SOURCE: Janel World Trade, Ltd.

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

Paritz & Company, P

Janel World Trade, Ltd. (OTCQB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its third quarter ended June 30, 2014.

 

Third Quarter 2014 Results

 

For the three months ended June 30, 2014, Janel reported revenue of $11,121,377 an increase of $337,896 or 3.1% compared to the three months ended June 30, 2013.

 

For the three months ended June 30, 2014 the Company reported a loss from continuing operations before income taxes of $(70,662) compared to the prior year reported income from continuing operations before income taxes of $28,976.

 

For the three months ended June 30, 2014 and after losses from discontinued operations the Company reported a net loss of $(99,984) or $(0.00) per fully diluted share, compared to the prior year reported net loss of $(220,632) or $(0.01) per fully diluted share.

 

Year-To-Date 2014 Results

 

For the nine months ended June 30, 2014, Janel reported revenue of $32,847,671 an increase of $940,323 or 2.9% compared to the nine months ended June 30, 2013.

 

For the nine months ended June 30, 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 $(343,764) compared to the prior year reported loss from continuing operations before income taxes of $(342,718).

 

For the nine months ended June 30, 2014 and after losses from discontinued operations the Company reported a net loss of $(403,016) or $(0.01) per fully diluted share, compared to the prior year reported net loss of $(710,978), or $(0.03) 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

June 30,

 

 

2014

 

2013

 

2014

 

2013

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

REVENUES

 

$

11,121,377

 

 

$

10,783,481

 

 

$

32,847,671

 

 

$

31,907,348

 

COST AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Forwarding expenses

 

 

9,602,678

 

 

 

9,180,615

 

 

 

28,251,611

 

 

 

27,256,134

 

   Selling, general and administrative

 

 

1,546,492

 

 

 

1,538,582

 

 

 

4,842,334

 

 

 

4,883,798

 

   Depreciation and amortization

 

 

4,239

 

 

 

4,798

 

 

 

11,828

 

 

 

14,336

 

     TOTAL COSTS AND EXPENSES

 

 

11,153,409

 

 

 

10,723,995

 

 

 

33,105,773

 

 

 

32,154,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

(32,032

)

 

 

59,486

 

 

 

(258,102

)

 

 

(246,920

)

OTHER ITEMS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Interest expense, net of interest and dividend income

 

 

(38,630

)

 

 

(30,510

)

 

 

(85,662

)

 

 

(91,082

)

   Realized loss from available for sale securities

 

 

  

 

 

 

  

 

 

 

  

 

 

 

(4,716

)

     TOTAL OTHER ITEMS

 

 

(38,630

)

 

 

(30,510

)

 

 

(85,662

)

 

 

(95,798

)

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   BEFORE INCOME TAXES

 

 

(70,662

)

 

 

28,976

 

 

 

(343,764

)

 

 

(342,718

)

Income taxes

 

 

4,000

 

 

 

4,000

 

 

 

9,000

 

 

 

11,000

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

$

(74,662

)

 

$

24,976

 

 

$

(352,764

)

 

$

(353,718

)

Loss from discontinued operations

 

 

(25,322

)

 

 

(245,608

)

 

 

(50,252

)

 

 

(357,260

)

NET LOSS

 

$

(99,984

)

 

$

(220,632

)

 

$

(403,016

)

 

$

(710,978

)

Preferred stock dividends

 

 

3,750

 

 

 

3,750

 

 

 

11,250

 

 

 

11,250

 

NET LOSS AVAILABLE TO COMMON

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   SHAREHOLDERS

 

$

(103,734

)

 

$

(224,382

)

 

$

(414,266

)

 

$

(722,228

)

OTHER COMPREHENSIVE LOSS NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain from available for sale securities

 

$

  

 

 

$

  

 

 

$

  

 

 

$

1,063

 

COMPREHENSIVE LOSS

 

$

(103,734

)

 

$

(224,382

)

 

$

(414,266

)

 

$

(721,165

)

(Loss) per share from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$

  

 

 

$

  

 

 

$

(0.01

)

 

$

(0.01

)

     Diluted

 

$

  

 

 

$

  

 

 

$

(0.01

)

 

$

(0.01

)

(Loss) per share from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$

  

 

 

$

(0.01

)

 

$

  

 

 

$

(0.02

)

     Diluted

 

$

  

 

 

$

(0.01

)

 

$

  

 

 

$

(0.02

)

Net (loss) per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$

  

 

 

$

(0.01

)

 

$

(0.02

)

 

$

(0.03

)

     Diluted

 

$

  

 

 

$

(0.01

)

 

$

(0.01

)

 

$

(0.03

)

Basic weighted average number of shares outstanding

 

 

27,710,214

 

 

 

21,732,192

 

 

 

26,864,905

 

 

 

21,732,192

 

Fully diuted weighted average number of shares outstanding

 

 

29,345,464

 

 

 

23,367,442

 

 

 

28,500,155

 

 

 

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

 

 

 

 

 

 

 

 

 June 30, 2014

 

 

 

 September 30, 2013

 

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

   Cash and cash equivalents

 

$

235,313

 

 

$

625,584

 

   Accounts receivable, net of allowance for doubtful

 

 

 

 

 

 

 

 

         accounts of $89,374 and $394,294, respectively

 

 

4,086,696

 

 

 

3,615,302

 

   Loans receivable - other

 

 

39,910

 

 

 

42,276

 

   Prepaid expenses and sundry current assets

 

 

118,507

 

 

 

74,871

 

   Assets of discontinued operations

 

 

  

 

 

 

305,454

 

          TOTAL CURRENT ASSETS

 

 

4,480,426

 

 

 

4,663,487

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT, NET

 

 

18,852

 

 

 

21,922

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

   Security deposits

 

 

64,273

 

 

 

60,724

 

          TOTAL OTHER ASSETS

 

 

64,273

 

 

 

60,724

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

4,563,551

 

 

$

4,746,133

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

   Note payable - bank

 

$

1,010,932

 

 

$

1,431,336

 

   Accounts payable - trade

 

 

3,092,779

 

 

 

3,031,135

 

   Accrued expenses and other current liabilities

 

 

237,306

 

 

 

311,369

 

   Liabilities of discontinued operations

 

 

  

 

 

 

72,985

 

          TOTAL CURRENT LIABILITIES

 

 

4,341,017

 

 

 

4,846,825

 

 

 

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

 

78,568

 

 

 

78,568

 

          TOTAL OTHER LIABILITIES

 

 

78,568

 

 

 

78,568

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIENCY)

 

 

143,966

 

 

 

(179,260

)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFIENCY)

 

$

4,563,551

 

 

$

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