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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Janel Corporation (PK) | USOTC:JANL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.73 | 32.03 | 43.50 | 0.00 | 13:07:30 |
Nevada
|
86-1005291
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
80 Eighth Avenue | ||
New York, New York
|
10011
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading symbols(s)
|
Name of each exchange
on which registered
|
||
None
|
None
|
None
|
Large accelerated filer ☐
|
Accelerated filer
|
☐ |
Non-accelerated filer ☐
|
Smaller reporting company
|
☒ |
Emerging growth company
|
☐ |
Page
|
|||
3
|
|||
Item 1.
|
3
|
||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
Item 2.
|
20 | ||
Item 4.
|
30 | ||
30 | |||
Item 1.
|
30
|
||
Item 1A.
|
30 | ||
Item 2.
|
30 | ||
Item 6.
|
31 | ||
32 |
ITEM 1. |
FINANCIAL STATEMENTS
|
March 31, |
September 30,
2021
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
3,434
|
$
|
6,234
|
||||
Accounts receivable, net of allowance for doubtful accounts
|
65,201
|
52,312
|
||||||
Inventory, net
|
4,007
|
3,227
|
||||||
Prepaid expenses and other current assets
|
4,238
|
3,002
|
||||||
Total current assets
|
76,880
|
64,775
|
||||||
Property and Equipment, net
|
5,022
|
4,977
|
||||||
Other Assets:
|
||||||||
Intangible assets, net
|
23,177
|
24,173
|
||||||
Goodwill
|
18,598
|
18,486
|
||||||
Operating lease right of use asset
|
5,924
|
2,936
|
||||||
Security deposits and other long-term assets
|
511
|
577
|
||||||
Total other assets
|
48,210
|
46,172
|
||||||
Total assets
|
$
|
130,112
|
$
|
115,924
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Line of credit
|
$
|
24,662
|
$
|
29,637
|
||||
Accounts payable – trade
|
50,574
|
37,243
|
||||||
Accrued expenses and other current liabilities
|
8,729
|
6,311
|
||||||
Dividends payable
|
1,602
|
2,427
|
||||||
Current portion of earnout
|
1,054
|
1,054
|
||||||
Current portion of deferred acquisition payments
|
191
|
188
|
||||||
Current portion of subordinated promissory note-related party
|
475
|
550
|
||||||
Current portion of long-term debt
|
873
|
868
|
||||||
Current portion of operating lease liabilities
|
1,713
|
1,281
|
||||||
Total current liabilities
|
89,873
|
79,559
|
||||||
Other Liabilities:
|
||||||||
Long-term debt
|
4,234
|
4,744
|
||||||
Long-term portion of earnout
|
2,546
|
2,546
|
||||||
Subordinated promissory notes-related party
|
5,570
|
5,525
|
||||||
Long-term portion of deferred acquisition payments
|
186
|
183
|
||||||
Mandatorily redeemable non-controlling interest
|
841
|
783
|
||||||
Deferred income taxes
|
2,375
|
2,299
|
||||||
Long-term operating lease liabilities
|
4,373
|
1,751
|
||||||
Other liabilities
|
362
|
415
|
||||||
Total other liabilities
|
20,487
|
18,246
|
||||||
Total liabilities
|
110,360
|
97,805
|
||||||
Stockholders’ Equity:
|
||||||||
Preferred Stock, $0.001 par value; 100,000 shares authorized
|
||||||||
Series B 5,700 shares authorized, 0 shares issued and outstanding as of March 31, 2022 and 31 shares issued and outstanding as of September 30, 2021
|
—
|
—
|
||||||
Series C 30,000 shares authorized and 11,368 and 20,960
shares issued and outstanding at March 31, 2022 and September 30, 2021, liquidation value of $7,286 and $12,907 at March 31, 2022 and September 30, 2021, respectively
|
—
|
—
|
||||||
Common stock, $0.001 par value; 4,500,000 shares authorized, 1,077,718
issued and 1,057,718 outstanding as of March 31, 2022 and 962,207 issued and 942,207 outstanding as of September 30, 2021
|
1
|
1
|
||||||
Paid-in capital
|
13,510
|
14,838
|
||||||
Common Treasury stock, at cost, 20,000 shares
