TLSS Announces Financial Results for the Three and Nine Months Ended September 30, 2022

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Quarter-Over-Quarter Revenues Increase 41% as Gross Profit Margin Percentage Improves Nearly 1,500%JUPITER, FL / ACCESSWIRE / November 14, 2022 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS", or the "Company"), a growing logistics service provider, announced that today, November 14, 2022, the Company had timely filed its Quarterly Report on Form 10-Q, for the three and nine months ended September 30, 2022.Mr. Sebastian Giordano, Chairman and Chief Executive Officer of TLSS, stated, "While this 10-Q obviously does not yet reflect the full impact of the Company's recent acquisitions of JFK Cartage and Freight Connections, since they were both acquired in the latter part of the quarter, the Company continues to make substantive progress, both financially and in our growth preparedness. Fiscally, with a 41% increase in quarter-over-quarter revenue, the results for the third quarter clearly demonstrated that our operations are headed in the right direction, especially as gross profit margins for the same comparable three months, increased 1,490%, from 2.4% in 2021 to 27.3% in 2022. With current annualized projected run-rate revenues of approximately $16 million from our existing operations, I believe that this improving trend in gross profit margin bodes well for getting us to one of our most important objectives this year and as we head into 2023, profitability at the operating subsidiary level, which excludes corporate overhead and public costs, in Q4 2022. Furthermore, it was imperative to have our senior management team on board, well in advance of upcoming acquisition and organic growth initiatives, to not only ensure the smooth integration of Cougar, JFK and FC, but to put into place uniform operating systems, policies and procedures. We've been evaluating personnel, customers, revenue mix, integration efficiencies and cost-savings opportunities, while simultaneously assessing our best strategic options to expand upon our current business to optimize our existing infrastructure. I remain highly confident that the next month-and-a-half will get us closer to achieving the goals we set out to accomplish at the beginning of 2022."Financial Results for the Three Months Ended September 30, 2022Revenue for the three months ended September 30, 2022, increased $494,000, or 40.9%, to $...

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