Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - JANEL CORP | Financial_Report.xls |
| 10-Q - FORM 10-Q - JANEL CORP | v301240_10q.htm |
| EX-31.2 - EXHIBIT 31.2 - JANEL CORP | v301240_ex31-2.htm |
| EX-32.1 - EXHIBIT 32.1 - JANEL CORP | v301240_ex32-1.htm |
| EX-31.3 - EXHIBIT 31.3 - JANEL CORP | v301240_ex31-3.htm |
| EX-31.1 - EXHIBIT 31.1 - JANEL CORP | v301240_ex31-1.htm |
Exhibit 99.1
| For Immediate Release |
Contact: Investor Relations at (404) 261-1196 IR_Janelgroup.net
|
Janel World Trade Ltd. REPORTS Fiscal FIRST QUARTER 2012 RESULTS
COMPANY CONTINUES INVESTMENT IN HIGHER MARGIN VERTICALLY INTEGRATED FOOD DIVISION
JAMAICA, NY – February 14, 2012 -- Janel World Trade, Ltd. (OTC BB: JLWT), a full-service global provider of integrated transportation logistics and vertically integrated supply chain services in the food industry, announced today the financial results for its three months ending December 31, 2011.
First Quarter 2012 Results
For the three months ending December 31, 2011, Janel reported revenue of $23,585,132 a decrease of $2,848,862 or down 10.8% compared to the three months ended December 31, 2010.
For the three months ending December 31, 2011, the Company reported a net loss of $(246,912) or $(0.01) per fully diluted share, compared to the prior year reported net income of $8,570, or $0.00 per fully diluted share.
Review and Outlook
“The results were disappointing for the quarter ended December 31, 2011” said James N. Jannello, Executive Vice President and Chief Executive Officer. We experienced weaker than expected freight volumes from our top customers within our transportation logistics segment when compared to the prior year and within our food industry segment (which began in April 2011) we incurred a $226,221 operating loss primarily the result of the payment and charge against revenue of $190,900 of slotting fees for the positioning of retail store shelf space in order to place product on the shelves of two major supermarket chains.
Jannello continued, “Looking ahead, we expect improvement in our financial results for fiscal 2012 within our transportation logistics business segment as the economy improves and we plan to continue the expansion of our new operating division focused on vertical supply chain services. During fiscal 2011 we invested $400,000 in our New Jersey operation and constructed a 15,000 square foot walk/drive-in freezer for our traditional freight forwarding and logistics business. The construction was completed at the end of January 2012 and we expect this new warehouse revenue, with higher gross profit margins, to kick in during the March 2012 quarter”.
Jannello concluded, “We are focused on significantly improving the results of our core logistics business and moving ahead with the expansion of our new operating division catering to the food industry. We will not be satisfied until we return our core business to profitability and realize the attractive gross profit margins that we expect from our food distribution network.”
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; 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; and a provider of vertically integrated supply chain services in the food industry. 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.
