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Thursday, April 20, 2023 9:23:46 AM
Net income was approximately $0.7 million for the three months ended February 28, 2023. (Less than $700k)
As of February 28, 2023, the Company reported negative working capital of $9.7 million compared to positive working capital of $4.2 million as of May 31, 2022.
The Company’s total revenue for the three months ended February 28, 2023 and 2022 was $49.6 million and $250.4 million, respectively. This 80.2% decrease period over period is primarily due to decreases of 83.1% in air freight revenue and 54.1% in ocean freight revenue.
As has always been the case with UNQL, the margins are razor thin. They had $49m in revenues offset almost entirely by $49m in costs. The actual operating income was only $300k. The total $700k net income is due to a credit for deferred taxes. That's because you pay less tax when you earn less money.
Nothing in this report is surprising. Business as usual for UNQL. Confirmation that those Covid revenues were inflated by the pandemic pricing and volumes. All of that is coming back to reality as revenues continue to fall. UNQL will grind away to squeeze out as much blood from the proverbial stone. $28m in new debt didn't help the short-term, but hopefully it pays off down the road.
I see the lipstick is already being applied by the masses.....
Let's see if the market deems this worthy of a pop???
Recent UNQL News
- Form 8-K - Current report • Edgar (US Regulatory) • 03/11/2024 09:23:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 12:55:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/19/2024 09:30:23 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 01/17/2024 09:23:29 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 10/31/2023 09:28:24 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/10/2023 10:18:01 AM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 09/15/2023 10:02:56 AM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 08/30/2023 02:13:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/26/2023 09:00:14 PM
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