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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.
|
23
|
|
|
|
|
|
|
Item 4.
|
34
|
|
|
|
|
|
35
|
|||
|
|
|
|
|
Item 1.
|
35
|
|
|
|
|
|
|
Item 1A.
|
35
|
|
|
|
|
|
|
Item 2.
|
35
|
|
|
|
|
|
Item 5. |
Other Information |
35 |
|
|
Item 6.
|
36
|
|
|
|
|
|
|
|
36
|
ITEM 1. |
FINANCIAL STATEMENTS
|
June 30, |
September 30,
2021
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
3,836
|
$
|
6,234
|
||||
Accounts receivable, net of allowance for doubtful accounts
|
61,984
|
52,312
|
||||||
Inventory, net
|
4,133
|
3,227
|
||||||
Prepaid expenses and other current assets
|
3,726
|
3,002
|
||||||
Total current assets
|
73,679
|
64,775
|
||||||
Property and Equipment, net
|
5,103
|
4,977
|
||||||
Other Assets:
|
||||||||
Intangible assets, net
|
22,689
|
24,173
|
||||||
Goodwill
|
18,598
|
18,486
|
||||||
Operating lease right of use asset
|
5,505
|
2,936
|
||||||
Security deposits and other long-term assets
|
532
|
577
|
||||||
Total other assets
|
47,324
|
46,172
|
||||||
Total assets
|
$
|
126,106
|
$
|
115,924
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Line of credit
|
$
|
22,920
|
$
|
29,637
|
||||
Accounts payable – trade
|
47,585
|
37,243
|
||||||
Accrued expenses and other current liabilities
|
8,276
|
6,311
|
||||||
Dividends payable
|
1,673
|
2,427
|
||||||
Current portion of earnout
|
1,054
|
1,054
|
||||||
Current portion of deferred acquisition payments
|
192
|
188
|
||||||
Current portion of subordinated promissory note-related party
|
450
|
550
|
||||||
Current portion of long-term debt
|
874
|
868
|
||||||
Current portion of operating lease liabilities
|
1,623
|
1,281
|
||||||
Total current liabilities
|
84,647
|
79,559
|
||||||
Other Liabilities:
|
||||||||
Long-term debt
|
4,017
|
4,744
|
||||||
Long-term portion of earnout
|
2,546
|
2,546
|
||||||
Subordinated promissory notes-related party
|
5,475
|
5,525
|
||||||
Long-term portion of deferred acquisition payments
|
187
|
183
|
||||||
Mandatorily redeemable non-controlling interest
|
841
|
783
|
||||||
Deferred income taxes
|
2,114
|
2,299
|
||||||
Long-term operating lease liabilities
|
4,047
|
1,751
|
||||||
Other liabilities
|
371
|
415
|
||||||
Total other liabilities
|
19,598
|
18,246
|
||||||
Total liabilities
|
104,245
|
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 June 30, 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 June 30, 2022 and September 30, 2021, liquidation value of $7,357 and $12,907 at June 30, 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 June 30, 2022 and 962,207 issued and 942,207 outstanding as of September 30, 2021
|
1
|
1
|
||||||
Paid-in capital
|
13,461
|
14,838
|
||||||
Common Treasury stock, at cost, 20,000 shares
|
(240
|
)
|
(240
|
)
|
||||
Accumulated earnings
|
8,639
|
|
3,520
|
|
||||
Total stockholders’ equity