|
(240
|
)
|
(240
|
)
|
||||
Accumulated earnings
|
6,481
|
|
3,520
|
|
||||
Total stockholders’ equity
|
19,752
|
18,119
|
||||||
Total liabilities and stockholders’ equity
|
$
|
130,112
|
$
|
115,924
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenue
|
$
|
80,851
|
$
|
30,142
|
$
|
164,165
|
$
|
56,620
|
||||||||
Forwarding expenses and cost of revenues
|
64,342
|
22,593
|
132,167
|
42,622
|
||||||||||||
Gross profit
|
16,509
|
7,549
|
31,998
|
13,998
|
||||||||||||
Cost and Expenses:
|
||||||||||||||||
Selling, general and administrative
|
13,875
|
6,415
|
26,213
|
12,124
|
||||||||||||
Amortization of intangible assets
|
487
|
293
|
996
|
544
|
||||||||||||
Total Costs and Expenses
|
14,362
|
6,708
|
27,209
|
12,668
|
||||||||||||
Income from Operations
|
2,147
|
841
|
4,789
|
1,330
|
||||||||||||
Other Items:
|
||||||||||||||||
Interest expense
|
(269
|
)
|
(158
|
)
|
(548
|
)
|
(277
|
)
|
||||||||
Gain on Paycheck Protection Program loan forgiveness
|
—
|
135
|
—
|
135
|
||||||||||||
Income Before Income Taxes
|
1,878
|
818
|
4,241
|
1,188
|
||||||||||||
Income tax expense
|
(605
|
)
|
(222
|
)
|
(1,280
|
)
|
(337
|
)
|
||||||||
Net Income
|
1,273
|
596
|
2,961
|
851
|
||||||||||||
Preferred stock dividends
|
(233
|
)
|
(195
|
)
|
(444
|
)
|
(369
|
)
|
||||||||
Non-controlling interest dividends |
(61 | ) | — | (61 | ) | — | ||||||||||
Net Income Available to Common Stockholders
|
$
|
979
|
$
|
401
|
$
|
2,456
|
$
|
482
|
||||||||
Net income per share
|
||||||||||||||||
Basic
|
$
|
1.30
|
$
|
0.64
|
$
|
3.06
|
$
|
0.91
|
||||||||
Diluted
|
$
|
1.23
|
$
|
0.61
|
$
|
2.89
|
$
|
0.87
|
||||||||
Net income per share attributable to common stockholders:
|
||||||||||||||||
Basic
|
$
|
1.00
|
$
|
0.42
|
$
|
2.54
|
$
|
0.51
|
||||||||
Diluted
|
$
|
0.95
|
$
|
0.41
|
$
|
2.40
|
$
|
0.49
|
||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
973.9
|
936.2
|
966.5
|
936.0
|
||||||||||||
Diluted
|
1,031.2
|
983.8
|
1,024.5
|
975.3
|
PREFERRED STOCK
|
COMMON STOCK
|
PAID-IN CAPITAL
|
COMMON
TREASURY STOCK
|
ACCUMULATED EARNINGS (DEFICIT)
|
TOTAL EQUITY
|
|||||||||||||||||||||||||||||||
SHARES
|
$ |
SHARES
|
$ | $ |
SHARES
|
$ |
$ |
$ |
||||||||||||||||||||||||||||
Balance - September 30, 2021
|
20,991
|
—
|
962,207
|
$
|
1
|
$
|
14,838
|
20,000
|
$
|
(240
|
)
|
$
|
3,520
|
$
|
18,119
|
|||||||||||||||||||||
Net Income
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,688
|
1,688
|
|||||||||||||||||||||||||||
Dividends to preferred stockholders
|
—
|
—
|
—
|
—
|
(211
|
)
|
—
|
—
|
—
|
(211
|
)
|
|||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
29
|
—
|
—
|
—
|
29
|
|||||||||||||||||||||||||||
Stock option exercise
|
—
|
—
|
17,500
|
—
|
85
|
—
|
—
|
—
|
85
|
|||||||||||||||||||||||||||
Balance - December 31, 2021
|
20,991
|
—
|
979,707
|
1
|
14,741
|
20,000
|
(240
|
)
|
5,208
|
19,710
|
||||||||||||||||||||||||||
Net Income
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,273
|
1,273
|
|||||||||||||||||||||||||||
Dividends to preferred stockholders
|
—
|
—
|
—
|
—
|
(233
|
)
|
—
|
—
|
—
|
(233
|
)
|
|||||||||||||||||||||||||
Dividends to non-controlling interest
|
— | — | — | — | (61 | ) | — | — | — | (61 | ) | |||||||||||||||||||||||||
Preferred C shares purchased |
(4,687 | ) | — | — | — | (1,731 | ) | — | — | — | (1,731 | ) | ||||||||||||||||||||||||
Preferred C shares converted |
(4,905 | ) | — | 65,205 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Preferred B shares converted |
(31 | ) | — | 306 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
15,000
|
—
|
718
|
—
|
—
|
—
|
718
|
|||||||||||||||||||||||||||
