Attached files
| file | filename |
|---|---|
| 10-Q - JANEL CORP | v211235_10q.htm |
| EX-31.1 - JANEL CORP | v211235_ex31-1.htm |
| EX-32.1 - JANEL CORP | v211235_ex32-1.htm |
| EX-31.2 - JANEL CORP | v211235_ex31-2.htm |
Exhibit
99.1
| For Immediate Release |
Contact: Investor
Relations at
Janel
World Trade
(404)
261-1196
IR_Janelgroup.net
|
JANEL
WORLD TRADE LTD. REPORTS 55% INCREASE IN FIRST QUARTER REVENUE VS. FIRST
QUARTER
2009 REFLECTING
A $9.4 MILLION INCREASE IN REVENUE TO $26.4 MILLION
RECORD
FIRST QUARTER REVENUE REFLECTS STRENGTH IN CORE BUSINESS
JAMAICA,
NY – February 15, 2011 -- Janel World Trade, Ltd. (OTC BB: JLWT), a
full-service global provider of integrated transportation logistics and
environmental services, announced today financial results for its fiscal first
quarter ending December 31, 2010.
First
Quarter Results
For the
three months ending December 31, 2010, Janel reported revenue of $26,433,994, an
increase of $9,436,062 or up 55.5% compared to the three months ended December
31, 2009. The first quarter revenue represents the highest first quarter revenue
reported in the Company’s history. This quarterly milestone follows successive
record revenues for the second, third and fourth quarters of fiscal 2010. The
Company’s core logistics business units continue to outperform expectations in a
recovering economy with a focus on global shipping lanes of traffic
exhibiting strong growth and the Company’s core logistics services.
For the
three months ending December 31, 2010, the Company reported net income available
to common shareholders of $4,820 or $0.000 per fully diluted share, an
improvement of $58,607 from the prior year reported net loss available to common
shareholders of $(53,787), or $(0.003) per fully diluted share.
Review
and Outlook
”Taking
into account that our first quarter is historically the weakest due to seasonal
factors, we are pleased with our results for the quarter ended December 31,
2010” said James N. Jannello, Executive Vice President and Chief Executive
Officer. “We now have had four consecutive quarter’s reflecting record quarterly
revenue and positive earnings. In addition, during the quarter we
successfully assimilated our October 4, 2010 strategic acquisition of the assets
of Ferrara International Logistics (Ferrara).”
Jannello
continued, “Looking ahead, our expectation is for continued improvement in our
financial results for 2011 and exceeding $100 million in annual
revenue, based on a continuing modest recovery in global economic
conditions. Our recent asset acquisition of Ferrara and our core
logistics business units continuing to perform in a recovering economy along
with our anticipation that our customers will continue to report improvement in
their respective businesses and the addition of new customers leads us to
the expectation that we can finish fiscal year 2011 with another record revenue
year and increased net income.”
Jannello
concluded, “We are committed to growing our core transportation logistics
segment and exploring opportunities to expand existing traffic lanes and
services that generate higher operating margins which will continue to enhance
the profitability of our business and build shareholder value.”
To
be included in Janel’s database for Corporate Press Releases and industry
updates, investors are invited to send their e-mail address to: IRInfo@janelgroup.net.
About
Janel World Trade, Ltd.
Janel
World Trade, Ltd. is a global provider of integrated logistics and environmental
services, including domestic and international freight forwarding via
multi-modal carriers, leading-edge, end-to-end, supply-chain technology, customs
brokerage, warehousing and distribution, and other transportation-related
services. With offices throughout the U.S. (New York, Chicago, Los
Angeles, and Atlanta) and a network of independent international agents in
approximately 52 countries, the Company provides the comprehensive logistics
services and technology necessary to handle its customers’ shipping needs
throughout the world. Cargo can be transported via air, sea or land,
and Janel’s national network of locations can manage the shipment and/or receipt
of cargo into or out of any location in the United States. Janel is
registered as an Ocean Transportation Intermediary and licensed as a FMC
Licensed Freight Forwarder by the Federal Maritime Commission.
Janel World Trade, Ltd.’s
headquarters is located in Jamaica, New York, adjacent to the JFK International
Airport, and its common stock is listed on the OTC Bulletin Board under the
symbol “JLWT”. Additional information on the Company is available on its website
at http://www.janelgroup.net
Forward-Looking
Statements
This
press release includes statements that may constitute “forward-looking”
statements, usually containing the words “believe,” “estimate,” “project,”
“intend,” “expect” or similar expressions. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements inherently involve risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences include,
but are not limited to, the Company’s dependence upon conditions in the air,
ocean and land-based freight forwarding industry, the size and resources of many
competitors, the need for the Company to effectively integrate acquired
businesses and to successfully deliver its primary services, and other risks
detailed in the Company’s periodic report filings with the Securities and
Exchange Commission, including its most recent Form 8-K, Form 10-Q and Form 10-K
filings. By making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes after the date of
this release.