|
21,861
|
18,119
|
||||||
Total liabilities and stockholders’ equity
|
$
|
126,106
|
$
|
115,924
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenue
|
$
|
78,984
|
$
|
34,826
|
$
|
243,149
|
$
|
91,446
|
||||||||
Forwarding expenses and cost of revenues
|
61,819
|
26,058
|
193,986
|
68,680
|
||||||||||||
Gross profit
|
17,165
|
8,768
|
49,163
|
22,766
|
||||||||||||
Cost and Expenses:
|
||||||||||||||||
Selling, general and administrative
|
13,505
|
7,158
|
39,718
|
19,282
|
||||||||||||
Amortization of intangible assets
|
489
|
288
|
1,485
|
832
|
||||||||||||
Total Costs and Expenses
|
13,994
|
7,446
|
41,203
|
20,114
|
||||||||||||
Income from Operations
|
3,171
|
1,322
|
7,960
|
2,652
|
||||||||||||
Other Items:
|
||||||||||||||||
Interest expense
|
(299
|
)
|
(141
|
)
|
(847
|
)
|
(418
|
)
|
||||||||
Gain on Paycheck Protection Program loan forgiveness
|
—
|
—
|
—
|
135
|
||||||||||||
Income Before Income Taxes
|
2,872
|
1,181
|
7,113
|
2,369
|
||||||||||||
Income tax expense
|
(714
|
)
|
(311
|
)
|
(1,994
|
)
|
(648
|
)
|
||||||||
Net Income
|
2,158
|
870
|
5,119
|
1,721
|
||||||||||||
Preferred stock dividends
|
(71
|
)
|
(197
|
)
|
(515
|
)
|
(566
|
)
|
||||||||
Non-controlling interest dividends |
— | — | (61 | ) | — | |||||||||||
Net Income Available to Common Stockholders
|
$
|
2,087
|
$
|
673
|
$
|
4,543
|
$
|
1,155
|
||||||||
Net income per share
|
||||||||||||||||
Basic
|
$
|
2.04
|
$
|
0.93
|
$
|
5.13
|
$
|
1.84
|
||||||||
Diluted
|
$
|
1.93
|
$
|
0.88
|
$
|
4.85
|
$
|
1.75
|
||||||||
Net income per share attributable to common stockholders:
|
||||||||||||||||
Basic
|
$
|
1.97
|
$
|
0.73
|
$
|
4.56
|
$
|
1.24
|
||||||||
Diluted
|
$
|
1.87
|
$
|
0.68
|
$
|
4.31
|
$
|
1.17
|
||||||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
1,057.7
|
939.6
|
996.9
|
937.2
|
||||||||||||
Diluted
|
1,116.6
|
994.8
|
1,055.0
|
981.8
|
PREFERRED STOCK
|
COMMON STOCK
|
PAID-IN CAPITAL
|
COMMON
TREASURY STOCK
|
ACCUMULATED EARNINGS
|
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
|
||||||||||||||||||||
Net Income |
— | — | — | — | — | — | — | 2,158 | 2,158 | |||||||||||||||||||||||||||
Dividends to preferred stockholders |
— | — | — | — | (71 | ) | — | — | — | (71 | ) | |||||||||||||||||||||||||
Stock based compensation |
— | — | — | — | 22 | — | — | — | 22 | |||||||||||||||||||||||||||
Balance – June 30, 2022 | 11,368 | $ |
— | 1,077,718 | $ |
1 | $ |
13,461 | 20,000 | $ |
(240 | ) | $ |
8,639 | $ |
21,861 |
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
|
|||||||||||||||||||||||||||
Dividends to preferred stockholders
|
—
|
—
|
—
|
—
|
(195
|
)
|
—
|
—
|
—
|
(195
|
)
|
|||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 12 | — | — | — | 12 | |||||||||||||||||||||||||||
Balance - March 31, 2021
|
19,791
|
$
|
—
|
921,154
|
$
|
1
|
$
|
14,278
|
20,000
|
$
|
(240
|
)
|
$
|
