BELLEVUE, Wash., Sept. 28, 2015 /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 twelve months ended
June 30, 2015.
Fourth Quarter Financial Highlights (Quarter Ended
June 30, 2015)
- Revenues increased to $196.2
million, up $94.0 million and
91.9% compared to revenues of $102.3
million for the comparable prior year period.
- Net revenues increased to $42.7
million, up $14.9 million and
53.7% compared to net revenues of $27.8
million for the comparable prior year period.
- Net income attributable to common shareholders was $1.7 million (including $0.7 million in acquisition costs related to
Wheels and other transactions), or $0.04 per basic and fully diluted share, for the
fourth fiscal quarter of 2015, compared to net income of
$1.6 million, or $0.05 per basic and $0.04 per fully diluted share, for the comparable
prior year period.
- Adjusted net income attributable to common shareholders was
$2.1 million, or $0.05 per basic and fully diluted share, for the
fourth fiscal quarter of 2015, compared to adjusted net income
attributable to common shareholders of $2.2
million, or $0.06 per basic
and fully diluted share, for the comparable prior year period. Both
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 46.8% to $6.5
million for the fourth fiscal quarter of 2015, compared to
adjusted EBITDA of $4.5 million in
the comparable prior year period.
Network Expansion – Acquisitions
In April 2015, the Company
completed its acquisition of Wheels Group, Inc. ("Wheels"), one of
the largest non-asset based third party logistics providers based
in Canada for approximately
$26.9 million in cash and 6.9 million
shares of Radiant's common stock. Through its intermodal and truck
brokerage operations in the United
States and Canada, Wheels
brings significant geographic and service line expansion to
complement the Company's freight forwarding operations. The
transaction is expected to enhance customer relationships and
facilitate cross-selling opportunities across the combined
Radiant-Wheels Network.
In June 2015, the Company acquired
Service By Air, Inc. ("SBA"), a domestic and international freight
forwarding operation servicing a diversified account base including
manufacturers, distributors and retailers through a combination of
company-owned operating locations in Lawrence, New York (JFK), Carson, California (LAX) and San Francisco, California (SFO) and forty
independent agency locations across North
America. Based on historic financial statements provided by
its management, SBA generated approximately $130.7 million in revenues for the twelve months
ended August 31, 2014. The base
purchase price was approximately $12.25
million, consisting of $11.4
million paid in cash at closing, and $0.85 million payable net of working capital and
other holdbacks.
Concurrent with the acquisition of SBA, the Company also
acquired Highways and Skyways, Inc. ("Highways"), a privately-held
company based near Cincinnati,
Ohio. Highways services a full range of domestic and
international transportation and logistics services to
manufacturing, apparel, paper products, medical devices, consumer
products and technology industries. Highways was founded in 1987
and from inception through the date of acquisition, Highways
operated as an independent agency for SBA. Based on management
generated internal historical financial statements, Highways
generated approximately $11.5 million
in revenue for the twelve months ended December 31, 2014. $7.5
million of which was reported as SBA revenue and
$4.5 million of which was reported as
Highways revenue.
Growth Capital
In July 2015, the Company closed a
public offering of 6,133,334 shares; including the full exercise of
the underwriters' overallotment option, at a price of $6.75 per share. Proceeds from the offering
totaled $38.4 million after deducting
the underwriting discount and offering costs of approximately
$3.0 million. The proceeds were used
to repay amounts outstanding under the Company's senior credit
facility and positions the Company for future growth.
CEO Comments
"We are very pleased to report record results for the quarter
ended June 30, 2015 and our
continuing trend of double-digit earnings growth," said
Bohn Crain, Founder and CEO. "We
posted revenues of $196.2 million, up
$94.0 million and 91.9%; net revenues
of $42.7 million, up $14.9 million and 53.7%; and adjusted EBITDA of
$6.5 million, up 2.1 million and
46.8% over the comparable prior year period. We were also very
productive on the acquisition front this quarter with our
acquisition of Wheels, Service by Air and Highways and Skyways. As
a reminder, these quarterly results include only 22 days of
contribution from our acquisition of SBA and only 1 month's
contribution from Highways and Skyways. On a combined basis we
expect these two acquisitions to contribute approximately
$4.5 million in incremental run-rate
EBITDA (including the benefit of an estimated $1.0 million in cost synergies in connection with
the wind-down of SBA's legacy back-office operations). In addition,
these results exclude any benefit from an estimated $1.0 million in annual cost synergies we
anticipate in connection with the Wheels facilities consolidation
in Toronto which we completed in
July."
