LLEN--Really on a good growth and earnings track now. See strong sequential quarter summary below. Balance sheet very solid also. Coal isn't the most "forward looking" commodity, but they aren't shy about using it in China. Forward PE less than 1.5 so plenty of room to run if investors can get past lingering fraud concerns. Even though they have a crummy auditor, I don't think they're a fraud. I'm guessing they've been investigated pretty thoroughly by the short sellers.
L&L Energy Announces Third Quarter Financial Results - Record Production and Earnings
Conference call scheduled for 2:30 p.m. Eastern Time on Tuesday, March 12, 2013
SEATTLE, March 11, 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 its third quarter of fiscal 2013, ended January 31, 2013.
Third Quarter Highlights:
•In November 2012, L&L acquired the Luozhou and Lashu Coal Mines in Guizhou adding 34.2 million tons of reserves and, when fully expanded, 750,000 tons of annual production.
•Coal mining production increased 253% year over year to 233,000 tons in the third quarter of fiscal 2013 from 66,000 in the same quarter last year. Quarter over quarter production increased 26% from 185,000 tons in the second quarter.
•Revenues increased 98% year-over-year to $59.8 million in the third quarter of fiscal 2013 from $30.2 million in the same quarter last year. On a quarter over quarter basis, revenues increased 9% from $54.9 million last quarter.
•Net income attributable to L&L increased 300% year-over-year to $15.6 million for the third quarter of fiscal 2013 from $3.9 million last year and increased quarter over quarter 103% from $7.7 million last quarter.
•Earnings per share for the quarter was $0.42 , an increase of 282% from $0.11 during the same period last year and an increase of 100% quarter over quarter.
Trailing Four 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, Chief Financial Officer of L&L. "This quarter's strong earnings were bolstered by our two newly acquire mines, Luozhou and Lashu, ramping up their production ahead of schedule. The two new mines have reached their approved capacities and with all our mines fully operational, we were able to surpass our record earnings and production numbers from last quarter."
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 summarized, "Last quarter, the five mines we currently own produced at an annual rate of 900,000 tons. Organically they are targeted to grow 100% between now and 2015. We also expect significant growth in our wholesale and washing operations in the next few years. That growth could increase even higher with a few additional acquisitions. We continue to look at opportunities in Guizhou province and have begun looking at even larger mines in Sanxi and Inner Mongolia. With our business running well, I am very pleased how well positioned we are. The future is bright. "
AI
