|By Marketwired .||
|January 7, 2013 04:05 PM EST||
JAMAICA, NY -- (Marketwire) -- 01/07/13 -- Janel World Trade, Ltd. (OTCBB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its quarter and fiscal year ended September 30, 2012.
Fourth Quarter Results
For the three months ended September 30, 2012, Janel reported revenue of $29,250,331 an increase of $2,455,909 or 9.2% compared to the three months ended September 30, 2011.
For the three months ended September 30, 2012, and after an income tax expense of $1,559,028 mainly to fully provide for a valuation allowance against the deferred tax asset for the quarter, the Company reported a net loss of $(1,818,861) or $(0.08) per fully diluted share, compared to the prior year reported net loss of $(278,373), or $(0.01) per fully diluted share. The loss from continuing operations before income taxes for the three months ending September 30, 2012 was $(32,942), an improvement of $182,008 or 85% when compared to the prior year net loss from continuing operations before income taxes of $(214,950).
Fiscal Year End Results
For the fiscal year ended September 30, 2012, Janel reported revenue of $98,702,647 an increase of $306,030 or 0.3% compared to fiscal year ended September 30, 2011.
For the fiscal year ended September 30, 2012, and after an income tax expense of $1,221,304 mainly to fully provide for a valuation allowance against the deferred tax asset (net of tax credits recorded during the fiscal year), the Company reported a net loss of $(2,678,716) or $(0.12) per fully diluted share, compared to the prior year reported net loss of $(657,697), or $(0.03) per fully diluted share. The loss from continuing operations before income taxes for the fiscal year ending September 30, 2012 was $(790,086) compared to the prior year net loss from continuing operations before income taxes of $(573,300).
Review and Outlook
"We are encouraged with our results for the quarter ended September 30, 2012," said James N. Jannello, Executive Vice President and Chief Executive Officer. "For the three months, income from continuing operations, excluding the one-time income pick-up associated with the change in the fair value of contingent consideration, was $51,537 an improvement of $235,675 compared to a loss from continuing operations of $(184,138) in the prior year. This is the second consecutive quarter where we have seen improvement in our transportation logistics operations over the corresponding prior fiscal year periods, and we plan to continue to build on our financial turnaround as we move forward."
Jannello concluded, "With the recent investments in our freezer and cold storage capabilities, we anticipate a healthy expansion in 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."
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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
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 AND COMPREHENSIVE INCOME THREE MONTHS ENDED YEAR ENDED September 30, September 30, ------------------------ ------------------------ 2012 2011 2012 2011 (unaudited) (unaudited) (audited) (audited) REVENUES $29,250,331 $26,794,422 $98,702,647 $98,396,617 COST AND EXPENSES: Forwarding expenses 26,526,103 24,563,406 88,776,713 88,868,466 Selling, general and administrative 2,566,446 2,320,194 10,114,204 9,630,818 Depreciation and amortization 106,245 94,960 392,837 337,707 Change in fair value of contingent consideration (1,129,650) - (1,129,650) - ----------- ----------- ----------- ----------- TOTAL COSTS AND EXPENSES 28,069,144 26,978,560 98,154,104 98,836,991 ----------- ----------- ----------- ----------- INCOME (LOSS) FROM CONTINUING OPERATIONS 1,181,187 (184,138) 548,543 (440,374) ----------- ----------- ----------- ----------- OTHER ITEMS: Impairment loss (1,167,070) - (1,167,070) - Interest and dividend income 3 957 1,647 4,089 Interest expense (47,062) (31,769) (173,206) (137,015) ----------- ----------- ----------- ----------- TOTAL OTHER ITEMS (1,214,129) (30,812) (1,338,629) (132,926) ----------- ----------- ----------- ----------- LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (32,942) (214,950) (790,086) (573,300) Income taxes (credits) 1,559,028 (85,356) 1,221,304 (228,045) ----------- ----------- ----------- ----------- NET LOSS FROM CONTINUING OPERATIONS $(1,591,970) $ (129,594) $(2,011,390) $ (345,255) Loss from discontinued operations, net of tax (226,891) (148,779) (667,326) (312,442) ----------- ----------- ----------- ----------- NET LOSS $(1,818,861) $ (278,373) $(2,678,716) $ (657,697) Preferred stock dividends 3,750 3,750 15,000 15,000 ----------- ----------- ----------- ----------- NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(1,822,611) $ (282,123) $(2,693,716) $ (672,697) OTHER COMPREHENSIVE INCOME NET OF TAX: Unrealized gain (loss) from available for sale securities $ 2,180 $ (11,220) $ 12,968 $ (2,694) ----------- ----------- ----------- ----------- TOTAL COMPREHENSIVE LOSS $(1,820,431) $ (293,343) $(2,680,748) $ (675,391) =========== =========== =========== =========== Basic earnings (loss) per share: Continuing operations $ (0.07) $ - $ (0.09) $ (0.02) =========== =========== =========== =========== Discontinued operations $ (0.01) $ (0.01) $ (0.03) $ (0.01) =========== =========== =========== =========== Total $ (0.08) $ (0.01) $ (0.12) $ (0.03) =========== =========== =========== =========== Diluted earnings (loss) per share: Continuing operations $ (0.07) $ - $ (0.09) $ (0.02) =========== =========== =========== =========== Discontinued operations $ (0.01) $ (0.01) $ (0.03) $ (0.01) =========== =========== =========== =========== Total $ (0.08) $ (0.01) $ (0.12) $ (0.03) =========== =========== =========== =========== Basic weighted average number of shares outstanding 21,732,192 20,982,192 21,705,553 20,884,602 =========== =========== =========== =========== Fully diuted weighted average number of shares outstanding 23,367,442 22,617,442 23,340,803 22,726,099 =========== =========== =========== =========== See notes to these consolidated financial statements included in the Company's Form 10-K CONSOLIDATED BALANCE SHEETS June 30, September 30, 2012 2011 ------------ -------------- (unaudited) (audited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 773,868 $ 474,755 Accounts receivable, net of allowance for doubtful accounts of $325,335 and $289,547, respectively 5,631,413 5,861,779 Marketable securities 65,568 52,352 Loans receivable - officers - 92,817 Prepaid expenses and sundry current assets 128,210 114,835 Tax refund receivable - 148,000 Assets in discontinued operations - 635,484 ------------ -------------- TOTAL CURRENT ASSETS 6,599,059 7,380,022 ------------ -------------- PROPERTY AND EQUIPMENT, NET 511,403 459,850 OTHER ASSETS: Intangible assets, net 1,821,526 3,271,649 Security deposits 167,049 97,299 Deferred income taxes - 1,184,003 ------------ -------------- TOTAL OTHER ASSETS 1,988,575 4,552,951 ------------ -------------- TOTAL ASSETS $ 9,099,037 $ 12,392,823 ============ ============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Note payable - bank $ 1,601,336 $ 951,335 Note payable - other - 100,000 Accounts payable - trade 4,450,252 4,536,815 Accrued expenses and other current liabilities 670,070 415,577 Current portion of long-term debt - bank 84,280 86,360 Current portion of long-term debt - related party - 249,618 Liabilities in discontinued operations - 325,601 ------------ -------------- TOTAL CURRENT LIABILITIES 6,805,938 6,665,306 ------------ -------------- LONG-TERM DEBT - BANK 221,620 298,625 LONG-TERM DEBT - RELATED PARTY - 826,666 DEFERRED COMPENSATION 78,568 78,568 ------------ -------------- TOTAL OTHER LIABILITIES 300,188 1,203,859 ------------ -------------- STOCKHOLDERS' EQUITY 1,992,911 4,523,658 ------------ -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,099,037 $ 12,392,823 ============ ============== See notes to these consolidated financial statements included in the Company's Form 10-K
Janel World Trade
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