6-K 1 file001.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF NOVEMBER 2001 A.C.L.N. LIMITED (Translation of registrant's name into English) MECHELSE STEENWEG 166 B-2018 ANTWERP, BELGIUM (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. FORM 20-F |X| FORM 40-F Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. YES NO |X| If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable Annexed hereto as Exhibit 99.1 is a copy of the registrant's press release dated November 14, 2001. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. A.C.L.N. LIMITED Date: November 16, 2001 By: /s/ illegible -------------------------- Name: Christian Payne Title: Chief Financial Officer INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION OF EXHIBIT ------ ---------------------- 99.1 Press Release dated November 14, 2001 NEWS RELEASE FOR NOVEMBER 14, 2001 AT 7:30AM EDT Contact: ALLEN & CARON INC A.C.L.N. LIMITED Jill Cieslak (Investors) Jane Creber, V.P. Investor Relations Len Hall (Media) 310-551-0062 949-474-4300 jane@aclnltd.com jill@allencaron.com ---------------- ------------------- len@allencaron.com ------------------ A.C.L.N. LIMITED REPORTS RECORD THIRD QUARTER AND FIRST NINE-MONTH RESULTS Year Over Year Quarterly Revenue Up 93%, Net Income Up 92%, Earnings Per Share Up 94% to $1.65 per Diluted Share LOS ANGELES, CA (November 14, 2001)....A.C.L.N. Limited (NYSE:ASW), a global leader in the logistics of pre-owned automobiles and trucks, announced today that results in its third quarter and first nine months ended September 30, 2001 reached record levels, with revenues increasing by 93.6 percent in the quarter and growing 102 percent for the first nine months, when compared to the same periods last year. Net income for both periods grew by 92.8 percent and 74 percent year over year, respectively. Revenue for the third quarter ended September 30, 2001 was $97.4 million, up from $50.3 million in the third quarter of last year. Net income for this year's third quarter rose to $24.1 million, or $1.69 per basic and $1.65 per diluted share, compared to net income of $12.5 million, or $0.89 per basic and $0.85 per diluted share for the prior year's third quarter, an increase of 90 percent in net income per basic and 94 percent in net income per diluted share. A.C.L.N. Limited President and Chief Executive Officer, Aldo Labiad said, "Demand for our logistics services was very strong in the quarter, and has continued into the fourth quarter. Volumes of vehicles shipped grew 100 percent year over year, and 37 percent in the third quarter when compared to the second quarter of this year. Our logistics business in West Africa remains solid and has, to date, been unaffected by the unrest reported in the northern regions of Nigeria. In our wholesale business we are on schedule with our deliveries according to plan. "Recently, we announced the opening of two new ports of origination in Europe, Cuxhaven in Germany and Sheerness in the United Kingdom," Labiad added. "We are expanding and diversifying A.C.L.N.'s business, and positioning the company to address more marketplaces. Our objective is to continue to create opportunities for growth and profitability, and to add to the foundation of our well-established and vigorous logistics and wholesale businesses." For the nine months ended September 30, 2001, revenues were $239.5 million versus $118.7 million. Net income for the period was $55.5 million, or $3.91 per basic and $3.76 per diluted share. Net income for the nine-month period of 2000 was $31.9 million, or $2.29 per basic and $2.20 per diluted share. The Company provided logistics services for approximately 70,000 automobiles and trucks in the quarter ended September 30, 2001, an increase of 100 percent from shipments of approximately 35,000 vehicles in the third quarter of 2000. According to A.C.L.N. Chief Financial Officer Christian Payne, the September 30, 2001 unaudited balance sheet showed cash and equivalents of $117.6 million, total assets of $190.4 million, no long-term debt and shareholders' equity of $176.5 million. In addition, the Company reported gross margins increased by 18.8 percent in its logistics business from the second quarter of 2001, due to use of larger capacity vessels which are cheaper to charter on a per vehicle basis, and a change in the mix of trucks and automobiles being shipped. Gross margins in the wholesale business declined by 7 percent from the second quarter of 2001 due to the fact that during the third quarter of 2001, the percentage of lower margin automobiles sold was larger than in the previous quarter. ABOUT A.C.L.N. LIMITED A.C.L.N. Limited (www.aclnfltd.com) is a global leader in pre-owned automobile and truck logistics, serving six European ports, and fourteen ports of destination in Africa. Founded in 1978, A.C.L.N. currently operates two primary business segments: (i) providing pre-owned automobile and truck logistics services between Europe and Africa, and (ii) purchasing and selling new automobiles in Africa on a wholesale basis. This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to statements that relate to the A.C.L.N.'s sales, profitability and growth, demand for its products or services, growth in the markets it serves or any other statements that relate to the intent, belief, plans or expectations of A.C.L.N. or its management, or that are not a statement of historical fact. Any forward looking statements in this news release are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Other factors that could cause A.C.L.N.'s actual results to differ materially are discussed in the A.C.L.N.'s recent filings with the Securities and Exchange Commission. A.C.L.N. disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. Tables to Follow

(1) Includes approximately $1.65 million investment in an unaffiliated joint venture which owns a vessel used in our logistics business from time to time.

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ACLN LTD 6-K