"We also continue to make good progress on the integration
front: (1) in Toronto, we
completed our facilities consolidation combining three separate
Wheels operations under one roof, (2) in New York, we are combining our company owned
SBA and Radiant operations, (3) in Los
Angeles, we are combining our company owned Wheels, SBA and
Radiant operations and (4) in Cincinnati, we are combining our company owned
Wheels and Highways and Skyways operations. Each integration
represents an opportunity for us to unlock both revenue and cost
synergies across the network as we combine the strengths of each
respective group. In addition, as we continue to grow and scale the
business we are creating density in our trade lanes which creates
opportunities for us to leverage the On Time network to more
efficiently source and manage our transportation capacity."
Crain continued: "We expect to grow our business organically and
by completing acquisitions of other companies with complementary
geographical and logistics service offerings. Our organic growth
strategy will continue to focus on strengthening existing and
expanding new customer relationships leveraging the benefit of our
new truck brokerage and intermodal service offerings, while
continuing our efforts on the organic build-out of our network of
strategic operating partner locations. With the benefit of our
recent equity raise, we also believe we are very well positioned to
continue our disciplined approach of acquiring non-asset based
businesses. We have very low leverage on our balance sheet at this
point and continue to search for acquisition candidates that bring
critical mass from a geographic standpoint, purchasing power and/or
complementary service offerings to the current platform. This is
the same multi-pronged growth strategy that has consistently
delivered profitable growth over the past 10 years and we remain
very bullish on the growth platform that we have created at Radiant
and the prospects for our scalable non-asset based business model
moving forward."
"Our updated guidance for our fiscal year ending June 30, 2016 remains in line with our prior
projections. Excluding the impact of additional acquisitions under
consideration, gain on litigation, or other extraordinary or
non-recurring items, we are projecting adjusted EBITDA in the range
of $30.0 - 34.0 million on
approximately $900.0 - $950.0 million
in revenues, and $195 million to $205
million in net revenues. This equates to adjusted net income
available to common shareholders in the range of $12.0 - $14.7 million, or $0.24 - $0.30 per basic and $0.24 - $0.29 per fully diluted share.
Fourth quarter ended June 30,
2015 – Financial Results
For the three months ended June 30,
2015, Radiant reported net income attributable to common
shareholders of $1,667,000 on
$196.2 million of revenues, or
$0.04 per basic and fully diluted
share. For the three months ended June 30,
2014, Radiant reported net income attributable to common
shareholders of $1,604,000 on
$102.3 million of revenues, or
$0.05 per basic and $0.04 per fully diluted share.
For the three months ended June 30,
2015, Radiant reported adjusted net income attributable to
common shareholders of $2,115,000, or
$0.05 per basic and fully diluted
share. For the three months ended June 30,
2014, Radiant reported adjusted net income attributable to
common shareholders of $2,198,000, or
$0.06 per basic and fully diluted
share.
The Company also reported adjusted EBITDA of $6,545,000 for the three months ended
June 30, 2015, compared to adjusted
EBITDA of $4,460,000 for the three
months ended June 30, 2014.
A reconciliation of the Company's adjusted net income and
adjusted EBITDA to the most directly comparable GAAP measure for
the three months ending June 30, 2015
and 2014 appears at the end of this release.
Year ended June 30, 2015 –
Financial Results
For the year ended June 30, 2015,
Radiant reported net income attributable to common shareholders of
$3,829,000 on $502.6 million of revenues, or $0.11 per basic and $0.10 per fully diluted share. For the year ended
June 30, 2014, Radiant reported net
income attributable to common shareholders of $4,027,000 on $349.1
million of revenues, or $0.12
per basic and $0.11 per fully diluted
share.
For the year ended June 30, 2015,
Radiant reported adjusted net income attributable to common
shareholders of $6,825,000, or
$0.19 per basic and $0.18 per fully diluted share. For the year ended
June 30, 2014, Radiant reported
adjusted net income attributable to common shareholders of
$7,298,000, or $0.22 per basic and $0.21 per fully diluted share.
The Company also reported adjusted EBITDA of $17,268,000 for the year ended June 30, 2015, compared to adjusted EBITDA of
$14,777,000 for the year ended
June 30, 2014.
A reconciliation of the Company's adjusted net income and
adjusted EBITDA to the most directly comparable GAAP measure for
the years ended June 30, 2015 and
2014 appears at the end of this release.
Investor Conference Call
Radiant will host a conference call for shareholders and the
investing community on Monday, September 28,
2015 at 4:00 pm, ET to discuss
the contents of this release. The call can be accessed by dialing
(877) 407-8031, or (201) 689-8031 for international
participants, and is expected to last approximately 30 minutes.
Callers are requested to dial in 5 minutes before the start of the
call. An audio replay will be available for one week after the
teleconference by dialing (877) 660-6853, or
(201) 612-7415 for international callers, and using conference
ID number 13620540. This call is also being webcast and may be
accessed via Radiant's web site at www.radiantdelivers.com.
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 under the Radiant®,
Wheels™, On-Time™, Airgroup®, Adcom®,
Distribution by Air™ and Service by Air™ network brands.
Through its comprehensive service offering, the company 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 its most recent operating results and trends; our
ability to maintain positive relationships with Wheels' 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
|
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
7,268,144
|
|
|
$
|
2,880,205
|
|
Accounts receivable,
net of allowance of $1,551,202 and $1,034,934,
respectively
|
|
|
127,348,546
|
|
|
|
65,066,555
|
|
Current portion of
employee and other receivables
|
|
|
110,728
|
|
|
|
232,791
|
|
Income tax
deposit
|
|
|
4,102,191
|
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
|
|
5,671,872
|
|
|
|
2,926,431
|
|
Deferred tax
asset
|
|
|
1,977,433
|
|
|
|
925,208
|
|
Total current
assets
|
|
|
146,478,914
|
|
|
|
72,031,190
|
|
|
|
|
|
|
|
|
|
|
Furniture and
equipment, net
|
|
|
13,175,890
|
|
|
|
1,265,107
|
|
|
|
|
|
|
|
|
|
|
Acquired intangibles,
net
|
|
|
82,954,682
|
|
|
|
15,041,988
|
|
Goodwill
|
|
|
63,089,222
|
|
|
|
28,247,003
|
|
Employee and other
receivables, net of current portion
|
|
|
5,000
|
|
|
|
22,070
|
|
Deposits and other
assets
|
|
|
3,002,492
|
|
|
|
617,093
|
|
Total long-term
assets
|
|
|
149,051,396
|
|
|
|
43,928,154
|
|
Total
assets
|
|
$
|
308,706,200
|
|
|
$
|
117,224,451
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued transportation costs
|
|
$
|
92,735,266
|
|
|
$
|
45,510,140
|
|
Commissions
payable
|
|
|
9,449,047
|
|
|
|
5,569,671
|
|
Other accrued
costs
|
|
|
7,022,242
|
|
|
|
2,517,415
|
|
Income taxes
payable
|
|
|
—
|
|
|
|
436,328
|
|
Due to former
shareholders of acquired operations
|
|
|
683,593
|
|
|
|
—
|
|
Current portion of
notes payable
|
|
|
543,086
|
|
|
|
