BELLEVUE, Wash., Feb. 8, 2017 /PRNewswire/ -- Radiant Logistics,
Inc. (NYSE MKT: RLGT), a third party logistics and multi-modal
transportation services company, today reported financial results
for the three and six months ended December
31, 2016.
Second Fiscal Quarter Financial Highlights (Quarter Ended
December 31, 2016)
- Revenues were $198.9 million,
down $7.4 million, or 3.6% compared
to revenues of $206.3 million for the
comparable prior year period.
- Net revenues were $50.1 million,
up $2.5 million, or 5.3% compared to
net revenues of $47.6 million for the
comparable prior year period.
- Net income attributable to common stockholders was $2.1 million, or $0.04 per basic and fully diluted share for the
second fiscal quarter ended December 31,
2016, compared to a net loss attributable to common
stockholders of $2.5 million, or
$0.05 per basic and fully diluted
share for the comparable prior year period.
- Adjusted net income attributable to common stockholders
increased 66.7% to $5.0 million, or
$0.10 per basic and fully diluted
share for the second fiscal quarter ended December 31, 2016 compared to adjusted net income
attributable to common stockholders of $3.0
million, or $0.06 per basic
and fully diluted share for the comparable prior year period.
Periods are calculated by applying a normalized tax rate of 36% and
excluding other items not considered part of regular operating
activities.
- Adjusted EBITDA increased 44.1% to $8.9
million for the second fiscal quarter ended December 31, 2016, compared to adjusted EBITDA of
$6.2 million for the comparable prior
year period. Normalizing these results to exclude non-recurring
transition costs associated with the interim operation of Service
by Air's back-office operations, adjusted EBITDA would have been
$9.2 million for the second fiscal
quarter ended December 31, 2016
compared to $6.9 million for the
comparable prior year period.
Acquisition Update
In January of 2017, the Company announced it has entered into a
letter agreement, by which, through its wholly owned subsidiary,
Wheels International Inc., it has expressed its intent to acquire
Lomas Logistics, a division of L.V. Lomas Limited. Lomas Logistics
operates as a third party logistics provider serving companies
across a diverse range of industries including consumer goods,
healthcare, food and technology and operates from locations in
Ontario and British Columbia, Canada.
Based on unaudited and pro forma historic financial statements
provided by L.V. Lomas, Lomas
Logistics, generated approximately CAD$2.3
million in normalized EBITDA on approximately CAD$17.3 million in revenues for calendar 2016.
The transaction has been structured as a purchase of assets and is
subject to completion of Radiant's due diligence, the drafting of a
definitive purchase agreement satisfactory to both parties, as well
as the satisfaction of certain standard and customary pre-closing
conditions, the transaction is expected to close in the quarter
ended March 31, 2017.
CEO Comments
"We are very pleased to report another solid quarter and our
return to a more normalized trend of margin expansion and earnings
growth," said Bohn Crain, Founder
and CEO. "We posted adjusted EBITDA of $8.9
million for the quarter ended December 31, 2016, the best quarterly performance
in the Company's history, up approximately $2.7 million and 44.1% over the comparable prior
year period. We are also encouraged with the margin characteristics
of our business, particularly given the broader market environment
of excess capacity and general margin pressures on the industry. In
the aggregate, net transportation margins improved 220 basis points
to 24.5% up from 22.3%. While our U.S. brokerage business was
negatively impacted by the margin pressures associated with excess
capacity this was more than off-set by the margin improvement we
enjoyed in our much larger forwarding operations. We also saw
meaningful improvement in Canada
where net transportation margins improved 240 basis points to 18.3%
up from 15.9%. Perhaps more importantly, our Adjusted EBITDA
margins improved 480 basis points to 17.7% (also the best quarterly
performance in the Company's history) up from 12.9%. As we have
previously discussed, our incremental cost of supporting that next
dollar of gross margin is very small and we are very excited about
our opportunity to drive further Adjusted EBITDA margin expansion
as we continue to scale the business as we leverage the benefits of
our on-going technology investments.
