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DALIAN, China, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Andatee China Marine Fuel Services Corporation (Nasdaq:AMCF), a leading independent operator engaged in the production, storage, distribution, trading of blended marine fuel oil for cargo and fishing vessels in China, today announced its unaudited financial results for the second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
Revenue in the second quarter of 2013 was $75.8 million, a 9.6% increase from the second quarter of 2012
Gross profit increased 44% year over year to $3.9 million as compared to $2.7 million in the same period of 2012, while gross profit margin during the quarter improved 120 base points year over year to 5.2% from 4%
Operating income in the second quarter of 2013 was $1.1 million, a 2.0% increase from the corresponding period in 2012
The Company ended the quarter with cash balance of approximately $3.5 million and restricted cash of $46.9 million.
"I am pleased to see the steady growth in our revenue as we have undertaken some initiatives, such as facilities investment and product line expansion, in a bid to provide our customers with easier access to Andatee's products and services," commented Mr. Fengbin An, Chairman & CEO of Andatee Marine Fuel Services Corporation, "During the quarter, we continued to expand our market coverage beyond our traditional Northern China region to more extended geographic areas, such as Shanghai and Zhejiang Province. Going forward, we will not only focus on attracting new customers to our current product offering, but also exploring various potential growth opportunities to enhance our growth rate as well as profit margin," he concluded.
Second Quarter of 2013 ResultsRevenue increased by $6.6 million, or 10%, from $69.12 million for the second quarter ended June 30, 2012 to $75.7 million for the second quarter ended June 30, 2013. The increase in the Company's revenue was mainly due to the increase in sales volume as well as selling price on certain key products.
For the three months ended June 30, 2013, #1 marine fuel represented 4.9% of the Company's sales, #2 marine fuel represented 6.7% of sales, #3 marine fuel represented 4.3% of sales, #4 marine fuel represented 64.7% of sales, 180CST represented 19.4% of sales and no sales were reported on 120CST.