Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - JANEL CORP | Financial_Report.xls |
| EX-3.1 - EXHIBIT 3.1 - JANEL CORP | v332777_ex3-1.htm |
| EX-31.2 - EXHIBIT 31.2 - JANEL CORP | v332777_ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - JANEL CORP | v332777_ex31-1.htm |
| EX-32.1 - EXHIBIT 32.1 - JANEL CORP | v332777_ex32-1.htm |
| 10-Q - QUARTERLY REPORT - JANEL CORP | v332777_10q.htm |
| EX-31.3 - EXHIBIT 31.3 - JANEL CORP | v332777_ex31-3.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 Fiscal FIRST QUARTER 2013 RESULTS
COMPANY FOCUSED ON CORE TRANSPORTATION LOGISTICS AND RETURNING TO PROFITABILITY
JAMAICA, NY – February 12, 2013 -- Janel World Trade, Ltd. (OTC QB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its first quarter ended December 31, 2012.
First Quarter 2013 Results
For the three months ended December 31, 2012, Janel reported revenue of $21,865,771 a decrease of $1,483,364 or 6.4% compared to the three months ended December 31, 2011.
For the three months ended December 31, 2012 the Company reported a net loss of $(201,286) or $(0.01) per fully diluted share, compared to the prior year reported net loss of $(246,912), or $(0.01) per fully diluted share.
Review and Outlook
“We are disappointed with our results for the quarter ended December 31, 2012” said James N. Jannello, Executive Vice President and Chief Executive Officer. “For the three months, we had an operating loss from continuing operations of $(163,919) compared to an operating loss from continuing operations of $(150,257) in the prior year. Revenue for the quarter was down when compared to last year mainly due to lower ocean and air shipping activity. Although we cannot quantify the effects, we believe that ocean shipping activity in the quarter was negatively impacted by Hurricane Sandy and the threatened port strikes by the International Longshoremen’s Association on the entire East and Gulf Coast. We are focused on returning our continuing core operations to profitability.
Jannello concluded, “With the recent investments in our freezer and cold storage capabilities, we are seeing an expansion in our New Jersey warehouse business with our current customers as well as attracting new customers. Looking ahead, and in the very short term, we are working to raise additional capital in order to grow the transportation logistics segment to profitability.”
To be included in Janel’s database for Corporate Press Releases and industry updates, investors are invited to send their e-mail address to: IR@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. With offices throughout the U.S. (New York, New Jersey, 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 AND COMPREHENSIVE INCOME | ||||||||
| THREE MONTHS ENDED | ||||||||
| December 31, | ||||||||
| 2012 | 2011 | |||||||
| (unaudited) | (unaudited) | |||||||
| REVENUES | $ | 21,865,771 | $ | 23,349,135 | ||||
| COST AND EXPENSES: | ||||||||
| Forwarding expenses | 19,449,107 | 20,938,356 | ||||||
| Selling, general and administrative | 2,476,903 | 2,482,538 | ||||||
| Depreciation and amortization | 103,680 | 78,498 | ||||||
| TOTAL COSTS AND EXPENSES | 22,029,690 | 23,499,392 | ||||||
| LOSS FROM CONTINUING OPERATIONS | (163,919 | ) | (150,257 | ) | ||||
| OTHER ITEMS: | ||||||||
| Interest and dividend income | - | 1,200 | ||||||
| Interest expense | (34,367 | ) | (39,633 | ) | ||||
| TOTAL OTHER ITEMS | (34,367 | ) | (38,433 | ) | ||||
| LOSS FROM CONTINUING OPERATIONS | ||||||||
| BEFORE INCOME TAXES | (198,286 | ) | (188,690 | ) | ||||
| Income taxes (credits) | 3,000 | (168,000 | ) | |||||
| NET LOSS FROM CONTINUING OPERATIONS | $ | (201,286 | ) | $ | (20,690 | ) | ||
| Loss from discontinued operations, net of tax | - | (226,222 | ) | |||||
| NET LOSS | $ | (201,286 | ) | $ | (246,912 | ) | ||
| Preferred stock dividends | 3,750 | 3,750 | ||||||
| NET LOSS AVAILABLE TO COMMON | ||||||||
| SHAREHOLDERS | $ | (205,036 | ) | $ | (250,662 | ) | ||
| OTHER COMPREHENSIVE INCOME NET OF TAX: | ||||||||
| Unrealized gain from available for sale securities | $ | 1,063 | $ | 4,078 | ||||
| COMPREHENSIVE LOSS | $ | (203,973 | ) | $ | (246,584 | ) | ||
| Basic earnings (loss) per share: | ||||||||
| Continuing operations | $ | (0.01 | ) | $ | - | |||
| Discontinued operations | $ | - | $ | (0.01 | ) | |||
| Total | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Diluted earnings (loss) per share: | ||||||||
| Continuing operations | $ | (0.01 | ) | $ | - | |||
| Discontinued operations | $ | - | $ | (0.01 | ) | |||
| Total | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Basic weighted average number of shares outstanding | 21,732,192 | 21,626,214 | ||||||
| Fully diuted weighted average number of shares outstanding | 23,367,442 | 23,261,464 | ||||||
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, 2012 | September 30, 2012 | |||||||
| (unaudited) | (audited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 291,470 | $ | 773,868 | ||||
| Accounts receivable, net of allowance for doubtful | ||||||||
| accounts of $330,463 and $325,335, respectively | 5,072,257 | 5,631,413 | ||||||
| Marketable securities | - | 65,568 | ||||||
| Prepaid expenses and sundry current assets | 109,930 | 128,210 | ||||||
| TOTAL CURRENT ASSETS | 5,473,657 | 6,599,059 | ||||||
| PROPERTY AND EQUIPMENT, NET | 480,371 | 511,403 | ||||||
| OTHER ASSETS: | ||||||||
| Intangible assets, net | 1,750,763 | 1,821,526 | ||||||
| Security deposits | 183,049 | 167,049 | ||||||
| TOTAL OTHER ASSETS | 1,933,812 | 1,988,575 | ||||||
| TOTAL ASSETS | $ | 7,887,840 | $ | 9,099,037 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Note payable - bank | $ | 1,601,336 | $ | 1,601,336 | ||||
| Accounts payable - trade | 3,484,614 | 4,450,252 | ||||||
| Accrued expenses and other current liabilities | 647,315 | 670,070 | ||||||
| Current portion of long-term debt - bank | 85,438 | 84,280 | ||||||
| TOTAL CURRENT LIABILITIES | 5,818,703 | 6,805,938 | ||||||
| LONG-TERM DEBT - BANK | 201,631 | 221,620 | ||||||
| DEFERRED COMPENSATION | 78,568 | 78,568 | ||||||
| TOTAL OTHER LIABILITIES | 280,199 | 300,188 | ||||||
| STOCKHOLDERS' EQUITY | 1,788,938 | 1,992,911 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 7,887,840 | $ | 9,099,037 | ||||
See notes to these consolidated financial statements included in the Company's Form 10-Q