Stock options exercise |
— | — | 17,500 | — | 76 | — | — | — | 76 | |||||||||||||||||||||||||||
Balance - March 31, 2022
|
11,368
|
$
|
—
|
1,077,718
|
$
|
1
|
$
|
13,510
|
20,000
|
$
|
(240
|
)
|
$
|
6,481
|
$
|
19,752
|
PREFERRED STOCK
|
COMMON STOCK
|
PAID-IN CAPITAL
|
COMMON
TREASURY STOCK
|
ACCUMULATED EARNINGS (DEFICIT)
|
TOTAL EQUITY
|
|||||||||||||||||||||||||||||||
SHARES
|
$ |
SHARES
|
$ |
$ |
SHARES
|
$ |
$ |
$ |
||||||||||||||||||||||||||||
Balance - September 30, 2020
|
19,791
|
—
|
918,652
|
$
|
1
|
$
|
14,604
|
20,000
|
$
|
(240
|
)
|
$
|
(1,683
|
)
|
$
|
12,682
|
||||||||||||||||||||
Net Income
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
255
|
255
|
|||||||||||||||||||||||||||
Dividends to preferred stockholders
|
—
|
—
|
—
|
—
|
(174
|
)
|
—
|
—
|
—
|
(174
|
)
|
|||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
10
|
—
|
—
|
—
|
10
|
|||||||||||||||||||||||||||
Stock options exercise
|
—
|
—
|
2,502
|
—
|
21
|
—
|
—
|
—
|
21
|
|||||||||||||||||||||||||||
Balance - December 31, 2020
|
19,791
|
—
|
921,154
|
1
|
14,461
|
20,000
|
(240
|
)
|
(1,428
|
)
|
12,794
|
|||||||||||||||||||||||||
Net Income
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
596
|
596
|
|||||||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
—
|
—
|
(195
|
)
|
—
|
—
|
—
|
(195
|
)
|
|||||||||||||||||||||||||
Stock options exercise |
— | — | — | — | 12 | — | — | — | 12 | |||||||||||||||||||||||||||
Balance - March 31, 2021
|
19,791
|
$
|
—
|
921,154
|
$
|
1
|
$
|
14,278
|
20,000
|
$
|
(240
|
)
|
$
|
(832
|
)
|
$
|
13,207
|
Six Months Ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
2,961
|
$
|
851
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Provision for (recovery of) uncollectible accounts
|
417
|
(28
|
)
|
|||||
Depreciation
|
225
|
175
|
||||||
Deferred income tax provision
|
76
|
252
|
||||||
Amortization of intangible assets
|
996
|
544
|
||||||
Amortization of acquired inventory valuation
|
263
|
505
|
||||||
Amortization of loan costs
|
5
|
5
|
||||||
Stock-based compensation
|
768
|
54
|
||||||
Gain on Paycheck Protection Program loan forgiveness
|
— | (135 | ) | |||||
Changes in fair value of mandatorily redeemable noncontrolling interest
|
58
|
86
|
||||||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
||||||||
Accounts receivable
|
(13,307
|
)
|
(3,288
|
)
|
||||
Inventory
|
(1,043
|
)
|
(302
|
)
|
||||
Prepaid expenses and other current assets
|
(1,236
|
)
|
(13
|
)
|
||||
Security deposits and other long-term assets
|
65
|
(32
|
)
|
|||||
Accounts payable and accrued expenses
|
15,728
|
2,042
|
||||||
Other liabilities
|
15
|
(2
|
)
|
|||||
Net cash provided by operating activities
|
5,991
|
714
|
||||||
Cash Flows From Investing Activities:
|
||||||||
Acquisition of property and equipment, net of disposals
|
(270
|
)
|
(85
|
)
|
||||
Acquisitions
|
(112
|
)
|
(2,874
|
)
|
||||
Net cash (used in) investing activities
|
(382
|
)
|
(2,959
|
)
|
||||
Cash Flows From Financing Activities:
|
||||||||
Repayments of term loan
|
(510
|
)
|
(476
|
)
|
||||
Proceeds from stock options exercise
|
161
|
21
|
||||||
Line of credit, (payments) proceeds, net
|
(4,975
|
)
|
3,115
|
|||||
Repayment of subordinated promissory notes
|
(24
|
)
|
(255
|
)
|
||||
Dividends paid to minority shareholders
|
(61 | ) | — | |||||
Dividends paid to preferred stockholders
|
(657 | ) | — | |||||
Repurchase of Series C Preferred Stock
|
(2,343 | ) | — | |||||
Net cash (used in) provided by financing activities
|
(8,409
|
)
|
2,405
|
|||||
Net (decrease) increase in cash
|
(2,800
|
)
|
160
|
|||||
Cash at beginning of the period
|
6,234
|
3,349
|
||||||
