Huge revenue news!Transportation and Logistics Systems, Inc. Announces Preliminary First Quarter 2020 Revenues Increased 49% Over Same Period in 2019
Organic Initiatives and COVID-19 Spur Growth
WEST PALM BEACH, FLORIDA, April 28, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Transportation and Logistics Systems, Inc. (OTC:TLSS), (“TLSS", or the “Company”), a leading eCommerce fulfillment service provider, announced today that its preliminary first quarter revenues for the period ended March 31, 2020 increased by approximately $2.8 million, or 49%, to approximately $8.6 million, compared to $5.8 million in revenue reported in the same period in 2019. The Company advises that these numbers have not yet been reviewed by its auditors due to the pandemic and may be subject to adjustment.
John Mercadante, TLSS Chairman and CEO, indicated that “the increase in revenues was primarily attributable to:
the Company’s expansion into new markets in Florida, Georgia, Ohio and Tennessee during the Fall of 2019;securing new sales opportunities;a full quarter of its box-truck line of business that commenced in February 2019; and,greater demand for the Company’s services due to the increase in online ordering as a result of the COVID-19 pandemic.
Mr. Mercadante added, “As the Company continues its aggressive restructuring efforts to reduce debt and streamline its overhead, our highly talented operations team, that has extensive eCommerce experience, is keenly focused on generating new, higher margin revenue. Moreover, we believe that the Company has successfully built an operational flexibility to quickly respond to new organic growth opportunities and is well-positioned to capitalize on the growing eCommerce revolution, as evidenced by its:
one-stop shopping through our last-mile, mid-mile and line-haul capabilities which we believe is a very attractive portfolio offering to new potential customers; three (3) warehouse facilities located squarely in the middle of the most densely populated portion of the country in the New York metropolitan area. This affords TLSS with significant warehousing and third-party logistics opportunities, especially since, as delivery speeds increase, distribution is moving closer and closer to the end user; and,a hybrid employment structure which affords TLSS the ability to scale rapidly during seasonal spikes in volume, without incurring excessive costs commonly associated with a short-term ramp up. The Company accomplishes this by strategically utilizing employed drivers to fulfill our daily commitments and independent contractors to flex up and back down during seasonal spikes in volume.”
The Company’s final financial results for the first quarter ended March 31, 2020 are expected to be announced in mid-May 2020 and will be filed in its quarterly 10Q filing with the SEC.
About Transportation and Logistics Systems, Inc.
Dear Valued Shareholders,
For Transportation and Logistics Systems, Inc. (the “Company” or “TLSS”), 2019 was a year of both encouraging developments and several challenges.
Revenue more than doubled during the year, reaching $32.0 million, compared to revenue of $18.1 million in 2018. These gains reflected the Company’s expansion into four new states and a large increase in volume from our primary customer, Amazon.