Welcome!

News Feed Item

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

JAMAICA, NY -- (Marketwired) -- 05/12/14 -- 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: [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         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,    September 30,
                                                    2014           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

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
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....