This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Andatee China Marine Fuel Services Reports Second Quarter Financial Results

Cost of revenues increased by $5.4 million, or 8%, from $66.4 million for the second quarter ended June 30, 2012 to $71.8 million for the second quarter ended June 30, 2013 primarily due to increased sales volume from 74,353 tons for the second quarter ended June 30, 2012 to 83,896 tons for second quarter ended June 30, 2013.

Gross profit increased by $1.19 million, or 44%, to $3.9 million for the quarter ended June 30, 2013 as compared to $2.7 million in the quarter ended June 30, 2012. As a percentage of revenues, gross profit margin was 5.2% and 4% for the second quarter of 2013 and 2012, respectively.

Total operating expenses from continuing operations for the second quarter of fiscal 2013 were $2.8 million, an increase of 64.7% from $1.7 million in the prior year period.

Selling expenses decreased by $51,535, or 13%, from $409,510 for the second quarter of 2012 to $357,975 in the second quarter of 2013. This decrease is mainly due to reduced sales promotion expenses and lease expenses. As a percentage of revenues, selling expenses decreased from 0.6% for the second quarter of 2012 to 0.5% for the second quarter of 2013.

General and administrative expenses increased by $1.22 million, or 98%, from $1.25 million for the second quarter of 2012 to $2.48 million for the second quarter of 2013. The increase was caused by increases in the depreciation expense, bad debt reserves, professional services fees and consulting fees. As a percentage of revenues, general and administrative expenses increased from 1.8% for the second quarter of 2012 to 3.3% for the second quarter of 2013.

Interest expense increased by $1.9 million, from $0.92 million for the second quarter ended June 30, 2012 to $2.84 million for the second quarter ended June 30, 2013. The increase in interest expense was due to the increased bank acceptance bills for the second quarter ended June 30, 2013 as compared to the second quarter ended June 30, 2012.

Net loss attributable to the Company increased by $1.94 million, from a net income of $217,449 for the second quarter ended June 30, 2012 to net loss of $1.81 million for the second quarter ended June 30, 2013. The increase in net loss was mainly the result of increase in cost of revenue, increase in operating expense and increase in interest expense for the period indicated.

Financial Condition

As of June 30, 2013, the Company had cash balance of approximately $3.5 million, and an addition to $46.9 million in restricted cash.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs