JANEL CORP
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
JANLStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001140361-25-018201
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001140361-25-028416
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 92 current paragraphs.
49 unchanged; 38 reworded; 5 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
On June 4, 2025, the Company completed a business combination whereby it acquired 80% of the outstanding stock of Biosensis. The Company and the former shareholders of Biosensis have put-call options exercisable on June 4, 2028 for the remaining 20% of outstanding stock.
Current report
Total revenues for the three months ended June 30, 2025 was $43,231 as compared to $40,677 for the three months ended June 30, 2024, an increase of $2,554, or 6.3%. Total revenues for the nine months ended June 30, 2025 was $133,361 as compared to $111,991 for the nine months ended June 30, 2024, an increase of $21,370 or 19.1%. Revenues in both periods primarily increased due to higher freight rates, the inclusion of acquired revenue from an acquisition and higher demand as customers prepared for anticipated tariff increases.
Current report
Income from operations for the three months ended June 30, 2025 and 2024 was $804 and $787, respectively, an increase of $17, or 2.2%. Income from operations for the nine months ended June 30, 2025 and 2024 was $2,790 and $2,841, respectively, a decrease of $51, or 1.8%.
Current report
Total revenues were $2,424 and $2,839 for the three months ended June 30, 2025 and 2024, respectively, adecrease of $415, or 14.6%. Total revenues were $7,230 and $7,677 for the nine months ended June 30, 2025 and 2024, respectively, a decrease of $447, or 5.8%. Total revenues for the three and nine months ended June 30, 2025 primarily declined due to the timing of larger orders versus the respective prior year period.
Current report
Net cash used in investing activities totaled $4,368 for the nine months ended June 30, 2025, versus $5,193 for the nine months ended June 30, 2024. We used $2,555 for the acquisition of Biosensis, $197 in additional purchase price relating to the Airschott acquisition, $1,078 in earnout payments, and $396 for the acquisitionof property and equipment for the nine months ended June 30, 2025, compared to $3,795 for the acquisitions of Airschott and ViraQuest, $740 in earnout payments, and $658 for the acquisition of property and equipment for the nine months ended June 30, 2024.
Removed paragraphs (5)
Previous report
Life Sciences
Previous report
Total revenues for the three months ended March 31, 2025 was $44,044 as compared to $36,099 for the three months ended March 31, 2024, an increase of $7,945, or 22.0%. Total revenues for the six months ended March 31, 2025 was $90,130 as compared to $71,314 for the six months ended March 31, 2024, an increase of $18,816 or 26.4%. Revenues in both periods increased due to higher freight rates, the inclusion of acquired revenue from an acquisition and higher demand as customers prepared for tariff increases.
Previous report
Income from operations for the three months ended March 31, 2025 and 2024 was $1,452 and $929, respectively, an increase of $523, or 56.3%. Income from operations for the six months ended March 31, 2025 and 2024 was $1,986 and $2,054, respectively, a decrease of $68, or 3.3%. Both periods were positively impacted by the timing of shipments, product mix improvements, and increased operating expenses.
Previous report
Total revenues were $2,521 and $2,499 for the three months ended March 31, 2025 and 2024, respectively, an increase of $22, or 0.9%. Total revenues were $4,806 and $4,838 for the six months ended March 31, 2025 and 2024, respectively, a decrease of $32, or 0.7%. Total revenues for the three and six months ended March 31, 2025 effectively remained consistent year-over-year.
Previous report
Net cash used in investing activities totaled $1,713 for the six months ended March 31, 2025, versus $1,638 for the six months ended March 31, 2024. The change in net cash used in investing activities was primarily due to an increase in earnout payments.
Reworded paragraphs (38)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited interim condensed consolidated financial statements and related notes thereto as of and for the six months ended March 31, 2025, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Amounts presented in this section are in thousands, except share and per share data.
Current wording
The following discussion and analysis should be read in conjunction with our unaudited interim condensed consolidated financial statements and related notes thereto as of and for the nine months ended June 30, 2025, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Amounts presented in this section are in thousands, except share and per share data.
Previous wording
Our senior management has reviewed the critical accounting policies and estimates with the Audit Committee of our Board of Directors. For a description of the Company’s critical accounting policies and estimates, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the SEC on December 6, 2024. Critical accounting policies are those that are most important to the portrayal of our financial condition, results of operations and cash flows and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. If actual results were to differ significantly from estimates made, the reported results could be materially affected. There were no significant changes to our critical accounting policies during the six months ended March 31, 2025.
Current wording
Our senior management has reviewed the critical accounting policies and estimates with the Audit Committee of our Board of Directors. For a description of the Company’s critical accounting policies and estimates, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the SEC on December 6, 2024. Critical accounting policies are those that are most important to the presentation of our financial condition, results of operations and cash flows and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. If actual results were to differ significantly from estimates made, the reported results could be materially affected. There were no significant changes to our critical accounting policies during the nine months ended June 30, 2025.
Previous wording
Our non-GAAP financial measure of organic growth represents revenues and gross profit excluding those from acquisitions within the preceding 12 months. The organic growth presentation provides useful period-to-period comparison of revenues and gross profit as it excludes revenues and gross profit from acquisitions that would not be included in the comparable prior period.
Current wording
Our non-GAAP financial measure of organic growth represents revenues and gross profit excluding revenues and gross profit from acquisitions within the preceding 12 months. The organic growth presentation provides useful period-to-period comparison of revenues and gross profit as it excludes revenues and gross profit from acquisitions that would not be included in the comparable prior period.
Previous wording
Results of Operations – Janel Corporation - Three and Six Months Ended March 31, 2025 and 2024
Current wording
Results of Operations – Janel Corporation - Three and Nine Months Ended June 30, 2025 and 2024
Previous wording
Our consolidated results of operations are as follows:
Current wording
Our consolidated results of operations are as follows (in thousands):
Previous wording
Consolidated revenues for the three months ended March 31, 2025 were $50,731, which was $8,609 or 20.4% higher than the prior year period. Consolidated revenues for the six months ended March 31, 2025 were $102,085, which was $18,928 or 22.8% higher than the prior year period. The increase in revenues for both the three and six months ended March 31, 2025 was primarily due to our Logistics business segment.
Current wording
Consolidated revenues for the three months ended June 30, 2025 were $49,145, which was $2,421 or 5.2% higher than the prior year period. Consolidated revenues for the nine months ended June 30, 2025 were $151,230, which was $21,349 or 16.4% higher than the prior year period. The increase in revenues for both the three and nine months ended June 30, 2025 was primarily due to our Logistics and Life Sciences business segments.
Previous wording
Income from operations for the three months ended March 31, 2025 was $2,170 compared with $580 in the prior year period. Income from operations for the six months ended March 31, 2025 was $3,379 compared with $1,582 in the prior year period. The increase in income from operations for both the three and six months ended March 31, 2025 resulted from higher profits in our Logistics segment.
Current wording
Income from operations for the three months ended June 30, 2025 was $1,931 compared with $1,178 in the prior year period. Income from operations for the nine months ended June 30, 2025 was $5,310 compared with $2,760 in the prior year period. The increase in income from operations for both the three and nine months ended June 30, 2025 primarily resulted from higher profits in our Logistics segment.
Previous wording
Net income for the three months ended March 31, 2025 totaled $1,440 or $1.19 per diluted share, compared to net income of $219 or $0.18 per diluted share for the three months ended March 31, 2024. Net income for the six months ended March 31, 2025 totaled $2,099 or $1.74 per diluted share, compared to net income of $495 or $0.41 per diluted share for the six months ended March 31, 2024. The increase in net income for the three and six months ended March 31, 2025 was largely due to higher profits in our Logistics segment.
Current wording
Net income for the three months ended June 30, 2025 totaled $887, or $0.74 per diluted share, compared to a net loss of $(191), or $(0.16) per diluted share, for the three months ended June 30, 2024. Net income for the nine months ended June 30, 2025 totaled $2,986, or $2.48 per diluted share, compared to net income of $304, or $0.25 per diluted share, for the nine months ended June 30, 2024. The increase in net income for the three and nine months ended June 30, 2025 was largely due to higher profits in our Logistics segment.
Previous wording
Adjusted operating income for the three months ended March 31, 2025 increased to $3,014 versus $1,282 in the prior year period. Adjusted operating income for the six months ended March 31, 2025 increased to $5,055 versus $2,976 in the prior year period. The increase in adjusted operating income for both the three and six months ended March 31, 2025 resulted primarily from higher profits in our Logistics segment.
Current wording
Adjusted operating income for the three months ended June 30, 2025 increased to $2,770 versus $1,897 in the prior year period. Adjusted operating income for the nine months ended June 30, 2025 increased to $7,825 versus $4,873 in the prior year period. The increase in adjusted operating income for both the three and nine months ended June 30, 2025 resulted primarily from higher profits in our Logistics segment.
Previous wording
The following table sets forth a reconciliation of operating income to adjusted operating income:
Current wording
The following table sets forth a reconciliation of operating income to adjusted operating income (in thousands):
Previous wording
Results of Operations – Logistics – Three and Six Months Ended March 31, 2025 and 2024
Current wording
** Results of Operations – Logistics – Three and Nine Months Ended June 30, 2025 and 2024**
Previous wording
Gross profit for the three months ended March 31, 2025 was $11,856, an increase of $2,050, or 20.9%, as compared to $9,806 for the three months ended March 31, 2024. The increase in gross profit for the three months ended March 31, 2025 compared to the prior year was primarily related to $1,009 of gross profit from the Airschott acquisition. Excluding the acquisition, organic growth in gross profit increased 10.6% versus the prior year period. Gross profit likely benefited in the quarter from customer preparations for anticipated increases in tariffs. Gross profit margin as a percentage of revenues decreased to 26.9% for the three months ended March 31, 2025, compared to 27.2% for the prior year period.
Current wording
Gross profit for the three months ended June 30, 2025 was $11,972, an increase of $1,020, or 9.3%, as compared to $10,952 for the three months ended June 30, 2024. The increase in gross profit for the three months ended June 30, 2025 compared to the prior year period was primarily related to the incremental gross profit from the Airschott acquisition. Excluding the Airschott acquisition, organic growth in gross profit increased 1.6% versus the prior year period. Gross profit in the three months ended June 30, 2025 benefited from customer preparations ahead of anticipated increases in tariffs. Gross profit margin as a percentage of revenues increased to 27.7% for the three months ended June 30, 2025, compared to 26.9% for the prior year period.
Previous wording
Gross profit for the six months ended March 31, 2025 was $23,234, an increase of $3,427, or 17.3%, as compared to $19,807 for the six months ended March 31, 2024. The increase in gross profit for the six months ended March 31, 2025, compared to the prior year period was due to $2,169 in gross profit from the Airschott acquisition. Excluding the acquisition, organic growth in gross profit increased 6.4% in the six months versus the prior year period. Gross profit likely benefited from customer preparations for anticipated increases in tariffs. Gross profit margin as a percentage of revenue decreased to 25.8% compared to 27.8% for the prior year period, primarily due to increased revenues due to higher freight prices relative to forwarding expenses.
Current wording
Gross profit for the nine months ended June 30, 2025 was $35,206, an increase of $4,447, or 14.5%, as compared to $30,759 for the nine months ended June 30, 2024. The increase in gross profit for the nine months ended June 30, 2025, compared to the prior year period was primarily related to the incremental gross profit from the Airschott acquisition. Excluding the Airschott acquisition, organic growth in gross profit increased 4.7% in the nine months versus the prior year period. Gross profit in the nine months ended June 30, 2025 benefited from customer preparations ahead of anticipated increases in tariffs. Gross profit margin as a percentage of revenue decreased to 26.4% compared to 27.5% for the prior year period, primarily due to higher freight prices resulting in greater forwarding expenses relative to revenues.
Previous wording
Selling, general and administrative expenses for the three months ended March 31, 2025 were $9,524, as compared to $8,877 for the three months ended March 31, 2024. This increase of $647, or 7.3%, was mainly due to the Airschott acquisition. Selling, general and administrative expenses as a percentage of revenue were 21.6% and 24.6% for the three months ended March 31, 2025 and 2024, respectively. The decrease in selling, general and administrative expenses as a percentage of revenue was due to a reduction in various expenses including personnel costs and higher freight prices.
Current wording
Selling, general and administrative expenses for the three months ended June 30, 2025 were $9,434, as compared to $9,444 for the three months ended June 30, 2024, remaining in line with the prior year period. Despite the acquisition of Airschott on June 5, 2024, there was a decrease in selling, general and administrative expenses for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Selling, general and administrative expenses as a percentage of revenue were 21.8% and 23.2% for the three months ended June 30, 2025 and 2024, respectively. The decrease in selling, general and administrative expenses as a percentage of revenue was primarily due to an increase in revenue caused by higher freight rates, the inclusion of acquired revenue from an acquisition and higher demand as customers prepared for anticipated tariff increases.
Previous wording
Selling, general and administrative expenses for the six months ended March 31, 2025 were $18,892, as compared to $17,742 for the six months ended March 31, 2024. This increase of $1,150, or 6.5%, was mainly due to the Airschott acquisition, partially offset by a reduction in various expenses, including personnel costs. Selling, general and administrative expenses as a percentage of revenues were 21.0% and 24.9% of revenues for the six months ended March 31, 2025 and 2024, respectively. The decrease in selling, general and administrative expenses as a percentage of revenues for the six-month period was due to a reduction in various expenses including personnel costs and higher freight prices.
Current wording
Selling, general and administrative expenses for the nine months ended June 30, 2025 were $28,327, as compared to $27,186 for the nine months ended June 30, 2024. This increase of $1,141, or 4.2%, was mainly due to the Airschott acquisition, partially offset by a reduction in various expenses, including personnel costs. Selling, general and administrative expenses as a percentage of revenues were 21.2% and 24.3% of revenues for the nine months ended June 30, 2025 and 2024, respectively. The decrease in selling, general and administrative expenses as a percentage of revenues for the nine-month period was primarily due to an increase in revenue caused by higher freight rates, the inclusion of acquired revenue from an acquisition and higher demand as customers prepared for anticipated tariff increases.
Previous wording
Income from operations increased to $2,332 for the three months ended March 31, 2025, as compared to income from operations of $929 for the three months ended March 31, 2024, an increase of $1,403, or 151.0%. Operating margin as a percentage of gross profit for the three months ended March 31, 2025 was 19.7% compared to 9.5% in the prior year period.
Current wording
Income from operations increased to $2,538 for the three months ended June 30, 2025, as compared to $1,508 for the three months ended June 30, 2024, an increase of $1,030, or 68.3%. Operating margin as a percentage of gross profit for the three months ended June 30, 2025 was 21.2% compared to 13.8% in the prior year period.
Previous wording
Income from operations increased to $4,342 for the six months ended March 31, 2025, as compared to $2,065 for the six months ended March 31, 2024, an increase of $2,277, or 110.3%. Operating margin as a percentage of gross profit for the six months ended March 31, 2025 was 18.7% compared to 10.4% in the prior year period. The increase in operating margin for the three- and six-month periods was the result of an increase in gross profit due to increased demand and a reduction in various expenses including personnel costs.
Current wording
Income from operations increased to $6,879 for the nine months ended June 30, 2025, as compared to $3,573 for the nine months ended June 30, 2024, an increase of $3,306, or 92.5%. Operating margin as a percentage of gross profit for the nine months ended June 30, 2025 was 19.5% compared to 11.6% in the prior year period. The increase in operating margin for the three- and nine-month periods was primarily the result of greater returns from higher freight rates, the inclusion of acquired revenue from an acquisition and higher demand as customers prepared for anticipated tariff increases.
Previous wording
Results of Operations – Life Sciences – Three and Six Months Ended March 31, 2025 and 2024
Current wording
Results of Operations – Life Sciences – Three and Nine Months Ended June 30, 2025 and 2024
Previous wording
Total revenues were $4,166 and $3,524 for the three months ended March 31, 2025 and 2024, respectively, reflectingan increase of $642, or 18.2%, primarily due to increased diagnostic and research reagent sales. Organic growth excluding acquisition revenue increased $636, or 18.0%.
Current wording
Total revenues were $3,490 and $3,208 for the three months ended June 30, 2025 and 2024, respectively, reflectingan increase of $282, or 8.8%, primarilydue to increased diagnostic and research reagent sales. Organic growth excluding acquisition revenue increased $243, or 7.6%.
Previous wording
Total revenues were $7,149 and $7,005 for the six months ended March 31, 2025 and 2024, respectively, reflecting an increase of $144 or 2.1%. Organic growth excluding acquisition revenue increased $98, or 1.4%.
Current wording
Total revenues were $10,639 and $10,213 for the nine months ended June 30, 2025 and 2024, respectively, reflecting an increase of $426 or 4.2%. Organic growth excluding acquisition revenue increased $340, or 3.3%.
