Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - JANEL CORP | v321406_ex31-2.htm |
| EX-10.7 - EXHIBIT 10.7 - JANEL CORP | v321406_ex10-7.htm |
| EX-31.3 - EXHIBIT 31.3 - JANEL CORP | v321406_ex31-3.htm |
| EX-31.1 - EXHIBIT 31.1 - JANEL CORP | v321406_ex31-1.htm |
| EX-32.1 - EXHIBIT 32.1 - JANEL CORP | v321406_ex32-1.htm |
| 10-Q - FORM 10-Q - JANEL CORP | v321406_10q.htm |
Exhibit 99.1
| For Immediate Release | Contact: | Investor Relations at |
| Janel World Trade | ||
| (404) 261-1196 | ||
| IR_Janelgroup.net |
Janel World Trade Ltd. REPORTS Fiscal THIRD QUARTER 2012 RESULTS
COMPANY FOCUSED ON CORE TRANSPORTATION LOGISTICS AND RETURNING TO PROFITABILITY
JAMAICA, NY – August 14, 2012 — Janel World Trade, Ltd. (OTC BB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its three and nine months ending June 30, 2012.
Third Quarter Results
For the three months ending June 30, 2012, Janel reported revenue of $24,012,080 an increase of $1,565,524 or 7.0% compared to the three months ended June 30, 2011.
For the three months ending June 30, 2012, the Company reported a net loss of $(215,112) or $(0.01) per fully diluted share, compared to the prior year reported net loss of $(247,623), or $(0.01) per fully diluted share. The net loss from continuing operations for the three months ending June 30, 2012 was $(58,781), an improvement of $86,170 or 59% when compared to the prior year net loss of $(144,951).
Fiscal Year to Date Nine Month Results
For the nine months ending June 30, 2012, Janel reported revenue of $69,452,316 a decrease of $2,149,879 or 3.0% compared to the nine months ended June 30, 2011.
For the nine months ending June 30, 2012, the Company reported a net loss of $(859,855) or $(0.04) per fully diluted share, compared to the prior year reported net loss of $(379,325), or $(0.02) per fully diluted share. The net loss from continuing operations for the nine months ending June 30, 2012 was $(419,420) compared to the prior year net loss of $(215,661).
Review and Outlook
“We are encouraged with our results for the quarter ended June 30, 2012” said James N. Jannello, Executive Vice President and Chief Executive Officer. “For the three months, we experienced an improvement within our transportation logistics operations when compared to the prior year, where our loss from operations improved by $143,170 to a loss from operations of $(65,374) compared to a loss from operations of $(208,544) in the prior year.”
Jannello concluded, “During the quarter ended June 2012, we divested ourselves of the food segment and the negative impact that segment was having on our financial results. This was a significant step for us and now we are entirely focused on our transportation logistics operations and building on our financial turnaround that we have seen for the three months ended June 2012. Looking ahead, and in the very short term, we are seeking 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: IRInfo@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, 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.
Contact:
Investor Relations
Janel World Trade
(404) 261-1196
IR_Janelgroup.net
JANEL WORLD TRADE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| REVENUES | $ | 24,012,080 | $ | 22,446,556 | $ | 69,452,316 | $ | 71,602,195 | ||||||||
| COST AND EXPENSES: | ||||||||||||||||
| Cost of sales | 21,461,733 | 20,106,380 | 62,250,610 | 64,305,060 | ||||||||||||
| Selling, general and administrative | 2,510,805 | 2,465,995 | 7,547,758 | 7,310,624 | ||||||||||||
| Depreciation and amortization | 104,916 | 82,725 | 286,592 | 242,747 | ||||||||||||
| TOTAL COSTS AND EXPENSES | 24,077,454 | 22,655,100 | 70,084,960 | 71,858,431 | ||||||||||||
| LOSS FROM OPERATIONS | (65,374 | ) | (208,544 | ) | (632,644 | ) | (256,236 | ) | ||||||||
| OTHER ITEMS: | ||||||||||||||||
| Interest and dividend income | - | 945 | 1,644 | 3,132 | ||||||||||||