(832
|
)
|
$
|
13,207
|
|||||||||||||||||||
Net Income |
— | — | — | — | — | — | — | 870 | 870 | |||||||||||||||||||||||||||
Dividends to preferred stockholders |
— | — | — | — | (197 | ) | — | — | — | (197 | ) | |||||||||||||||||||||||||
Stock based compensation |
— | — | — | — | 13 | — | — | — | 13 | |||||||||||||||||||||||||||
Stock options exercise
|
— | — | 6,053 | — | 25 | — | — | — | 25 | |||||||||||||||||||||||||||
Balance – June 30, 2021 | 19,791 | $ |
— | 927,207 | $
|
1 | $
|
14,119 | 20,000 | $
|
(240 | ) | $
|
38 | $
|
13,918 |
Nine Months Ended
June 30,
|
||||||||
2022
|
2021
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
5,119
|
$
|
1,721
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Provision for (recovery of) uncollectible accounts
|
354
|
(22
|
)
|
|||||
Depreciation
|
351
|
265
|
||||||
Deferred income tax provision
|
(185
|
)
|
488
|
|||||
Amortization of intangible assets
|
1,485
|
832
|
||||||
Amortization of acquired inventory valuation
|
393
|
732
|
||||||
Amortization of loan costs
|
7
|
7
|
||||||
Stock-based compensation
|
800
|
85
|
||||||
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
|
(10,026
|
)
|
(6,558
|
)
|
||||
Inventory
|
(1,299
|
)
|
(319
|
)
|
||||
Prepaid expenses and other current assets
|
(724
|
)
|
(205
|
)
|
||||
Security deposits and other long-term assets
|
44
|
6
|
||||||
Accounts payable and accrued expenses
|
12,275
|
3,144
|
||||||
Other liabilities
|
26
|
12
|
||||||
Net cash provided by operating activities
|
8,678
|
139
|
||||||
Cash Flows From Investing Activities:
|
||||||||
Acquisition of property and equipment, net of disposals
|
(477
|
)
|
(127
|
)
|
||||
Acquisitions
|
(112
|
)
|
(2,874
|
)
|
||||
Net cash (used in) investing activities
|
(589
|
)
|
(3,001
|
)
|
||||
Cash Flows From Financing Activities:
|
||||||||
Repayments of term loan
|
(728
|
)
|
(1,333
|
)
|
||||
Proceeds from stock options exercise
|
161
|
46
|
||||||
Line of credit, (payments) proceeds, net
|
(6,717
|
)
|
4,539
|
|||||
Repayment of subordinated promissory notes
|
(142
|
)
|
(813
|
)
|
||||
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
|
(10,487
|
)
|
2,439
|
|||||
Net (decrease) in cash
|
(2,398
|
)
|
(423
|
)
|
||||
Cash at beginning of the period
|
6,234
|
3,349
|
||||||
Cash at end of period
|
$
|
3,836
|
$
|
2,926
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
597
|
$
|
361
|
||||
Income taxes
|
$
|
1,261
|
$
|
38
|
||||
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
|
$
|
515
|
$
|
566
|
1. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
Three Months
Ended
June 30,
|
Three Months
Ended
June 30,
|
Nine Months
Ended
June 30,
|
Nine Months
Ended
June 30,
|
|||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Service Type
|
|
|
|
|
||||||||||||
Ocean freight
|
$
|
28,633
|
$
|
13,082
|
$
|
93,794
|
$
|
33,556
|
||||||||
