Transportation and Logistics Systems, Inc. Announces Preliminary First Quarter 2020 Revenues Increased 49% Over Same Period in
April 28, 2020, 8:00 AM EDT
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:
o 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;
o 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,
o 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.
TLSS operates as a leading logistics and transportation company specializing
in eCommerce fulfillment, last mile, two-person home delivery and line haul
services for the world’s leading online retailers through its wholly-owned
operating subsidiaries, PrimeEFS, LLC and ShypDirect, LLC. For more
information about the Company and its subsidiaries visit the Company’s
website, www.tlssinc.com, or public filings at SEC.gov.