Crain Continued: "For the six months ended December 31, 2016 we also generated $12.7 million in cash from operations, have very
low leverage on our balance sheet and enjoy approximately
$56.0 million in availability under
our existing credit facility. We continue our disciplined approach
of putting this low cost capital to work and continue to look for
acquisition candidates that bring critical mass from a geographic
standpoint, purchasing power and/or complementary service offerings
to the current platform. In this regard, we recently announced our
letter of intent to acquire Canada-based Lomas Logistics. We have largely
completed our due diligence efforts and are now working through the
details of the definitive purchase agreement. Assuming the parties
can come to terms on the definitive agreement, as well as the
satisfaction of certain standard and customary pre-closing
conditions, the transaction is expected to close in the quarter
ended March 31, 2017. In addition, we
have a number of additional acquisition candidates under
consideration and we look forward to providing further updates as
these opportunities progress."
Second Fiscal Quarter Ended December
31, 2016 – Financial Results
For the three months ended December 31,
2016, Radiant reported net income attributable to common
stockholders of $2.1 million on
$198.9 million of revenues, or
$0.04 per basic and fully diluted
share. For the three months ended December
31, 2015, Radiant reported a net loss attributable to common
stockholders of $2.5 million on
$206.3 million of revenues, or
$0.05 per basic and fully diluted
share.
For the three months ended December 31,
2016, Radiant reported adjusted net income attributable to
common stockholders of $5.0 million,
or $0.10 per basic and fully diluted
share. For the three months ended December
31, 2015, Radiant reported adjusted net income attributable
to common stockholders of $3.0
million, or $0.06 per basic
and fully diluted share. Periods are calculated by applying a
normalized tax rate of 36% and excluding other items not considered
part of regular operating activities.
For the three months ended December 31,
2016, Radiant reported Adjusted EBITDA of $8.9 million, compared to $6.2 million for the comparable prior year
period. Normalizing these results to exclude non-recurring
transition costs associated with the interim operation of Service
by Air's back-office operations, Adjusted EBITDA would have been
$9.2 million and $6.9 million for the three months ended
December 31, 2016 and 2015,
respectively.
A reconciliation of Radiant's adjusted net income and adjusted
EBITDA to the most directly comparable GAAP measure for the three
and six months ending December 31,
2016 and 2015 appears at the end of this release.
Six Months Ended December 31,
2016 – Financial Results
For the six months ended December 31,
2016, Radiant reported net income attributable to common
stockholders of $3.4 million on
$394.0 million of revenues, or
$0.07 per basic and fully diluted
share. For the six months ended December 31,
2015, Radiant reported a net loss attributable to common
stockholders of $2.7 million on
$421.8 million of revenues, or
$0.06 per basic and fully diluted
share.
For the six months ended December 31,
2016, Radiant reported adjusted net income attributable to
common stockholders of $9.0 million
or $0.18 per basic and fully diluted
share. For the six months ended December 31,
2015, Radiant reported adjusted net income attributable to
common stockholders of $7.2 million
or $0.15 per basic and fully diluted
share. Periods are calculated by applying a normalized tax rate of
36% and excluding other items not considered part of regular
operating activities.
For the six months ended December 31,
2016, Radiant reported Adjusted EBITDA of $16.2 million, compared to $14.3 million for the comparable prior year
period. Normalizing these results to exclude non-recurring
transition costs associated with the interim operation of Service
by Air's back-office operations, Adjusted EBITDA would have been
$17.0 million and $15.7 million for the six months ended
December 31, 2016 and 2015,
respectively.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Wednesday, February 8, 2017 at
4:30 PM Eastern to discuss the
contents of this release. The conference call is open to all
interested parties, including individual investors and press.
Bohn Crain, Founder and CEO will
host the call.
Conference Call Details
DATE/TIME:
|
Wednesday, February
8, 2017 at 4:30 PM Eastern
|
DIAL-IN
|
US (877)
407-8031; Intl. (201) 689-8031
|
REPLAY
|
February 9, 2017 at
9:30 AM Eastern to February 22, 2017 at 11:59 PM Eastern, US
(877) 481-4010; Intl. (919) 882-2331 (Replay ID number:
10215)
|
Webcast Details
This call is also being webcast and may be accessed via
Radiant's web site at www.radiantdelivers.com or through
www.InvestorCalendar.com.
