$JANL
JANEL CORP

2013 Form 10-K Financial Statement

#000114420414002163 Filed on January 14, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q3 2012
Revenue $44.74M -$19.61M $49.84M
YoY Change -10.22% -173.2% -49.38%
Cost Of Revenue $38.48M -$19.23M $88.78M
YoY Change -56.66% -178.3% -0.15%
Gross Profit $6.260M -$380.0K $9.930M
YoY Change -36.96% -117.04% 4.09%
Gross Profit Margin 13.99% 19.92%
Selling, General & Admin $6.430M -$790.0K $10.11M
YoY Change -36.4% -134.05% 1.1%
% of Gross Profit 102.72% 101.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00K -$260.0K $390.0K
YoY Change -94.87% -360.0% 14.71%
% of Gross Profit 0.32% 3.93%
Operating Expenses $44.93M -$1.050M $10.50M
YoY Change 327.93% -143.39% 1.65%
Operating Profit -$188.4K $670.0K -$570.0K
YoY Change -66.95% -452.63% -27.85%
Interest Expense -$121.0K $30.00K -$170.0K
YoY Change -28.81% -200.0% 30.77%
% of Operating Profit 4.48%
Other Income/Expense, Net -$125.7K -$95.45K
YoY Change 31.73%
Pretax Income -$314.1K $690.0K -$65.03K
YoY Change 383.02% -428.57% -93.01%
Income Tax $20.00K $1.790M $1.221M
% Of Pretax Income 259.42%
Net Earnings -$2.158M -$1.820M -$2.679M
YoY Change -19.43% 550.0% 305.87%
Net Earnings / Revenue -4.82% -5.37%
Basic Earnings Per Share -$0.10 -$0.08 -$0.12
Diluted Earnings Per Share -$0.09 -$0.08 -$0.12
COMMON SHARES
Basic Shares Outstanding 21.58M shares 21.71M shares
Diluted Shares Outstanding 23.21M shares 23.34M shares

Balance Sheet

Concept 2013 2012 Q3 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $630.0K $840.0K $840.0K
YoY Change -25.0% 58.49% 50.0%
Cash & Equivalents $630.0K $773.9K $770.0K
Short-Term Investments $0.00 $70.00K $70.00K
Other Short-Term Assets $380.0K $3.590M $130.0K
YoY Change 192.31% 378.67% -53.57%
Inventory
Prepaid Expenses
Receivables $3.620M $4.578M $5.630M
Other Receivables $40.00K $0.00 $0.00
Total Short-Term Assets $4.660M $9.004M $6.600M
YoY Change -29.39% 22.0% -10.57%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $38.20K $510.0K
YoY Change -96.08% -91.7% 10.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.00K $60.00K $170.0K
YoY Change -64.71% -95.31% -86.72%
Total Long-Term Assets $90.00K $95.25K $2.500M
YoY Change -96.4% -98.1% -50.1%
TOTAL ASSETS
Total Short-Term Assets $4.660M $9.004M $6.600M
Total Long-Term Assets $90.00K $95.25K $2.500M
Total Assets $4.750M $9.099M $9.100M
YoY Change -47.8% -26.56% -26.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.030M $3.920M $4.450M
YoY Change -31.91% -13.66% -8.44%
Accrued Expenses $310.0K $310.0K $670.0K
YoY Change -53.73% -26.19% 59.52%
Deferred Revenue
YoY Change
Short-Term Debt $1.430M $1.600M $1.600M
YoY Change -10.63% 52.38% 52.38%
Long-Term Debt Due $80.00K
YoY Change -76.47%
Total Short-Term Liabilities $4.850M $7.028M $6.810M
YoY Change -28.78% 5.36% 2.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $220.0K
YoY Change -100.0% -100.0% -80.53%
Other Long-Term Liabilities $80.00K $80.00K $80.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $80.00K $78.57K $300.0K
YoY Change -73.33% -93.51% -75.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.850M $7.028M $6.810M
Total Long-Term Liabilities $80.00K $78.57K $300.0K
Total Liabilities $4.930M $7.106M $7.110M
YoY Change -30.66% -9.71% -9.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$180.0K $1.993M $1.990M
YoY Change
Total Liabilities & Shareholders Equity $4.750M $9.099M $9.100M
YoY Change -47.8% -26.56% -26.55%

