Janel World Trade, Ltd. Announces Fiscal 2005 Results: Full Year Record Revenues of $73.5 Millon
Wednesday January 11, 8:00 am ET
Record Annual Earnings Achieved
JAMAICA, N.Y.--(BUSINESS WIRE)--Jan. 11, 2006--Janel World Trade, Ltd., (OTCBB: JLWT - News) today announced its financial results for the quarter and 12 months ended September 30, 2005.
The Company reported gross revenue for fiscal 2005 of $73.5 million, up from $70.0 million in fiscal 2004 and comfortably above the Company's earlier announced target for 2005. During fiscal 2005, the Company substantially increased its overall business activities with existing clients and through the addition of new clients, notwithstanding the elimination in late 2004 of nine low-margin accounts that had accounted for approximately $10.8 million of revenue in fiscal 2004, but accounted for only approximately $550,000 in fiscal 2005.
The 5 percent gross revenue increase under Generally Accepted Accounting Principles ("GAAP") of $3.5 million in 2005 sales results versus 2004, when considered in the light of the $10.25 million of sales from the nine low-margin accounts that were eliminated by the Company in fiscal 2005, reflects an overall sales increase (including replacement of the discontinued sales of the nine low margin accounts) of approximately 19.6 percent, when compared to fiscal 2004 GAAP results.
The net income for 2005 (see table) was a record $430,019, an increase of 62.7 percent over 2004. This reflects Janel's 48.2% increase in net profit margin to 5.65% (net income as a percent of net revenue) over fiscal 2004, again reflecting increased activity with new and existing clients and the elimination of the lower margin business.
The basic and diluted income per share for the year was $.025 per share as compared to $.015 for 2004 or an increase of 63 percent over 2004. The financial results for 2005 also include a decrease in the company's cash and cash equivalents at year end from $1.3 million to $793,000. This reflects the Company's repayment of $800,000 of its line of credit, and additional investment in its physical plant and its proprietary third party logistics computer system.
Fourth Quarter Revenues and Earnings Are Also Highest in Company's History |
