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
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that A&I Solutions has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).