—
|
|
Current portion of
contingent consideration
|
|
|
1,872,000
|
|
|
|
1,541,000
|
|
Current portion of
transition and lease termination liability
|
|
|
282,849
|
|
|
|
319,826
|
|
Other current
liabilities
|
|
|
297,727
|
|
|
|
—
|
|
Total current
liabilities
|
|
|
112,885,810
|
|
|
|
55,894,380
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
85,892,515
|
|
|
|
7,243,371
|
|
Contingent
consideration, net of current portion
|
|
|
5,741,000
|
|
|
|
9,626,000
|
|
Transition and lease
termination liability, net of current portion
|
|
|
923
|
|
|
|
198,502
|
|
Deferred rent
liability
|
|
|
1,143,749
|
|
|
|
560,248
|
|
Deferred tax
liability
|
|
|
17,544,417
|
|
|
|
2,774,506
|
|
Other long-term
liabilities
|
|
|
1,004,812
|
|
|
|
2,610
|
|
Total long-term
liabilities
|
|
|
111,327,416
|
|
|
|
20,405,237
|
|
Total
liabilities
|
|
|
224,213,226
|
|
|
|
76,299,617
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 5,000,000 shares authorized; 839,200 shares
issued and
outstanding, liquidation preference of $20,980,000
|
|
|
839
|
|
|
|
839
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 42,563,224 and
34,326,308
shares
issued and outstanding, respectively
|
|
|
24,018
|
|
|
|
15,781
|
|
Additional paid-in
capital
|
|
|
74,658,960
|
|
|
|
34,558,785
|
|
Deferred
compensation
|
|
|
(4,166)
|
|
|
|
(9,209)
|
|
Retained
earnings
|
|
|
10,146,282
|
|
|
|
6,317,473
|
|
Accumulated other
comprehensive loss
|
|
|
(394,547)
|
|
|
|
—
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
84,431,386
|
|
|
|
40,883,669
|
|
Non-controlling
interest
|
|
|
61,588
|
|
|
|
41,165
|
|
Total stockholders'
equity
|
|
|
84,492,974
|
|
|
|
40,924,834
|
|
Total liabilities and
stockholders' equity
|
|
$
|
308,706,200
|
|
|
$
|
117,224,451
|
|
RADIANT LOGISTICS,
INC.
|
|
Consolidated
Statements of Operations and Comprehensive Income
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
Revenues
|
|
$
|
196,233,799
|
|
|
$
|
102,254,964
|
|
|
$
|
502,664,981
|
|
|
$
|
349,133,058
|
|
Cost of
transportation
|
|
|
153,532,648
|
|
|
|
74,478,185
|
|
|
|
378,942,137
|
|
|
|
249,897,847
|
|
Net
revenues
|
|
|
42,701,151
|
|
|
|
27,776,779
|
|
|
|
123,722,844
|
|
|
|
99,235,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
17,537,350
|
|
|
|
14,246,080
|
|
|
|
60,355,824
|
|
|
|
53,654,531
|
|
Personnel
costs
|
|
|
13,467,269
|
|
|
|
6,552,772
|
|
|
|
34,225,627
|
|
|
|
21,836,922
|
|
Selling, general and
administrative expenses
|
|
|
6,274,735
|
|
|
|
3,079,025
|
|
|
|
15,384,020
|
|
|
|
10,728,131
|
|
Depreciation and
amortization
|
|
|
2,700,292
|
|
|
|
1,227,778
|
|
|
|
6,358,847
|
|
|
|
4,532,135
|
|
Transition and lease
termination costs
|
|
|
374,455
|
|
|
|
—
|
|
|
|
769,541
|
|
|
|
—
|
|
Change in contingent
consideration
|
|
|
(2,772,210)
|
|
|
|
(683,000)
|
|
|
|
(3,921,222)
|
|
|
|
(2,040,567)
|
|
Total operating
expenses
|
|
|
37,581,891
|
|
|
|
24,422,655
|
|
|
|
113,172,637
|
|
|
|
88,711,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
5,119,260
|
|
|
|
3,354,124
|
|
|
|
10,550,207
|
|
|
|
10,524,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
14,714
|
|
|
|
1,498
|
|
|
|
16,701
|
|
|
|
8,091
|
|
Interest
expense
|
|
|
(1,544,339)
|
|
|
|
(88,960)
|
|
|
|
(1,873,140)
|
|
|
|
(1,194,303)
|
|
Loss on write-off of
debt discount
