Janel World Trade reported a net loss of $289,060 in its fiscal second quarter ending March 31, 2013, an improvement from a net loss of $397,831 in the same period last year.
Quarterly revenue for the New York-based logistics provider totaled $21.2 million, decreasing 4.1 percent from $22.1 million in the fiscal second quarter of 2012, ending March 31, 2012.
For the six months ending March 31, 2013, Janel World Trade posted a net loss of $490,346, compared with a net loss of $644,743 in the comparable period in 2012. Revenue in that time period was $43.1 million, dropping 5.3 percent year-over-year from $45.4 million.
“We are disappointed with our results for the second quarter and six months ended March 31, 2013,” said James N. Jannello, executive vice president and CEO, in a written statement. “Revenue for the quarter and year-to-date was down when compared to last year mainly due to lower ocean and air shipping activity.”
“While our net loss for the three- and six-month periods improved from the prior year, we still reported operating losses from continuing operations for both the three- and six-month 2013 periods,” he continued. “We are focused on returning our continuing core operations to profitability.”
“Looking ahead, and in the very short term, we are working to raise additional capital in order to stabilize and grow the transportation logistics segment to profitability,” Jannello concluded.