Trucking | 24,920 | 5,051 | 70,234 | 14,104 | ||||||||||||
Air freight
|
13,716
|
7,735
|
40,653
|
18,808
|
||||||||||||
Other |
3,619 | 25 | 12,064 | 83 | ||||||||||||
Customs brokerage
|
2,796
|
3,476
|
9,568
|
9,451
|
||||||||||||
Total
|
$
|
73,684
|
$
|
29,369
|
$
|
226,313
|
$
|
76,002
|
2. |
ACQUISITION
|
(in thousands, except per share data) |
Three
Months ended
June 30, 2021
|
Nine
Months ended
June 30, 2021
|
||||||
Revenue
|
$
|
54,207 | $ | 146,098 | ||||
Income from Operations
|
$
|
2,263 | $ | 4,313 | ||||
Net Income |
$ | 1,046 | $ |
2,658 | ||||
Net Income Available to Common Stockholders |
$ | 849 | $ |
2,092 | ||||
Net Income per share: |
||||||||
Basic |
$ | 1.12 | $ | 2.84 | ||||
Diluted |
$ | 1.06 | $ |
2.71 | ||||
Net Income per share attributable to Common Stockholders: |
||||||||
Basic |
$ | 0.90 | $ | 2.23 | ||||
Diluted |
$ | 0.86 | $ |
2.13 |
3. |
INVENTORY
|
June 30,
2022
|
September 30,
2021
|
|||||||
Finished goods
|
$
|
1,097
|
$
|
919
|
||||
Work-in-process
|
777
|
968
|
||||||
Raw materials
|
2,329
|
1,365
|
||||||
Gross inventory
|
4,203
|
3,252
|
||||||
Less – reserve for inventory valuation
|
(70
|
)
|
(25
|
)
|
||||
Inventory net
|
$
|
4,133
|
$
|
3,227
|
4. |
INTANGIBLE ASSETS
|
June 30,
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
|
(6,953
|
)
|
(5,469
|
)
|
|||||
Intangible assets, net
|
$
|
22,689
|
$
|
24,173
|
June 30,
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
|
(6,953
|
)
|
(5,469
|
)
|
||||
Intangible assets, net
|
$
|
22,689
|
$
|
24,173
|
5. |
GOODWILL
|
June 30,
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) |
June 30,
2022
|
September 30,
2021
|
||||||
Total Debt*
|
$
|
2,768
|
$
|
3,368
|
||||
Less Current Portion
|
(809
|
)
|
(809
|
)
|
||||
Long Term Portion |
$
|
1,959
|
$
|
2,559
|
* |
Note:
Payment under the First Merchants Credit Agreement term loan is due in monthly installments of $65 plus monthly interest, at LIBOR plus 2.75% to 3.5% per annum, and payment under the First
Merchants Credit Agreement mortgage loan is due in monthly installments of $4.
|
(C) |
First Northern Bank of Dixon
|
(in thousands) |
June 30,
2022
|
September 30,
2021
|
||||||
Total Debt*
|
$
|
2,123
|
$
|
2,244
|
||||
Less Current Portion
|
(65
|
)
|
(59
|
)
|
||||
Long Term Portion |
$
|
2,058
|
$
|
2,185
|
* |
Long-term debt under the First Northern Loan Agreement is due in monthly
installments of $12 plus monthly interest, at 4.18% per annum for five years.
|
7. |
SUBORDINATED PROMISSORY NOTES - RELATED PARTY
|
(in thousands) |
June 30,
2022
|
September 30,
2021
|
||||||
Total subordinated promissory notes
|
$
|
5,925
|
$
|
6,075
|
||||
Less current portion of subordinated promissory notes
|
(450
|
)
|
(550
|
)
|
||||
Long term portion of subordinated promissory notes
|
$
|
5,475
|
$
|
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.
