Shares of Andatee China Marine Fuel Services Corp. (Nasdaq: AMCF) surged as much as 45 percent from Friday’s closing price in morning trading on Monday on no news.
Shares of AMCF touched an intraday high of $3.48 per share, up from Friday’s closing price of $2.40. Trading volume at mid-day trading on Monday was 240,528, well above the company’s average 10-day trading volume of 36,856, according to Yahoo Finance.
For the quarter ended June 30, 2011, Andatee China Marine Fuel Services Corp. reported revenue of $63.1 million, a 43 percent increase over revenue of $$44.1 million reported in the same quarter a year ago. Operating income for the second quarter decreased by $1.3 million, or 32.9%, from $3.9 million for the second quarter of 2010 to $2.6 million for the second quarter of 2011. Net income for the quarter was $1.3 million, down from $2.6 million in the same quarter a year earlier.
Andatee China Marine Fuel Services Corporation is an independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in northern China.