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,238,409)
|
|
Foreign exchange
loss
|
|
|
(786,671)
|
|
|
|
35,473
|
|
|
|
(738,858)
|
|
|
|
(27,563)
|
|
Other
|
|
|
(67,663)
|
|
|
|
19,681
|
|
|
|
16,429
|
|
|
|
191,945
|
|
Total other
expense
|
|
|
(2,383,959)
|
|
|
|
(32,308)
|
|
|
|
(2,578,868)
|
|
|
|
(2,260,239)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
|
|
2,735,301
|
|
|
|
3,321,816
|
|
|
|
7,971,339
|
|
|
|
8,263,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(538,693)
|
|
|
|
(1,192,606)
|
|
|
|
(2,016,557)
|
|
|
|
(3,081,865)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
2,196,608
|
|
|
|
2,129,210
|
|
|
|
5,954,782
|
|
|
|
5,181,955
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
(17,777)
|
|
|
|
(14,321)
|
|
|
|
(80,423)
|
|
|
|
(63,642)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
2,178,831
|
|
|
|
2,114,889
|
|
|
|
5,874,359
|
|
|
|
5,118,313
|
|
Less: Preferred stock
dividends
|
|
|
(511,387)
|
|
|
|
(511,388)
|
|
|
|
(2,045,550)
|
|
|
|
(1,091,275)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
1,667,444
|
|
|
$
|
1,603,501
|
|
|
$
|
3,828,809
|
|
|
$
|
4,027,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation loss
|
|
|
(394,547)
|
|
|
|
—
|
|
|
|
(394,547)
|
|
|
|
—
|
|
Comprehensive
income
|
|
$
|
1,272,897
|
|
|
$
|
1,603,501
|
|
|
$
|
3,434,262
|
|
|
$
|
4,027,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
$
|
0.05
|
|
|
$
|
0.11
|
|
|
$
|
0.12
|
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.10
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
42,075,439
|
|
|
|
34,209,601
|
|
|
|
36,446,778
|
|
|
|
33,716,367
|
|
Diluted
shares
|
|
|
43,621,917
|
|
|
|
35,755,520
|
|
|
|
38,021,511
|
|
|
|
35,458,401
|
|
RADIANT LOGISTICS, INC.
Reconciliation of Net Income to Adjusted Net Income, EBITDA,
Adjusted EBITDA, and Reconciliation of Net
Income per
share to Adjusted Net Income per share
(unaudited)
As used in this report, Adjusted Net Income and Adjusted Net
Income per Share, EBITDA and Adjusted EBITDA are not measures of
financial performance or liquidity under United States Generally
Accepted Accounting Principles ("GAAP"). Adjusted Net Income and
Adjusted Net Income per Share, EBITDA and 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 and Adjusted Net
Income per Share, the Company adjusts for significant items that
are not part of regular operating activities. These adjustments
include acquisition costs, transition, severance and lease
termination costs, non-recurring litigation expenses as well as
depreciation and amortization and certain other non-cash
charges.
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, severance and
lease termination costs, extraordinary items, share based
compensation expense, non-recurring litigation expenses and other
non-cash charges. We believe that adjusted EBITDA, as presented,
represents a useful method of assessing the performance of our
operating activities, as it reflects our earnings trends without
the impact of certain non-cash charges and other non-recurring
charges. We understand that although securities analysts frequently
use EBITDA in their evaluation of companies, it is not necessarily
comparable to other similarly titled captions of other companies
due to potential inconsistencies in the method of calculation.