|
Nine
Months Ended
June 30, 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
|
9.3
|
$
|
—
|
||||||||||
Exercised
|
(35,000
|
)
|
$ |
4.60
|
—
|
$
|
—
|
|||||||||
Outstanding balance at June 30, 2022
|
73,994
|
$
|
8.87
|
5.1
|
$
|
2,303.14
|
||||||||||
Exercisable at June 30, 2022
|
56,498
|
$ |
6.36
|
4.0
|
$
|
1,900.74
|
Nine
Months Ended
June 30,2022
|
||||
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
|
|
$17.16
|
|
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
|
9.25
|
$
|
—
|
||||||||||
Exercised
|
(10,372
|
)
|
$ |
8.30
|
—
|
$ |
—
|
|||||||||
Outstanding balance at June 30, 2022
|
35,607
|
$ |
12.22
|
7.02
|
$
|
175.98
|
||||||||||
Exercisable at June 30, 2022
|
21,663
|
$
|
10.72
|
6.00
|
$ |
139.47
|
(B) |
Restricted Stock
|
10. |
INCOME PER COMMON SHARE
|
For the Three Months
Ended
June 30,
|
For the Nine Months
Ended
June 30,
|
|||||||||||||||
(in thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Income:
|
||||||||||||||||
Net income
|
$
|
2,158
|
$
|
870
|
$
|
5,119
|
$
|
1,721
|
||||||||
Preferred stock dividends
|
(71
|
)
|
(197
|
)
|
(515
|
)
|
(566
|
)
|
||||||||
Non-controlling interest dividends
|
— | — | (61 | ) | — | |||||||||||
Net Income available to common stockholders
|
$
|
2,087
|
$
|
673
|
$
|
4,543
|
$
|
1,155
|
||||||||
Common Shares:
|
||||||||||||||||
Basic - weighted average common shares
|
1,057.7
|
939.6
|
996.9
|
937.2
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Stock options
|
58.9
|
54.9
|
58.0
|
44.3
|
||||||||||||
Convertible preferred stock
|
—
|
0.3
|
0.1
|
0.3
|
||||||||||||
Diluted - weighted average common stock
|
1,116.6
|
994.8
|
1,055.0
|
981.8
|
||||||||||||
Income per Common Share:
|
||||||||||||||||
Basic -
|
||||||||||||||||
Net income
|
$
|
2.04
|
$
|
0.93
|
$
|
5.13
|
$
|
1.84
|
||||||||
Preferred stock dividends
|
(0.07
|
)
|
(0.20
|
)
|
(0.51
|
)
|
(0.60
|
)
|
||||||||
Non-controlling interest dividends
|
— | — | (0.06 | ) | — | |||||||||||
Net Income available to common stockholders
|
$
|
1.97
|
$
|
0.73
|
$
|
4.56
|
$
|
1.24
|
||||||||
Diluted -
|
||||||||||||||||
Net income
|
$
|
1.93
|
$
|
0.88
|
$
|
4.85
|
$
|
1.75
|
||||||||
Preferred stock dividends
|
(0.06
|
)
|
(0.20
|
)
|
(0.48
|
)
|
(0.58
|
)
|
||||||||
Non-controlling interest dividends
|
— | — | (0.06 | ) | — | |||||||||||
Net income available to common stockholders
|
$
|
1.87
|
$
|
0.68
|
$
|
4.31
|
$
|
1.17
|
11. |
INCOME TAXES
|
For the Three Months
Ended June 30, 2022
|
For the Three Months
Ended June 30, 2021
|
For the Nine
Months
Ended June 30, 2022
|
For the Nine
Months
Ended June 30, 2021
|
|||||||||||||
Federal taxes at statutory rates
|
$
|
(604
|
)
|
$
|
(247
|
)
|
$
|
(1,494
|
)
|
$
|
(497
|
)
|
||||
Permanent differences
|
—
|
13
|
—
|
20
|
||||||||||||
State and local taxes, net of Federal benefit
|
(110
|
)
|
(77
|
)
|
(500
|
)
|
(171
|
)
|
||||||||
Total
|
$ |
(714
|
)
|
$ |
(311
|
)
|
$ |
(1,994
|
)
|
$ |
(648
|
)
|
12. |
BUSINESS SEGMENT INFORMATION
|
For the three months ended June 30, 2022
(in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
78,984
|
$
|
73,684
|
$
|
2,738
