L&L Energy Announces Fiscal Year End 2013 Results

              L&L Energy Announces Fiscal Year End 2013 Results

Conference call scheduled for 12:00 p.m. Eastern Time on Wednesday, July 31,
2013

PR Newswire

SEATTLE, July 30, 2013

SEATTLE, July 30, 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
fiscal year 2013, ended April 30, 2013.

Fiscal Year 2013 Highlights:

  oRevenues increased 76% year-over-year to $199 million for FY2013 from $113
    million last year.
  oNet income attributable to L&L increased 169% year-over-year to $38.4
    million for the FY2013 from $14.2 million last year.
  oEarnings per share for FY2013 was $1.03, an increase of 140% from $0.43
    last year. FY2013 EPS was reduced by $0.05 due to a non-cash derivative
    loss.
  oThe Company's Book Value for the year end 2013 was $214,000,000 or $5.55
    per share.
  oCoal mining tons sold increased 182% year over year to 670,000 tons for
    FY2013 from 237,000 last year.
  oIn November 2012, L&L acquired the Luozhou and Lashu Coal Mines in Guizhou
    adding 350,000 tons of coal mining production and, when fully expanded,
    750,000 tons of annual production.

"Our fiscal 2013 year was one of strong organic and acquisitive growth,"
commented L&L Vice President and Director, Clayton Fong.  "Our two newly
acquired mines, Luozhou and Lashu, were able to ramp up their production ahead
of schedule contributing 167,000 tons to the Company's mining segment in a
little over 5 months. With the addition of L&L's Weishe mine, which produced
approximately 143,000 tons during FY2013, the Company anticipates its three
Guizhou mines to produce 1.2 million tons by 2015."

Fong continued, "Luozhou and Lashu have been wonderful additions to our mining
portfolio. We have been pleased with their organic expansion thus far and look
forward to expanding both mines, as well as our Weishe mine, to their designed
capacities."

The 5 mines L&L currently owns produced approximately 670,000 tons for FY2013.
When fully expanded L&L's current mining operations are targeted to produce
approximately 1.8 million tons. In the fourth quarter the Company's mining
production, the primary driver of its earnings produced on target with 196,000
tons, however net income was reduced $1.9 million, or $0.05 per share, from a
non-cash derivative expense due to a market valuation on a derivative per US
accounting standards.

In addition to the Company's growth in South China, L&L announced earlier this
year that it has begun to evaluate larger mining operations with over 1
million tons of annual production in northern China. These larger mines have
inherently lower production costs and will allow L&L to grow its mining
segment exponentially. L&L Directors, Mr. Jingcai Yang and Dr. Syd Peng have
played integral roles in this due diligence process. L&L also relocated its
headquarters to Beijing in April 2013.

L&L's wholesale segment also saw significant growth this year, securing a new
large contract with Datang Power. The increase in volume allowed the Company
to further build out its infrastructure, developing additional coal processing
operations in Guizhou. Earlier this year L&L opened its second loading and
blending station in Guizhou. The facilities at ShinPingBa and ZhaZhou are
strategically placed to increase the Company's ability to source coal from a
broader area.

L&L also signed a strategic agreement with Apollo Technologies a Taiwan based
environmental remediation monitoring firm to explore joint ventures in clean
coal projects in China.

Conference Call

Management will host a conference call to discuss its 2013 fiscal year end
(4/30/2013) financial results at 12:00 p.m. Eastern Daylight Time (9:00 a.m.
Pacific Daylight Time) on Wednesday, July 31, 2013. 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
International Toll: 404-665-9534
Conference ID: 24623365

Please call five minutes prior to 12:00 p.m. Eastern Daylight Time. A live
webcast of the call will also be available at http://www.llenergyinc.com. A
replay will be available from July 31, 2013 to August 7, 2013. The number for
the replay is 855-859-2056or for international calls, 404-537-3406.
Conference ID#: 24623365.