Adjusted Net Income and Adjusted Net income per Share, EBITDA and
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
June 30,
|
|
|
Year Ended June
30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
Net income
attributable to common stockholders
|
|
$
|
1,667,444
|
|
|
$
|
1,603,501
|
|
|
$
|
3,828,809
|
|
|
$
|
4,027,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.04
|
|
|
$
|
0.05
|
|
|
$
|
0.11
|
|
|
$
|
0.12
|
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.10
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
42,075,439
|
|
|
|
34,209,601
|
|
|
|
36,446,778
|
|
|
|
33,716,367
|
|
Diluted
shares
|
|
|
43,621,917
|
|
|
|
35,755,520
|
|
|
|
38,021,511
|
|
|
|
35,458,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
net income to adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
1,667,444
|
|
|
$
|
1,603,501
|
|
|
$
|
3,828,809
|
|
|
$
|
4,027,038
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
538,693
|
|
|
|
1,192,606
|
|
|
|
2,016,557
|
|
|
|
3,081,865
|
|
Depreciation and
amortization
|
|
|
2,700,292
|
|
|
|
1,227,778
|
|
|
|
6,358,847
|
|
|
|
4,532,135
|
|
Change in contingent
consideration
|
|
|
(2,772,210)
|
|
|
|
(683,000)
|
|
|
|
(3,921,222)
|
|
|
|
(2,040,567)
|
|
Transition and lease
termination costs
|
|
|
216,097
|
|
|
|
—
|
|
|
|
611,183
|
|
|
|
—
|
|
Acquisition related
costs
|
|
|
745,550
|
|
|
|
45,136
|
|
|
|
2,016,944
|
|
|
|
352,805
|
|
Non-recurring legal
costs
|
|
|
239,046
|
|
|
|
321,465
|
|
|
|
600,938
|
|
|
|
614,614
|
|
Amortization of loan
fees and OID
|
|
|
99,125
|
|
|
|
15,296
|
|
|
|
145,010
|
|
|
|
211,279
|
|
Severance and
transition costs associated with acquisitions
|
|
|
158,358
|
|
|
|
—
|
|
|
|
158,358
|
|
|
|
—
|
|
Loss on write-off of
debt discount
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,238,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
before income taxes
|
|
|
3,592,395
|
|
|
|
3,722,782
|
|
|
|
11,815,424
|
|
|
|
12,017,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 36% before preferred
dividend
requirement
|
|
|
(1,477,362)
|
|
|
|
(1,524,301)
|
|
|
|
(4,989,951)
|
|
|
|
(4,719,187)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
2,115,033
|
|
|
$
|
2,198,481
|
|
|
$
|
6,825,473
|
|
|
$
|
7,298,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.05
|
|
|
$
|
0.06
|
|
|
$
|
0.19
|
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.05
|
|
|
$
|
0.06
|
|
|
$
|
0.18
|
|
|
$
|
0.21
|
|
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
Reconciliation of
net income to adjusted EBITDA
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
1,667,444
|
|
|
$
|
1,603,501
|
|
|
$
|
3,828,809
|
|
|
$
|
4,027,038
|
|
Preferred stock
dividends
|
|
|
511,387
|
|
|
|
511,388
|
|
|
|
2,045,550
|
|
|
|
1,091,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
2,178,831
|
|
|
|
2,114,889
|
|
|
|
5,874,359
|
|
|
|
5,118,313
|
|
Income tax
expense
|
|
|
538,693
|
|
|
|
1,192,606
|
|
|
|
2,016,557
|
|
|
|
3,081,865
|
|
Depreciation and
amortization
|
|
|
2,700,292
|
|
|
|
1,227,778
|
|
|
|
6,358,847
|
|
|
|
4,532,135
|
|
Net interest
expense
|
|
|
1,529,625
|
|
|
|
87,462
|
|
|
|
1,856,439
|
|
|
|
1,186,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
6,947,441
|
|
|
|
4,622,735
|
|
|
|
16,106,202
|
|
|
|
13,918,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
382,588
|
|
|
|
189,170
|
|
|
|
1,115,360
|
|
|
|
666,098
|
|
Change in contingent
consideration
|
|
|
(2,772,210)
|
|
|
|
(683,000)
|
|
|
|
(3,921,222)
|
|
|
|
(2,040,567)
|
|
Acquisition related
costs
|
|
|
745,550
|
|
|
|
45,136
|
|
|
|
2,016,944
|
|
|
|
352,805
|
|
Non-recurring legal
costs
|
|
|
239,046
|
|
|
|
321,465
|
|
|
|
600,938
|
|
|
|
614,614
|
|
Transition and lease
termination costs
|
|
|
216,097
|
|
|
|
—
|
|
|
|
611,183
|
|
|
|
—
|
|