|
$
|
2,562
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
61,819
|
59,889
|
648
|
1,282
|
—
|
|||||||||||||||
Gross profit
|
17,165
|
13,795
|
2,090
|
1,280
|
—
|
|||||||||||||||
Selling, general and administrative
|
13,505
|
10,387
|
1,225
|
676
|
1,217
|
|||||||||||||||
Amortization of intangible assets
|
489
|
—
|
—
|
—
|
489
|
|||||||||||||||
Income (loss) from operations
|
3,171
|
3,408
|
865
|
604
|
(1,706
|
)
|
||||||||||||||
Interest expense
|
299
|
242
|
31
|
26
|
—
|
|||||||||||||||
Identifiable assets
|
126,106
|
67,196
|
12,137
|
4,363
|
42,410
|
|||||||||||||||
Capital expenditures
|
$ |
207
|
$ |
171
|
$ |
13
|
$ |
23
|
$ |
—
|
For the nine months ended June 30, 2022
(in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
243,149
|
$
|
226,313
|
$
|
9,257
|
$
|
7,579
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
193,986
|
187,780
|
2,516
|
3,690
|
—
|
|||||||||||||||
Gross profit
|
49,163
|
38,533
|
6,741
|
3,889
|
—
|
|||||||||||||||
Selling, general and administrative
|
39,718
|
29,802
|
3,758
|
2,170
|
3,988
|
|||||||||||||||
Amortization of intangible assets
|
1,485
|
—
|
—
|
—
|
1,485
|
|||||||||||||||
Income (loss) from operations
|
7,960
|
8,731
|
2,983
|
1,719
|
(5,473
|
)
|
||||||||||||||
Interest expense
|
847
|
683
|
88
|
76
|
—
|
|||||||||||||||
Identifiable assets
|
126,106
|
67,196
|
12,137
|
4,363
|
42,410
|
|||||||||||||||
Capital expenditures
|
$
|
477
|
$
|
260
|
$
|
171
|
$
|
46
|
$
|
—
|
For the three months ended June 30, 2021
(in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
34,826
|
$
|
29,369
|
$
|
3,384
|
$
|
2,073
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
26,058
|
24,173
|
941
|
944
|
—
|
|||||||||||||||
Gross profit
|
8,768
|
5,196
|
2,443
|
1,129
|
—
|
|||||||||||||||
Selling, general and administrative
|
7,158
|
4,523
|
1,084
|
682
|
869
|
|||||||||||||||
Amortization of intangible assets
|
288
|
—
|
—
|
—
|
288
|
|||||||||||||||
Income (loss) from operations
|
1,322
|
673
|
1,359
|
447
|
(1,157
|
)
|
||||||||||||||
Interest expense
|
141
|
62
|
34
|
39
|
6
|
|||||||||||||||
Identifiable assets
|
72,494
|
26,903
|
10,366
|
3,644
|
31,581
|
|||||||||||||||
Capital expenditures
|
$
|
47
|
$
|
33
|
$
|
14
|
$
|
—
|
$
|
—
|
For the nine months ended June 30, 2021
(in thousands)
|
Consolidated
|
Logistics
|
Life Sciences
|
Manufacturing
|
Corporate
|
|||||||||||||||
Revenue
|
$
|
91,446
|
$
|
76,002
|
$
|
8,973
|
$
|
6,471
|
$
|
—
|
||||||||||
Forwarding expenses and cost of revenues
|
68,680
|
62,818
|
2,877
|
2,985
|
—
|
|||||||||||||||
Gross profit
|
22,766
|
13,184
|
6,096
|
3,486
|
—
|
|||||||||||||||
Selling, general and administrative
|
19,282
|
11,640
|
3,273
|
2,007
|
2,362
|
|||||||||||||||
Amortization of intangible assets
|
832
|
—
|
—
|
—
|
832
|
|||||||||||||||
Income (loss) from operations
|
2,652
|
1,544
|
2,823
|
1,479
|
(3,194
|
)
|
||||||||||||||
Interest expense
|
418
|
180
|
89
|
129
|
20
|
|||||||||||||||
Identifiable assets
|
72,494
|
26,903
|
10,366
|
3,644
|
31,581
|
|||||||||||||||
Capital expenditures
|
$ |
218
|
$ |
76
|
$ |
127
|
$ |
15
|
$ |
—
|
13.
