Janel World Trade Reports Revenue Growth for Nine Months Friday July 21, 7:00 am ET Announces New Initiative in China
JAMAICA, N.Y.--(BUSINESS WIRE)--July 21, 2006--Janel World Trade announced today that year to date revenue on an unaudited basis for the nine months ended June 30, 2006 increased by approximately 14.6% to $57.08 million over the comparable period in 2005. Audited revenue for the nine months ended June 30, 2005 in 2005 was $49.8 million.
According to James Jannello, Chairman and CEO of Janel, "We are encouraged that Janel's successful initiatives in higher margin industries, such as the food and apparel sectors, have resulted in our establishing Janel as an important player in the third-party logistics market. Our results reflect a continued strong worldwide requirement for logistics services.
Unaudited sales results for the third fiscal quarter reflect Janel's appointment as the handling agent both for a major customer in the footwear business, and another customer in the home appliance business. These two business relationships continue to expand our presence in the China market, and reinforce our presence as a player in the ever expanding third-party logistics arena.
Going forward, we have put into place the necessary platform, supported by our technology, facilities and management team, that enables Janel to continue its organic growth and to additionally put into place its longer range strategy to grow our business through strategic alliances, and acquisitions with higher margin business opportunities, which the company continues to pursue.
Our growth in the Asian market continues to be a key part of our growth plan moving forward. To accelerate our presence and growth in this market, we intend to open an office in China early in 2007, which will specialize in servicing manufacturers on a direct basis in China. By increasing our direct access to manufacturers in this important market, we continue the Janel philosophy of competing with major multi-national logistics providers by providing "hands on services" to our clients.
We thank our shareholders for their loyalty, and look forward to the next several exciting and important months in Janel's growth."
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