Previous wording
Gross profitwas $3,370 and $2,674 for the three months ended March 31, 2025 and 2024, respectively, an increase of $696, or 26.0%. During the three months ended March 31, 2025 and 2024, gross profit marginwas 80.9% and 75.9%, respectively, as product mix improvements and price increases yielded higher margins.
Current wording
Gross profitwas $2,866 and $2,599 for the three months ended June 30, 2025 and 2024, respectively, an increase of $267, or 10.3%. During the three months ended June 30, 2025 and 2024, gross profit margin was 82.1% and 81.0%, respectively, as product mix improvements and price increases yielded higher margins.
Previous wording
Gross profitwas $5,903 and $5,549 for the six months ended March 31, 2025 and 2024, respectively, an increase of $354, or 6.4%. In the six months ended March 31, 2025 and 2024, gross profit margin was 82.6% and 79.2%, respectively. Gross profit margin increasedas product mix improvements and price increases yielded higher margins.
Current wording
Gross profitwas $8,769 and $8,148 for the nine months ended June 30, 2025 and 2024, respectively, an increase of $621, or 7.6%. In the nine months ended June 30, 2025 and 2024, gross profit margin was 82.4% and 79.8%, respectively. Gross profit margin increased as product mix improvements and price increases yielded higher margins.
Previous wording
Selling, general and administrative expenses for the Life Sciences segment were $1,918 and $1,745 for the three months ended March 31, 2025 and 2024, respectively. Selling, general and administrative expenses were $3,917 and $3,495 for the six months ended March 31, 2025 and 2024, respectively. The year-over-year increases for both periods were largely due to additional expenses from acquired business, higher supply costs, and increased throughput.
Current wording
Selling, general and administrative expenses for the Life Sciences segment were $2,062 and $1,812 for the three months ended June 30, 2025 and 2024, respectively. Selling, general and administrative expenses were $5,979 and $5,307 for the nine months ended June 30, 2025 and 2024, respectively. The year-over-year increases for both periods were largely due to additional expenses from acquired business, higher supply costs, and increased throughput.
Previous wording
Results of Operations - Manufacturing – Three and Six Months Ended March 31, 2025 and 2024
Current wording
** Results of Operations - Manufacturing – Three and Nine Months Ended June 30, 2025 and 2024**
Previous wording
Gross profitwas $1,345 and $1,343 for the three months ended March 31, 2025 and 2024, respectively, an increase of $2, or 0.1%. Gross profit margin for the three months ended March 31, 2025 and 2024 was 53.4% and 53.7%, respectively. Gross profit was$2,576 and $2,612 for the six months ended March 31, 2025 and 2024, respectively, a decrease of $36, or 1.4%, largely as a result of product mix. Gross profit margin for the six months ended March 31, 2025 and 2024 was 53.6% and 54.0%, respectively.
Current wording
Gross profitwas $1,272 and $1,540 for the three months ended June 30, 2025 and 2024, respectively, adecrease of $268, or 17.4%. Gross profit margin for the three months ended June 30, 2025 and 2024 was 52.5% and 54.2%, respectively. Gross profit was $3,848 and $4,152 for the nine months ended June 30, 2025 and 2024, respectively, a decrease of $304, or 7.3%, largely as a result of product mix. Gross profit margin for the nine months ended June 30, 2025 and 2024 was 53.2% and 54.1%, respectively.
Previous wording
Selling, general andadministrative expenses were $802 and $787 for the three months ended March 31, 2025 and 2024, respectively, an increase of $15, or 1.9%. Selling, general andadministrative expenses were $1,743 and $1,571 for the six months ended March 31, 2025 and 2024, respectively, an increase of $172, or 10.9%. Theincrease in selling, general and administrative expenses in both periods was reflective of general economic cost increases.
Current wording
Selling, general andadministrative expenses were $764 and $793 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $29, or 3.7%. Selling, general and administrative expenses were $2,507 and $2,364 for the nine months ended June 30, 2025 and 2024, respectively, an increase of $143 or 6.0%. The increase inselling, general and administrative expenses for the nine months ended June 30, 2025 was reflective of general economic cost increases.
Previous wording
Income from operationswas $543 for the three months ended March 31, 2025 compared to $556 for the three months ended March 31, 2024, representing a 2.3% decrease from the prior year period. Income from operationswas $833 for the six months ended March 31, 2025 compared to $1,041 for the six months ended March 31, 2024, representing a 20.0% decrease from the prior year period, primarily as a result of a decrease in revenues and an increase in costs.