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

L & L ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF APRIL 30, 2013 AND 2012
                                                     2013          2012
ASSETS
 CURRENT ASSETS:
 Cash and cash equivalents                       $ 9,565,084   $ 4,040,020
 Accounts receivables                              35,431,260    33,099,101
 Prepaid and other current assets                  23,139,756    22,824,020
 Other receivables, net                            12,895,304    8,738,868
 Due from related parties                          3,434,502     -
 Related party notes receivable - current          4,237,715     -
 Inventories                                       7,154,544     4,946,231
  Total current assets                         95,858,165    73,648,240
 Property, plant, equipment, and mine               173,409,488   132,630,829
 development, net
 Construction-in-progress                          34,679,059    31,259,260
 Intangible assets, net                            214,883       428,036
 Goodwill                                          2,753,439     3,768,443
 Other assets                                      3,094,830     885,680
 Deferred finance fee                              146,072       -
 Long term receivable, net                         12,441,007    27,840,433
 Related party notes receivable - noncurrent       -             6,096,617
  Total non-current assets                   226,738,778   202,909,298
TOTAL ASSETS                                     $ 322,596,943 $ 276,557,538
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
 Accounts payable                                $ 3,794,840   $ 803,975
 Accrued expenses and other current liabilities    1,011,100     1,090,310
 Other payables                                    21,373,835    20,969,802
 Related party payables - current                  6,808,798     17,251,921
 Due to officers                                   1,304,431     414,667
 Tax payable                                       17,792,612    13,636,288
 Customer deposits                                 745,200       1,542,064
 Bank loans                                        4,999,985     2,229,761
  Total current liabilities                    57,830,801    57,938,788
LONG-TERM LIABILITIES
 Convertible note payable, net                     543,367       -
 Derivative liabilities                            4,594,912     -
 Related party payable - noncurrent                -             304,951
 Asset retirement obligations                      3,616,643     2,459,352
  Total long-term liabilities                  8,754,922     2,764,303
  Total Liabilities                     66,585,723    60,703,091
 Commitments and contingencies
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: 38,385,050 and 36,991,397       38,385        36,991
 shares issued and outstanding at April 30, 2013
 and 2012 respectively)
 Additional paid-in capital                        69,588,550    65,752,560
 Accumulated other comprehensive income            9,814,087     10,622,683
 Retained Earnings                                 134,487,028   96,134,782
 Treasury stock (286,595 shares and 343,093
 shares at April 30, 2013 and 2012 respectively,     -68,035       -123,968
 including shared held by subsidiary)
  Total L & L Energy stockholders' equity      213,860,015   172,423,048
 Non-controlling interest                          42,151,205    43,431,399
  Total equity                                 256,011,220   215,854,447
TOTAL LIABILITIES AND EQUITY                    $ 322,596,943 $ 276,557,538

L & L ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED APRIL 30, 2013, 2012 AND 2011
                                       2013          2012          2011
NET REVENUES                       $ 198,982,667 $ 112,940,483 $ 137,324,576
COST OF REVENUES                     137,419,910   82,140,286    95,158,971
GROSS PROFIT                         61,562,757    30,800,197    42,165,605
OPERATING COSTS AND EXPENSES:
Salaries & wages-selling, general     4,614,606     6,408,059     8,649,292
and administrative
Selling, general and administrative
expenses, excluding salaries and       12,624,785    8,934,090     8,758,213
wages
 Total operating expenses        17,239,391    15,342,149    17,407,505
INCOME FROM OPERATIONS               44,323,366    15,458,048    24,758,100
OTHER INCOME (EXPENSE):
 Interest income (expense)         173,870       593,860       -290,154
 Other income, net                 505,520       1,672,627     1,485,906
 Derivative loss                   -1,951,721    -             -
 Total other income (expense)    -1,272,331    2,266,487     1,195,752
INCOME FROM CONTINUING OPERATIONS     43,051,035    17,724,535    25,953,852
BEFORE PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES           5,545,883     2,395,663     2,121,630
INCOME FROM CONTINUING OPERATIONS    37,505,152    15,328,872    23,832,222
Income attributable to                8,563,990     3,306,143     5,601,449
non-controlling interests
Income attributable to L & L         28,941,162    12,022,729    18,230,773
DISCONTINUED OPERATIONS, NET OF
TAX
Gain on disposal                     5,417,166     -             -
Net income from discontinued
operations attributable to             2,236,413     1,688,526     19,230
non-controlling interests
Net income from discontinued          3,993,918     5,407,500     18,549,036
operations attributable to L & L
Divestiture net present value cost   -             -3,183,786    -
TOTAL (LOSS) INCOME FROM              11,647,497    3,912,240     18,568,266
DISCONTINUED OPERATIONS, NET OF TAX
NET INCOME                         $ 49,152,649  $ 19,241,112  $ 42,400,488
Net income attributable to          $ 10,800,403  $ 4,994,669   $ 5,620,679
non-controlling interests
Net income attributable to L & L     38,352,246    14,246,443    36,779,809
OTHER COMPREHENSIVE INCOME:
Foreign currency translation gain    1,818,735     4,120,141     6,502,542
COMPREHENSIVE INCOME               $ 50,971,384  $ 23,361,253  $ 48,903,030
Comprehensive income attributable  $ 11,218,945  $ 5,767,281   $ 6,327,858
to non-controlling interests
Comprehensive income attributable    39,752,439    17,593,972    42,575,172
to L & L
INCOME PER COMMON SHARE – basic     $ 0.78        $ 0.36        $ 0.61
from continuing operations
(LOSS) INCOME PER COMMON SHARE –    $ 0.25        $ 0.07        $ 0.63
basic from discontinued operations
INCOME PER COMMON SHARE – basic $ 1.03        $ 0.43        $ 1.24
INCOME PER COMMON SHARE – diluted   $ 0.74        $ 0.35        $ 0.6
from continuing operations
(LOSS) INCOME PER COMMON SHARE –
diluted from discontinued            $ 0.24        $ 0.07        $ 0.61
operations
INCOME PER COMMON SHARE – diluted  $ 0.98        $ 0.42        $ 1.21
WEIGHTED AVERAGE COMMON SHARES        37,243,459    33,108,863    29,764,705
OUTSTANDING – basic
WEIGHTED AVERAGE COMMON SHARES        39,175,569    33,544,354    30,422,393
OUTSTANDING - diluted



SOURCE L & L Energy, Inc.

Website: http://www.llenergyinc.com