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SOURCE ALJ Regional Holdings, Inc.
NEW YORK, Feb. 21, 2014 /PRNewswire/ -- ALJ Regional Holdings, Inc. (OTC Markets: ALJJ) announced results for its first quarter ended December 31, 2013. ALJJ is the parent company of Faneuil, Inc. (Faneuil), a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries.
On February 5, 2013, ALJJ sold its subsidiary, Kentucky Electric Steel, and prior year operations are disclosed as a discontinued operation in our Financial Statements. Therefore, comparisons to our prior quarter are not meaningful.
For the first quarter of fiscal 2014, revenue was $25.83 million. Net income was $1.47 million, compared to a loss of $1.51 million for the first quarter of fiscal 2013. ALJJ acquired substantially all of the outstanding shares of Faneuil on October 18, 2013, as such our financial statements reflect the operations of Faneuil for the period of October 19, 2013 through December 31, 2013.
According to Jess Ravich, ALJJ's Executive Chairman, "We are extremely pleased with both the performance of Faneuil during the most recent quarter as well as the integration of the operations of Faneuil into ALJJ. In addition, during the quarter we began implementation of 2 new contracts totaling new revenue of over $4.5 million per year."
ALJJ is the parent company of Faneuil, Inc., a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries.
This press release contains forward-looking statements.Such statements include information regarding the Company's expectations, goals or intentions regarding the future, including but not limited to statements including the words "will" and "expect" and similar expressions.Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement.Factors that could cause actual results to differ materially are discussed in the Company's Annual Report for the fiscal year ended September 30, 2013 and in its other periodic reports issued through the OTC Markets News Service and available at www.otcmarkets.com.All forward-looking statements in this release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statement.