Current wording
Income from operationswas $508 for the three months ended June 30, 2025 compared to $747 for the three months ended June 30, 2024, representing a 32.0% decrease from the prior year period. Income from operations was $1,341 for the nine months ended June 30, 2025 compared to $1,788 for the nine months ended June 30, 2024, representing a 25.0% decrease from the prior year period, primarily as a result of a decrease in revenues due to timing of larger orders and an increase in costs.
Previous wording
Results of Operations – Corporate and Other – Three and Six Months Ended March 31, 2025 and 2024
Current wording
** Results of Operations – Corporate and Other – Three and Nine Months Ended June 30, 2025 and 2024**
Previous wording
Total Corporate expenses, which include amortization of intangible assets, stock-based compensation and merger and acquisition expenses, increased by $323, or 17.6%, to $2,157 for the three months ended March 31, 2025 as compared to $1,834 for the three months ended March 31, 2024. Total Corporate expenses increased by $204, or 5.7%, to$3,782 for the six months ended March 31, 2025 as compared to $3,578 for the six months ended March 31, 2024. Theincrease in total corporate expenses in both periods was primarily due to higher stock-based compensation and higher amortization expense. We incur merger and acquisition deal-related expenses and intangible amortization at the Corporate level rather than at the segment level.
Current wording
Total Corporate expenses, which includes amortization of intangible assets, stock-based compensation and merger and acquisition expenses, increased by$55, or 3.0%, to $1,919 for the three months ended June 30, 2025 as compared to $1,864 for the three months ended June 30, 2024. Total Corporate expenses increased by $258, or 4.7%, to $5,700 for the nine months ended June 30, 2025 as compared to $5,442 for the nine months ended June 30, 2024. Theincrease in total corporate expenses in both periods was primarily due to higher stock-based compensation and higher amortization expense. We incur merger and acquisition deal-related expenses and intangible amortization at the Corporate level.
Previous wording
Interest expense for the consolidated company increased $10, or 1.8%, to $560 for the three months ended March 31, 2025 from $550 for the three months ended March 31, 2024. Interest expense for the consolidated company increased by $152, or 14.2%, to $1,226 for the six months ended March 31, 2025 from $1,074 for the six months ended March 31, 2024. Theincrease in interest expense in both periods was primarily due to higher average debt balances partially offset by lower interest rates.
Current wording
Interest expense for the consolidated companyde creased $147, or 25.0%, to $442 for the three months ended June 30, 2025 from $589 for the three months ended June 30, 2024. Thedecreasein interest expensefor the three months ended June 30, 2025 was primarily due to lower average debt balances. Interest expense for the consolidated company increased by $5, or 0.3%, to $1,668 for the nine months ended June 30, 2025 from $1,663 for the nine months ended June 30, 2024.
Previous wording
On a consolidated basis, the Company recorded an income tax expenseof $415 for the three months ended March 31, 2025, as compared to an income tax benefit of $123 for the three months ended March 31, 2024. On a consolidated basis, the Company recorded an income tax expenseof $613 for the six months ended March 31, 2025, as compared to an income tax expense of $69 for the six months ended March 31, 2024.
Current wording
On a consolidated basis, the Company recorded an income tax expenseof $445 for the three months ended June 30, 2025, as compared to an income taxexpense of $343 for the three months ended June 30, 2024. On a consolidated basis, the Company recorded an income tax expenseof $1,058 for the nine months ended June 30, 2025, as compared to an income tax expense of $412 for the nine months ended June 30, 2024.
Previous wording
Preferred stock dividends include any dividends accrued on the Company’s Series C Cumulative Preferred Stock (the “Series C Preferred Stock”). For the three months ended March 31, 2025 and 2024, preferred stock dividends were $108 and $85, respectively. For the six months ended March 31, 2025 and 2024, preferred stock dividends were $194 and $157, respectively.
Current wording
Preferred stock dividends include any dividends accrued on the Company’s Series C Cumulative Preferred Stock. For the three months ended June 30, 2025 and 2024, preferred stock dividends were $77 and $85, respectively. For the nine months ended June 30, 2025 and 2024, preferred stock dividends were $271 and $242, respectively.
Previous wording
Non-controlling interest dividends include the dividends accrued and paid to the non-controlling interest of Indco (the “Non-controlling interest dividends”). For the six months ended March 31, 2025, non-controlling interest dividends were $243.
