American Lorain Corporation Reports Third Quarter Fiscal Year 2015 Financial Results

Management Comments

"We were so glad to see both our operating income and net income increased by 48% YOY and 157% YOY, respectively. During the third quarter, the Company made tremendous progresses for our newly launched Youtiao product. And the Company was also actively moving forward with new products for China breakfast market along with the other business segment. Our offices all around the country were working very closely with local dealers to promote all kinds of the product," Said Mr. Chen Si, Chairman and CEO of American Lorain Corporation, "The Company continues to expand new sales channels to grow its customer base and increase its revenues. We will continuously devote ourselves to deliver the optimal returns to our shareholders in the future."

Revenue for the three months ended September 30, 2015 dropped by $7.58 million, or 13.72%, as compared to the three months ended September 30, 2014, it is principally as a result of a question raised by CTCPA, with respect to the origin of canned chestnuts sold by Conserverie Minerve ("Minerve") and  Minerve chestnuts come from a Chinese cultivar, while CTCPA stated that only chestnuts based on the European or Japanese cultivars can be used in canned chestnut products sold in France according to CTCPA policies. The Company has since shipped chestnuts based on the Japanese cultivar grown in China to Minerve.   

Gross Margin was 17.39% for the three months ended September 30, 2015 as compared to 16.57% for the same period of 2014, it was primarily due to the fact that higher-margin products contributed more revenue in current quarter than in the same period of last year.

Selling and Marketing Expenses. Our selling and marketing expenses decreased by approximately $1.17 million, or 38.40%, to $1.88 million for the three months ended September 30, 2015. The overall decrease was mainly due to the decrease of personnel costs and transportation costs, which was in line with the decline of net revenue. Management actively worked to control sales related expenses in accordance with market and sales conditions.

General and Administrative Expenses. Our general and administrative expenses decreased by approximately $1.01 million, or 30.15%, to $2.35 million for the three months ended September 30, 2015. As our revenues decreased, we prepared our budget to strictly control our expenses incurred. The main items leading to the decrease of our expenses are our staff welfare expense and office supply expense.  

The operating income increased by 47.86%, or $1.32 million, to approximately $4.07 million YOY. It was mainly due to the fact that the operating expense dropped by approximately 34.07% YOY to 4.22 million for the three months ended September 30, 2015.

Net Income

Net income increased by approximately $1.15 million, or 157.24%, to $1.88 million for the three months ended September 30, 2015. The increase was attributable to decrease of operating expenses in the three months ended September 30, 2015 as compared to the three months ended September 30, 2014.

As of September 30, 2015, we had cash and cash equivalents of approximately $31.1 million. The Company's total current assets as of September 30, 2015, were $197.4 million and total current liabilities were $105.4 million, which resulted in a positive net working capital of $92.0 million.

AMERICAN LORAIN CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
AT SEPTEMBER 30, 2015 AND DECEMBER 31, 2014
(Stated in US Dollars)
					(Audited)
		At September 30,			At December 31,
ASSETS		2015			2014
Current assets
Cash and cash equivalents	$	31,145,108		$	30,279,988
Restricted cash		14,262,450			4,195,114
Trade accounts receivable		41,142,978			58,806,466
Other receivables		12,670,630			8,183,485
Inventory		58,002,702			51,648,160
Advance to suppliers		33,473,757			42,479,437
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