SEATTLE, Aug. 31 /PRNewswire-FirstCall/ -- L & L Energy, Inc., (Nasdaq: LLEN) ("L&L" or the "Company"), a U.S.-based company operating coal businesses in China, today announced its preliminary financial results for its first quarter ended July 31, 2010. Highlights for the first quarter of fiscal 2011 include:
- Revenues for the first quarter increased approximately 336% to $55.3 million, compared with revenues of $12.7 million in the same period a year ago.
- Gross profit for the first quarter increased to $18.6 million, up approximately 207% compared with $6.1 million in the same period a year ago.
- Net income increased approximately 306% year-over-year to $10.9 million, compared with $2.7 million in the same period a year ago.
- Earnings per share for the quarter totaled $0.36 per diluted share, an increase of approximately 177% compared with $0.13 in the same period a year ago.
"We are delighted to be able to announce such exceedingly positive preliminary results for our first quarter," commented Dickson Lee, Chairman and CEO of L&L. "We continue to experience the accretive effects of the four acquisitions we made last year, as well as the benefits of operational improvements at those facilities. China's government recently reiterated its commitment to consolidate the coal industry and support mergers and acquisitions of smaller mines, which form the crux of our strategic expansion. We look forward to sharing our full quarterly results with our shareholders shortly. We expect strong continued growth for the rest of the year as we continue to execute our core businesses, integrate our recent acquisitions, and seek out new growth avenues."
Conference Call and Webcast
Management will host a conference call to discuss these preliminary financial results today, August 31, 2010 at 4:15 p.m. EDT (1:15 p.m. Pacific).
To participate in the call please dial (877) 941-8418, or (480) 629-9809 for international callers, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found at http://ViaVid.net.
About L & L Energy, Inc.
L & L Energy (Nasdaq: LLEN) was founded in 1995 and headquartered in Seattle is engaged in coal mining, washing, coking and distribution in Yunnan and Guizhou Provinces. The Company has offices in Kunming, Shenzhen, Guangzhou, Hong Kong and Taipei. The Company's major products are in thermal and metallurgical coals. During the year ended April 30, 2010, the Company has achieved impressive revenue growth of 167% and 230% net income growth from the previous year. In June, 2010, L & L's stock was added to the Russell 3000® Index. For more information, see www.llenergyinc.com.
Various statements in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE L & L Energy, Inc.