEN - News) ("L&L" or the "Company"), a U.S.-based company operating coal businesses in China, announced that it has received a written letter of endorsement from the Industrial and Commercial Bank of China ( "ICBC", or the "Bank") on September 22, 2011. The letter states that the Corporate Banking Department of the Bank's Guizhou Province Branch, after study and diligence of L&L's strategic plan and business model, is willing to support the Company's plan of consolidation and expansion of existing coal operations.
ICBC, the largest bank of the "big-4" commercial banks in China, with total assets in excess of USD $1.9 trillion as of 2010, reviewed L&L's strategic consolidation plan over the course of several recent joint meetings and has issued the letter to the Company expressing its intent to assist L&L's mining expansion and to support the Company's overall competitive corporate growth within China.
Dickson Lee, Chairman and CEO of L&L commented, "An endorsement from a major bank such as ICBC to offer debt financing will be critical in executing our strategic plan over the next two years in China. This specific bank has indicated it will provide up to 50% financing for a period no greater than 5 years for acquisitions, subject to further due diligence. The debt financing that has been indicated will be an important program going forward as we further expand our asset base and maximize shareholder value while minimizing dilution. We look forward to working with ICBC over the short term and long term to meet the government's objectives in the area."
Dr. Syd Peng, L&L Director and world renowned mining expert, will lead the Company's due diligence team through Guizhou in the coming weeks to further evaluate the 14 operations that have signed letters of intent with the Company, as well as help identify additional targets.
A copy of the Banks' letter is available at Company's Seattle office for review upon written request.
Forward-Looking Statement
The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statement" 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. 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"
LLEN is no brainer if we have a 2 year time frame. Have been buying.
BEFUT Announces 77.9% Increase in Revenue and 113.9% Increase in Net Income for Fiscal 2011
tweet0EmailPrint..Companies:BEFUT INTL LTD.Related Quotes
Symbol Price Change
BFTI.OB 0.15 0.00
{"s" : "bfti.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: BEFUT International Co., Ltd. On Wednesday September 28, 2011, 7:00 am EDT
DALIAN CITY, China, Sept. 28, 2011 /PRNewswire-Asia-FirstCall/ -- BEFUT International Co., Ltd. (the "Company" or "BEFUT") (OTCBB:BFTI.ob - News), a developer, manufacturer and distributor of wire and cable products in China, today announced its financial results for the fiscal year ended June 30, 2011.
Financial Highlights
•Revenue increased 77.9% to $55.6 million for fiscal 2011 compared to $31.3 million for 2010
•Gross profit increased 79.7% to $14.9 million for fiscal 2011 compared to $8.3 million for fiscal 2010
•Net income increased 113.9% to $9.4 million, or $0.33 per share, for fiscal 2011 compared to $4.4 million, or $0.15 per share, for fiscal 2010
Mr. Hongbo Cao, Chairman and CEO, commented, "We are pleased to report strong growth in revenue and net income for fiscal 2011. Our product strategy, marketing strategy and strong R&D have been key drivers to our success. We continue to grow our traditional cable business, but are particularly focused on increasing sales of our higher margin products such as carbon fiber composite cable, submarine cable and certain "new energy" cables, including cable for wind and solar energy. We have been awarded a number of new patents and now have 17 approved patents and 45 pending, which provide us an important competitive advantage."
Mr. Cao continued, "We have established a first class customer base encompassing many of the largest conglomerates in China—spanning ship building, nuclear power, mining, petrochemical and other industries. Given our proven track record, established brand and premier customer base, we look forward to expanding our sales by aggressively adding new sales reps and new sales offices across China, in addition to new initiatives underway to grow our international sales."
Mr. Cao concluded, "In April 2011, we began construction on the second phase of our new Changxing Island facility, which we expect to complete in 2012. We plan to add nearly 90,000 square meters of additional floor space with production capacity of approximately 6,700 km of cable per year, which would allow a maximum output of approximately $235 million upon completion. We look forward to leveraging this capacity to satisfy the growing demand from our customers. We believe we have the customer base, technological, manufacturing and research and development capabilities to take advantage of the growing domestic and international cable and wire markets in the coming years."
Revenue for the fourth quarter ended June 30, 2011 was $15.4 million, compared to $11.9 million for the fourth quarter ended June 30, 2010. The increased revenue reflects growing demand across all product lines from new and existing customers and increased capacity to accommodate the demand. Gross profit was $4.2 million for the three months ended June 30, 2011, as compared to $3.1 million for the three months ended June 30, 2010. Operating income was $1.7 million for the three months ended June 30, 2011, as compared to $0.9 million for the three months ended June 30, 2010. Net income for the three months ended December 31, 2010 was $4.5 million, or $0.07 per diluted share, compared to net income of $2.1 million, or $0.03 per diluted share, for the same period last year.