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a third
party logistics and multimodal transportation services company
delivering advanced supply chain solutions through a network of
company-owned and strategic operating partner locations across
North America. Through its
comprehensive service offering, Radiant provides domestic and
international freight forwarding services, truck and rail brokerage
services and other value-added supply chain management services,
including customs brokerage, order fulfillment, inventory
management and warehousing to a diversified account base including
manufacturers, distributors and retailers using a network of
independent carriers and international agents positioned
strategically around the world.
This announcement contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual
results may differ significantly from management's expectations.
These forward-looking statements involve risks and uncertainties
that include, among others, risks related to: trends in the
domestic and global economy; our ability to attract new and retain
existing agency relationships; acquisitions and integration of
acquired entities; availability of capital to support our
acquisition strategy; our ability to maintain and improve back
office infrastructure and transportation and accounting information
systems in a manner sufficient to service our revenues and network
of operating locations; the ability of the Wheels operation
to maintain and grow its revenues and operating margins in a manner
consistent with recent operating results and trends; our ability to
maintain positive relationships with our third-party transportation
providers, suppliers and customers; outcomes of legal proceedings;
competition; management of growth; potential fluctuations in
operating results; and government regulation. More information
about factors that potentially could affect our financial results
is included Radiant Logistics, Inc.'s filings with the Securities
and Exchange Commission, including its most recent Annual Report on
Form 10-K and subsequent filings.
RADIANT LOGISTICS,
INC.
Consolidated
Balance Sheets
|
|
(In thousands, except
share and per share data)
|
|
December
31,
|
|
|
June 30,
|
|
|
|
2016
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,263
|
|
|
$
|
4,768
|
|
Accounts receivable,
net of allowance of $1,790 and $1,806, respectively
|
|
|
113,085
|
|
|
|
101,035
|
|
Employee and other
receivables
|
|
|
338
|
|
|
|
635
|
|
Income tax
deposit
|
|
|
616
|
|
|
|
1,525
|
|
Prepaid expenses and
other current assets
|
|
|
2,414
|
|
|
|
5,410
|
|
Total current
assets
|
|
|
124,716
|
|
|
|
113,373
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
12,653
|
|
|
|
12,453
|
|
|
|
|
|
|
|
|
|
|
Acquired intangibles,
net
|
|
|
67,833
|
|
|
|
71,941
|
|
Goodwill
|
|
|
62,888
|
|
|
|
62,888
|
|
Deposits and other
assets
|
|
|
2,780
|
|
|
|
2,814
|
|
Total long-term
assets
|
|
|
133,501
|
|
|
|
137,643
|
|
Total
assets
|
|
$
|
270,870
|
|
|
$
|
263,469
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued transportation costs
|
|
$
|
81,254
|
|
|
$
|
75,071
|
|
Commissions
payable
|
|
|
13,223
|
|
|
|
8,280
|
|
Other accrued
costs
|
|
|
4,054
|
|
|
|
5,331
|
|
Due to former
shareholders of acquired operations
|
|
|
—
|
|
|
|
50
|
|
Current portion of
notes payable
|
|
|
2,406
|
|
|
|
2,416
|
|
Current portion of
contingent consideration
|
|
|
3,279
|
|
|
|
3,387
|
|
Current portion of
transition and lease termination liability
|
|
|
1,571
|
|
|
|
1,838
|
|
Other current
liabilities
|
|
|
106
|
|
|
|
138
|
|
Total current
liabilities
|
|
|
105,893
|
|
|
|
96,511
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
26,058
|
|
|
|
28,903
|
|
Contingent
consideration, net of current portion
|
|
|
1,391
|
|
|
|
4,098
|
|
Transition and lease
termination liability, net of current portion
|
|
|
384
|
|
|
|
658
|
|
Deferred rent
liability
|
|
|
902
|
|
|
|
851
|
|
Deferred tax
liability
|
|
|
11,984
|
|
|
|
12,525
|
|
Other long-term
liabilities
|
|
|
746
|
|
|
|
742
|
|
Total long-term
liabilities
|
|
|
41,465
|
|
|
|
47,777
|
|
Total
liabilities
|
|
|
147,358
|
|
|
|
144,288
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 5,000,000 shares authorized; 839,200 shares
issued and
outstanding, liquidation
preference of $20,980
|
|
|
1
|
|
|
|
1
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 48,893,755 and
48,857,506
shares issued, and
48,801,957 and 48,857,506 shares outstanding,
respectively
|
|
|
30
|
|
|
|
30
|
|
Additional paid-in
capital
|
|
|
115,000
|
|
|
|
114,392
|
|
Treasury stock, at
cost, 91,798 and 0 shares, respectively
|
|
|
(253)
|
|
|
|
—
|
|
Deferred
compensation
|
|
|
—
|
|
|
|
(1)
|
|
Retained
earnings
|
|
|
8,030
|
|
|
|
4,581
|
|
Accumulated other
comprehensive income
|
|
|
638
|
|
|
|
98
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
123,446
|
|
|
|
119,101
|
|
Non-controlling
interest
|
|
|
66
|
|
|
|
80
|
|
Total stockholders'
equity
|
|
|
123,512
|
|
|
|
119,181
|
|
Total liabilities and
stockholders' equity
|
|
$
|
270,870
|
|
|
$
|
263,469
|
|
RADIANT LOGISTICS,
INC.