Cash at end of period
|
$
|
3,434
|
$
|
3,509
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
387
|
$
|
210
|
||||
Income taxes
|
$
|
829
|
$
|
16
|
||||
Non-cash operating activities:
|
||||||||
Gain on Paycheck Protection Program loan forgiveness
|
$ |
— | $ |
135 | ||||
Non-cash investing activities:
|
||||||||
Purchase price adjustments-ELFS
|
$ |
112 | |
— | ||||
Due to seller 338 election
|
|
— | $ |
30 | ||||
Subordinated promissory notes of ICT
|
$ | — | $ | 1,760 | ||||
Non-cash financing activities:
|
||||||||
Dividends declared to preferred stockholders
|
$
|
444
|
$
|
369
|
1. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
Three Months
Ended
March 31,
|
Three Months
Ended
March 31,
|
Six Months
Ended
March 31,
|
Six Months
Ended
March 31,
|
|||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Service Type
|
|
|
|
|
||||||||||||
Ocean freight
|
$
|
32,285
|
$
|
11,435
|
$
|
65,161
|
$
|
20,474
|
||||||||
Trucking | 23,539 | 4,701 | 45,314 | 9,053 | ||||||||||||
Air freight
|
13,063
|
4,871
|
26,937
|
11,073
|
||||||||||||
Other |
3,115 | 46 | 8,445 | 58 | ||||||||||||
Customs brokerage
|
3,071
|
3,320
|
6,772
|
5,975
|
||||||||||||
Total
|
$
|
75,073
|
$
|
24,373
|
$
|
152,629
|
$
|
46,633
|
2. |
ACQUISITION
|
(in thousands, except per share data) |
Three
Months ended
March 31, 2021
|
Six
Months
ended March 31, 2021
|
||||||
Revenue
|
$
|
46,516 | $ | 91,891 | ||||
Income from Operations
|
$
|
1,420 | $ | 2,050 | ||||
Net Income |
$ | 1,367 | $ |
1,612 | ||||
Net Income Available to Common Stockholders |
$ | 1,172 | $ |
1,243 | ||||
Net Income per share: |
||||||||
Basic |
$ | 1.46 | $ | 1.72 | ||||
Diluted |
$ | 1.39 | $ |
1.65 | ||||
Net Income per share attributable to Common Stockholders: |
||||||||
Basic |
$ | 1.25 | $ | 1.33 | ||||
Diluted |
$ | 1.19 | $ |
1.27 |
3. |
INVENTORY
|
March 31,
2022
|
September 30,
2021
|
|||||||
Finished goods
|
$
|
1,109
|
$
|
919
|
||||
Work-in-process
|
820
|
968
|
||||||
Raw materials
|
2,130
|
1,365
|
||||||
Gross inventory
|
4,059
|
3,252
|
||||||
Less – reserve for inventory valuation
|
(52
|
)
|
(25
|
)
|
||||
Inventory net
|
$
|
4,007
|
$
|
3,227
|
4. |
INTANGIBLE ASSETS
|
March 31,
2022
|
September 30,
2021
|
Life
|
|||||||
Customer relationships
|
$
|
23,482
|
$
|
23,482
|
12-24 Years
|
||||
Trademarks/names
|
4,490
|
4,490
|
1-20 Years
|
||||||
Trademarks/names
|
521
|
521
|
Indefinite
|
||||||
Other
|
1,149
|
1,149
|
2-22 Years
|
||||||
29,642
|
29,642
|
||||||||
Less: Accumulated Amortization
|
(6,465
|
)
|
(5,469
|
)
|
|||||
Intangible assets, net
|
$
|
23,177
|
$
|
24,173
|
March 31,
2022
|
September 30,
2021
|
|||||||
Logistics
|
$
|
18,174
|
$
|
18,174
|
||||
Life Sciences | 3,768 | 3,768 | ||||||
Manufacturing
|
7,700
|
7,700
|
||||||
29,642
|
29,642
|
|||||||
Less: Accumulated Amortization
|
(6,465
|
)
|
(5,469
|
)
|
||||
Intangible assets, net
|
$
|
23,177
|
$
|
24,173
|
5. |
GOODWILL
|
March 31,
2022
|
September 30,
2021
|
|||||||
Logistics
|
$
|
9,175
|
$
|
9,063
|
||||
Life Sciences | 4,377 | 4,377 | ||||||
Manufacturing
|
5,046
|
5,046
|
||||||
Total |
$
|
18,598
|
$
|
18,486
|
6. |
NOTES PAYABLE – BANKS
|
(A) |
Santander Bank Facility
|
(B) |
First Merchants Bank Credit Facility
|
(in thousands) |
March 31,
2022
|
September 30,
2021
|
||||||
Total Debt*
|
$
|
2,968
|
$
|
3,368
|
||||
Less Current Portion
|
(809
|
)
|
(809
|
)
|
||||
Long Term Portion |
$
|
2,159
|
$
|
2,559
|
* |
Note:
Term Loan is due in monthly installments of $65 plus monthly interest, at LIBOR plus 2.75% to 3.5% per annum; mortgage loan is due in monthly installments of $4, including interest at 4.19% for 5 years.
