SOURCE: Janel World Trade, Ltd.

Janel World Trade Ltd. Reports Fiscal Second Quarter and Year-to-Date 2014 Results

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.

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Contact:
Investor Relations
Janel World Trade
(718) 527-3800
IR@janelgroup.net

 

 

SOURCE: Janel World Trade, Ltd.