NICHE CARRIER ACLN POSTS RISE IN NET INCOME
ACLN Ltd., a shipping and logistics company specialized in the North America/Africa automobile trade, reported a net income of $10.9 million, or $0.76 per share, for the fourth quarter of 2000, up from $6.3 million, or $0.46 per share, for the corresponding quarter in 1999.
Revenue for the fourth quarter totaled $49.4 million, an increase of 96 percent over revenue of $25.2 million in the fourth quarter of 1999.
For the year, earnings increased to approximately $42.7 million or $3.06 per share and revenue soared by 72 percent.
ACLN restructured its business during 2000, by discontinuing its “freight collect” service in favor of “pre-paid freight” services, and by starting a wholesale car distribution business in Africa, through which it sold over 14,000 new cars.
The discontinuation of “freight collect” service marked the end of the company’s practice of collecting freight revenue upon delivery of automobiles in Africa.
“The year 2000 was an inflection point for the company,” said Joseph Bisschops, chairman of ACLN. “I believe that we have demonstrated some of the significant growth opportunities in the markets we serve as well as our ability to take advantage of those opportunities,” he added.
ACLN is listed on the Nasdaq stock exchange.