Boston, MA 08/15/2014 (wallstreetpr) – Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) announced its financial results of second-quarter 2014. It reported an impressive jump of 3767.40% in its net income. It came at $2.9 million as compared to the net loss of $79,414 in 2Q2013. The total sales rose 131.67% to $175.5 million as compared to $75.8 million in Q2 2013. The gross profit rose 131.73% to $9.15 million comparable to $3.95 million in Q2 2013. The income from operations saw a jump of 495.15% to $6.56 million comparable $1.10 million in Q2 2013. The earnings came at $0.28 per diluted share, up from the loss of $0.01 year ago.
The Financial Figures
Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) reported the revenue jump of 131.7% to $175.5 million comparable to $75.8 million in 2Q2013. The gross margins rose 131.9%, to $9.1 million comparable to $3.9 million in 2Q2013. Selling expenses declined 33.0% to $239,831 as compared to $357,975 in 2Q2013. G&A expenses dropped 5.7% to $2.34 million comparable to $2.49 million in prior-year quarter.
The Management View
Mr. Wang Hao, Chairman and CEO said that Andatee had a wonderful quarter that is clearly reflected in its top and bottom line results. It has adopted a shift in strategy as it focuses on wholesale sales of fuel oil. Initially, Andatee focused on retail sales of fuel oil but now under the new shift it will look to get large wholesalers in the extended geographic markets. The wholesalers can be based in Zhejiang Province or Shanghai. The shift will be the source of net income of $2.9 million. It has even helped Andatee to enhance the sales volume.
Going Ahead
In the second quarter, Andatee China Marine Fuel Ser Corp (NASDAQ:AMCF) acquired technology firm Qingdao Grand New Energy Co., Ltd., to diversify its business line. It has got the experience of delivering proprietary clean energy technologies. Andatee will continue to make the changes in strategy as per the requirement of time. The objective is to achieve a sustainable growth in coming years.