|
FAIR VALUE MEASUREMENTS
|
Level 3
|
June 30,
2022
|
September 30, 2021
|
||||||
Contingent earnout liabilities
|
$
|
3,600
|
$
|
3,600
|
||||
Level 3 Liabilities
|
$
|
3,600
|
$
|
3,600
|
June 30,
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 June 30, 2022
|
Three Months
Ended June 30, 2021
|
Nine
Months
Ended June 30, 2022
|
Nine
Months
Ended June 30, 2021
|
|||||||||||||
Operating lease cost
|
$
|
457
|
$
|
235
|
$
|
1,370
|
$
|
721
|
||||||||
Short-term lease cost
|
123
|
2
|
371
|
14
|
||||||||||||
Total lease cost
|
$ |
580
|
$ |
237
|
$ |
1,741
|
$ |
735
|
2023
|
$
|
1,620
|
||
2024
|
1,293
|
|||
2025
|
1,032
|
|||
2026 |
671
|
|||
2027
|
626
|
|||
Thereafter |
853 | |||
Total undiscounted loan payments
|
6,095
|
|||
Less: Imputed interest
|
(425
|
)
|
||
Total lease obligation
|
$
|
5,670
|
15. | SUBSEQUENT EVENTS |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
(in thousands)
|
Three Months Ended
June 30,
2022
|
Three Months Ended
June 30,
2021
|
Nine Months Ended
June 30,
2022
|
Nine Months Ended
June 30,
2021
|
||||||||||||
Revenue
|
$
|
78,984
|
$
|
34,826
|
$
|
243,149
|
$
|
91,446
|
||||||||
Forwarding expenses and cost of revenues
|
61,819
|
26,058
|
193,986
|
68,680
|
||||||||||||
Gross profit
|
17,165
|
8,768
|
49,163
|
22,766
|
||||||||||||
Operating expenses
|
13,994
|
7,446
|
41,203
|
20,114
|
||||||||||||
Income from operations
|
3,171
|
1,322
|
7,960
|
2,652
|
||||||||||||
Net income
|
2,158
|
870
|
5,119
|
1,721
|
||||||||||||
Adjusted operating income
|
$
|
3,822
|
$
|
1,868
|
$
|
10,638
|
$
|
4,301
|
(in thousands)
|
Three Months
Ended June 30,
2022
|
Three Months
Ended June 30,
2021
|
Nine Months
Ended June 30,
2022
|
Nine Months
Ended June 30,
2021
|
||||||||||||
Income from operations
|
$
|
3,171
|
$
|
1,322
|
$
|
7,960
|
$
|
2,652
|
||||||||
Amortization of intangible assets
|
489
|
288
|
1,485
|
832
|
||||||||||||
Stock-based compensation
|
32
|
31
|
800
|
85
|
||||||||||||
Cost recognized on sale of acquired inventory
|
130
|
227
|
393
|
732
|
||||||||||||
Adjusted operating income
|
$
|
3,822
|
$
|
1,868
|
$
|
10,638
|
$
|
4,301
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
73,684
|
$
|
29,369
|
$
|
226,313
|
$
|
76,002
|
||||||||
Forwarding expenses
|
59,889
|
24,173
|
187,780
|
62,818
|
||||||||||||
Gross Profit
|
13,795
|
5,196
|
38,533
|
13,184
|
||||||||||||
Gross profit margin
|
18.7
|
%
|
17.7
|
%
|
17.0
|
%
|
17.3
|
%
|
||||||||
Selling, general & administrative
|
10,387
|
4,523
|
29,802
|
11,640
|
||||||||||||
Income from operations
|
$
|
3,408
|
$
|
673
|
$
|
8,731
|
$
|
1,544
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
2,738
|
$
|
3,384
|
$
|
9,257
|
$
|
8,973
|
||||||||
Cost of sales
|
518
|
714
|
2,123
|
2,145
|
||||||||||||
Cost recognized upon sales of acquired inventory
|
130
|
227
|
393
|
732
|
||||||||||||
Gross profit
|
2,090
|
2,443
|
6,741
|
6,096
|
||||||||||||
Gross profit margin
|
76.3
|
%
|
72.2
|
%
|
72.8
|
%
|
67.9
|
%
|
||||||||
Selling, general and administrative
|
1,225
|
1,084
|
3,758
|
3,273
|
||||||||||||
