$JANL
JANEL CORP

2019 Q4 Form 10-Q Financial Statement

#000114036120005089 Filed on March 06, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4
Revenue $19.82M $22.33M
YoY Change -11.22% 51.06%
Cost Of Revenue $13.53M $15.84M
YoY Change -14.56% 55.43%
Gross Profit $6.287M $6.487M
YoY Change -3.08% 41.36%
Gross Profit Margin 31.72% 29.05%
Selling, General & Admin $6.085M $5.389M
YoY Change 12.92% 31.5%
% of Gross Profit 96.79% 83.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.00K $76.00K
YoY Change -27.63% 204.0%
% of Gross Profit 0.87% 1.17%
Operating Expenses $6.328M $5.597M
YoY Change 13.06% 30.44%
Operating Profit -$41.00K $890.0K
YoY Change -104.61% 198.66%
Interest Expense -$163.0K -$162.0K
YoY Change 0.62% 38.46%
% of Operating Profit -18.2%
Other Income/Expense, Net
YoY Change
Pretax Income -$204.0K $728.0K
YoY Change -128.02% 302.21%
Income Tax -$84.00K $184.0K
% Of Pretax Income 25.27%
Net Earnings -$120.0K $544.0K
YoY Change -122.06% 202.22%
Net Earnings / Revenue -0.61% 2.44%
Basic Earnings Per Share -$0.31 $0.50
Diluted Earnings Per Share -$0.31 $0.45
COMMON SHARES
Basic Shares Outstanding 865.3K 847.5K
Diluted Shares Outstanding 865.3K 936.3K

Balance Sheet

Concept 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.607M $721.0K
YoY Change 122.88% 75.85%
Cash & Equivalents $1.607M $721.0K
Short-Term Investments
Other Short-Term Assets $556.0K $429.0K
YoY Change 29.6% 22.57%
Inventory $4.040M $2.465M
Prepaid Expenses
Receivables $18.43M $25.91M
Other Receivables $142.0K $0.00
Total Short-Term Assets $24.78M $29.52M
YoY Change -16.06% 113.91%
LONG-TERM ASSETS
Property, Plant & Equipment $3.996M $3.908M
YoY Change 2.25% 877.0%
Goodwill $13.53M $12.06M
YoY Change 12.14%
Intangibles $13.36M $13.19M
YoY Change 1.22%
Long-Term Investments
YoY Change
Other Assets $28.00M $25.52M
YoY Change 9.72% 18130.0%
Total Long-Term Assets $32.00M $29.43M
YoY Change 8.73% 34.14%
TOTAL ASSETS
Total Short-Term Assets $24.78M $29.52M
Total Long-Term Assets $32.00M $29.43M
Total Assets $56.78M $58.95M
YoY Change -3.69% 64.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.71M $21.28M
YoY Change -16.77% 92.2%
Accrued Expenses $2.590M $2.693M
YoY Change -3.82% 57.49%
Deferred Revenue
YoY Change
Short-Term Debt $8.766M $11.34M
YoY Change -22.68% 99.61%
Long-Term Debt Due $989.0K $1.199M
YoY Change -17.51% 39.42%
Total Short-Term Liabilities $31.64M $37.10M
YoY Change -14.73% 80.62%
LONG-TERM LIABILITIES
Long-Term Debt $6.557M $3.566M
YoY Change 83.88% 30.15%
Other Long-Term Liabilities $284.0K $283.0K
YoY Change 0.35% 253.75%
Total Long-Term Liabilities $10.45M $6.507M
YoY Change 60.57% 130.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.64M $37.10M
Total Long-Term Liabilities $10.45M $6.507M
Total Liabilities $42.08M $43.61M
YoY Change -3.49% 79.67%
SHAREHOLDERS EQUITY
Retained Earnings -$78.00K -$30.00K
YoY Change 160.0%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $240.0K $240.0K
YoY Change 0.0%
Treasury Stock Shares $20.00K $20.00K
Shareholders Equity $14.69M $15.34M
YoY Change
Total Liabilities & Shareholders Equity $56.78M $58.95M
YoY Change -3.69% 64.94%

Cashflow Statement

Concept 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income -$120.0K $544.0K
YoY Change -122.06% 202.22%
Depreciation, Depletion And Amortization $55.00K $76.00K
YoY Change -27.63% 204.0%
Cash From Operating Activities -$789.0K $748.0K
YoY Change -205.48% 8.56%
INVESTING ACTIVITIES
Capital Expenditures $97.00K $182.0K
YoY Change -46.7% 391.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.935M
YoY Change -100.0%
Cash From Investing Activities -$97.00K -$2.117M
YoY Change -95.42% 5621.62%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $106.0K
YoY Change -78.8%
Cash From Financing Activities 330.0K 1.505M
YoY Change -78.07% -222.26%
NET CHANGE
Cash From Operating Activities -789.0K 748.0K
Cash From Investing Activities -97.00K -2.117M
Cash From Financing Activities 330.0K 1.505M
Net Change In Cash -556.0K 136.0K
YoY Change -508.82% -123.49%
FREE CASH FLOW
Cash From Operating Activities -$789.0K $748.0K
Capital Expenditures $97.00K $182.0K
Free Cash Flow -$886.0K $566.0K
YoY Change -256.54% -13.19%

