SEATTLE, March 15, 2011 /PRNewswire/ -- L & L Energy, Inc., (Nasdaq: LLEN) ("L&L" or the "Company"), a U.S.-based company since 1995 with coal mining and distribution businesses in China, today announced financial results for its FY Q3 2011 ended January 31, 2011.
Revenues for the FY Q3 2011 were $65.9 million, an increase of 74% from the $38.0 million reported in the same quarter last year. Sales growth was driven by sustained demand for coal as well as price increases.
Gross profit grew 33% to $21.4 million, compared to $16 million for FY Q3 2010. Gross margin declined slightly sequentially to 32.5% as compared with 33.5% in the prior quarter and reflects increased levels of coal washing at the expanded Hong Xing washing facility.
Operating expense remained steady at nearly $4.9 million. Operating margin increased to 77% from 75%, reflecting the increased sales level. Operating income grew 26% to $16.5 million as compared to $13 million in FY Q3 2010. Earnings per share of $0.41 grew 21% as compared to $0.34 in FY Q3 2010.
"Demand for coal in our operating region of Southwest China remains robust," said Dickson Lee, Chairman and CEO of L&L. "We are encouraged by our strong results, our partnership with Bowie Resources in Colorado, and ongoing discussions with the Zhanjiang Port in China. We anticipate sustained demand for our fiscal fourth quarter, driven by ongoing overall economic growth."
Conference Call Information
L&L will host a conference call for analysts and investors to discuss third quarter 2011 financial results today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the "Investor Relations" section of the Company's website at www.llenergyinc.com. Parties in the United States should call 800-893–5360 to access the conference call. International parties should call 404-665–9534.
Following the webcast, an archived version will be available on the website for twelve months. To hear the replay, parties in the United States and Canada should call 1-800-642-1687 and enter passcode 30456878. International parties can access the replay at +1-706-645-9291 and should enter passcode 51260540.
About L & L Energy
L & L Energy (Nasdaq: LLEN), founded in 1995 and headquartered in Seattle, is primarily engaged in coal mining, washing, coking and distribution in Yunnan and Guizhou Provinces. The Company also has marketing offices in Shenzhen, Guangzhou, Hong Kong and Taipei. The Company's major products are in thermal and metallurgical coals. For more information, see www.llenergyinc.com
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.
SOURCE L & L Energy, Inc.