Consolidated
Statements of Operations and Comprehensive Income
(Loss)
|
|
(In thousands, except
share and per share data)
|
|
Three Months
Ended December 31,
|
|
|
Six Months Ended
December 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Revenues
|
|
$
|
198,881
|
|
|
$
|
206,322
|
|
|
$
|
394,014
|
|
|
$
|
421,817
|
|
Cost of
transportation
|
|
|
148,757
|
|
|
|
158,726
|
|
|
|
294,881
|
|
|
|
323,508
|
|
Net
revenues
|
|
|
50,124
|
|
|
|
47,596
|
|
|
|
99,133
|
|
|
|
98,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
22,957
|
|
|
|
21,691
|
|
|
|
46,308
|
|
|
|
43,989
|
|
Personnel
costs
|
|
|
12,954
|
|
|
|
13,279
|
|
|
|
25,732
|
|
|
|
27,722
|
|
Selling, general and
administrative expenses
|
|
|
5,569
|
|
|
|
6,629
|
|
|
|
11,350
|
|
|
|
13,092
|
|
Depreciation and
amortization
|
|
|
3,028
|
|
|
|
3,119
|
|
|
|
6,034
|
|
|
|
6,224
|
|
Transition and lease
termination costs
|
|
|
385
|
|
|
|
1,157
|
|
|
|
862
|
|
|
|
4,320
|
|
Impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
|
|
3,680
|
|
Change in contingent
consideration
|
|
|
806
|
|
|
|
598
|
|
|
|
1,056
|
|
|
|
186
|
|
Total operating
expenses
|
|
|
45,699
|
|
|
|
50,153
|
|
|
|
91,342
|
|
|
|
99,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
4,425
|
|
|
|
(2,557)
|
|
|
|
7,791
|
|
|
|
(904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6
|
|
|
|
8
|
|
|
|
11
|
|
|
|
14
|
|
Interest
expense
|
|
|
(620)
|
|
|
|
(1,318)
|
|
|
|
(1,259)
|
|
|
|
(2,735)
|
|
Foreign exchange
gain
|
|
|
188
|
|
|
|
218
|
|
|
|
388
|
|
|
|
469
|
|
Other
|
|
|
116
|
|
|
|
24
|
|
|
|
310
|
|
|
|
119
|
|
Total other
expense:
|
|
|
(310)
|
|
|
|
(1,068)
|
|
|
|
(550)
|
|
|
|
(2,133)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expense
|
|
|
4,115
|
|
|
|
(3,625)
|
|
|
|
7,241
|
|
|
|
(3,037)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
(1,489)
|
|
|
|
1,628
|
|
|
|
(2,741)
|
|
|
|
1,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
2,626
|
|
|
|
(1,997)
|
|
|
|
4,500
|
|
|
|
(1,643)
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
(16)
|
|
|
|
(19)
|
|
|
|
(28)
|
|
|
|
(34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Radiant Logistics, Inc.
