L & L Energy, Inc.

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/C O R R E C T I O N -- L & L Energy, Inc./

In the news release, L&L Energy Announces Third Quarter Financial Results - Record Production and Earnings, issued 11-Mar-2013 by L & L Energy, Inc. over PR Newswire, the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME table has been replaced due to formatting issues. The complete, corrected release follows:

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 Five 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. "  

Conference Call

Management will host a conference call to discuss these financial results Tuesday, March 12, 2013 at 2:30 p.m. EST. Investors may access the call as follows:

The audio call of the meeting will be available via telephone at:
North America Toll Free: (800) 893-5360
Conference ID: 22133889
Please call five minutes prior to 2:30 p.m. EST. A live webcast of the call will also be available at http://www.llenergyinc.com.

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.

Contacts: 
L&L Energy Inc.
(206)-264-8065
ir@llenergyinc.com

L & L ENERGY,  INC. 

 CONSOLIDATED BALANCE SHEETS 

 AS OF JANUARY 31, 2013 AND APRIL 30, 2012 


 (Unaudited) 




31-Jan-13


30-Apr-12

 ASSETS 






 CURRENT ASSETS: 






 Cash and cash equivalents 

$

5,117,515

$

3,547,953


 Accounts receivables 


38,499,154


26,032,123


 Prepaid and other current assets 


23,045,587


17,540,206


 Other receivables 


21,094,124


8,738,868


 Inventories 


8,722,746


4,701,954


 Assets held for sales 


-


68,769,279


      Total current assets 


96,479,126


129,330,383








 Property, plant, equipment, and mine development, net 


159,220,393


85,469,222


 Construction-in-progress 


11,200,140


26,417,686


 Intangible assets, net 


221,176


79,491


 Goodwill 


2,914,424


919,017


 Other assets 


993,355


404,689


 Long term receivable 


26,280,607


27,840,433


 Related party notes receivable 


6,040,433


6,096,617


      Total non-current assets   


206,870,528


147,227,155







 TOTAL ASSETS 

$

303,349,654

$

276,557,538







 LIABILITIES AND EQUITY 





 CURRENT LIABILITIES: 






 Accounts payable 

$

3,790,146

$

799,102


 Accrued expenses and other current liabilities 


916,908


916,001


 Other payables 


32,047,140


34,491,367


 Related party payables 


2,759,608


1,863,413


 Due to officers 


1,450,375


414,667


 Tax payable 


15,240,845


12,633,204


 Customer deposits 


978,194


1,381,300


 Liabilities held for sales 


-


6,126,253


      Total current liabilities 


57,183,216


58,625,307







 LONG-TERM LIABILITIES 






 Related party payable- Long term 


-


304,951


 Asset retirement obligations 


3,514,215


1,772,833


      Total long-term liabilities 


3,514,215


2,077,784








            Total Liabilities  


60,697,431


60,703,091







 EQUITY: 





 L&L ENERGY STOCKHOLDERS' EQUITY: 






 Preferred stock, no par value, 2,500,000 shares authorized, none issued and outstanding 


-


-


 Common stock ($0.001 par value, 120,000,000 shares authorized: 37,979,414  and 36,991,397 shares issued and outstanding at January 31, 2013 and April 30, 2012 respectively)


37,979


36,991


 Additional paid-in capital 


67,850,688


65,752,560


 Accumulated other comprehensive income 


9,313,948


10,622,683


 Retained Earnings 


125,660,995


96,134,782


 Treasury stock (86,595 shares and 143,093 shares at January 31, 2013 and April 30, 2012 respectively)


(68,035)


(123,968)


      Total L & L Energy stockholders' equity 


202,795,575


172,423,048


 Non-controlling interest 


39,856,648


43,431,399


      Total equity 


242,652,223


215,854,447

 TOTAL LIABILITIES AND  EQUITY 

$

303,349,654

$

276,557,538







The accompanying notes are an integral part of these consolidated financial statements









 

L & L ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS PERIODS ENDED JANUARY 31, 2013 AND 2012 

 (Unaudited) 



 For The Three Months Periods Ended January 31, 


 For The Nine Months Periods Ended January 31, 



2013


2012


2013


2012

 NET REVENUES 

$

59,852,361

$

19,384,566

$

144,804,738

$

78,336,628

 COST OF REVENUES 


39,396,382


14,238,311


102,569,810


57,271,928

 GROSS PROFIT 


20,455,979


5,146,255


42,234,928


21,064,700










 OPERATING COSTS AND EXPENSES: 









 Salaries & wages-selling, general and administrative 


703,121


1,014,187


2,597,634


4,530,049

 Selling, general and administrative expenses, excluding salaries and wages 


3,358,112


1,502,100


9,260,485


5,995,523

      Total operating expenses 


4,061,233


2,516,287


11,858,119


10,525,572










 INCOME FROM OPERATIONS 


16,394,746


2,629,968


30,376,809


10,539,128

 OTHER INCOME (EXPENSE): 









    Interest income (expense) 


116,926


85,078


341,261


461,451

    Other income (expense),net 


71,828


(208,967)


962,243


(1,326,566)

      Total other income (expense)


188,754


(123,889)


1,303,504


(865,116)










 INCOME FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES 

16,583,500


2,506,079


31,680,313


9,674,012

 PROVISION FOR INCOME TAXES 


1,574,799


336,085


3,072,766


1,426,412

 INCOME FROM CONTINUING OPERATIONS 


15,008,701


2,169,994


28,607,547


8,247,600










 Income attributable to non-controlling interests  


3,007,604


510,282


6,334,799


2,217,152

 Income attributable to L & L 


12,001,097


1,659,712


22,272,748


6,030,448










 DISCONTINUED OPERATIONS 









 Gain on disposal 


3,260,086


-


3,260,086


-

 Net income from discontinued operations attributable to non-controlling interests 