Loss on write-off of
debt discount
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,238,409
|
|
Foreign exchange
loss
|
|
|
786,671
|
|
|
|
(35,473)
|
|
|
|
738,858
|
|
|
|
27,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
6,545,183
|
|
|
$
|
4,460,033
|
|
|
$
|
17,268,263
|
|
|
$
|
14,777,447
|
|
As a % of Net
Revenues
|
|
|
15.3
|
%
|
|
|
16.1
|
%
|
|
|
14.0
|
%
|
|
|
14.9
|
%
|
Reconciliation of Non-GAAP Financial Measures
to Preliminary Guidance
This press release contains certain non-GAAP financial measures
as defined under the Securities Exchange Commission ("SEC") rules
such as adjusted net income, adjusted net income per share and
earnings before interest, taxes, depreciation and amortization
("EBITDA"). We believe that supplemental disclosure of these
amounts are important metrics used by management to evaluate and
understand the performance of the ongoing operations of Radiant's
business that eliminates depreciation, amortization and certain
other non-cash costs and other significant items that are not part
of regular operating activities. This supplemental financial
information is presented for informational purposes only and is not
a substitute for the financial information presented in accordance
with accounting principles generally accepted in the United States. A reconciliation of
adjusted net income, adjusted net income per share and adjusted
EBITDA for the Company's preliminary guidance for its pro forma
fiscal year ending June 30, 2016 is
as follows:
(in thousands, except
for earnings per share)
|
|
|
|
|
|
Outlook
Fiscal Year Ending
June 30, 2016
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
$
|
3,019 –
$5,669
|
|
Less: Preferred
Dividend Requirement
|
|
$
|
(2,046)
|
|
Net income
attributable to common stockholders
|
|
$
|
973 –
$3,623
|
|
Net income per common
share:
|
|
|
|
|
Basic and
Diluted
|
|
$
|
0.02 –
0.07
|
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
shares
|
|
|
49,000,000
|
|
Diluted
shares
|
|
|
50,500,000
|
|
|
|
|
|
|
Reconciliation of
net income to adjusted net income:
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
973 –
$3,623
|
|
Adjustments to net
income:
|
|
|
|
|
Income tax
expense
|
|
$
|
1,766 -
$3,256
|
|
Depreciation and
amortization
|
|
$
|
13,916
|
|
Lease Termination
Costs
|
|
|
3,000
|
|
Change in contingent
consideration
|
|
$
|
250
|
|
Adjusted net income
before taxes
|
|
$
|
19,905 - $24,045
|
|
Less: Provision for
income taxes at blended 36% before preferred
dividend requirement of $2,046
|
|
$
|
(7,902) –
(9,393)
|
|
Adjusted net
income
|
|
$
|
12,003
- $14,652
|
|
Adjusted net income
per common share:
|
|
|
|
|
Basic
|
|
$
|
0.24 –
0.30
|
|
Diluted
|
|
$
|
0.24 –
0.29
|
|
Reconciliation of
net income to adjusted
EBITDA:
|
|
Outlook
Fiscal Year Ending
June 30, 2016
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
$
|
3,019 –
$5,669
|
|
Less: Preferred
dividends
|
|
$
|
(2,046)
|
|
Net income
attributable to common stockholders
|
|
$
|
973 –
$3,623
|
|
Adjustments to net
income:
|
|
|
|
|
Preferred
dividend
|
|
$
|
2,046
|
|
Interest expense -
net
|
|
$
|
6,799-$6,659
|
|
Income tax
expense
|
|
$
|
1,766 –
$3,256
|
|
Lease Termination
Costs
|
|
$
|
3,000
|
|
Depreciation and
amortization
|
|
$
|
13,916
|
|
EBITDA
|
|
$
|
28,500 -$32,500
|
|
Share-based
compensation
|
|
$
|
1,250
|
|
Change in contingent
consideration
|
|
$
|
250
|
|
Adjusted
EBITDA
|
|
$
|
30,000 - $34,000
|
|
This supplemental financial information is presented for
informational purposes only and is not a substitute for the
financial information presented in accordance with accounting
principles generally accepted in the
United States.
Logo -
http://photos.prnewswire.com/prnh/20110606/CL14193LOGO
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SOURCE Radiant Logistics, Inc.