| Interest expense | (44,872 | ) | (32,461 | ) | (126,144 | ) | (105,246 | ) | ||||||||
| TOTAL OTHER ITEMS | (44,872 | ) | (31,516 | ) | (124,500 | ) | (102,114 | ) | ||||||||
| LOSS BEFORE INCOME TAXES | (110,246 | ) | (240,060 | ) | (757,144 | ) | (358,350 | ) | ||||||||
| Income taxes (credits) | (51,465 | ) | (95,109 | ) | (337,724 | ) | (142,689 | ) | ||||||||
| NET LOSS FROM CONTINUING OPERATIONS | $ | (58,781 | ) | $ | (144,951 | ) | $ | (419,420 | ) | $ | (215,661 | ) | ||||
| Loss from discontinued operations, net of tax | (156,331 | ) | (102,672 | ) | (440,435 | ) | (163,664 | ) | ||||||||
| NET LOSS | $ | (215,112 | ) | $ | (247,623 | ) | $ | (859,855 | ) | $ | (379,325 | ) | ||||
| OTHER COMPREHENSIVE INCOME NET OF TAX: | ||||||||||||||||
| Unrealized gain (loss) from available for sale securities | $ | (2,149 | ) | $ | 97 | $ | 10,788 | $ | 8,526 | |||||||
| TOTAL COMPREHENSIVE LOSS | $ | (217,261 | ) | $ | (247,526 | ) | $ | (849,067 | ) | $ | (370,799 | ) | ||||
| Basic earnings (loss) per share: | ||||||||||||||||
| Continuing operations | $ | - | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | |||||
| Discontinued operations | $ | (0.01 | ) | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||
| Total | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.02 | ) | ||||
| Diluted earnings (loss) per share: | ||||||||||||||||
| Continuing operations | $ | - | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | |||||
| Discontinued operations | $ | (0.01 | ) | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||
| Total | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.02 | ) | ||||
| Basic weighted average number of shares outstanding | 21,732,192 | 20,982,192 | 21,696,608 | 20,851,714 | ||||||||||||
| Fully diuted weighted average number of shares outstanding | 23,367,442 | 22,617,442 | 23,331,858 | 22,762,715 | ||||||||||||
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, 2012 | September 30, 2011 | |||||||
| (unaudited) | (audited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 179,228 | $ | 477,141 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $263,054 and $289,547, respectively | 6,836,269 | 5,861,779 | ||||||
| Marketable securities | 63,384 | 52,352 | ||||||
| Loans receivable - officers | - | 92,817 | ||||||
| Prepaid expenses and sundry current assets | 116,146 | 114,835 | ||||||
| Tax refund receivable | - | 148,000 | ||||||
| "Assets" of discontinued operations | - | 633,098 | ||||||
| TOTAL CURRENT ASSETS | 7,195,027 | 7,380,022 | ||||||
| PROPERTY AND EQUIPMENT, NET | 496,120 | 459,850 | ||||||
| OTHER ASSETS: | ||||||||
| Intangible assets, net | 3,059,360 | 3,271,649 | ||||||
| Security deposits | 167,049 | 97,299 | ||||||
| Deferred income taxes | 1,541,304 | 1,184,003 | ||||||
| TOTAL OTHER ASSETS | 4,767,713 | 4,552,951 | ||||||
| TOTAL ASSETS | $ | 12,458,860 | $ | 12,392,823 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Note payable - bank | $ | 1,601,335 | $ | 951,335 | ||||
| Note payable - other | - | 100,000 | ||||||
| Accounts payable - trade | 5,176,797 | 4,536,815 | ||||||
| Accrued expenses and taxes payable | 355,321 | 415,577 | ||||||
| Current portion of long-term debt - bank | 75,906 | 86,360 | ||||||
| Current portion of long-term debt - related party | 289,651 | 249,618 | ||||||
| "Liabilities" of discontinued operations | - | 325,601 | ||||||
| TOTAL CURRENT LIABILITIES | 7,499,010 | 6,665,306 | ||||||
| LONG-TERM DEBT - BANK | 241,275 | 298,625 | ||||||
| LONG-TERM DEBT - RELATED PARTY | 826,666 | 826,666 | ||||||
| DEFERRED COMPENSATION | 78,568 | 78,568 | ||||||
| TOTAL OTHER LIABILITIES | 1,146,509 | 1,203,859 | ||||||
| STOCKHOLDERS' EQUITY | 3,813,341 | 4,523,658 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 12,458,860 | $ | 12,392,823 | ||||
See notes to these consolidated financial statements included in the Company's Form 10-Q