Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

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
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.