JANEL
WORLD TRADE LTD. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
|
THREE
MONTHS ENDED
December
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
REVENUES
|
$ | 26,433,994 | $ | 16,997,932 | ||||
|
COST
AND EXPENSES:
|
||||||||
|
Forwarding
expenses
|
23,834,037 | 15,083,815 | ||||||
|
Selling,
general and administrative
|
2,441,185 | 1,881,392 | ||||||
|
Depreciation
and amortization
|
84,035 | 60,741 | ||||||
|
TOTAL
COSTS AND EXPENSES
|
26,359,257 | 17,025,948 | ||||||
|
OPERATING
INCOME (LOSS)
|
74,737 | (28,016 | ) | |||||
|
OTHER
ITEMS:
|
||||||||
|
Interest
and dividend income
|
1,253 | 1,669 | ||||||
|
Interest
expense
|
(47,043 | ) | (22,290 | ) | ||||
|
TOTAL
OTHER ITEMS
|
(45,790 | ) | (20,621 | ) | ||||
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
28,947 | (48,637 | ) | |||||
|
Income
taxes
|
20,377 | 1,400 | ||||||
|
NET
INCOME (LOSS)
|
$ | 8,570 | $ | (50,037 | ) | |||
|
Preferred
stock dividends
|
3,750 | 3,750 | ||||||
|
NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 4,820 | $ | (53,787 | ) | |||
|
OTHER
COMPREHENSIVE INCOME NET OF TAX:
|
||||||||
|
Unrealized
gain (loss) from available for sale securities
|
$ | 5,560 | $ | 1,152 | ||||
|
Basic
earnings (loss) per share
|
$ | 0.000 | $ | (0.003 | ) | |||
|
Fully
diluted earnings (loss) per share
|
$ | 0.000 | $ | (0.003 | ) | |||
|
Basic
weighted average shares outstanding
|
20,559,946 | 18,013,332 | ||||||
|
Fully
diuted weighted average shares outstanding
|
22,993,592 | 18,453,332 | ||||||
See notes
to these consolidated financial statements included in the Company's Form
10-Q
JANEL
WORLD TRADE LTD. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
December
31,
2010
|
September
30,
2010
|
|||||||
|
(unaudited)
|
(audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 1,215,482 | $ | 1,354,912 | ||||
|
Accounts
receivable, net of allowance for doubtful accounts of $140,100 and
$106,987, respectively
|
5,670,090 | 6,841,607 | ||||||
|
Marketable
securities
|
60,631 | 54,748 | ||||||
|
Loans
receivable - officers
|
93,206 | 97,092 | ||||||
|
-
other
|
683 | 583 | ||||||
|
Prepaid
expenses and sundry current assets
|
136,802 | 96,608 | ||||||
|
TOTAL
CURRENT ASSETS
|
7,176,894 | 8,445,550 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
111,707 | 111,478 | ||||||
|
OTHER
ASSETS:
|
||||||||
|
Intangible
assets, net
|
3,483,939 | 1,714,702 | ||||||
|
Security
deposits
|
63,488 | 53,688 | ||||||
|
Deferred
income taxes
|
1,007,000 | 1,017,000 | ||||||
|
TOTAL
OTHER ASSETS
|
4,554,427 | 2,785,390 | ||||||
|
TOTAL
ASSETS
|
$ | 11,843,028 | $ | 11,342,418 | ||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Note
payable - bank
|
$ | 951,335 | $ | 951,335 | ||||
|
Accounts
payable - trade
|
3,745,622 | 4,516,547 | ||||||
|
Accrued
expenses and taxes payable
|
428,226 | 564,386 | ||||||
|
Current
portion of long-term debt
|
556,666 | 581,019 | ||||||
|
TOTAL
CURRENT LIABILITIES
|
5,681,849 | 6,613,287 | ||||||
|
LONG-TERM
DEBT
|
835,556 | 13,889 | ||||||
|
DEFERRED
COMPENSATION
|
78,568 | 78,568 | ||||||
|
TOTAL
OTHER LIABILITIES
|
914,124 | 92,457 | ||||||
|
STOCKHOLDERS'
EQUITY
|
5,247,055 | 4,636,674 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 11,843,028 | $ | 11,342,418 | ||||
See notes
to these consolidated financial statements included in the Company's Form
10-Q
JANEL
WORLD TRADE LTD. AND SUBSIDIARIES
EBITDA
RECONCILIATION WITH GAAP
(UNAUDITED)
|
THREE
MONTHS ENDED
December
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Net
income (loss) per financial statement
|
$ | 8,570 | $ | (50,037 | ) | |||
|
Interest
expense
|
47,043 | 22,290 | ||||||
|
Interest
and dividend (income)
|
(1,253 | ) | (1,669 | ) | ||||
|
Income
tax expense
|
20,377 | 1,400 | ||||||
|
Depreciation
|
13,272 | 20,478 | ||||||
|
Amortization
|
70,763 | 40,263 | ||||||
|
EBITDA
(Earnings before interest, taxes depreciation and
amortization)
|
$ | 158,772 | $ | 32,725 | ||||