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Janel World Trade Ltd. Reports Fiscal First Quarter 2013 Results

Feb 12 2013 12:00AM

Marketwire

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JAMAICA, NY -- (Marketwire) -- 02/12/13 -- Janel World Trade, Ltd. (OTCQB: JLWT), a full-service global provider of integrated transportation logistics, announced today the financial results for its first quarter ended December 31, 2012.

First Quarter 2013 Results

For the three months ended December 31, 2012, Janel reported revenue of $21,865,771, a decrease of $1,483,364 or 6.4% compared to the three months ended December 31, 2011.

For the three months ended December 31, 2012 the Company reported a net loss of $(201,286) or $(0.01) per fully diluted share, compared to the prior year reported net loss of $(246,912), or $(0.01) per fully diluted share.

Review and Outlook
"We are disappointed with our results for the quarter ended December 31, 2012," said James N. Jannello, Executive Vice President and Chief Executive Officer. "For the three months, we had an operating loss from continuing operations of $(163,919) compared to an operating loss from continuing operations of $(150,257) in the prior year. Revenue for the quarter was down when compared to last year mainly due to lower ocean and air shipping activity. Although we cannot quantify the effects, we believe that ocean shipping activity in the quarter was negatively impacted by Hurricane Sandy and the threatened port strikes by the International Longshoremen's Association on the entire East and Gulf Coast. We are focused on returning our continuing core operations to profitability."

Jannello concluded, "With the recent investments in our freezer and cold storage capabilities, we are seeing an expansion in our New Jersey warehouse business with our current customers as well as attracting new customers. Looking ahead, and in the very short term, we are working 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: 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, 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.


JANEL WORLD TRADE LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME THREE MONTHS ENDED December 31, 2012 2011 ------------ ------------ (unaudited) (unaudited)REVENUES $ 21,865,771 $ 23,349,135COST AND EXPENSES: Forwarding expenses 19,449,107 20,938,356 Selling, general and administrative 2,476,903 2,482,538 Depreciation and amortization 103,680 78,498 ------------ ------------ TOTAL COSTS AND EXPENSES 22,029,690 23,499,392 ------------ ------------LOSS FROM CONTINUING OPERATIONS (163,919) (150,257) ------------ ------------OTHER ITEMS: Interest and dividend income - 1,200 Interest expense (34,367) (39,633) ------------ ------------ TOTAL OTHER ITEMS (34,367) (38,433) ------------ ------------LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (198,286) (188,690)Income taxes (credits) 3,000 (168,000) ------------ ------------NET LOSS FROM CONTINUING OPERATIONS $ (201,286) $ (20,690)Loss from discontinued operations, net of tax - (226,222) ------------ ------------NET LOSS $ (201,286) $ (246,912)Preferred stock dividends 3,750 3,750 ------------ ------------NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (205,036) $ (250,662)OTHER COMPREHENSIVE INCOME NET OF TAX:Unrealized gain from available for sale securities $ 1,063 $ 4,078 ------------ ------------COMPREHENSIVE LOSS $ (203,973) $ (246,584) ------------ ------------Basic earnings (loss) per share: Continuing operations $ (0.01) $ - ============ ============ Discontinued operations $ - $ (0.01) ============ ============ Total $ (0.01) $ (0.01) ============ ============Diluted earnings (loss) per share: Continuing operations $ (0.01) $ - ============ ============ Discontinued operations $ - $ (0.01) ============ ============ Total $ (0.01) $ (0.01) ============ ============Basic weighted average number of shares outstanding 21,732,192 21,626,214 ============ ============Fully diuted weighted average number of shares outstanding 23,367,442 23,261,464 ============ ============ See notes to these consolidated financial statements included in the Company's Form 10-Q JANEL WORLD TRADE LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ------------- ------------- December 31, September 30, 2012 2012 ------------- ------------- (unaudited) (audited) ASSETSCURRENT ASSETS: Cash and cash equivalents $ 291,470 $ 773,868 Accounts receivable, net of allowance for doubtful accounts of $330,463 and $325,335, respectively 5,072,257 5,631,413 Marketable securities - 65,568 Prepaid expenses and sundry current assets 109,930 128,210 ------------- ------------- TOTAL CURRENT ASSETS 5,473,657 6,599,059 ------------- -------------PROPERTY AND EQUIPMENT, NET 480,371 511,403OTHER ASSETS: Intangible assets, net 1,750,763 1,821,526 Security deposits 183,049 167,049 ------------- ------------- TOTAL OTHER ASSETS 1,933,812 1,988,575 ------------- -------------TOTAL ASSETS $ 7,887,840 $ 9,099,037 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES: Note payable - bank $ 1,601,336 $ 1,601,336 Accounts payable - trade 3,484,614 4,450,252 Accrued expenses and other current liabilities 647,315 670,070 Current portion of long-term debt - bank 85,438 84,280 ------------- ------------- TOTAL CURRENT LIABILITIES 5,818,703 6,805,938 ------------- -------------LONG-TERM DEBT - BANK 201,631 221,620DEFERRED COMPENSATION 78,568 78,568 ------------- ------------- TOTAL OTHER LIABILITIES 280,199 300,188 ------------- -------------STOCKHOLDERS' EQUITY 1,788,938 1,992,911 ------------- -------------TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,887,840 $ 9,099,037 ============= ============= See notes to these consolidated financial statements included in the Company's Form 10-Q





Contact:
Investor Relations
Janel World Trade
(404) 261-1196
IR@janelgroup.net





Source: Marketwire


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