Welcome!

Microsoft Cloud Authors: Liz McMillan, John Basso, Pat Romanski, Elizabeth White, Mihai Corbuleac

News Feed Item

Janel World Trade, Ltd. Reports Fiscal Year End 2012 Results

Company Focused on Core Transportation Logistics and Returning to Profitability

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."

To be included in Janel's database for Corporate Press Releases and industry updates, investors are invited to send their e-mail address to: [email protected].

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.



                  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


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.