The credit facilities are collateralized by all of Indco’s assets and guaranteed by Janel.
|
(C) |
First Northern Bank of Dixon
|
(in thousands) |
March 31,
2022
|
September 30,
2021
|
||||||
Total Debt*
|
$
|
2,139
|
$
|
2,244
|
||||
Less Current Portion
|
(64
|
)
|
(59
|
)
|
||||
Long Term Portion |
$
|
2,075
|
$
|
2,185
|
* |
Long term debt is due in monthly installments of $12 plus monthly interest, at 4.18%
per annum for 5 years. The note is collateralized by real property owned by Antibodies and guaranteed by Janel.
|
7. |
SUBORDINATED PROMISSORY NOTES - RELATED PARTY
|
(in thousands) |
March 31,
2022
|
September 30,
2021
|
||||||
Total subordinated promissory notes
|
$
|
6,045
|
$
|
6,075
|
||||
Less current portion of subordinated promissory notes
|
(475
|
)
|
(550
|
)
|
||||
Long term portion of subordinated promissory notes
|
$
|
5,570
|
$
|
5,525
|
8. |
STOCKHOLDERS’ EQUITY
|
(A) |
Preferred Stock
|
9. |
STOCK-BASED COMPENSATION
|
(A) |
Stock Options
|
• |
Risk-free interest rate - We determine the risk-free interest rate by using a weighted
average assumption equivalent to the expected term based on the U.S. Treasury constant maturity rate.
|
• |
Expected term - We estimate the expected term of our options on the average of the
vesting date and term of the option.
|
•
|
Expected volatility - We estimate expected volatility using daily
historical trading data of a peer group.
|
• |
Dividend yield - We have never paid dividends on our common stock and currently have no
plans to do so; therefore, no dividend yield is applied.
|
Six
Months Ended
March 31, 2022
|
|||
Risk-free interest rate
|
1.10%
|
|
|
Expected option term in years
|
5.5-6.5
|
||
Expected volatility
|
100.3% - 110.3%
|
|
|
Dividend yield |
—% |
||
Weighted average grant date fair value
|
$5.57 - $6.66
|
Number of
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term (in years)
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||||||||||
Outstanding balance at September 30, 2021
|
98,994
|
$
|
5.93
|
4.5
|
$
|
1,689.38
|
||||||||||
Granted
|
10,000
|
$ |
23.00
|
9.5
|
$
|
—
|
||||||||||
Exercised
|
(35,000
|
)
|
$ |
4.60
|
—
|
$
|
—
|
|||||||||
Outstanding balance at March 31, 2022
|
73,994
|
$
|
8.87
|
5.3
|
$
|
2,821.11
|
||||||||||
Exercisable at March 31, 2022
|
56,498
|
$ |
6.36
|
4.2
|
$
|
2,296.22
|
Six
Months Ended
March 31,2022
|
||||
Risk-free interest rate
|
1.10%
|
|
||
Expected option term in years
|
5.5-6.5
|
|||
Expected volatility
|
39%
|
|
||
Dividend yield |
—% |
|||
Weighted average grant date fair value
|
|
$5.57 - $6.66
|
|
Number of
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term (in years)
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||||||||||
Outstanding balance at September 30, 2021
|
38,961
|
$
|
10.28
|
6.62
|
$
|
78.16
|
||||||||||
Granted
|
7,018
|
$ |
17.16
|
9.50
|
$
|
—
|
||||||||||
Exercised
|
(10,372
|
)
|
$ |
8.30
|
—
|
$ |
—
|
|||||||||
Outstanding balance at March 31, 2022
|
35,607
|
$ |
12.22
|
7.27
|
$
|
175.98
|
||||||||||
Exercisable at March 31, 2022
|
21,663
|
$
|
10.72
|
6.25
|
$ |
139.47
|
(B) |
Restricted Stock
|
10. |
INCOME PER COMMON SHARE
|
For the Three Months Ended
March 31,
|
For the Six Months Ended
March 31,
|
|||||||||||||||
(in thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Income:
|
||||||||||||||||
Net income
|
$
|
1,273
|
$
|
596
|
$
|
2,961
|
$
|
851
|
||||||||
Preferred stock dividends
|
(233
|
)
|
(195
|
)
|
(444
|
)
|
(369
|
)
|
||||||||
Non-controlling interest dividends
|
(61 | ) | — | (61 | ) | — | ||||||||||
