/C O R R E C T I O N -- L & L Energy, Inc./

                 /C O R R E C T I O N -- L & L Energy, Inc./

PR Newswire

SEATTLE, March 11, 2013

In the news release, L&L Energy Announces Third Quarter Financial Results -
Record Production and Earnings, issued 11-Mar-2013 by L & L Energy, Inc. over
PR Newswire, the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME table has
been replaced due to formatting issues. The complete, corrected release
follows:

  L&L Energy Announces Third Quarter Financial Results - Record Production and
  Earnings

    Conference call scheduled for 2:30 p.m. Eastern Time on Tuesday, March 12,
    2013

SEATTLE, March 11, 2013 /PRNewswire/ --L & L Energy, Inc. (NASDAQ: "LLEN")
("L&L" or "Company"), a Seattle-based company with a track record of
profitable coal operations in China, announced its financial results for its
third quarter of fiscal 2013, ended January 31, 2013.

Third Quarter Highlights:

  oIn November 2012, L&L acquired the Luozhou and Lashu Coal Mines in Guizhou
    adding 34.2 million tons of reserves and, when fully expanded, 750,000
    tons of annual production.
  oCoal mining production increased 253% year over year to 233,000 tons in
    the third quarter of fiscal 2013 from 66,000 in the same quarter last
    year. Quarter over quarter production increased 26% from 185,000 tons in
    the second quarter.
  oRevenues increased 98% year-over-year to $59.8 million in the third
    quarter of fiscal 2013 from $30.2 million in the same quarter last year.
    On a quarter over quarter basis, revenues increased 9% from $54.9 million
    last quarter.
  oNet income attributable to L&L increased 300% year-over-year to $15.6
    million for the third quarter of fiscal 2013 from $3.9 million last year
    and increased quarter over quarter 103% from $7.7 million last quarter.
  oEarnings per share for the quarter was $0.42, an increase of 282% from
    $0.11 during the same period last year and an increase of 100% quarter
    over quarter.

Trailing Five Quarter Highlights:

          Mining       Net Income Attributable Earnings Per

          Production  to L&L                  Share
Q3 FY2013 233,000 tons $15.6 million           $0.42
Q2 FY2013 185,000 tons $7.7 million            $0.21
Q1 FY2013 149,000 tons $6.2 million            $0.17
Q4 FY2012 108,000 tons $4.2 million            $0.12
Q3 FY2012 66,000 tons  $3.9 million            $0.11

"Our third quarter results show five quarters of consecutive growth,"
commented Ian Robinson, Chief Financial Officer of L&L. "This quarter's strong
earnings were bolstered by our two newly acquire mines, Luozhou and Lashu,
ramping up their production ahead of schedule. The two new mines have reached
their approved capacities and with all our mines fully operational, we were
able to surpass our record earnings and production numbers from last quarter."

Mr. Robinson continued saying, "Our wholesale segment also recorded solid
growth this quarter as L&L increased shipments to Datang Power under the
previously increased contract, signed in October 2012."

L&L's Vice President and Director Clayton Fong summarized, "Last quarter, the
five mines we currently own produced at an annual rate of 900,000 tons.
Organically they are targeted to grow 100% between now and 2015. We also
expect significant growth in our wholesale and washing operations in the next
few years. That growth could increase even higher with a few additional
acquisitions. We continue to look at opportunities in Guizhou province and
have begun looking at even larger mines in Sanxi and Inner Mongolia. With our
business running well, I am very pleased how well positioned we are. The
future is bright. " 

Conference Call

Management will host a conference call to discuss these financial results
Tuesday, March 12, 2013 at 2:30 p.m. EST. Investors may access the call as
follows:

The audio call of the meeting will be available via telephone at:
North America Toll Free: (800) 893-5360
Conference ID: 22133889
Please call five minutes prior to 2:30 p.m. EST. A live webcast of the call
will also be available at http://www.llenergyinc.com.

Forward Looking Statements

The release contains statements related to Company's future performance and is
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements may involve uncertainties and actual results of the future
events described in this release could differ materially. Other than as
required under the securities laws, the Company does not assume a duty to
update these forward-looking statements.