|
|
|
2,610
|
|
|
|
(2,016)
|
|
|
|
4,472
|
|
|
|
(1,677)
|
|
Less: Preferred stock
dividends
|
|
|
(511)
|
|
|
|
(511)
|
|
|
|
(1,023)
|
|
|
|
(1,023)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
2,099
|
|
|
$
|
(2,527)
|
|
|
$
|
3,449
|
|
|
$
|
(2,700)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
|
317
|
|
|
|
566
|
|
|
|
540
|
|
|
|
1,422
|
|
Comprehensive income
(loss)
|
|
$
|
2,416
|
|
|
$
|
(1,961)
|
|
|
$
|
3,989
|
|
|
$
|
(1,278)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share - basic and diluted
|
|
$
|
0.04
|
|
|
$
|
(0.05)
|
|
|
$
|
0.07
|
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
48,789,684
|
|
|
|
48,732,762
|
|
|
|
48,825,598
|
|
|
|
48,054,100
|
|
Diluted
shares
|
|
|
49,799,686
|
|
|
|
48,732,762
|
|
|
|
49,667,041
|
|
|
|
48,054,100
|
|
RADIANT LOGISTICS, INC.
Reconciliation of Net Income to Adjusted Net
Income, EBITDA,
Adjusted EBITDA and Normalized Adjusted EBITDA
(unaudited)
As used in this report, Adjusted Net Income, EBITDA, Adjusted
EBITDA and Normalized Adjusted EBITDA are not measures of financial
performance or liquidity under United States Generally Accepted
Accounting Principles ("GAAP"). Adjusted Net Income, EBITDA,
Adjusted EBITDA and Normalized Adjusted EBITDA are presented herein
because they are important metrics used by management to evaluate
and understand the performance of the ongoing operations of
Radiant's business. For Adjusted Net Income, management uses a 36%
tax rate for calculating the provision for income taxes before
preferred dividend requirement to normalize Radiant's tax rate to
that of its competitors and to compare Radiant's reporting periods
with different effective tax rates. In addition, in arriving at
Adjusted Net Income, the Company adjusts for certain non-cash
charges and significant items that are not part of regular
operating activities. These adjustments include depreciation and
amortization, change in contingent consideration, amortization of
loan fees, write-off of loan fees, impairment of acquired
intangible assets, acquisition related costs, transition costs,
lease termination costs, legal costs and non-recurring costs.
Adjusted EBITDA means earnings before preferred stock dividends,
interest, income taxes, depreciation and amortization, which is
then further adjusted for changes in contingent consideration,
expenses specifically attributable to acquisitions, lease
termination costs, extraordinary items, share-based compensation
expense, legal costs, non-recurring costs, write off of loan fees,
impairment of acquired intangible assets and foreign exchange
losses or gains. Normalized Adjusted EBITDA represents the Adjusted
EBITDA but also adds back transition costs associated with the SBA
back-office that is projected to be eliminated.
We believe that these non-GAAP financial measures, as presented,
represent a useful method of assessing the performance of our
operating activities, as they reflect our earnings trends without
the impact of certain non-cash charges and other non-recurring
charges. These non-GAAP financial measures are intended to
supplement the GAAP financial information by providing additional
insight regarding results of operations to allow a comparison to
other companies, many of whom use similar non-GAAP financial
measures to supplement their GAAP results. However, these non-GAAP
financial measures will not be defined in the same manner by all
companies and may not be comparable to other companies. Adjusted
Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA
should not be considered in isolation or as a substitute for any of
the consolidated statements of operations prepared in accordance
with GAAP, or as an indication of Radiant's operating performance
or liquidity.