Cashflow Statement

Concept 2013 2012 Q3 2012
OPERATING ACTIVITIES
Net Income -$2.158M -$1.820M -$2.679M
YoY Change -19.43% 550.0% 305.87%
Depreciation, Depletion And Amortization $20.00K -$260.0K $390.0K
YoY Change -94.87% -360.0% 14.71%
Cash From Operating Activities -$185.4K $510.0K -$391.9K
YoY Change -52.68% -1800.0% 78.12%
INVESTING ACTIVITIES
Capital Expenditures $2.917K $100.0K $7.506K
YoY Change -61.14% -190.91% -101.67%
Acquisitions
YoY Change
Other Investing Activities $530.0K $0.00 $0.00
YoY Change
Cash From Investing Activities $528.1K $100.0K -$7.754K
YoY Change -6910.23% -190.91% -98.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $305.9K
YoY Change
Cash From Financing Activities -$490.9K -10.00K $698.7K
YoY Change -170.26% -125.0% -488.19%
NET CHANGE
Cash From Operating Activities -$185.4K 510.0K -$391.9K
Cash From Investing Activities $528.1K 100.0K -$7.754K
Cash From Financing Activities -$490.9K -10.00K $698.7K
Net Change In Cash -$148.3K 600.0K $299.1K
YoY Change -149.57% -700.0% -135.19%
FREE CASH FLOW
Cash From Operating Activities -$185.4K $510.0K -$391.9K
Capital Expenditures $2.917K $100.0K $7.506K
Free Cash Flow -$188.4K $410.0K -$399.4K
YoY Change -52.83% 412.5% -273.64%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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IncomeLossFromContinuingOperationsPerBasicShare
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CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2013 dei Entity Well Known Seasoned Issuer
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CY2013 dei Entity Voluntary Filers
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No
CY2013 dei Entity Current Reporting Status
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CY2013 dei Entity Filer Category
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CY2013Q1 dei Entity Public Float
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CY2012Q3 us-gaap Due From Other Related Parties Current
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CY2012Q3 jlwt Assets In Discontinued Operations
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CY2012Q3 us-gaap Assets Current
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CY2012Q3 us-gaap Property Plant And Equipment Net
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CY2012Q3 us-gaap Deposits Assets Noncurrent
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CY2012Q3 jlwt Total Of Assets Noncurrent Excluding Property Plant And Equipment
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CY2012Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013 us-gaap Proceeds From Divestiture Of Businesses
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CY2013 us-gaap Use Of Estimates
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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><b><i><font style="FONT-SIZE: 10pt">Uses of estimates in the preparation of financial statements</font></i></b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amounts of net revenue and expenses during each reporting period.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> Actual results could differ from those estimates.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q3 us-gaap Cash Fdic Insured Amount
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CY2012Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
12759734 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
13793122 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
9683566 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
10936669 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
3169610 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
3766801 USD
CY2013 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
363923 USD
CY2012 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
365503 USD
CY2013 jlwt Contingent Consideration Arrangements Change In Amount Of Contingent Consideration
ContingentConsiderationArrangementsChangeInAmountOfContingentConsideration
0 USD
CY2012 jlwt Contingent Consideration Arrangements Change In Amount Of Contingent Consideration
ContingentConsiderationArrangementsChangeInAmountOfContingentConsideration
1129650 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
13217099 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
13939323 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
17968 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
79112 USD
CY2013 jlwt Disposal Group Including Discontinued Operation Impairment Loss
DisposalGroupIncludingDiscontinuedOperationImpairmentLoss
0 USD
CY2012 jlwt Disposal Group Including Discontinued Operation Impairment Loss
DisposalGroupIncludingDiscontinuedOperationImpairmentLoss
1167070 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
305454 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
1053407 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets
DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets
DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets
49894 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Net
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNet
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Net
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNet
473207 USD
CY2013Q3 jlwt Disposal Group Including Discontinued Operation Security Deposits
DisposalGroupIncludingDiscontinuedOperationSecurityDeposits
0 USD
CY2012Q3 jlwt Disposal Group Including Discontinued Operation Security Deposits
DisposalGroupIncludingDiscontinuedOperationSecurityDeposits
110000 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Net
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsNet
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Net
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsNet
1821526 USD
CY2013Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
305454 USD
CY2012Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
3508034 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Accounts Payable
DisposalGroupIncludingDiscontinuedOperationAccountsPayable
57780 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Accounts Payable
DisposalGroupIncludingDiscontinuedOperationAccountsPayable
525351 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities
15205 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Accrued Liabilities
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities
356201 USD
CY2013Q3 jlwt Disposal Group Including Discontinued Operation Debt Obligations To Bank
DisposalGroupIncludingDiscontinuedOperationDebtObligationsToBank
0 USD
CY2012Q3 jlwt Disposal Group Including Discontinued Operation Debt Obligations To Bank
DisposalGroupIncludingDiscontinuedOperationDebtObligationsToBank
305900 USD
CY2013Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
72985 USD
CY2012Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
1187452 USD
CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-475333 USD
CY2012 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-225313 USD
CY2013Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
225000000 shares
CY2013Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2006Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
300000 shares
CY2013 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
259676 shares
CY2013 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
114703 USD
CY2011Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
750000 shares
CY2011Q4 us-gaap Common Stock Value
CommonStockValue
150000 USD
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 USD
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1084304 USD
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
17000 USD
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
37000 USD
CY2013 jlwt Income Tax Expense Benefit Continuing Operation
IncomeTaxExpenseBenefitContinuingOperation
17000 USD
CY2012 jlwt Income Tax Expense Benefit Continuing Operation
IncomeTaxExpenseBenefitContinuingOperation
1121304 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
116000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
209000 USD
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-10000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-10000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-6000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
84000 USD
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
100000 USD
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
838304 USD
CY2012Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
838304 USD
CY2012Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
838304 USD
CY2012Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2718000 USD
CY2013Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
2718000 USD
CY2013Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
6040000 USD
CY2013 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
19000 USD
CY2012 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
19000 USD
CY2013 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.25 pure
CY2013 jlwt Defined Contribution Plan Employer Contribution Percent Description
DefinedContributionPlanEmployerContributionPercentDescription
The Company contributes an amount equal to 25% of the participants first 5% of contributions.
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
388000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
406000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
344000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
149000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
83000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
62000 USD
CY2013 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.495 pure
CY2012 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.459 pure
CY2013Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
423000 USD
CY2012Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
845000 USD
CY2010Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
23750 shares
CY2010Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
23750 USD
CY2010Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.00

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