Revenue for the twelve months ended June 30, 2011 was $55.6 million, compared to $31.3 million for the twelve months ended June 30, 2010. Gross profit was $14.9 million for the twelve months ended June 30, 2011, as compared to $8.3 million for the twelve months ended June 30, 2010. Operating income was $9.0 million for the twelve months ended June 30, 2011, as compared to $4.3 million for the twelve months ended June 30, 2010. Net income for the twelve months ended June 30, 2011 was $9.4 million, or $0.33 per diluted share, compared to net income of $4.4 million, or $0.15 per diluted share, for the same period last year.
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable. BEFUT has recently begun to develop carbon fiber composite cable products. The Company has also developed the capability to produce other types of special cables such as submarine cable and certain "new energy" cable, including cable for wind and solar energy. BEFUT's switch application business mainly includes high and low voltage distribution cabinet switches and crane electronic control switches, which complement the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
(tables follow)
Consolidated Balance Sheets
Assets
June 30, 2011
June 30, 2010
Current assets:
Cash and cash equivalents
$2,724,146
$1,319,173
Restricted cash
3,565,859
1,181,095
Accounts receivable, net of allowance for doubtful accounts of $87,480
18,166,580
9,292,310
and $83,295 at June 30, 2011 and 2010, respectively
Due from factor
108,545
-
Inventory
4,607,431
2,543,789
Trade notes receivable
1,343,309
-
Loans to unrelated parties
4,495,767
1,054,090
Bank loan security deposits
1,226,771
1,031,100
Advance payments for inventory
2,024,943
399,868
Due from related party
-
472,838
Prepaid VAT taxes
200,006
-
Other current assets
1,729,758
521,739
Total current assets
40,193,115
17,816,002
Property and equipment, net
36,449,318
31,618,074
Other assets:
Advance payments for property and equipment
771,414
293,605
Advance payments – Research & Development
1,048,866
2,088,714
Intangibles, net
15,119,699
15,669,375
Total other assets
16,939,979
18,051,694
Total assets
$93,582,412
$67,485,770
Liabilities
Current liabilities:
Accounts payable and accrued expenses
$4,617,422
$3,119,646
Short-term bank loans
11,587,030
6,039,300
Current portion of long-term bank loan
1,082,900
294,600
Loans from unrelated party
3,364,992
370,000
Advances from customers
3,273,647
533,806
Income taxes payable
322,299
1,655,747
Trade notes payable
3,094,000
-
Other current liabilities
1,039,231
969,787
Total current liabilities
28,381,521
12,982,886
Long-term bank loan
13,768,300
14,435,400
Total liabilities
42,149,821
27,418,286
Equity
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized,
-
-
no shares issued or outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized,
29,716
29,716
29,715,640 and 29,715,666 shares issued and outstanding at
June 30, 2011 and 2010, respectively
Additional paid-in capital
21,838,047
21,838,047
Statutory reserves
1,215,273
1,181,189
Retained earnings
23,378,099
13,810,157
Accumulated other comprehensive income
4,390,669
2,166,533
Total stockholders' equity
50,851,804
39,025,642
Noncontrolling interest
580,787
1,041,842
Total equity
51,432,591
40,067,484
Total liabilities and equity
$93,582,412
$67,485,770
Consolidated Statements of Operations
For the Years Ended June 30,
2011
2010
Sales
$55,597,912
$31,258,662
Cost of sales
40,680,706
22,956,708
Gross profit
14,917,206
8,301,954
Operating expenses
Selling expenses
439,750
80,090
General and administrative expenses
5,481,562
3,881,655
Total operating expenses
5,921,312
3,961,745
Income from operations
8,995,894
4,340,209
Other income (expenses):
Government subsidy income
2,076,750
705,602
Interest income
15,233
110,608
Interest expense
(2,028,033)
(397,700)
Other income (expenses), net
749,134
545,008
Total other income
813,084
963,518
Income before provision for income taxes
9,808,978
5,303,727
Provision for income taxes
672,337
907,083
Income from continuing operations, net of taxes
9,136,641
4,396,644
Discontinued operations:
Income from operations of discontinued subsidiary (Including gain on disposal of $99,989 in 2011)
292,146
-
Provision for income taxes
24,787
-
Income from discontinued operations, net of taxes
267,359
-
Net income
9,404,000
4,396,644
Less: net loss attributable to noncontrolling interest
(198,026)
(115,532)
Net income attributable to BEFUT
$9,602,026
$4,512,176
Amounts attributable to BEFUT common shareholders:
Income from continuing operations, net of taxes
$9,334,667
$4,512,176
Discontinued operations:
Income from operations of discontinued subsidiary (including gain on disposal of $99,989 in 2011)
292,146
-
Provision for income tax
24,787
-
Income from discontinued operations, net of taxes
267,359
-
Net income
$9,602,026
$4,512,176
Earnings per share—Basic:
Income from continuing operations
$0.32
$0.15
Discontinued operations
$0.01
$0.00
Net income
$0.33
$0.15
Earnings per share—Diluted:
Income from continuing operations
$0.32
$0.15
Discontinued operations
$0.01
$0.00
Net income
$0.33
$0.15
Weighted average number of common shares
outstanding:
Basic
29,715,640
29,545,797
Diluted
29,761,290
30,110,241
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Don't buy any Chinese OTC BB stock. That is the lesson I learn from ENHD (go dark), CRJI (go dark) and CSGJ (stop filing at least for now). You just cannot trust these people. I know all these three companies are very profitable.
