Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - JANEL CORP | Financial_Report.xls |
| EX-31.3 - EXHIBIT 31.3 - JANEL CORP | v377061_ex31-3.htm |
| EX-32.1 - EXHIBIT 32.1 - JANEL CORP | v377061_ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - JANEL CORP | v377061_ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - JANEL CORP | v377061_ex31-1.htm |
| 10-Q - FORM 10-Q - JANEL CORP | v377061_10q.htm |
Exhibit 99.1
Janel World Trade Ltd. REPORTS Fiscal SECOND QUARTER AND YEAR-TO-DATE 2014 RESULTS
JAMAICA, NY – May 12, 2014 -- Janel World Trade, Ltd. (OTCQB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its second quarter ended March 31, 2014.
Second Quarter 2014 Results
For the three months ended March 31, 2014, Janel reported revenue of $10,888,597 an increase of $768,568 or 7.6% compared to the three months ended March 31, 2013.
For the three months ended March 31, 2014 the Company reported a loss from continuing operations before income taxes of $(26,823) a $167,090 improvement when compared to the prior year reported loss from continuing operations before income taxes of $(193,913).
For the three months ended March 31, 2014 and after losses from discontinued operations the Company reported a net loss of $(40,376) or $(0.00) per fully diluted share, compared to the prior year reported net loss of $(289,060) or $(0.01) per fully diluted share.
Year-To-Date 2014 Results
For the six months ended March 31, 2014, Janel reported revenue of $21,726,294 an increase of $602,427 or 2.9% compared to the six months ended March 31, 2013.
For the six months ended March 31, 2014, after a one-time non-cash charge to SG&A of $237,492 for the issuance of stock options on October 30, 2013, the Company reported a loss from continuing operations before income taxes of $(273,102) compared to the prior year reported loss from continuing operations before income taxes of $(371,694).
For the six months ended March 31, 2014 and after losses from discontinued operations the Company reported a net loss of $(303,032) or $(0.01) per fully diluted share, compared to the prior year reported net loss of $(490,346), or $(0.02) per fully diluted share.
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, 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 OTCQB 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
(718) 527-3800
IR@janelgroup.net
| JANEL WORLD TRADE LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||
| THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| REVENUES | $ | 10,888,597 | $ | 10,120,029 | $ | 21,726,294 | $ | 21,123,867 | ||||||||
| COST AND EXPENSES: | ||||||||||||||||
| Forwarding expenses | 9,342,994 | 8,600,756 | 18,648,933 | 18,075,519 | ||||||||||||
| Selling, general and administrative | 1,546,173 | 1,676,406 | 3,295,842 | 3,345,216 | ||||||||||||
| Depreciation and amortization | 3,817 | 4,769 | 7,589 | 9,538 | ||||||||||||
| TOTAL COSTS AND EXPENSES | 10,892,984 | 10,281,931 | 21,952,364 | 21,430,273 | ||||||||||||
| LOSS FROM CONTINUING OPERATIONS | (4,387 | ) | (161,902 | ) | (226,070 | ) | (306,406 | ) | ||||||||
| OTHER ITEMS: | ||||||||||||||||
| Interest expense, net of interest and dividend income | (22,436 | ) | (32,011 | ) | (47,032 | ) | (60,572 | ) | ||||||||
| Realized loss from available for sale securities | - | - | - | (4,716 | ) | |||||||||||
| TOTAL OTHER ITEMS | (22,436 | ) | (32,011 | ) | (47,032 | ) | (65,288 | ) | ||||||||
| LOSS FROM CONTINUING OPERATIONS | ||||||||||||||||
| BEFORE INCOME TAXES | (26,823 | ) | (193,913 | ) | (273,102 | ) | (371,694 | ) | ||||||||
| Income taxes | - | 4,000 | 5,000 | 7,000 | ||||||||||||
| LOSS FROM CONTINUING OPERATIONS | $ | (26,823 | ) | $ | (197,913 | ) | $ | (278,102 | ) | $ | (378,694 | ) | ||||
| Loss from discontinued operations | (13,553 | ) | (91,147 | ) | (24,930 | ) | (111,652 | ) | ||||||||
| NET LOSS | $ | (40,376 | ) | $ | (289,060 | ) | $ | (303,032 | ) | $ | (490,346 | ) | ||||
| Preferred stock dividends | 3,750 | 3,750 | 7,500 | 7,500 | ||||||||||||
| NET LOSS AVAILABLE TO COMMON | ||||||||||||||||
| SHAREHOLDERS | $ | (44,126 | ) | $ | (292,810 | ) | $ | (310,532 | ) | $ | (497,846 | ) | ||||
| OTHER COMPREHENSIVE LOSS NET OF TAX: | ||||||||||||||||
| Unrealized gain from available for sale securities | $ | - | $ | - | $ | - | $ | 1,063 | ||||||||
| COMPREHENSIVE LOSS | $ | (44,126 | ) | $ | (292,810 | ) | $ | (310,532 | ) | $ | (496,783 | ) | ||||
| (Loss) per share from continuing operations: | ||||||||||||||||
| Basic | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
| Diluted | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
| (Loss) per share from discontinued operations: | ||||||||||||||||
| Basic | $ | - | $ | - | $ | - | $ | - | ||||||||
| Diluted | $ | - | $ | - | $ | - | $ | - | ||||||||
| Net (loss) per share available to common shareholders: | ||||||||||||||||
| Basic | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
| Diluted | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
| Basic weighted average number of shares outstanding | 27,710,214 | 21,732,192 | 26,442,251 | 21,732,192 | ||||||||||||
| Fully diuted weighted average number of shares outstanding | 29,345,464 | 23,367,442 | 28,077,501 | 23,367,442 | ||||||||||||
| See notes to these consolidated financial statements included in the Company's Form 10-Q | ||||||||||||||||
| JANEL WORLD TRADE LTD. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| March 31, 2014 | September 30, 2013 | |||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 970,234 | $ | 625,584 | ||||||
| Accounts receivable, net of allowance for doubtful | ||||||||||
| accounts of $89,374 and $394,294, respectively | 3,462,097 | 3,615,302 | ||||||||
| Loans receivable - other | 39,910 | 42,276 | ||||||||
| Prepaid expenses and sundry current assets | 135,288 | 74,871 | ||||||||
| Assets of discontinued operations | - | 305,454 | ||||||||
| TOTAL CURRENT ASSETS | 4,607,529 | 4,663,487 | ||||||||
| PROPERTY AND EQUIPMENT, NET | 15,901 | 21,922 | ||||||||
| OTHER ASSETS: | ||||||||||
| Security deposits | 60,724 | 60,724 | ||||||||
| TOTAL OTHER ASSETS | 60,724 | 60,724 | ||||||||
| TOTAL ASSETS | $ | 4,684,154 | $ | 4,746,133 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Note payable - bank | $ | 1,053,234 | $ | 1,431,336 | ||||||
| Accounts payable - trade | 3,062,468 | 3,031,135 | ||||||||
| Accrued expenses and other current liabilities | 242,184 | 311,369 | ||||||||
| Liabilities of discontinued operations | - | 72,985 | ||||||||
| TOTAL CURRENT LIABILITIES | 4,357,886 | 4,846,825 | ||||||||
| DEFERRED COMPENSATION | 78,568 | 78,568 | ||||||||
| TOTAL OTHER LIABILITIES | 78,568 | 78,568 | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIENCY) | 247,700 | (179,260 | ) | |||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFIENCY) | $ | 4,684,154 | $ | 4,746,133 | ||||||
| See notes to these consolidated financial statements included in the Company's Form 10-Q | ||||||||||