Income from Operations
|
$
|
865
|
$
|
1,359
|
$
|
2,983
|
$
|
2,823
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue
|
$
|
2,562
|
$
|
2,073
|
$
|
7,579
|
$
|
6,471
|
||||||||
Cost of sales
|
1,282
|
944
|
3,690
|
2,985
|
||||||||||||
Gross profit
|
1,280
|
1,129
|
3,889
|
3,486
|
||||||||||||
Gross profit margin
|
50.0
|
%
|
54.5
|
%
|
51.3
|
%
|
53.9
|
%
|
||||||||
Selling, general and administrative
|
676
|
682
|
2,170
|
2,007
|
||||||||||||
Income from Operations
|
$
|
604
|
$
|
447
|
$
|
1,719
|
$
|
1,479
|
Three Months Ended
June 30,
|
Nine Months Ended
June 30,
|
|||||||||||||||
(in thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Total income from operating segments
|
$
|
4,877
|
$
|
2,479
|
$
|
13,433
|
$
|
5,846
|
||||||||
Corporate expenses
|
(1,185
|
)
|
(838
|
)
|
(3,188
|
)
|
(2,277
|
)
|
||||||||
Amortization expense
|
(489
|
)
|
(288
|
)
|
(1,485
|
)
|
(832
|
)
|
||||||||
Stock-based compensation
|
(32
|
)
|
(31
|
)
|
(800
|
)
|
(85
|
)
|
||||||||
Total Corporate expenses
|
(1,706
|
)
|
(1,157
|
)
|
(5,473
|
)
|
(3,194
|
)
|
||||||||
Interest expense
|
(299
|
)
|
(141
|
)
|
(847
|
)
|
(418
|
)
|
||||||||
Gain on Paycheck Protection Program loan forgiveness
|
-
|
-
|
-
|
135
|
||||||||||||
Net income before taxes
|
2,872
|
1,181
|
7,113
|
2,369
|
||||||||||||
Income tax expense
|
(714
|
)
|
(311
|
)
|
(1,994
|
)
|
(648
|
)
|
||||||||
Net income
|
2,158
|
870
|
5,119
|
1,721
|
||||||||||||
Preferred stock dividends
|
(71
|
)
|
(197
|
)
|
(515
|
)
|
(566
|
)
|
||||||||
Non-controlling interest dividends
|
-
|
-
|
(61
|
)
|
-
|
|||||||||||
Net Income Available to Common Stockholders
|
$
|
2,087
|
$
|
673
|
$
|
4,543
|
$
|
1,155
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 6. |
EXHIBIT INDEX
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer (filed herewith)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer (filed herewith)
|
|
Section 1350 Certification of Principal Executive Officer (filed herewith)
|
|
Section 1350 Certification of Principal Financial Officer (filed herewith)
|
|
101
|
Interactive data files providing financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 for the three and nine months ended June 30,
2022 and 2021 in Inline XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, (ii) Condensed Consolidated Statements of
Operations for the three and nine months ended June 30, 2022 and 2021, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three and nine months ended June 30, 2022 and 2021, (iv) Condensed Consolidated
Statements of Cash Flows for the nine months ended June 30, 2022 and 2021, and (v) Notes to Condensed Consolidated Financial Statements.
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Interactive Data Files submitted as Exhibit 101) (filed herewith)
|
Dated: August 5, 2022
|
JANEL CORPORATION
|
Registrant
|
|
/s/ Dominique Schulte
|
|
Dominique Schulte
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Dated: August 5, 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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