He is either travelling and or for other reasons. It happened before. It will be a long journey to get the money back from this company.
It was from Mr. Yan's (Chairman and CEO assistant) mouth. Not only me and another caller got the same message. Further phone calls recently did not reach him (he did not pick up the phone).
Acquisition of 14 coal mines:
http://finance.yahoo.com/news/LL-Energy-Targets-14-Mine-prnews-396262303.html?x=0
Have been trying to contact CSGJ and the guy who is in charge is out of town. If what they said is true, we should expect news soon, probably within one or two months.
Yap. I have been buying almost every day and got 4K shares at 3.09. Have been buying LIWA as well. My time frame is always 1-2 years.
I think that LIWA is winning the war here against shorters. I am a long term investors here.
LLEN is a long term play for me. I am interested in 2-3 years of time frame. By then, I epxect that they will produce over 2 million tons of coal with earning per share of $3-4 from coal mine consolidation. It may be over $30 share price by then
10% drop after hit piece. It should have dropped 30% and then it makes sense ro me. This is a rather weak hit piece. Expect the share price to recover after Q earning report on August 9.
I bought 12K share of LLEN today with average price of 4.17 (3.97-4.32). Plan to add more.
I am on your side and agree with your projection. I certainly think that LLEN is going to be a big winner. I is usually good that markey does not agree with us and that is why it is so under value. But first thing first, I need to see 10K report today or tomorrow. This is critical.
Best regards.
Northern
The 2nd phase of construction of new facility at Changxin island starts and it is expected to be completed by the end of next year:
http://www.befut.com/NewsShow.asp?id=732
By then, specilality cable capacity will be increased by 4,000 km and total revenue of $300 million USD with gross nargibn of 30%.
LLEN starts moving. I will add more after 10K is out. Really like the business and every dollar is put into acquision with excellent return iof capital. In long term, 3 - 4 years.
$11 - 12 is easy in the next 3 months. I am looking for over $20 in 1.5 - 2 years. Not going to take fast profit in this one.
20 SMV cross 50 DMA. Uptrend is established. It is good for both short and long term play.
Another strong performance. 2.9 million short short shares plus share buy back from the company should continue pushing LIWA higher.
Just talked to CSGJ management. The reason for the delay of 10K filing is because there is consolidationn of cement plants in Shandong province. If CSGJ is acquired by Chinese large cement companies. they would not file 10K and CSGJ will be compensated at much higher share price than the current price. CSGJ president is at capital of the province trying to avoid being acquired. The latest information is that CSGJ will not be acquired. They expect to receive formal news next week.
CSGJ has signed contract with auditor and the auditor will start to audit CSGJ starting next week after CSGJ receives the formal news from the provincial government. It will takes one month to complete the process of auditing before 10K is filed. CSGJ will start to issue news in the next 30 days before the audit is complete including the appointment of new CFO. It is expected that CSGJ will be back to normal in terms of 10Q and 10K filing and issuing news after one month.
Hold your shares and thing should be getting better.
Looks like going to break out.
Hi Minding,
I am not sure whether you still follow the message board. I have sent you a private message regarding CSGJ.
Best regards.
Northern
I play LLEN for a long term investment since it is such a great growth story. I am looking for $30-40 in 3 years.
Up 20%. Have been building a big position in LLEN and it is now my #1 position. Fully expect it to run big the 2nd half of this year.
Hi Art,
I just sent you an e-mail.
