Janel Corp (JANL) 8-K Earnings Release

	December 31,			September 30,
	2018			2018

ASSETS
Current Assets:
Cash	$	721		$	585
Accounts receivable, net of allowance for doubtful accounts		25,727			19,726
Inventory		2,465			2,391
Prepaid expenses and other current assets		428			354
Total current assets		29,341			23,056
Propert and Equipment, net		3,894			3,787
Other Assets:
Intangible assets, net		12,139			12,347
Goodwill		13,060			11,458
Security deposits and other long term assets		267			263
Total other assets		25,466			24,068
Total assets	$	58,701		$	50,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Line of credit	$	11,338		$	9,730
Accounts payable - trade		21,244			16,798
Accrued expenses and other current liabilities		2,543			1,748
Dividends payable		592			470
Current portion of long-term debt		894			897
Total current liabilities		36,611			29,643
Other Liabilities:
Long-term debt
Long-term debt		4,023			3,831
Subordinated promissory notes		344			344
Mandatorily redeemable non-controlling interest		681			681
Deferred income taxes		1,308			1,131
Other liabilities		283			254
Total other liabilities		6,639			6,241
Total liabilities	$	43,250		$	35,884
Stockholders' Equity:
Preferred Stock, $0.001 par value; 100,000 shares authorized Series B 5,700 shares authorized and 1,271 shares issued and outstanding		-			-
Series C 20,000 shares authorized and 20,000 shares issued and outstanding at December 31, 2018 and September 30, 2018, liquidation value $12,092 and $11,966 as of December 31, 2018 and September 30, 2018, respectively		-			-
Common stock, $0.001 par value; 4,500,000 shares authorized, 839,451 issued and 819,451 outstanding as of December 31, 2018 and 837,951 issued and 817,951 outstanding as of September 30, 2018		1			1
Paid-in capital		15,849			15,872
Treasury stock, at cost, 20,000 shares		(240	)		(240	)
Accumulated deficit		(159	)		(606	)
Total stockholders' equity		15,451			15,027
Total liabilities and stockholders' equity	$	58,701		$	50,911

JANEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share data)

	Three Months Ended December 31,			Year Ended September 30,
	2018			2018
				(Revised)
Revenue:
Global logistics services	$	18,570		$	57,198
Manufacturing		3,521			10,321
Total Revenues		22,091			67,519
Cost and Expenses:
Forwarding expenses		14,314			42,684
Cost of revenues - manufacturing		1,401			4,524
Selling, general and administrative		5,410			18,618
Amortization of intangible assets		208			807
Total Costs and Expenses		21,333			66,633

Income from Operations		758			886
Other Items:
Interest expense net of interest income		(162	)		(498	)
Change in fair value of mandatorily redeemable non-controlling interest		-			(10	)
Income from Operations Before Income Taxes		596			378
Income tax expense		(149	)		(130	)
Net income		447			248
Preferred stock dividends		(122	)		(438	)
Non-controlling interest dividends		-			(50	)
Gain on extinguishment of Preferred Stock Series C dividends		-			1,312
Net Income Available to Common Shareholders	$	325		$	1,072

Net income per share from operations:
Basic	$	0.53		$	0.43
Diluted	$	0.46		$	0.30
Net income per share attributable to common stockholders:
Basic	$	0.38		$	1.86
Diluted	$	0.34		$	1.28
Weighted average number of shares outstanding:
Basic		847,458			574,721
Diluted		965,611			834,485

JANEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(UNAUDITED)

(in thousands, except share and per share data)

	PREFERRED STOCK				COMMON STOCK				PAID-IN			TREASURY STOCK					RETAINED			TOTAL
	SHARES			$	SHARES			$	CAPITAL			SHARES			$		EARNINGS			EQUITY
Balance - September 30, 2018		21,271	$	-		837,951	$	1	$	15,872			20,000	$	(240	)	$	(606	)	$	15,027
Net Income		-		-		-		-		-			-		-			447			447
Dividends to preferred stockholders		-		-		-		-		(122	)		-		-			-			(122	)
Stock based compensation		-		-		-		-		94			-		-			-			94
Stock option exercise		-		-		1,500		-		5			-		-			-			5
Balance - Dember 31, 2018		21,271	$	-		839,451	$	1	$	15,849			20,000	$	(240	)	$	(159	)	$	15,451

JANEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

	Three Months Ended December 31,			Year Ended September 30,
	2018			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	447		$	248
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for uncollectible accounts		94			22
Depreciation		76			100
Deferred income tax		177			69
Amortization of intangible assets		208			807
Amortization of acquired inventory valuation		62			190
Amortization of loan costs		2			10
Stock based compensation		129			678
Change in fair value of mandatorily redeemable non-controlling interest		-			10
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(4,783	)		(3,936	)
Inventory		(137	)		(74	)
Prepaid expenses and sundry current assets		(61	)		23
Security deposits and other long term assets		(3	)		(23	)
Accounts payable and accrued expenses		4,670			2,052
Other liabilities		30			175
Net cash provided by continuing operations		911			351
Cash Flows From Investing Activities:
Acquisition of property and equipment		(182	)		(89	)
Note receivable		-			(125	)
Acquisitions		(1,935	)		(6,889	)
Net cash used in investing activities		(2,117	)		(7,103	)
Cash Flows From Financing Activities:
Dividends paid to preferred stockholder		-			(1,093	)
Dividends paid to minority shareholder		-			(51	)
Repayments of term loan		(268	)		(1,157	)
Proceeds from senior secured term loan		-			2,025
Proceeds from sale of Series C Preferred Stock		-			2,898
Proceeds from stock option exercise		4			46
Line of credit, proceeds, net		1,606			3,581
Repurchase of Preferred A Shares		-			(400	)
Exercise of warrants		-			1,000
Repayment of notes payable - related party		-			(500	)
Net cash provided by (used in) in financing activities		1,342			6,349
Net (decrease) increase in cash		136			(403	)
Cash at beginning of the period		585			988
Cash at end of period	$	721		$	585

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	159		$	488
Income taxes	$	21		$	93
Non-cash investing activities:
Subordinated promissory notes of Antibodies	$	-		$	344
Contingent earn-out acquisition of Aves	$	-		$	498
Non-cash financing activities:
Dividends declared to preferred stockholders	$	122		$	655

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Janel Corp provided additional information to their SEC Filing as exhibits

Exhibit 99.1: Additional Exhibits

Ticker: JANL
CIK: 1133062
Form Type: 8-K Corporate News
Accession Number: 0001140361-19-004487
Submitted to the SEC: Wed Mar 06 2019 4:15:26 PM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Wednesday, March 6, 2019
Industry: Business Services