updated 12/9/2010 6:16:08 AM ET 2010-12-09T11:16:08

  • 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 www.llenergyinc.com . 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Following the webcast, an archived version will be available on the website for twelve months.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 www.llenergyinc.com

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.

L & L ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
         
(Unaudited)
         
  For the Three Months Ended October 31,  For the Six Months Ended October 31, 
  2010 2009 2010 2009
NET REVENUES  $ 57,417,686  $ 24,482,676  $ 112,747,625  $ 37,227,726
COST OF REVENUES 38,145,895 11,809,412 74,870,158 18,494,051
GROSS PROFIT 19,271,791 12,673,264 37,877,467 18,733,675
         
OPERATING COSTS AND EXPENSES:        
Salaries & wages 1,956,269 1,592,617 2,736,941 1,920,565
Selling, general and administrative expenses,

excluding salaries and wages
2,900,999 1,930,986 6,126,608 2,756,924
Total operating expenses 4,857,268 3,523,603 8,863,549 4,677,489
         
INCOME FROM OPERATIONS 14,414,523 9,149,661 29,013,919 14,056,186
OTHER INCOME (EXPENSE):        
Interest expense (100,928) (29,704) (171,468) (33,302)
Other (expense) income 420,960 528,697 408,117 629,055
Total other (expense) income 320,032 498,993 236,649 595,753
         
INCOME BEFORE PROVISION FOR INCOME TAXES 14,734,555 9,648,654 29,250,568 14,651,939
LESS PROVISION FOR INCOME TAXES 2,006,205 814,764 4,189,505 1,167,398
INCOME FROM CONTINUED OPERATIONS 12,728,350 8,833,890 25,061,062 13,484,541
         
         
DISCONTINUED OPERATIONS        
GAIN/(LOSS) FROM SUBSIDIARY DISPOSED OF 0 0 0 0
TOTAL INCOME/(LOSS) FROM DISCOUNTED OPERATIONS 0 0 0 0
         
NET INCOME 12,728,350 8,833,890 25,061,062 13,484,541
         
Net income attributable to non-controlling interests 1,667,492 1,887,109 3,061,690 3,843,631
Net income attributable to L & L 11,060,858 6,946,781 21,999,373 9,640,910
NET INCOME 12,728,350 8,833,890 25,061,062 13,484,541
         
OTHER COMPREHENSIVE INCOME:        
Foreign currency translation gain( loss) 1,620,744 0 2,659,576 (38,105)
COMPREHENSIVE INCOME  $ 14,349,094  $ 8,833,890  $ 27,720,638  $ 13,446,436
         
Comprehensive income attributable to non-controlling interests  $ 1,667,492  $ 1,887,109  $ 3,061,690  $ 3,843,631
Comprehensive income attributable to L & L 12,681,602 6,946,781 24,658,949 9,602,805
COMPREHENSIVE INCOME  $ 14,349,094  $ 8,833,890  $ 27,720,638  $ 13,446,436
         
         
INCOME PER COMMON SHARE – basic  $ 0.37  $ 0.31  $ 0.75  $ 0.44
         
INCOME PER COMMON SHARE – diluted   $ 0.35  $ 0.29  $ 0.72  $ 0.41
         
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – basic 29,923,091 22,726,935 29,480,271 21,964,044
         
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - diluted 31,379,481 24,397,083 30,719,093 23,634,192
 
 
L & L ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
     
(Unaudited)
  October 31, 2010 April 30, 2010
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 9,334,794  $ 7,327,369
Accounts receivable 20,801,659 17,304,949
Prepaid and other current assets 15,355,908 22,670,529
Other receivables 8,029,995 7,956,069
Inventories 11,948,851 9,605,103
Total current assets 65,471,207 64,864,019
     
Property, plant, equipment, and mine development, net 52,251,621 37,387,194
Construction-in-progress 27,713,441 17,211,093
Intangible assets, net 1,186,610 1,298,469
Long term receivable 1,260,478 1,259,151
Related party notes receivable 7,107,929 7,141,800
Total non-current assets  89,520,079 64,297,707
     
TOTAL ASSETS  $ 154,991,286  $ 129,161,726
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 3,296,169  $ 1,995,513
Accrued and other liabilities 803,254 1,225,294
Other payables 6,313,277 15,344,920
Taxes payable 15,165,941 10,387,265
Customer deposits 2,634,730 3,937,770
 Total current liabilities 28,213,371 32,890,762
     
LONG-TERM LIABILITIES    
Bank loans 2,784,431  4,146,950
Long-term payable  800,000  800,000
Asset retirement obligation  1,249,363 507,279
Total long-term liabilities 4,833,794 5,454,229
Total Liabilities  33,047,165 38,344,991
     
Commitments and contingencies    
     
EQUITY:    
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: 30,223,749 and

28,791,735 shares issued and outstanding at October 31, 2010 and April 30, 2010,

respectively
30,223 28,792
Additional paid-in capital 37,939,681 32,781,365
Deferred stock compensation (1,753,000)  --
Accumulated other comprehensive income 3,359,331 699,755
Retained Earnings 67,107,903 45,108,530
Treasury stock (400,000 shares) (396,000.00) (396,000.00)
Total stockholders' equity 106,288,138 78,222,442
Non-controlling interest 15,655,983 12,594,293
Total equity 121,944,121 90,816,735
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 154,991,286  $ 129,161,726
CONTACT:  The Blueshirt Group
          Investor Relations
          David Niederman
          +1-503-720-8878
          ir@llenergyinc.com

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