BELLEVUE, Wash., April 3, 2017 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE MKT: RLGT), a third party logistics and
multi-modal transportation services company, announced that, on
April 1, 2017, it acquired Lomas
Logistics, a division of L.V. Lomas Limited, through its wholly
owned subsidiary, Wheels International Inc. Lomas Logistics
operates as a third party logistics provider serving companies
across a range of industries including consumer goods, healthcare,
food, chemicals and technology and operates from locations in
Ontario and British Columbia, Canada. Lomas Logistics,
generated approximately CAD$17.0
million in revenues for calendar 2016, which resulted in
approximately CAD$2.1 million in
normalized adjusted EBITDA. A reconciliation of adjusted
EBITDA to the most directly comparable GAAP measure appears at the
end of this release.
Lomas Logistics will transition to operate as Wheels
International. Radiant's Founder and CEO, Bohn Crain remarked, "The acquisition of Lomas
Logistics enhances our ability to provide distribution services
while leveraging our full suite of transportation services through
the Radiant / Wheels network to a broader and more diverse group of
target industries. We are thrilled to welcome Harry Smit and the Lomas Logistics team to the
Radiant / Wheels organization. We expect the integration to take
place quickly over the next couple of months."
Crain continued, "Wheels serves as a platform to support our
Canadian centric acquisition initiatives and the addition of Lomas
Logistics is contributing to the further strengthening of our
position in the Canadian marketplace. In addition, Lomas Logistics
brings unique healthcare service offerings with licenses from
Health Canada to distribute medical devices, pharmaceutical and
natural health products which is expected to accelerate the
development of a robust healthcare service offering for Wheels and
Radiant. The scaling of our full distribution capabilities,
including global inbound transportation and a full range of
outbound transportation services, positions us to support the
evolving needs for multi-channel fulfillment and distribution for
many industries."
Non-GAAP Financial Measures
This press release contains a financial measure, adjusted
EBITDA, which is considered a "non-GAAP" financial measure under
applicable Securities & Exchange Commission rules and
regulations. This non-GAAP financial measure should be
considered supplemental to and not a substitute for financial
information prepared in accordance with generally accepted
accounting principles. Our definition of this non-GAAP
measure may differ from similarly titled measures used by
others. The non-GAAP financial measure used in this press
release adjusts for specified items that can be highly variable or
difficult to predict. We view this non-GAAP financial measure
as a means to facilitate management's financial and operational
decision-making, including evaluation of our historical operating
results and comparison to competitors' operating results.
This non-GAAP financial measure reflects an additional way of
viewing aspects of our operations that, when viewed with GAAP
results and the reconciliations to the corresponding GAAP financial
measure, may provide a more complete understanding of factors and
trends affecting our business.
A reconciliation of adjusted EBITDA amounts to the most directly
comparable GAAP measure attributed to Lomas Logistics for the year
ended December 31, 2016 is shown
below:
Reconciliation of
net income to normalized adjusted EBITDA
|
|
Year ended
December 31, 2016
|
(CAD, in
thousands)
|
|
|
|
|
|
Net income before
taxes
|
|
$
1,299
|
Income tax
expense
|
|
—
|
Depreciation and
amortization
|
|
580
|
|
|
|
EBITDA
|
|
$
1,879
|
|
|
|
Contractual reduction
in compensation
|
|
292
|
Normalized adjusted
EBITDA
|
|
$
2,171
|
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a
comprehensive North American provider of third party logistics and
multimodal transportation services. As a non-asset provider,
with minimal investment in equipment, the company delivers 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.
About L.V. Lomas
L.V. Lomas is one of North America's leading distributors of
chemicals and ingredients, raw materials and packaging products
founded in 1960 by Lloyd V.
Lomas.
Cautionary Note Regarding Forward-Looking Statements
This report contains "forward-looking statements" within the
meaning set forth in United States
securities laws and regulations – that is, statements related to
future, not past, events. In this context, forward-looking
statements often address our expected future business, financial
performance and financial condition, and often contain words such
as "anticipate," "believe," "estimates," "expect," "future,"
"intend," "may," "plan," "see," "seek," "strategy," or "will" or
the negative thereof or any variation thereon or similar
terminology or expressions. These forward-looking statements are
not guarantees and are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. We have developed our forward-looking
statements based on management's beliefs and assumptions, which in
turn rely upon information available to them at the time such
statements were made. Such forward-looking statements reflect our
current perspectives on our business, future performance, existing
trends and information as of the date of this report. These
include, but are not limited to, our beliefs about future revenue
and expense levels, growth rates, prospects related to our
strategic initiatives and business strategies, along with express
or implied assumptions about, among other things: our continued
relationships with our strategic operating partners; the
performance of our historic business, as well as the businesses we
have recently acquired, at levels consistent with recent trends and
reflective of the synergies we believe will be available to us as a
result of such acquisitions; our ability to successfully integrate
our recently acquired businesses (including Lomas Logistics); our
ability to locate suitable acquisition opportunities and secure the
financing necessary to complete such acquisitions; the occurrence
of no adverse developments affecting domestic and international
economic, political or competitive conditions within our industry;
transportation costs remaining in-line with recent levels and
expected trends; our ability to mitigate, to the best extent
possible, our dependence on current management and certain of our
larger strategic operating partners; the absence of any adverse
laws or governmental regulations affecting the transportation
industry in general, and our operations in particular; and such
other factors that may be identified from time to time in our
Securities and Exchange Commission filings and other public
announcements including those set forth under the caption "Risk
Factors" in our Form 10-K for the year ended June 30, 2016. We disclaim any intention or
obligation to update any forward-looking statement even if new
information becomes available, as a result of future events or for
any other reason. The forward-looking statements contained herein
are expressly qualified in their entirety by this cautionary
statement.
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SOURCE Radiant Logistics, Inc.