Net Income available to common stockholders
|
$
|
979
|
$
|
401
|
$
|
2,456
|
$
|
482
|
||||||||
Common Shares:
|
||||||||||||||||
Basic - weighted average common shares
|
973.9
|
936.2
|
966.5
|
936.0
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Stock options
|
57.3
|
47.3
|
57.9
|
39.0
|
||||||||||||
Convertible preferred stock
|
—
|
0.3
|
0.1
|
0.3
|
||||||||||||
Diluted - weighted average common stock
|
1,031.2
|
983.8
|
1,024.5
|
975.3
|
||||||||||||
Income per Common Share:
|
||||||||||||||||
Basic -
|
||||||||||||||||
Net income
|
$
|
1.30
|
$
|
0.64
|
$
|
3.06
|
$
|
0.91
|
||||||||
Preferred stock dividends
|
(0.24
|
)
|
(0.22
|
)
|
(0.46
|
)
|
(0.40
|
)
|
||||||||
Non-controlling interest dividends
|
(0.06 | ) | — | (0.06 | ) | — | ||||||||||
Net Income available to common stockholders
|
$
|
1.00
|
$
|
0.42
|
$
|
2.54
|
$
|
0.51
|
||||||||
Diluted -
|
||||||||||||||||
Net income
|
$
|
1.23
|
$
|
0.61
|
$
|
2.89
|
$
|
0.87
|
||||||||
Preferred stock dividends
|
(0.22
|
)
|
(0.20
|
)
|
(0.43
|
)
|
(0.38
|
)
|
||||||||
Non-controlling interest dividends
|
(0.06 | ) | — | (0.06 | ) | — | ||||||||||
Net income available to common stockholders
|
$
|
0.95
|
$
|
0.41
|
$
|
2.40
|
$
|
0.49
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
Employee stock options
|
73,994
|
98,994
|
||||||
Non-employee stock options
|
—
|
6,053
|
||||||
Convertible preferred stock
|
—
|
310
|
||||||
73,994
|
105,357
|
|
11. |
INCOME TAXES
|
For the Three Months
Ended March 31, 2022
|
For the Six
Months
Ended March 31, 2022
|
For the Three Months
Ended March 31, 2021
|
For the Six
Months
Ended March 31, 2021
|
|||||||||||||
Federal taxes at statutory rates
|
$
|
(394
|
)
|
$
|
(890
|
)
|
$
|
(172
|
)
|
$
|
(250
|
)
|
||||
Permanent differences
|
10
|
—
|
10
|
7
|
||||||||||||
State and local taxes, net of Federal benefit
|
(221
|
)
|
(390
|
)
|
(60
|
)
|
(94
|
)
|
||||||||
Total
|
$ |
(605
|
)
|
$ |
(1,280
|
)
|
$ |
(222
|
)
|
$ |
(337
|
)
|
12. |
BUSINESS SEGMENT INFORMATION
|
For the three months ended March 31, 2022 (in thousands) |
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
80,851
|
$
|
75,073
|
$
|
3,275
|
$
|
2,503
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
64,342
|
62,281
|
867
|
1,194
|
—
|
|||||||||||||||
Gross profit
|
16,509
|
12,792
|
2,408
|
1,309
|
—
|
|||||||||||||||
Selling, general and administrative
|
13,875
|
10,066
|
1,283
|
765
|
1,761
|
|||||||||||||||
Amortization of intangible assets
|
487
|
—
|
—
|
—
|
487
|
|||||||||||||||
Income (loss) from operations
|
2,147
|
2,726
|
1,125
|
544
|
(2,248
|
)
|
||||||||||||||
Interest expense
|
269
|
217
|
28
|
24
|
—
|
|||||||||||||||
Identifiable assets
|
130,112
|
71,721
|
11,587
|
4,021
|
42,783
|
|||||||||||||||
Capital expenditures
|
$ |
101
|
$ |
24
|
$ |
56
|
$ |
21
|
$ |
—
|
For the six months ended March 31, 2022 (in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
164,165
|
$
|
152,629
|
$
|
6,519
|
$
|
5,017
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
132,167
|
127,891
|
1,868
|
2,408
|
—
|
|||||||||||||||
Gross profit
|
31,998
|
24,738
|
4,651
|
2,609
|
—
|
|||||||||||||||
Selling, general and administrative
|
26,213
|
19,415
|
2,533
|
1,494
|
2,771
|
|||||||||||||||
Amortization of intangible assets
|
996
|
—
|
—
|
—
|
996
|
|||||||||||||||
Income (loss) from operations
|
4,789
|
5,323
|
2,118
|
1,115
|
(3,767
|
)
|
||||||||||||||
Interest expense
|
548
|
441
|
57
|
50
|
—
|
|||||||||||||||
Identifiable assets
|
130,112
|
71,721
|
11,587
|
4,021
|
42,783
|
