Janel World Trade, Ltd. (OTC Bulletin Board: JLWT - News), a full-service global provider of integrated logistics services, today announced its operating results for the first quarter of FY2007.
For the three months ended December 31, 2006, the Company reported net income of $52,198, or $0.00 per diluted share, on revenues of approximately $16.7 million. These results compare with revenues of approximately $18.8 million and net income of $88,655, or $0.01 per diluted share, in the first quarter of the previous fiscal year.
"We are pleased to report our 17th quarter of profitability since becoming a publicly traded company in 2002, despite lower sales reflecting a softness in the global logistics industry that we attribute partly to better inventory management on the part of retailers in the weeks leading up to the Christmas holiday shopping season," stated James N. Jannello, Chief Executive Officer of Janel World Trade, Ltd. "On a seasonal basis, the October-December period is normally the slowest quarter of our fiscal year, and we do not consider first quarter operating results to be indicative of the outlook for the balance of the year. While we cannot predict near-term global trade or economic trends, we believe Janel will continue to perform well relative to the logistics industry, based upon proposals that are currently pending with a number of potential new customers."
"Our balance sheet remains strong," continued Jannello. "We had over $1.3 million of cash in the bank at the end of the most recent quarter, and our long-term debt totaled less than $12,000. We believe the Company is well- positioned to pursue internal and external growth opportunities as part of our strategy to enhance shareholder value."
"On a long-term basis, trade between China and the United States should continue to increase, and our Company has targeted the logistics opportunities associated with such growth through a variety of strategic relationships and an expansion in the number of Janel offices throughout China. We currently have offices in Hong Kong, Shanghai and Shenzhen, and our plans call for the opening of additional offices in Tianjin, Guangzhou, Xiamen, Bejing, Qingdao and Dalian during 2007 and 2008. We will also open a new 30,000 square-foot logistics center in Shenzhen this year."