Click here to close now.

Welcome!

News Feed Item

Janel World Trade Ltd. Reports Fiscal Year End 2013 Results

Company Focused on Core Transportation Logistics and Returning to Profitability

JAMAICA, NY -- (Marketwired) -- 01/14/14 -- Janel World Trade, Ltd. (OTCQB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its quarter ended September 30, 2013.

Fourth Quarter Results

For the three months ended September 30, 2013, Janel reported revenue of $12,841,886 a decrease of $1,605,724 or 11.1% compared to the three months ended September 30, 2012.

For the three months ended September 30, 2013 the Company reported a net profit from continuing operations before income taxes of $28,612, down by $6,490 when compared to the prior year reported net profit from continuing operations before income taxes of $35,102.

For the three months ended September 30, 2013 and after losses from discontinued operations the Company reported a net loss of $(1,447,256) or $(0.06) per fully diluted share, compared to the prior year reported net loss of $(1,818,861), or $(0.08) per fully diluted share. Included in the prior year is an income tax expense of $1,785,919 mainly to fully provide for a valuation allowance against the deferred tax asset.

Year-To-Date 2013 Results

For the fiscal year ended September 30, 2013, Janel reported revenue of $44,744,518 a decrease of $5,092,943 or 10.2% compared to the fiscal year ended September 30, 2012.

For the fiscal year ended September 30, 2013 the Company reported a net loss from continuing operations before income taxes of $(314,106), down by $249,077 when compared to the prior year reported net loss from continuing operations before income taxes of $(65,029).

For the fiscal year ended September 30, 2013 and after losses from discontinued operations the Company reported a net loss of $(2,158,234) or $(0.09) per fully diluted share, compared to the prior year reported net loss of $(2,678,716), or $(0.12) per fully diluted share. Included in the prior year is an income tax expense of $1,221,304 mainly to fully provide for a valuation allowance against the deferred tax asset.

Review and Outlook

"During the fourth quarter we have made strides in getting back to our core business," said William J. Lally, President and Chief Executive Officer. "We divested ourselves of our New Jersey business at the end of August and have further reduced expenses in our core business which can be seen where our SG&A is down for the quarter by $141,082 when compared to the same quarter last year. Although we have made strides in reducing our expenses during the quarter, revenue for the three months when compared to the prior year is down because of lower ocean shipping activity."

Lally continued, "We are focused on returning the company to profitability and growing our sales. During the month of September, Steve Cesarski, our retired President, came back to the company to spearhead sales growth in the Northeast and in late October we raised additional capital from a new investor which will help support our initiatives."

Lally concluded, "We are committed to turning Janel around and returning value to our shareholders."

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, 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        TWELVE MONTHS ENDED
                               September 30,             September 30,
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)   (audited)    (audited)

REVENUES                 $12,841,886  $14,447,610  $44,744,518  $49,837,461
COST AND EXPENSES:
  Forwarding expenses     11,223,840   12,685,082   38,479,974   43,018,066
  Selling, general and
   administrative          1,549,924    1,691,006    6,433,722    6,757,816
  Depreciation and
   amortization                4,855        8,476       19,191       31,154
                         -----------  -----------  -----------  -----------
    TOTAL COSTS AND
     EXPENSES             12,778,619   14,384,564   44,932,887   49,807,036
                         -----------  -----------  -----------  -----------