Contact:
Investor Relations
Janel World Trade
(404) 261-1196
IR_Janelgroup.net
JANEL WORLD TRADE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| THREE MONTHS ENDED December 31, | ||||||||
| 2011 | 2010 | |||||||
| (unaudited) | (unaudited) | |||||||
| REVENUES | $ | 23,585,132 | $ | 26,433,994 | ||||
| COST AND EXPENSES: | ||||||||
| Cost of sales | 21,245,534 | 23,834,037 | ||||||
| Selling, general and administrative | 2,636,146 | 2,425,544 | ||||||
| Depreciation and amortization | 79,931 | 79,142 | ||||||
| TOTAL COSTS AND EXPENSES | 23,961,611 | 26,338,723 | ||||||
| (LOSS) INCOME FROM OPERATIONS | (376,479 | ) | 95,271 | |||||
| OTHER ITEMS: | ||||||||
| Interest and dividend income | 1,200 | 1,253 | ||||||
| Interest expense | (39,633 | ) | (47,043 | ) | ||||
| TOTAL OTHER ITEMS | (38,433 | ) | (45,790 | ) | ||||
| (LOSS) INCOME BEFORE INCOME TAXES | (414,912 | ) | 49,481 | |||||
| Income taxes (credits) | (168,000 | ) | 27,359 | |||||
| NET (LOSS) INCOME FROM CONTINUING | ||||||||
| OPERATIONS | $ | (246,912 | ) | $ | 22,122 | |||
| Loss from discontinued operations, net of tax | — | (13,552 | ) | |||||
| NET (LOSS) INCOME | $ | (246,912 | ) | $ | 8,570 | |||
| OTHER COMPREHENSIVE INCOME NET OF TAX: | ||||||||
| Unrealized gain (loss) from available for sale securities | $ | 4,078 | $ | 5,561 | ||||
| TOTAL COMPREHENSIVE (LOSS) INCOME | $ | (242,834 | ) | $ | 14,131 | |||
| Basic earnings (loss) per share: | ||||||||
| Continuing operations | $ | (0.01 | ) | $ | — | |||
| Discontinued operations | $ | — | $ | — | ||||
| Total | $ | (0.01 | ) | $ | — | |||
| Diluted earnings (loss) per share: | ||||||||
| Continuing operations | $ | (0.01 | ) | $ | — | |||
| Discontinued operations | $ | — | $ | — | ||||
| Total | $ | (0.01 | ) | $ | — | |||
| Basic weighted average number of shares outstanding | 21,626,214 | 20,559,946 | ||||||
| Fully diuted weighted average number of shares outstanding | 23,261,464 | 22,993,592 | ||||||
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, 2011 | September 30, 2011 | |||||||
| (unaudited) | (audited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 491,022 | $ | 504,829 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $297,418 and $289,547, respectively | 6,143,811 | 5,886,255 | ||||||
| Inventories | 705,710 | 415,934 | ||||||
| Marketable securities | 56,699 | 52,352 | ||||||
| Loans receivable - officers | 92,817 | 92,817 | ||||||
| Prepaid expenses and sundry current assets | 94,353 | 279,835 | ||||||
| Tax refund receivable | 148,000 | 148,000 | ||||||
| TOTAL CURRENT ASSETS | 7,732,412 | 7,380,022 | ||||||
| PROPERTY AND EQUIPMENT, NET | 483,719 | 459,850 | ||||||
| OTHER ASSETS: | ||||||||
| Intangible assets, net | 3,200,886 | 3,271,649 | ||||||
| Security deposits | 168,799 | 97,299 | ||||||
| Deferred income taxes | 1,307,003 | 1,184,003 | ||||||
| TOTAL OTHER ASSETS | 4,676,688 | 4,552,951 | ||||||
| TOTAL ASSETS | $ | 12,892,819 | $ | 12,392,823 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Note payable - bank | $ | 1,301,335 | $ | 951,335 | ||||
| Note payable - other | 100,000 | 100,000 | ||||||
| Accounts payable - trade | 5,089,787 | 4,858,344 | ||||||
| Accrued expenses and taxes payable | 452,997 | 419,649 | ||||||
| Current portion of long-term debt - bank | 73,618 | 86,360 | ||||||
| Current portion of long-term debt - related party | 262,984 | 249,618 | ||||||
| TOTAL CURRENT LIABILITIES | 7,280,721 | 6,665,306 | ||||||
| LONG-TERM DEBT - BANK | 279,790 | 298,625 | ||||||
| LONG-TERM DEBT - RELATED PARTY | 826,666 | 826,666 | ||||||
| DEFERRED COMPENSATION | 78,568 | 78,568 | ||||||
| TOTAL OTHER LIABILITIES | 1,185,024 | 1,203,859 | ||||||
| STOCKHOLDERS' EQUITY | 4,427,074 | 4,523,658 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 12,892,819 | $ | 12,392,823 | ||||
See notes to these consolidated financial statements included in the Company's Form 10-Q