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Andatee China Marine Fuel Services Reports Second Quarter Financial Results

About Andatee China Marine Fuel Services

Andatee China Marine Fuel Services Corporation is a leading independent operator engaged in the production, storage, distribution, and trading of blended marine fuel oil for cargo and fishing vessels in China. Headquartered in the City of Dalian, a key international shipping hub and an international logistics center in Northern China, Andatee maintains operations in Liaoning, Shandong, Zhejiang Provinces and Shanghai area. Additional information about the Company is available via the Company filing with The Securities Exchange Commission at  www.sec.gov .

Safe Harbor Relating to the Forward Looking Statements

Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule under the Private Securities Litigation Reform Act of 1995. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. As a result, investors should not place undue reliance on these forward- looking statements. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. The Company may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risk factors include, without limitation, our ability to properly execute our business model, to address price and demand volatility, to counter weather and seasonal fluctuations, to attract and retain management and operational personnel, potential volatility in future earnings, fluctuations in the Company's operating results, our ability to expand geographically into new markets and successfully integrate future acquisitions, our ability to integrate and capitalize on the acquisitions in various markets, PRC governmental decisions and regulation, and existing and future competition that the Company is facing. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission under the caption "Risk Factors" in such filings.

ANDATEE CHINA MARINE FUEL SERVICES CORPORATION. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
     
     
  June 30, 2013 December 31, 2012
     
ASSETS    
Current assets    
Cash and cash equivalents  $ 3,522,403  $ 1,625,705
Restricted cash 46,909,212 9,173,002
Accounts receivable, net 47,678,251 18,220,089
Inventories, net 20,732,045 9,302,913
Advances to suppliers 22,352,330 16,387,613
Deposits for land use rights 2,332,664 698,291
Prepaid expense and other current assets 2,320,677 558,505
Deferred tax assets 1,065,813 840,540
Total current assets 146,913,395 56,806,658
     
Property, plant and equipment, net 52,379,442 40,880,091
Construction in progress 1,452,857 12,860,195
Equity investment 1,312,450  -- 
Intangible assets, net 8,882,727 8,953,602
Goodwill 1,238,169 1,213,036
     
Total assets  $ 212,179,040  $ 120,713,582
     
LIABILITIES AND EQUITY    
Current liabilities    
Short-term bank borrowings  $ 19,357,870  $ 9,314,247
Bank note payable 92,658,589 19,679,104
Accounts payable and accrued liabilities 19,258,163 8,367,697
Advances from customers 7,182,189 8,472,233
Loan from third parties 2,351,293 9,413,436
Related party loans payable 4,302,092 509,255
Taxes payable 2,871,938 2,719,517
Other liabilities 2,090,148 1,777,089
Total current liabilities 150,072,282 60,252,578
     
Warrant liability 92,686 --
     
Commitments and contingencies --  -- 
     
Equity    
Common stock, $0.001 par value; 50,000,000 shares authorized; 9,860,159 and 9,610,159 shares issued; 9,768,967 and 9,518,967 shares outstanding as of June 30, 2013, and December 31, 2012,respectively 9,860 9,610
Treasury stock, at cost; 91,192 shares  (497,693) (497,693)
Additional paid-in capital 29,955,806 29,888,556
Accumulated other comprehensive income 5,621,023 4,297,827
Retained earnings 19,562,445 19,513,573
Statutory reserve 3,628,644 3,421,960
Total stockholders' equity of the Company 58,280,085 56,633,833
Noncontrolling interest 3,733,987 3,827,171
Total equity 62,014,072 60,461,004
     
Total liabilities and equity  $ 212,179,040  $ 120,713,582
 
ANDATEE CHINA MARINE FUEL SERVICES CORPORATION. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
         
  Three months ended June 30, Six months ended June 30, 2013 ,
  2013 2012 2013 2012
         
Revenues  $ 75,766,037  $ 69,149,363  $ 129,397,690  $ 108,359,507
Cost of revenues 71,818,195 66,400,189 121,982,431 102,531,948
Gross profit 3,947,842 2,749,174 7,415,259 5,827,559
         
Operating expenses        
Selling expenses 357,975 409,510 817,031 956,454
General and administrative expenses 2,486,902 1,258,168 4,136,767 2,405,462
Total operating expenses 2,844,877 1,667,678 4,953,798 3,361,916
         
Income from operations 1,102,965 1,081,496 2,461,461 2,465,643
         
Other income (expense)        
Interest income 13,628 27,505 225,048 127,758
Interest expense  (1,167,686)  (928,513)  (3,757,998)  (2,640,621)
Income (loss) from equity investment   (8,566)  --  16,350  -- 
Change in fair value of warrants 10,150  --  10,150  -- 
Other income (expense)  (33,496)  (11,026)  (169)  289,872
Total other income (expense)  (1,185,970)  (912,034)  (1,829,835)  (2,222,991)
         
Income (loss) before income tax provision  (83,005) 169,462 631,626 242,652
         
Provision for Income Taxes  52,668 35,520 469,254 37,420
         
Net income (loss)  (135,673) 133,942 162,372 205,232
Less: net loss attributable to noncontrolling interest  (56,259)  (83,507)  (93,184)  (170,085)
         
Net income (loss) attributable to the Company  $ (79,414)  $ 217,449  $ 255,556  $ 375,317
         
Other comprehensive income (loss)        
Total foreign currency translation adjustment 1,032,940  (33,280) 1,615,051 276,663
Less: foreign currency translation adjustment attributable to non-controlling interest  (60,466)  --   (291,855)  -- 
Foreign currency translation adjustment attributable to the Company 972,474 (33,280) 1,323,196 276,663
         
Comprehensive income (loss)  $ 893,060  $ 184,169  $ 1,578,752  $ 651,980
         
Basic and diluted weighted average shares outstanding 9,674,048 9,610,159 9,642,103 9,642,103
         
Basic and diluted net earnings (loss) per share  $ (0.01)  $ 0.02  $ (0.03)  $ 0.04
CONTACT: For more information, please contact:
         
         Company Contact:
         Mr. Hao Wang
         Chief Financial Officer
         Andatee China Marine Fuel Services Corporation
         Phone: +86-411-8360-4683

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