|||||||||||||||
Capital expenditures
|
$
|
270
|
$
|
89
|
$
|
158
|
$
|
23
|
$
|
—
|
For the three months ended March 31, 2021 (in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
30,142
|
$
|
24,373
|
$
|
3,240
|
$
|
2,529
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
22,593
|
20,250
|
1,180
|
1,163
|
—
|
|||||||||||||||
Gross profit
|
7,549
|
4,123
|
2,060
|
1,366
|
—
|
|||||||||||||||
Selling, general and administrative
|
6,415
|
3,743
|
1,213
|
683
|
776
|
|||||||||||||||
Amortization of intangible assets
|
293
|
—
|
—
|
—
|
293
|
|||||||||||||||
Income (loss) from operations
|
841
|
380
|
847
|
683
|
(1,069
|
)
|
||||||||||||||
Interest expense
|
158
|
81
|
27
|
43
|
7
|
|||||||||||||||
Identifiable assets
|
70,381
|
23,743
|
10,557
|
4,078
|
32,003
|
|||||||||||||||
Capital expenditures
|
$
|
30
|
$
|
24
|
$
|
3
|
$
|
3
|
$
|
—
|
For the six months ended March 31, 2021 (in
thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
56,620
|
$
|
46,633
|
$
|
5,589
|
$
|
4,398
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
42,622
|
38,645
|
1,936
|
2,041
|
—
|
|||||||||||||||
Gross profit
|
13,998
|
7,988
|
3,653
|
2,357
|
—
|
|||||||||||||||
Selling, general and administrative
|
12,124
|
7,117
|
2,189
|
1,325
|
1,493
|
|||||||||||||||
Amortization of intangible assets
|
544
|
—
|
—
|
—
|
544
|
|||||||||||||||
Income (loss) from operations
|
1,330
|
871
|
1,464
|
1,032
|
(2,037
|
)
|
||||||||||||||
Interest expense
|
277
|
118
|
55
|
90
|
14
|
|||||||||||||||
Identifiable assets
|
70,381
|
23,743
|
10,557
|
4,078
|
32,003
|
|||||||||||||||
Capital expenditures
|
$ |
85
|
$ |
43
|
$ |
27
|
$ |
15
|
$ |
—
|
13.
|
FAIR VALUE MEASUREMENTS
|
Level 3
|
March 31, 2022
|
September 30, 2021
|
||||||
Contingent earnout liabilities
|
$
|
3,600
|
$
|
3,600
|
||||
Level 3 Liabilities
|
$
|
3,600
|
$
|
3,600
|
March 31, 2022
|
September 30, 2021
|
|||||||
Balance beginning of period
|
$
|
3,600
|
$
|
—
|
||||
Fair value of contingent consideration recorded in connection with business combinations
|
—
|
3,600
|
||||||
Change in fair value of contingent consideration
|
—
|
—
|
||||||
Balance end of period
|
$
|
3,600
|
$
|
3,600
|
14. |
LEASES
|
Three Months
Ended March 31, 2022
|
Six
Months
Ended March 31, 2022
|
Three Months
Ended March 31, 2021
|
Six
Months
Ended March 31, 2021
|
|||||||||||||
Operating lease cost
|
$
|
228
|
$
|
380
|
$
|
241
|
$
|
486
|
||||||||
Short-term lease cost
|
340
|
820
|
14
|
14
|
||||||||||||
Total lease cost
|
$ |
568
|
$ |
1,200
|
$ |
225
|
$ |
500
|
2022
|
$
|
1,709
|
||
2023
|
1,390
|
|||
2024
|
1,091
|
|||
2025 |
734
|
|||
2026
|
623
|
|||
Thereafter |
1,011 | |||
Total undiscounted loan payments
|
6,558
|
|||
Less: Imputed interest
|
(472
|
)
|
||
Total lease obligation
|
$
|
6,086
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
(in thousands)
|
Three Months Ended
March 31,
2022
|
Three Months Ended
March 31,
2021
|
Six Months Ended
March 31,
2022
|
Six Months Ended
March 31,
2021
|
||||||||||||
Revenue
|
$
|
80,851
|
$
|
30,142
|
$
|
164,165
|
$
|
56,620
|
||||||||
Forwarding expenses and cost of revenues
|
64,342
|
22,593
|
132,167
|
42,622
|
||||||||||||
Gross profit
|
16,509
|
7,549
|
31,998
|
13,998
|
||||||||||||
Operating expenses
|
14,362
|
6,708
|
27,209
|
12,668
|
||||||||||||
Operating income
|
2,147
|
841
|
4,789
|
1,330
|
||||||||||||
Net income
|
1,273
|
596
|
2,961
|
851
|
||||||||||||
Adjusted operating income
|
$
|
3,454
|
$
|
1,455
|
$
|
6,816
|
$
|
2,433
|
(in thousands)
|
Three Months
Ended March 31,
2022
|
Three Months