|
|
Three Months
Ended December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
net income (loss) to adjusted net income:
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
2,099
|
|
|
$
|
(2,527)
|
|
|
$
|
3,449
|
|
|
$
|
(2,700)
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
1,489
|
|
|
|
(1,628)
|
|
|
|
2,741
|
|
|
|
(1,394)
|
|
Depreciation and
amortization
|
|
|
3,028
|
|
|
|
3,119
|
|
|
|
6,034
|
|
|
|
6,224
|
|
Change in contingent
consideration
|
|
|
806
|
|
|
|
598
|
|
|
|
1,056
|
|
|
|
186
|
|
Lease termination
costs
|
|
|
22
|
|
|
|
49
|
|
|
|
25
|
|
|
|
2,107
|
|
Acquisition related
costs
|
|
|
71
|
|
|
|
443
|
|
|
|
216
|
|
|
|
1,413
|
|
Legal costs
|
|
|
77
|
|
|
|
391
|
|
|
|
113
|
|
|
|
682
|
|
Non-recurring
costs
|
|
|
8
|
|
|
|
56
|
|
|
|
14
|
|
|
|
105
|
|
Amortization of loan
fees
|
|
|
79
|
|
|
|
100
|
|
|
|
159
|
|
|
|
201
|
|
Transition costs
associated with acquisitions
|
|
|
363
|
|
|
|
737
|
|
|
|
836
|
|
|
|
1,378
|
|
Loss on impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
|
|
3,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
8,042
|
|
|
|
5,018
|
|
|
|
14,643
|
|
|
|
11,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 36% before preferred dividend
requirement
|
|
|
(3,079)
|
|
|
|
(1,990)
|
|
|
|
(5,640)
|
|
|
|
(4,646)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
4,963
|
|
|
$
|
3,028
|
|
|
$
|
9,003
|
|
|
$
|
7,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share - basic and diluted
|
|
$
|
0.10
|
|
|
$
|
0.06
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
48,789,684
|
|
|
|
48,732,762
|
|
|
|
48,825,598
|
|
|
|
48,054,100
|
|
Diluted
shares
|
|
|
49,799,686
|
|
|
|
48,732,762
|
|
|
|
49,667,041
|
|
|
|
48,054,100
|
|
|
|
Three Months
Ended December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
net income (loss) to normalized adjusted EBITDA
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
2,099
|
|
|
$
|
(2,527)
|
|
|
$
|
3,449
|
|
|
$
|
(2,700)
|
|
Preferred stock
dividends
|
|
|
511
|
|
|
|
511
|
|
|
|
1,023
|
|
|
|
1,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Radiant Logistics, Inc.
|
|
|
2,610
|
|
|
|
(2,016)
|
|
|
|
4,472
|
|
|
|
(1,677)
|
|
Income tax expense
(benefit)
|
|
|
1,489
|
|
|
|
(1,628)
|
|
|
|
2,741
|
|
|
|
(1,394)
|
|
Depreciation and
amortization
|
|
|
3,028
|
|
|
|
3,119
|
|
|
|
6,034
|
|
|
|
6,224
|
|
Net interest
expense
|
|
|
614
|
|
|
|
1,310
|
|
|
|
1,248
|
|
|
|
2,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
7,741
|
|
|
|
785
|
|
|
|
14,495
|
|
|
|
5,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
329
|
|
|
|
368
|
|
|
|
660
|
|
|
|
758
|
|
Change in contingent
consideration
|
|
|
806
|
|
|
|
598
|
|
|
|
1,056
|
|
|
|
186
|
|
Acquisition related
costs
|
|
|
71
|
|
|
|
443
|
|
|
|
216
|
|
|
|
1,413
|
|
Legal costs
|
|
|
77
|
|
|
|
391
|
|
|
|
113
|
|
|
|
682
|
|
Non-recurring
costs
|
|
|
8
|
|
|
|
56
|
|
|
|
14
|
|
|
|
105
|
|
Lease termination
costs
|
|
|
22
|
|
|
|
49
|
|
|
|
25
|
|
|
|
2,107
|
|
Loss on impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
|
|
3,680
|
|
Foreign exchange
gain
|
|
|
(188)
|
|
|
|
(218)
|
|
|
|
(388)
|
|
|
|
(469)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
8,866
|
|
|
|
6,152
|
|
|
|
16,191
|
|
|
|
14,336
|
|
Transition
costs
|
|
|
363
|
|
|
|
737
|
|
|
|
818
|
|
|
|
1,378
|
|
Normalized adjusted
EBITDA
|
|
$
|
9,229
|
|
|
$
|
6,889
|
|
|
$
|
17,009
|
|
|
$
|
15,714
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
|
17.7
|
%
|
|
|
12.9
|
%
|
|
|
16.3
|
%
|
|
|
14.6
|
%
|
Normalized Adjusted
EBITDA as a % of Net Revenues
|
|
|
18.4
|
%
|
|
|
14.5
|
%
|
|
|
17.2
|
%
|
|
|
16.0
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/radiant-logistics-announces-results-for-the-second-fiscal-quarter-ended-december-31-2016-300403891.html
SOURCE Radiant Logistics, Inc.