176,375


527,243


2,236,402


983,128

 Net income from discontinued operations attributable to L & L 


335,615


2,199,758


3,993,377


4,004,851

 Divestiture net present value cost 


-


-


-


-

 TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS 


3,772,076


2,727,001


9,489,865


4,987,979










 NET INCOME 

$

18,780,777

$

4,896,996

$

38,097,412

$

13,235,579










 Net income attributable to non-controlling interests 

$

3,183,979

$

1,037,525

$

8,571,201

$

3,200,279

 Net income attributable to L & L 


15,596,798


3,859,471


29,526,211


10,035,300










 OTHER COMPREHENSIVE INCOME: 









 Foreign currency translation (loss) gain 


(977,322)


347,024


(1,308,735)


4,833,525

 COMPREHENSIVE INCOME 

$

17,803,455

$

5,244,020

$

36,788,677

$

18,069,104










 Comprehensive  income attributable to non-controlling interests 

$

3,049,642

$

1,093,359

$

8,377,845

$

3,961,242

 Comprehensive  income attributable to L & L 


14,753,813


4,150,661


28,410,832


14,107,862



















 INCOME PER COMMON SHARE – basic from continuing operations  

$

0.32

$

0.05

$

0.60

$

0.19

 (LOSS) INCOME PER COMMON SHARE – basic from discontinued operations 

$

0.10

$

0.07

$

0.19

$

0.12

 INCOME PER COMMON SHARE – basic    

$

0.42

$

0.12

$

0.79

$

0.31










 INCOME PER COMMON SHARE – diluted from continuing operations  

$

0.32

$

0.05

$

0.60

$

0.18

 (LOSS) INCOME PER COMMON SHARE – diluted from discontinued operations 

$

0.10

$

0.07

$

0.19

$

0.12

 INCOME PER COMMON SHARE – diluted 

$

0.42

$

0.12

$

0.79

$

0.30










 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – basic 


37,318,789


32,723,159


37,562,695


32,093,512










 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted 


37,318,789


33,539,928


37,562,695


33,004,193

 

 

L & L ENERGY, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS 

FOR THE PERIOD ENDED JANUARY 31,  2013 AND 2012



For The Nine Months Periods Ended

January 31,




2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES:





Net income

$

38,097,412

$

13,235,579


Loss from discontinued operations, net of income taxes


(6,229,779)


(4,987,979)

Adjustments to reconcile net income to net cash provided by operating activities:


Gain on sale of subsidiary


(3,260,086)


-


Income from continuing operations, net of income taxes


28,607,547


8,247,600

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


5,124,945


2,752,804


Stock compensation


2,099,117


2,913,347


Accretion of asset retirement obligation


137,134


108,240


Accounts receivable


(11,457,863)


(4,486,640)


Prepaid and other current assets


(3,584,643)


7,680,822


Inventories


(2,303,922)


(3,463,461)


Other receivable


(17,249,745)


755,196


Accounts payable and other payable


8,358,088


169,917


Customer deposit


(1,273,992)


405,791


Accrued and other liabilities


(417,174)


202,299


Taxes payable


2,513,694


1,107,490


Note receivable


56,184


(3,852,434)

Net cash provided by continuing operating activities 


10,609,369


12,540,971

Net cash provided by discontinued operation


9,489,865


6,308,946

Net cash provided by operating activities 


20,099,234


18,849,917







CASH FLOWS FROM INVESTING ACTIVITIES:






Acquisition of property and equipment


(1,596,161)


(681,228)


Construction-in-progress


(27,442,341)


(19,497,219)


Acquisition of businesses, net of cash acquired


(1,748,669)


-


Proceeds from repayment of long term receivable


1,559,826


-


Increase in investments


-


397,860


Cash received from HSC disposal


5,125,291


1,030,260

Net cash used in continuing investing activities 


(24,102,054)


(18,750,327)

Net cash used in discontinuing investing activities 


12,555,005


(1,988,052)

Net cash used in investing  activities


(11,547,049)


(20,738,379)







CASH FLOWS FROM FINANCING ACTIVITIES:






Due to officers


1,035,708


(1,200)


Proceeds from Treasury stock sold


55,933


3,840,795


Payment to previous owner of acquired mine


(8,708,978)



Net cash provided by (used in) continuing financing  activities 


(7,617,337)


3,839,595

Net cash provided by discontinued financing activities


-



Net cash provided by (used in) financing activities 


(7,617,337)


3,839,595







Effect of exchange rate changes on cash and cash equivalents


634,714


430,595







INCREASE IN CASH AND CASH EQUIVALENTS


1,569,562


2,381,728

CASH AND CASH EQUIVALENTS, BEGINNING OF YEARS


3,547,953


4,914,425

CASH AND CASH EQUIVALENTS, END OF YEARS

$

5,117,515

$

7,296,153




-



SUPPLEMENTAL INFORMATION





INTEREST PAID

$

-

$

344,116

INCOME TAX PAID

$

2,114,059

$

1,012,634







NON-CASH INVESTING AND FINANCING ACTIVITY:





Acquisition of business, net of cash acquired

$

(36,795,600)

$


Divestiture of business, net of cash disposed

$

35,046,931

$








SOURCE L & L Energy, Inc.

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