Transportation and Logistics Systems, Inc. Announces Financial Results for the First Quarter Ended March 31, 2023

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[{"type":"text","content":"Acquisitions Drive Revenue Growth and Continued Margin ImprovementJUPITER, FL / ACCESSWIRE / May 15, 2023 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS) ("TLSS" or the "Company"), the parent company of certain wholly-owned operating subsidiaries, which, together, provide a suite of logistics and transportation services, announced that today, May 15, 2023, the Company filed its Form 10-Q, Quarterly Report for the first quarter ended March 31, 2023.Sebastian Giordano, Chairman and CEO of TLSS, commented, "Along with the significant revenue growth, by virtue of our acquisitions to date, the Company delivered a 53.7% improvement in its gross profit margin percentage to 35.2% this year as compared to 22.9% last year, resulting in a $1,680,000, or 582.7%, increase in our gross profit to $1,969,000 versus $288,000, quarter over quarter. In addition to the gross margin improvement, we are undertaking new organic growth initiatives, cost savings measures and integration efforts that we expect will improve our bottom-line results. Meanwhile, we continue to explore viable acquisition opportunities."Financial Results for the First Quarter Ended March 31, 2023Revenue for the three months ended March 31, 2023 increased $4,336,000, or 344.3%, to $5,595,000, as compared to $1,259,000, for the same period last year. This increase was primarily the result of the acquisitions of JFK Cartage, Inc. on July 31, 2022, Freight Connections, Inc. on September 15, 2022 and Severance Trucking, Inc. ("Severance") on January 31, 2023, none of which were owned in the first quarter of 2022. The first quarter of 2023 reflected only two months of operations for Severance.The Company generated a net loss attributable to common shareholders for the three months ended March 31, 2023 of $1,746,000, as compared to a net loss attributable to common shareholders of $2,146,000 for the same period last year. This quarter's results comprised: (i) a loss from operations of $1,507,000, including $117,000 in non-cash stock-based compensation and depreciation and amortization of $376,000; (ii) interest expense of $139,000; and (iii) non-cash deemed dividends related to dividends accrued on Series E and Series G preferred stock of $100,000.About Transportation and Logistics Systems, Inc.TLSS is a publicly-traded holding com...

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