Contacts:
L&L Energy Inc.
(206)-264-8065
ir@llenergyinc.com

L & L ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF JANUARY 31, 2013 AND APRIL 30, 2012
 (Unaudited)
                                                     31-Jan-13     30-Apr-12
ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents                       $ 5,117,515   $ 3,547,953
 Accounts receivables                              38,499,154    26,032,123
 Prepaid and other current assets                  23,045,587    17,540,206
 Other receivables                                 21,094,124    8,738,868
 Inventories                                       8,722,746     4,701,954
 Assets held for sales                             -             68,769,279
  Total current assets                         96,479,126    129,330,383
 Property, plant, equipment, and mine               159,220,393   85,469,222
 development, net
 Construction-in-progress                          11,200,140    26,417,686
 Intangible assets, net                            221,176       79,491
 Goodwill                                          2,914,424     919,017
 Other assets                                      993,355       404,689
 Long term receivable                              26,280,607    27,840,433
 Related party notes receivable                    6,040,433     6,096,617
  Total non-current assets                   206,870,528   147,227,155
TOTAL ASSETS                                     $ 303,349,654 $ 276,557,538
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
 Accounts payable                                $ 3,790,146   $ 799,102
 Accrued expenses and other current liabilities    916,908       916,001
 Other payables                                    32,047,140    34,491,367
 Related party payables                            2,759,608     1,863,413
 Due to officers                                   1,450,375     414,667
 Tax payable                                       15,240,845    12,633,204
 Customer deposits                                 978,194       1,381,300
 Liabilities held for sales                        -             6,126,253
  Total current liabilities                    57,183,216    58,625,307
LONG-TERM LIABILITIES
 Related party payable- Long term                  -             304,951
 Asset retirement obligations                      3,514,215     1,772,833
  Total long-term liabilities                  3,514,215     2,077,784
  Total Liabilities                     60,697,431    60,703,091
EQUITY:
L&L ENERGY STOCKHOLDERS' EQUITY:
 Preferred stock, no par value, 2,500,000 shares    -             -
 authorized, none issued and outstanding
 Common stock ($0.001 par value, 120,000,000
 shares authorized: 37,979,414 and 36,991,397       37,979        36,991
 shares issued and outstanding at January 31, 2013
 and April 30, 2012 respectively)
 Additional paid-in capital                        67,850,688    65,752,560
 Accumulated other comprehensive income            9,313,948     10,622,683
 Retained Earnings                                 125,660,995   96,134,782
 Treasury stock (86,595 shares and 143,093 shares
 at January 31, 2013 and April 30, 2012              (68,035)      (123,968)
 respectively)
  Total L & L Energy stockholders' equity      202,795,575   172,423,048
 Non-controlling interest                          39,856,648    43,431,399
  Total equity                                 242,652,223   215,854,447
TOTAL LIABILITIES AND EQUITY                    $ 303,349,654 $ 276,557,538
The accompanying notes are an integral part of these
consolidated financial statements



L & L ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS PERIODS ENDED JANUARY 31, 2013 AND 2012
(Unaudited)
                     For The Three Months        For The Nine Months Periods
                     Periods Ended January 31,   Ended January 31,
                     2013           2012          2013            2012
NET REVENUES     $ 59,852,361  $  19,384,566  $ 144,804,738  $  78,336,628
COST OF REVENUES   39,396,382     14,238,311    102,569,810     57,271,928
GROSS PROFIT       20,455,979     5,146,255     42,234,928      21,064,700
OPERATING COSTS
AND EXPENSES:
Salaries &
wages-selling,       703,121        1,014,187     2,597,634       4,530,049
general and
administrative
Selling, general
and administrative
expenses,            3,358,112      1,502,100     9,260,485       5,995,523
excluding salaries
and wages
 Total
operating            4,061,233      2,516,287     11,858,119      10,525,572
expenses
INCOME FROM         16,394,746     2,629,968     30,376,809      10,539,128
OPERATIONS
OTHER INCOME
(EXPENSE):
 Interest         116,926        85,078        341,261         461,451
income (expense)
 Other income     71,828         (208,967)     962,243         (1,326,566)
(expense),net
 Total other    188,754        (123,889)     1,303,504       (865,116)
income (expense)
INCOME FROM
CONTINUING
OPERATIONS BEFORE    16,583,500     2,506,079     31,680,313      9,674,012
PROVISION FOR INCOME
TAXES
PROVISION FOR       1,574,799      336,085       3,072,766       1,426,412
INCOME TAXES
INCOME FROM
CONTINUING           15,008,701     2,169,994     28,607,547      8,247,600
OPERATIONS
Income
attributable to      3,007,604      510,282       6,334,799       2,217,152
non-controlling
interests
Income
attributable to L    12,001,097     1,659,712     22,272,748      6,030,448
& L
DISCONTINUED
OPERATIONS
Gain on disposal   3,260,086      -             3,260,086       -
Net income from
discontinued
operations           176,375        527,243       2,236,402       983,128
attributable to
non-controlling
interests
Net income from
discontinued
operations           335,615        2,199,758     3,993,377       4,004,851
attributable to L
& L
Divestiture net
present value        -              -             -               -
cost
TOTAL (LOSS)
INCOME FROM          3,772,076      2,727,001     9,489,865       4,987,979
DISCONTINUED
OPERATIONS
NET INCOME       $ 18,780,777  $  4,896,996   $ 38,097,412   $  13,235,579
Net income
attributable to    $ 3,183,979   $  1,037,525   $ 8,571,201    $  3,200,279
non-controlling
interests
Net income
attributable to L    15,596,798     3,859,471     29,526,211      10,035,300
& L
OTHER
COMPREHENSIVE
INCOME:
Foreign currency
translation (loss)   (977,322)      347,024       (1,308,735)     4,833,525
gain
COMPREHENSIVE     $ 17,803,455  $  5,244,020   $ 36,788,677   $  18,069,104
INCOME
Comprehensive
income
attributable to    $ 3,049,642   $  1,093,359   $ 8,377,845    $  3,961,242
non-controlling
interests
Comprehensive
income               14,753,813     4,150,661     28,410,832      14,107,862
attributable to L
& L
INCOME PER COMMON
SHARE – basic from $ 0.32        $  0.05        $ 0.60         $  0.19
continuing
operations
(LOSS) INCOME PER
COMMON SHARE –
basic from         $ 0.10        $  0.07        $ 0.19         $  0.12
discontinued
operations
INCOME PER COMMON $ 0.42        $  0.12        $ 0.79         $  0.31
SHARE – basic
INCOME PER COMMON
SHARE – diluted    $ 0.32        $  0.05        $ 0.60         $  0.18
from continuing
operations
(LOSS) INCOME PER
COMMON SHARE –
diluted from       $ 0.10        $  0.07        $ 0.19         $  0.12
discontinued
operations
INCOME PER COMMON $ 0.42        $  0.12        $ 0.79         $  0.30
SHARE – diluted
WEIGHTED AVERAGE
COMMON SHARES        37,318,789     32,723,159    37,562,695      32,093,512
OUTSTANDING –
basic
WEIGHTED AVERAGE
COMMON SHARES        37,318,789     33,539,928    37,562,695      33,004,193
OUTSTANDING -
diluted