Ended March 31,
2021
|
Six Months
Ended March 31,
2022
|
Six Months
Ended March 31,
2021
|
||||||||||||
Operating income
|
$
|
2,147
|
$
|
841
|
$
|
4,789
|
$
|
1,330
|
||||||||
Amortization of intangible assets
|
487
|
293
|
996
|
544
|
||||||||||||
Stock-based compensation
|
728
|
30
|
768
|
54
|
||||||||||||
Cost recognized on sale of acquired inventory
|
92
|
291
|
263
|
505
|
||||||||||||
Adjusted operating income
|
$
|
3,454
|
$
|
1,455
|
$
|
6,816
|
$
|
2,433
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
75,073
|
$
|
24,373
|
$
|
152,629
|
$
|
46,633
|
||||||||
Forwarding expenses
|
62,281
|
20,250
|
127,891
|
38,645
|
||||||||||||
Gross Profit
|
12,792
|
4,123
|
24,738
|
7,988
|
||||||||||||
Gross profit margin
|
17.0
|
%
|
16.9
|
%
|
16.2
|
%
|
17.1
|
%
|
||||||||
Selling, general & administrative
|
10,066
|
3,743
|
19,415
|
7,117
|
||||||||||||
Income from operations
|
$
|
2,726
|
$
|
380
|
$
|
5,323
|
$
|
871
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
3,275
|
$
|
3,240
|
$
|
6,519
|
$
|
5,589
|
||||||||
Cost of sales
|
775
|
889
|
1,605
|
1,431
|
||||||||||||
Cost recognized upon sales of acquired inventory
|
92
|
291
|
263
|
505
|
||||||||||||
Gross profit
|
2,408
|
2,060
|
4,651
|
3,653
|
||||||||||||
Gross profit margin
|
73.5
|
%
|
63.6
|
%
|
71.3
|
%
|
65.4
|
%
|
||||||||
Selling, general and administrative
|
1,283
|
1,213
|
2,533
|
2,189
|
||||||||||||
Income from Operations
|
$
|
1,125
|
$
|
847
|
$
|
2,118
|
$
|
1,464
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
2,503
|
$
|
2,529
|
$
|
5,017
|
$
|
4,398
|
||||||||
Cost of sales
|
1,194
|
1,163
|
2,408
|
2,041
|
||||||||||||
Gross profit
|
1,309
|
1,366
|
2,609
|
2,357
|
||||||||||||
Gross profit margin
|
52.3
|
%
|
54.0
|
%
|
52.0
|
%
|
53.6
|
%
|
||||||||
Selling, general and administrative
|
765
|
683
|
1,494
|
1,325
|
||||||||||||
Income from Operations
|
$
|
544
|
$
|
683
|
$
|
1,115
|
$
|
1,032
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
(in thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Total income from operating segments
|
$
|
4,395
|
$
|
1,910
|
$
|
8,556
|
$
|
3,367
|
||||||||
Corporate expenses
|
(1,033
|
)
|
(764
|
)
|
(2,003
|
)
|
(1,471
|
)
|
||||||||
Amortization expense
|
(487
|
)
|
(293
|
)
|
(996
|
)
|
(544
|
)
|
||||||||
Stock-based compensation
|
(728
|
)
|
(12
|
)
|
(768
|
)
|
(22
|
)
|
||||||||
Total Corporate expenses
|
(2,248
|
)
|
(1,069
|
)
|
(3,767
|
)
|
(2,037
|
)
|
||||||||
Interest expense
|
(269
|
)
|
(158
|
)
|
(548
|
)
|
(277
|
)
|
||||||||
Gain on Paycheck Protection Program loan forgiveness
|
-
|
135
|
-
|
135
|
||||||||||||
Net income before taxes
|
1,878
|
818
|
4,241
|
1,188
|
||||||||||||
Income tax expense
|
(605
|
)
|
(222
|
)
|
(1,280
|
)
|
(337
|
)
|
||||||||
Net income
|
1,273
|
596
|
2,961
|
851
|
||||||||||||
Preferred stock dividends
|
(233
|
)
|
(195
|
)
|
(444
|
)
|
(369
|
)
|
||||||||
Non-controlling interest dividends
|
(61
|
)
|
-
|
(61
|
)
|
-
|
||||||||||
Net Income Available to Common Stockholders
|
$
|
979
|
$
|
401
|
$
|
2,456
|
$
|
482
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Dated: May 12, 2022
|
JANEL CORPORATION
|
Registrant
|
|
/s/ Dominique Schulte
|
|
Dominique Schulte
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Dated: May 12, 2022
|
JANEL CORPORATION
|
Registrant
|
|
/s/ Vincent A. Verde
|
|
Vincent A. Verde
|
|
Principal Financial Officer, Treasurer and Secretary
|
1 Year Janel (PK) Chart |
1 Month Janel (PK) Chart |
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