INCOME (LOSS) FROM
 CONTINUING OPERATIONS        63,267       63,046     (188,369)      30,425
                         -----------  -----------  -----------  -----------
OTHER ITEMS:
  Interest expense, net
   of interest and
   dividend income           (29,939)     (27,944)    (121,021)     (95,454)
  Realized loss from
   available for sale
   securities                 (4,716)           -       (4,716)           -
                         -----------  -----------  -----------  -----------
    TOTAL OTHER ITEMS        (34,655)     (27,944)    (125,737)     (95,454)
                         -----------  -----------  -----------  -----------
LOSS FROM CONTINUING
 OPERATIONS BEFORE
 INCOME TAXES                 28,612       35,102     (314,106)     (65,029)
Income taxes                   6,000    1,785,919       17,000    1,221,304
                         -----------  -----------  -----------  -----------
NET LOSS FROM CONTINUING
 OPERATIONS              $    22,612  $(1,750,817) $  (331,106) $(1,286,333)
Income (Loss) from
 discontinued
 operations, net of loss
 on sale of discontinued
 operations of
 $1,351,795 in 2013       (1,469,868)     (68,044)  (1,827,128)  (1,392,383)
                         -----------  -----------  -----------  -----------
NET LOSS                 $(1,447,256) $(1,818,861) $(2,158,234) $(2,678,716)
Preferred stock
 dividends                     3,750        3,750       15,000       15,000
                         -----------  -----------  -----------  -----------
NET LOSS AVAILABLE TO
 COMMON SHAREHOLDERS     $(1,451,006) $(1,822,611) $(2,173,234) $(2,693,716)
OTHER COMPREHENSIVE LOSS
 NET OF TAX:
Unrealized gain from
 available for sale
 securities              $         -  $    (2,149) $     1,063  $    10,788
                         -----------  -----------  -----------  -----------
COMPREHENSIVE LOSS       $(1,451,006) $(1,824,760) $(2,172,171) $(2,682,928)
                         -----------  -----------  -----------  -----------
Basic earnings (loss)
 per share:
  Continuing operations  $         -  $     (0.08) $     (0.02) $     (0.06)
                         ===========  ===========  ===========  ===========
  Discontinued
   operations            $     (0.07) $         -  $     (0.08) $     (0.06)
                         ===========  ===========  ===========  ===========
    Total                $     (0.07) $     (0.08) $     (0.10) $     (0.12)
                         ===========  ===========  ===========  ===========
Diluted earnings (loss)
 per share:
  Continuing operations  $         -  $     (0.08) $     (0.01) $     (0.06)
                         ===========  ===========  ===========  ===========
  Discontinued
   operations            $     (0.06) $         -  $     (0.08) $     (0.06)
                         ===========  ===========  ===========  ===========
    Total                $     (0.06) $     (0.08) $     (0.09) $     (0.12)
                         ===========  ===========  ===========  ===========
Basic weighted average
 number of shares
 outstanding              21,117,285   21,732,192   21,577,202   21,705,553
                         ===========  ===========  ===========  ===========
Fully diuted weighted
 average number of
 shares outstanding       22,752,535   23,367,442   23,212,452   23,340,803
                         ===========  ===========  ===========  ===========

See notes to these consolidated financial statements included in the
Company's Form 10-K



                   JANEL WORLD TRADE LTD. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS

                                               September 30,   September 30,
                                                    2013           2012
                                               -------------  --------------
                                                 (audited)       (audited)
                    ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                    $     625,584  $      773,868
  Accounts receivable, net of allowance for
   doubtful accounts of $394,294 and $325,335,
   respectively                                    3,615,302       4,578,006
  Marketable securities                                    -          65,568
  Loans receivable - other                            42,276               -
  Prepaid expenses and sundry current assets          74,871          78,316
  Prepaid expenses and sundry current assets         305,454       3,508,034
                                               -------------  --------------
    TOTAL CURRENT ASSETS                           4,663,487       9,003,792
                                               -------------  --------------

PROPERTY AND EQUIPMENT, NET                           21,922          38,196
OTHER ASSETS:
  Security deposits                                   60,724          57,049
                                               -------------  --------------
    TOTAL OTHER ASSETS                                60,724          57,049
                                               -------------  --------------

TOTAL ASSETS                                   $   4,746,133  $    9,099,037
                                               =============  ==============
     LIABILITIES AND SHAREHOLDERS' EQUITY
                  (DEFICIENCY)
CURRENT LIABILITIES:
  Note payable - bank                          $   1,431,336  $    1,601,336
  Accounts payable - trade                         3,031,135       3,924,901
  Accrued expenses and other current
   liabilities                                       311,369         313,869
  Liabilities of discontinued operations              72,985       1,187,452
                                               -------------  --------------
    TOTAL CURRENT LIABILITIES                      4,846,825       7,027,558
                                               -------------  --------------

DEFERRED COMPENSATION                                 78,568          78,568
                                               -------------  --------------
    TOTAL OTHER LIABILITIES                           78,568          78,568
                                               -------------  --------------

STOCKHOLDERS' EQUITY (DEFICIENCY)                   (179,260)      1,992,911
                                               -------------  --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 (DEFICIENCY)                                  $   4,746,133  $    9,099,037
                                               =============  ==============

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.

Latest Stories
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...