L & L ENERGY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED JANUARY 31, 2013 AND 2012
                                             For The Nine Months Periods Ended

                                             January 31,
                                                2013             2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                   $  38,097,412    $  13,235,579
 Loss from discontinued operations, net of
 income taxes                                   (6,229,779)      (4,987,979)
 Adjustments to reconcile net income to net
 cash provided by operating activities:
 Gain on sale of subsidiary                     (3,260,086)      -
 Income from continuing operations, net of      28,607,547       8,247,600
 income taxes
Adjustments to reconcile net income to net
cash provided by operating activities:
 Depreciation and amortization                  5,124,945        2,752,804
 Stock compensation                             2,099,117        2,913,347
 Accretion of asset retirement obligation       137,134          108,240
 Accounts receivable                            (11,457,863)     (4,486,640)
 Prepaid and other current assets               (3,584,643)      7,680,822
 Inventories                                    (2,303,922)      (3,463,461)
 Other receivable                               (17,249,745)     755,196
 Accounts payable and other payable             8,358,088        169,917
 Customer deposit                               (1,273,992)      405,791
 Accrued and other liabilities                  (417,174)        202,299
 Taxes payable                                  2,513,694        1,107,490
 Note receivable                                56,184           (3,852,434)
Net cash provided by continuing operating       10,609,369       12,540,971
activities
Net cash provided by discontinued operation     9,489,865        6,308,946
Net cash provided by operating activities      20,099,234       18,849,917
CASH FLOWS FROM INVESTING ACTIVITIES:
 Acquisition of property and equipment          (1,596,161)      (681,228)
 Construction-in-progress                       (27,442,341)     (19,497,219)
 Acquisition of businesses, net of cash         (1,748,669)      -
 acquired
 Proceeds from repayment of long term           1,559,826        -
 receivable
 Increase in investments                        -                397,860
 Cash received from HSC disposal                5,125,291        1,030,260
Net cash used in continuing investing           (24,102,054)     (18,750,327)
activities
Net cash used in discontinuing investing        12,555,005       (1,988,052)
activities
Net cash used in investing activities          (11,547,049)     (20,738,379)
CASH FLOWS FROM FINANCING ACTIVITIES:
 Due to officers                                1,035,708        (1,200)
 Proceeds from Treasury stock sold              55,933           3,840,795
 Payment to previous owner of acquired mine     (8,708,978)
Net cash provided by (used in) continuing       (7,617,337)      3,839,595
financing activities
Net cash provided by discontinued financing     -
activities
Net cash provided by (used in) financing        (7,617,337)      3,839,595
activities
Effect of exchange rate changes on cash and     634,714          430,595
cash equivalents
INCREASE IN CASH AND CASH EQUIVALENTS           1,569,562        2,381,728
CASH AND CASH EQUIVALENTS, BEGINNING OF         3,547,953        4,914,425
YEARS
CASH AND CASH EQUIVALENTS, END OF YEARS      $  5,117,515     $  7,296,153
                                                -
SUPPLEMENTAL INFORMATION
INTEREST PAID                                $  -             $  344,116
INCOME TAX PAID                              $  2,114,059     $  1,012,634
NON-CASH INVESTING AND FINANCING ACTIVITY:
Acquisition of business, net of cash         $  (36,795,600)  $
acquired
Divestiture of business, net of cash         $  35,046,931    $
disposed

SOURCE L & L Energy, Inc.

Website: http://www.lnlinternational.com
 
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