Transportation and Logistics Systems, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2023

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Corporate Update Due for Release in the Coming WeeksJUPITER, FL / ACCESSWIRE / August 14, 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, is pleased to announce today that on August 11, 2023, the Company timely filed its Form 10-Q, Quarterly Report for the second quarter ended June 30, 2023.Sebastian Giordano, Chairman and CEO of TLSS, commented, "Our revenue and gross profit margins continued to improve over the prior year; however, we did experience some of the downturn that has been prevalent across the industry during the second quarter. In fact, a transportation equities analyst at Morgan Stanley recently cut numbers for most of the carriers they follow by double-digit percentages1. Nevertheless, in the midst of the integration of Severance Trucking during this quarter, we have taken significant measures to reduce our operating costs and, in recent weeks, continued rolling-out a series of new organic initiatives that we expect will improve revenue and operating results in the months ahead."Financial Results for the Three Months Ended June 30, 2023Revenue for the three months ended June 30, 2023 increased $3,657,000, or 260.4%, to $5,062,000 as compared to $1,405,000 for same prior year period. This increase was primarily a result of the acquisitions of JFK Cartage, Inc., Freight Connections Inc. and Severance Trucking, Inc. (the "Acquisitions") on July 31, 2022, September 16, 2022 and January 31, 2023, respectively.The Company had a loss from operations of $2,255,000 for the three months ended June 30, 2023 as compared to a loss from operations of $1,004,000 for the comparable prior year period.[1] https://www.freightwaves.com/news/q2-likely-peak-pain-for-trucking-companies-morgan-stanley-saysThe Company had net loss of $2,479,000 for the three months ended June 30, 2023 due to: (i) the loss from operations of $2,255,000; (ii) interest expense of $214,000; and (iii) settlement expense of $9,000. This compared to a net loss of $709,000 for the comparable prior year period.The Company had a net loss attributable to TLSS common shareholders of $2,789,000 for the three months ended June 30, 2023 after acc...

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