- Record Revenue of $57.4 million in Q2 Increased 135% Year-over-Year and 3.8% Quarter-over-Quarter
- Gross Profit of $19.2 million increased 135% Year-over-Year and 3.8% Quarter-over-Quarter
- Record Net Income of $12.7 million
- Earnings per Share of $0.35 increased 21% Year-over-Year
- Doubled Production for two Acquired Mines to 300,000 Tons
- Company Entered into Agreement to Provide Loan to High Quality U.S.-Based Bowie Coal Mine
SEATTLE, Dec. 9, 2010 (GLOBE NEWSWIRE) -- L&L Energy, Inc. (Nasdaq:LLEN), a U.S.-based company, operating coal mining and distribution businesses in China, today announced preliminary financial results for its fiscal 2011 second quarter ended October 31, 2010.
Revenues for the fiscal Q2 were $57.4 million, an increase of 135% from the $24.4 million reported last year. Net income was $12.7 million, or $0.35 per share, compared to $8.8 million, or $0.29 per share last year.
"We are very pleased with our continued strong performance in the second quarter," said Dickson Lee, Chairman and CEO of L&L. "Our continued focus on the improvement of our acquired operations has enabled us to more than double revenue compared to last year's quarter. Additionally, our agreement to provide bridge financing to the Bowie Mine is an exciting first step that extends the company onto the global stage."
Conference Call Information
L&L will host a conference call for analysts and investors to discuss preliminary second quarter 2011 financial results today at 5:00 p.m. Eastern Standard Time (2:00 p.m. Pacific Standard Time). A live webcast of the conference call will also be accessible from the "Investor Relations" section of the Company's website at . Parties in North America should call 800-893–5360 to access the conference call. International parties should call 404-665–9534. The pass code is 30456878.
Following the webcast, an archived version will be available on the website for twelve months. To hear the replay, parties in North America 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 30456878.
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. During the year ended April 30, 2010, the Company achieved revenue growth of 167% and net income growth of 230% compared to the previous year. In June 2010, L & L Energy was added to the Russell 3000® Index. For more information, see
Forward-Looking Statements
Various statements in this press release, including those that express a belief, expectation or intention, including but not limited to the potential larger acquisitions later in fiscal 2011, 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. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to various risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements.
CONTACT: The Blueshirt Group Investor Relations David Niederman +1-503-720-8878 ir@llenergyinc.com
