Andatee China Marine Fuel Services Corporation announced consolidated earnings results for the full year ended December 31, 2013. Total sales in 2013 increased by 19.42% to $273.3 million from $228.8 million in 2012. Gross profit in 2013 increased by 12.8% to $16.1 million from $14.3 million in 2012. Income from operations in 2013 was $6.55 million as compared to $7.28 million in 2012. Net loss attributable to company was $1.01 million or $0.10 per diluted share mainly due to a goodwill impairment of $1.2 million, as compared to net profit of $1.64 million or $0.17 per diluted share in 2012. The net loss was mainly the result of increased general and administrative expense, goodwill impairment loss and increased income tax expense, among which the goodwill impairment accounted for $1,234,709. Income before income tax provision was $1,048,617 against $2,113,103 a year ago. Net cash used in operating activities was $35,559,389 against $567,399 a year ago. Additions to construction in progress and property and equipment were $18,563,989 against $859,163 a year ago. Addition to intangible assets was $8,623,375 against $1,722,815 a year ago.

Going forward, the company expects to grow its business for higher revenue growth as well as higher profitability. In the meantime, the company intends to begin implementing various cost control measures in the existing business lines with the aim of improving its margins and achieving profitability in 2014 and beyond.