Current wording
Non-controlling interest dividends include the dividends accrued and paid to the non-controlling interest of Indco (the “Non-controlling interest dividends”). For the nine months ended June 30, 2025, Non-controlling interest dividends were $243.
Previous wording
Net income was$1,440, or $1.19 per diluted share, for the three months ended March 31, 2025 compared to net income of $219 or $0.18 per diluted share, for the three months ended March 31, 2024. The increase in net income for the three months ended March 31, 2025 was largely due to stronger revenues across the Logistics and Life Sciences segments.
Current wording
Net income was$887, or $0.74 per diluted share, for the three months ended June 30, 2025 compared to a net loss of $(191), or $(0.16) per diluted share, for the three months ended June 30, 2024. The increase in net income for the three months ended June 30, 2025 was largely due to stronger revenues and profits across the Logistics and Life Sciences segments.
Previous wording
Net incomewas $2,099, or $1.74 per diluted share, for the six months ended March 31, 2025 compared to net income of $495, or $0.41 per diluted share, for the six months ended March 31, 2024. Theincrease in net income for the six months ended March 31, 2025 was largely due to stronger revenues and profits in the Logistics and Life Sciences segments.
Current wording
Net incomewas $2,986, or $2.48 per diluted share, for the nine months ended June 30, 2025 compared to net income of $304, or $0.25 per diluted share, for the nine months ended June 30, 2024. Theincrease in net income for the nine months ended June 30, 2025 was largely due to stronger revenues in the Logistics segment.
Previous wording
Net income available to Common Stockholderswas $1,332, or $1.10 per diluted share, for the three months ended March 31, 2025 compared to net income available to Common Stockholders of $134, or $0.11 per diluted share, for the three months ended March 31, 2024. Net income available to Common Stockholderswas $1,662, or $1.38 per diluted share, for the six months ended March 31, 2025 compared to net income available to Common Stockholders of $338, or $0.28 per diluted share, for the six months ended March 31, 2024. The increase in net income available to Common Stockholders for the three and six months ended March 31, 2025 was the result of stronger revenues and profits in the Logistics and Life Sciences segments, partially offset by increases in preferred stock dividends and non-controlling interest dividends.
Current wording
Net income available to common stockholderswas $810, or $0.67 per diluted share, for the three months ended June 30, 2025 compared to net loss available to common stockholders of $(276), or $(0.23) per diluted share, for the three months ended June 30, 2024. The increase in net income available to common stockholders for the three months ended June 30, 2025 was the result of stronger revenues and profits across the Logistics and Life Sciences segments. Net income available to common stockholderswas $2,472, or $2.05 per diluted share, for the nine months ended June 30, 2025 compared to net income available to common stockholders of $62, or $0.05 per diluted share, for the nine months ended June 30, 2024. The increase in net income available to common stockholders for the nine months ended June 30, 2025 was the result of stronger revenues in the Logistics and Life Sciences segments, partially offset by increases in non-controlling interest dividends.
Previous wording
Net cash provided by operating activities was $7,067 for the six months ended March 31, 2025, versus $4,294 provided by operating activities for the six months ended March 31, 2024. The increase in cash provided by operations for the six months ended March 31, 2025 compared to the prior year period was primarilydue to the changes in operating assets and liabilities.
Current wording
Net cash provided by operating activities was $17,632 for the nine months ended June 30, 2025, versus $6,354 provided by operating activities for the nine months ended June 30, 2024. The increase in cash provided by operations for the nine months ended June 30, 2025 compared to the prior year period was primarily due to working capital benefits from the timing of duty collections on behalf of our customers and an increasein net incomeof $2,682.
Previous wording
Net cash used in financing activities was $4,081 for the six months ended March 31, 2025, versus $3,086 for the six months ended March 31, 2024. The change in net cash used in financing activities was primarily due to the conversion and extinguishment of the acquisition loan into the term loan, dividends paid to preferred stockholders, and dividends paid to non-controlling interest.
Current wording
Net cash used in financing activities was $11,245 for the nine months ended June 30, 2025, versus net cash used in financing activities of $318 for the nine months ended June 30, 2024. The change in net cash used in financing activities was primarily due to debt reduction, dividends paid to preferred stockholders and dividends paid to non-controlling interest.