SEATTLE, March 18, 2014 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: LLEN) ("L&L" or "Company"), a U.S.-based company engaged in producing, processing and selling coal in China, today announced its financial results for the third quarter fiscal year 2014, ended January 31, 2014.
L&L's Chief Financial Officer, Ian Robinson, commented, "We incurred a temporary reduction in our coal production during this quarter due to government mandated enhanced standards and safety inspections. The seasonal Chinese New Year holiday also affected the third quarter's production. All of our three Guizhou mines (LuoZhou, Lashu and Weishe) passed their government inspections and are now open and running. We expect our mining segment, which is the primary driver of our earnings, to improve materially in the fourth quarter. In spite of these challenges management has displayed their ability to overcome and deliver $0.09 this quarter. Our 9 month mining revenues are also up 25% year-over-year."
Third Quarter Continuing Operational Summary
Despite our challenging operating environment during the FY14 Third Quarter Ended January 31, 2014:
- Net Revenues for our Mining Segment for the first 9 months of FY14 is up 25% year-over-year to $65.5 million from $51.4 million
- Coal Production was down 48% to 121,000 tons in Q3 compared to 232,000 the same quarter last year. For the first 9 months of FY14 L&L mines have produced 560,000 tons, compared with 441,000 tons for the first 9 months of FY13.
- Revenues were $32 million for the third quarter, down 46% compared to the same quarter last year. FY14 9 month revenues were $125.8 million, down 13% year-over-year from $144.8 million.
- Income Attributable to L&L was $4.2 million for the third quarter, down 65% from $12 million the same quarter last year. FY14 9 month Income Attributable to L&L was $16.4 million, down 26% year-over-year from $22.3 million.
- Diluted EPS from continuing operations for the third quarter was $0.09, down 72% from the same quarter last year. FY14 9 month diluted EPS from continuing operations were $0.38, down 36% year-over-year.
- Gross Profit was $9.9 million for the third quarter, down 51% from the same quarter last year. FY14 9 month Gross Profit was $46.2 million, up 9% year-over-year.
L&L Vice President, Clayton Fong, added, "Shares of LLEN remain halted per a T-12 temporary trading halt placed on our common stock by NASDAQ in November. The Company's Board of Directors has appointed a Special Independent Committee that is progressing with its own independent investigation of the allegations made by short sellers last fall. The Committee will update the shareholders when material news is available. We thank the shareholders for their patience and appreciate the support as we work together to get LLEN trading again as soon as possible."
For additional details please see the Company's filings with the Securities Exchange Commission.
Caution Regarding 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.
For further information, please contact:
L&L Energy Inc.
Investor Relations
+1 (206)-264-8065
ir@llenergyinc.com
SOURCE L & L Energy, Inc.