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Janel Corp (JANL) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total revenues of $183.2 million, a decrease from $186.4 million in the previous fiscal year. This decline is attributed to lower freight prices in the Logistics segment due to improved global transportation capacity.
Operating income for the fiscal year increased to $3.8 million from $2.6 million in the prior year, primarily due to increased profits across all business segments.
Net income for the year was $551,000, down from $723,000 in the previous year. The decrease was largely due to an increase in the fair value of mandatorily redeemable non-controlling interest and higher income tax expense.
Janel's Logistics segment reported revenues of $160 million, down from $166 million in the prior year. The decrease was mainly due to lower freight prices. The segment handled approximately 151,200 shipments during the fiscal year.
The Life Sciences segment saw an increase in revenues to $13.2 million from $11.1 million in the previous year, driven by increased product demand and acquisitions.
The Manufacturing segment reported revenues of $10.1 million, up from $9.3 million in the prior year, reflecting increased manufacturing volume.
Janel's investment in Rubicon Technology, Inc. remains significant, with the company holding 46.6% of Rubicon's common stock. The investment is valued at $1.6 million as of September 30, 2024.
The company completed several acquisitions during the fiscal year, including a majority stake in Airschott, a freight forwarder and customs broker, and the acquisition of ViraQuest Inc. in the Life Sciences segment.
Janel's total assets as of September 30, 2024, were $110.6 million, with liabilities totaling $91.1 million. The company reported a working capital deficiency of $25.4 million.
The company's cash and cash equivalents increased to $2.8 million from $2.5 million at the end of the previous fiscal year.
Janel's management continues to focus on expanding its business through acquisitions and organic growth, with a strategy to support long-term profitability and shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Janel Corp annual 10-K report dated December 6, 2024. To report an error, please email earnings@qz.com.