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CY2019Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0
CY2019Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
97000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
182000
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
531000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
556000
CY2019Q4 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Reclassifications</div><div>&#160;</div><div style="text-align: justify;">Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation. These prior period reclassifications did not affect the Company&#8217;s net income, earnings per share, stockholders&#8217; equity or working capital.</div></div>
CY2019Q4 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
370000
CY2018Q4 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1606000
CY2019Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31000
CY2018Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5276000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5249000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22327000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3996000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3954000
CY2019Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
68000
CY2018Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
94000
CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
619000
CY2019Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
619000
CY2019Q4 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
36000
CY2018Q4 us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
0
CY2019Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
35000
CY2018Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
106000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
42000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-78000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19821000
CY2019Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6085000
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5389000
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
129000
CY2019Q4 us-gaap Share Based Compensation
ShareBasedCompensation
74000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
14000
CY2019Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
31000
CY2018Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5000
CY2018Q4 janl Subordinated Promissory Notes In Acquisition
SubordinatedPromissoryNotesInAcquisition
456000
CY2019Q4 janl Subordinated Promissory Notes In Acquisition
SubordinatedPromissoryNotesInAcquisition
0
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
14693000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
14878000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15027000
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14878000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15344000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14693000
CY2019Q4 us-gaap Subordinated Debt
SubordinatedDebt
505000
CY2019Q3 us-gaap Subordinated Debt
SubordinatedDebt
541000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
20000
CY2019Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
20000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
240000
CY2019Q3 us-gaap Treasury Stock Value
TreasuryStockValue
240000
CY2019Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Uses of estimates in the preparation of financial statements</div><div>&#160;</div><div style="text-align: justify;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements, as well as the reported amounts of revenues and expenses during the reporting period. The most critical estimates made by the Company are those relating to accounts receivables valuation, the useful lives of long-term assets, accrual of cost related to ancillary services the Company provides and accrual of tax expense on an interim basis.</div></div>
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
865275
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
847458
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
865275
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
936314
CY2018Q4 janl Dividend Declared To Preferred Stockholders
DividendDeclaredToPreferredStockholders
122000
CY2019Q4 janl Dividend Declared To Preferred Stockholders
DividendDeclaredToPreferredStockholders
151000
CY2018Q4 janl Contingent Earn Out In Acquisition
ContingentEarnOutInAcquisition
50000
CY2019Q4 janl Contingent Earn Out In Acquisition
ContingentEarnOutInAcquisition
0
CY2018Q4 janl Adjustments To Additional Paid In Capital Dividends To Preferred Stockholders
AdjustmentsToAdditionalPaidInCapitalDividendsToPreferredStockholders
122000
CY2019Q4 janl Adjustments To Additional Paid In Capital Dividends To Preferred Stockholders
AdjustmentsToAdditionalPaidInCapitalDividendsToPreferredStockholders
151000
CY2018Q4 janl Increase Decrease In Security Deposits And Other Long Term Assets
IncreaseDecreaseInSecurityDepositsAndOtherLongTermAssets
3000
CY2019Q4 janl Increase Decrease In Security Deposits And Other Long Term Assets
IncreaseDecreaseInSecurityDepositsAndOtherLongTermAssets
176000
CY2018Q4 janl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested But Not Issued In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedButNotIssuedInPeriodFairValue
236000
CY2019Q4 janl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested But Not Issued In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedButNotIssuedInPeriodFairValue
0
CY2019Q4 janl Number Of Locations
NumberOfLocations
1
CY2018Q4 janl Adjustments To Additional Paid In Capital Vested Restricted Stock Unissued
AdjustmentsToAdditionalPaidInCapitalVestedRestrictedStockUnissued
236000
CY2019Q3 janl Deposits Assets And Other Long Term Assets Noncurrent
DepositsAssetsAndOtherLongTermAssetsNoncurrent
87000
CY2019Q4 janl Deposits Assets And Other Long Term Assets Noncurrent
DepositsAssetsAndOtherLongTermAssetsNoncurrent
260000
CY2019Q3 janl Line Of Credit Current Outstanding
LineOfCreditCurrentOutstanding
8391000
CY2019Q4 janl Line Of Credit Current Outstanding
LineOfCreditCurrentOutstanding
8766000
CY2018Q4 janl Shipping Costs And Cost Of Revenues
ShippingCostsAndCostOfRevenues
15840000
CY2019Q4 janl Shipping Costs And Cost Of Revenues
ShippingCostsAndCostOfRevenues
13534000
CY2018Q4 janl Potentially Diluted Securities
PotentiallyDilutedSecurities
214228
CY2019Q4 janl Potentially Diluted Securities
PotentiallyDilutedSecurities
188526
CY2018Q4 janl Net Income Loss Per Share Diluted
NetIncomeLossPerShareDiluted
0.58
CY2019Q4 janl Net Income Loss Per Share Diluted
NetIncomeLossPerShareDiluted
-0.14
CY2018Q4 janl Preferred Stock Dividends Per Share Basic
PreferredStockDividendsPerShareBasic
-0.14
CY2019Q4 janl Preferred Stock Dividends Per Share Basic
PreferredStockDividendsPerShareBasic
-0.17
CY2018Q4 janl Net Income Loss Per Share Basic
NetIncomeLossPerShareBasic
0.64
CY2019Q4 janl Net Income Loss Per Share Basic
NetIncomeLossPerShareBasic
-0.14
CY2019Q4 janl Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
0
CY2018Q4 janl Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
17955
CY2018Q4 janl Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
58191
CY2019Q4 janl Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
CY2018Q4 janl Preferred Stock Dividends Per Share Diluted
PreferredStockDividendsPerShareDiluted
-0.13
CY2019Q4 janl Preferred Stock Dividends Per Share Diluted
PreferredStockDividendsPerShareDiluted
-0.17

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