Northern
$1.5 billion USD for this new production facility for carbon composite cable when in full production:
"BEFUT Announces Plans to Build New Manufacturing Plant for the Production of Carbon Fiber Composite Materials
Receives Free Land Use Rights and Considered as One of Ten Key Projects within Puwan New Area Development Zone
tweet0EmailPrint..Companies:BEFUT International Co., Ltd..Related Quotes
Symbol Price Change
BFTI.OB 0.26 0.00
{"s" : "bfti.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: BEFUT International Co., Ltd. On Friday June 10, 2011, 4:22 pm EDT
DALIAN CITY, China, June 10, 2011 – BEFUT International Co., Ltd. (the "Company" or "BEFUT") (OTCBB:BFTI.ob - News), a developer, manufacturer and distributor of wire and cable products in China, today announced it has been selected as an anchor client in the Puwan New Area development zone, where it will build a new facility to develop carbon fiber composite materials. Puwan New Area, a 1045.6-kilometer economic zone, was created for the purpose of fostering research and development projects and to serve as a headquarters for technology innovation within China. The economic zone is located near the major port of Dalian. In a highly competitive process, the government selected BEFUT as one of its anchor tenants and is considered one of the ten key projects within the area.
Mr. Hongbao Cao, Chairman and CEO, commented, "We are pleased to enter this agreement with the Puwan New Area government and to situate development of our carbon fiber composite material project within this economic zone. The carbon fiber project will occupy a 300,000 square meter facility and ultimately we believe this facility will be able to produce 100,000 kilometers per year of high-pressure carbon fiber composite wire. This would equate to over $1.5 billion US (10.3 billion RMB) per year, once this facility is operating at full capacity."
Mr. Hongbao Cao continued, "We have a very strong research and development team in place to support our new project. With increased demand in China for carbon fiber, and with its inherent benefits as a lighter material that offers better electrical conductivity, we believe this project will significantly expand our operations."
"We appreciate the strong, ongoing support from the local government in conjunction with this process. We believe that the government's selection of us as an anchor tenant is based on both our reputation for high-quality products, our leading position within China's high-technology industry, and the strength of our strategic plan. Our new carbon fiber products will be a step forward for the industry and especially for Puwan New Area."
Click the links below to view a photo of the signing ceremony and a photo of Mr. Cao along with Mr. Dongsheng Lv, a member of the CCP Affairs Work Committee and vice director of the Administrative Committee of Puwan New Area:
Signing Ceremony Photo
Mr Cao and Mr Lv Photo
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable. BEFUT has recently begun to develop carbon fiber composite cable products. The Company has also developed the capability to produce other types of special cables such as submarine cable and certain "new energy" cable, including cable for wind and solar energy. BEFUT's switch application business mainly includes high and low voltage distribution cabinet switches and crane electronic control switches, which complement the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
"
Some one was buying big at 0.75. No news is available so far.
It is up 45% right now.
Yes, I follow the coal market and electricity sector in China closely. Coal price is high and may remain high going forward.
Best Regards.
Northern
Hi Minding,
I will not buy any OTC BB listed Chinese stocks until the sector is cleanned up.
There are other stocks that have similiar appreciation potential, but carry much lower risk.
For example, LLEN and LIWA. both list on Nasdaq and have good liquidity:
LLEN, a US company, has coal mine and washing operation in China. It has excellent growth prospect with only forward PE<3.
LIWA, a Chinese company, is buying back its own share in the open market and CEO also bought 40K shares Monday this week. It also has great growth profile and with forward PE=4.
I continue buying LLEN and LIWA.
Best Regards.
Northern
I called that number before. That is the actual production facility. They are doing weel, cemenmt price up and currently at full prodcution. But the new managment is loacted in Guangzhou.
Hamptom Growth Reply:
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=95116&tid=845&mid=849&tof=1&rt=2&frt=2&off=1
I also try to contact the management and urge them to get their 10K out and re-gain the OTC BB listing.
CRJI probably generates about $3 - 4 million USD cash flow from operation per Q. This should be sufficient to serve the short term debt.
I don't think that it is their web site. I don't have phone number of their new management team. I will contact them if I have.
Have a great long weekend!
Hi Alberta,
I have just sent you the cell phone numbers of the whole management team. Please ley me know if you don't receive them.
Good luck
Northern
CFSG Buyout - $9 per share
A growing trend of buyout of Chinese companies.
http://www.reuters.com/article/2011/05/20/us-chinafire-takeover-baincapital-idUSTRE74J6UO20110520?feedType=RSS&feedName=innovationNews&rpc=43
When company does that, they leave their tail behind. Of course it is bad for us, at least for the a while. Our money and investment stucks. But if the company is successful in the future, look like the case here for CSGJ, they will think about to go back to re-gain the listing status and eventually move to big board listing. If they want to list in China or Hong Kong in the future, they would need buy shares back from us to control over 95% shares inorder to completelly delist from US market.
The story is not over.
I had been calling them every night and also left my phone numbers to reception girl. It looked like they have meeting after meeting or try to avoid me becasue they told me that "10K would be out in a few days" and "they were interviewing several CFO candidates".
It looks to me that the new CFO speaks English with his first English name as William. I will call him if I get his phone number.