BELLEVUE, Wash., Sept. 13, 2016 /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, 2016.
Fiscal Year Financial Highlights (Year Ended June 30, 2016)
- Revenues were $782.5 million
for the fiscal year ended June 30,
2016, up $279.8 million or
55.7% compared to revenues of $502.7
million for the comparable prior year period.
- Net revenues increased to $186.7
million for the fiscal year ended June 30, 2016, up $63.0
million or 50.9% compared to net revenues of $123.7 million for the comparable prior year
period.
- Net loss attributable to common stockholders was $5.6 million, or $0.11 per basic and fully diluted share for the
fiscal year ended June 30, 2016,
compared to net income of $3.8
million, or $0.11 per basic
and $0.10 per fully diluted share,
for the comparable prior year period.
- Adjusted net income attributable to common stockholders was
$11.8 million for the fiscal year
ended June 30, 2016, up $5.0 million or 72.8% compared to adjusted net
income attributable to common stockholders of $6.8 million 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 to $24.4
million for the fiscal year ended June 30, 2016, up $7.1
million or 41.3%, compared to adjusted EBITDA of
$17.3 million for the comparable
prior year period. Normalizing these results to exclude
$2.4 million in non-recurring
transition costs associated with the interim operation of Service
By Air's back-office operations, Adjusted EBITDA would have been
$26.8 million for the fiscal year
ended June 30, 2016, compared to
$17.4 million for comparable prior
year period.
- Cash from operations increased to $21.4
million for the fiscal year ended June 30, 2016, up $19.3
million or over 900% compared to cash from operations of
$2.1 million for the comparable prior
year period.
CEO Comments
"We are very pleased to report record results for fiscal 2016 in
what proved to be an increasingly difficult market over the course
of the year", said Bohn Crain,
Founder and CEO. We posted revenues of $782.5, up $279.8
million or 55.7%; net revenues of $186.7 million, up $63.0
million or 50.9%; and adjusted EBITDA of $24.4 million, up $7.1
million or 41.3%, over the comparable prior year period.
Normalizing our adjusted EBITDA to exclude $2.4 million in non-recurring transitions costs
associated with redundant back-office operation of Service By Air's
back-office that are targeted for elimination later this calendar
year, we would have reported adjusted EBITDA of $26.8 million, up $9.4
million or 53.9%. In addition, we also reported record cash
from operations for the fiscal year ended June 30, 2016 of $21.4
million."
Crain continued: "For the quarter ended June 30, 2016, we posted revenues of $183.6 million, down $12.6
million or 6.4%; net revenues of $46.6 million, up $3.9
million or 9.0%; and adjusted EBITDA of $5.4 million, down $1.1
million or 17.2%, over the comparable prior year
period. These quarterly results reflect the impacts of excess
capacity and related margin pressures of the current market
environment, particularly in our brokerage operations as well as
the previously disclosed loss of a significant customer at On Time
Express which is also a drag on comparable year over year results
of our forwarding operations. We are responding to these market
headwinds with a focus on the continuous improvement of our
existing business through an accelerated investment in technology,
further integration of previously acquired operations and unlocking
the associated revenue and cost synergies within our current
platform. While improving the financial performance of our existing
platform is our top priority, we also remain committed to our long
standing strategy to deliver profitable growth through a
combination of organic and acquisition growth initiatives. We
have low leverage on our balance sheet, strong free cash flow and
continue our disciplined search for acquisition candidates that
bring critical mass to our current platform with respect to
geography, purchasing power and complementary service
offerings."
Fourth Quarter Ended June 30,
2016 – Financial Results
For the three months ended June 30,
2016, Radiant reported a net loss attributable to common
stockholders of $0.6 million on
$183.6 million of revenues, or
$0.01 per basic and fully diluted
share. For the three months ended June 30,
2015, Radiant reported net income attributable to common
stockholders of $1.7 million on
$196.2 million of revenues, or
$0.04 per basic and fully diluted
share.
For the three months ended June 30,
2016, Radiant reported adjusted net income attributable to
common stockholders of $2.8 million.
For the three months ended June 30,
2015, Radiant reported adjusted net income attributable to
common stockholders of $2.1
million.
Radiant also reported adjusted EBITDA of $5.4 million for the three months ended
June 30, 2016, compared to adjusted
EBITDA of $6.5 million for the three
months ended June 30, 2015.
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
$5.9 million and $6.7 million for the three months ended
June 30, 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
months ending June 30, 2016 and 2015
appears at the end of this release.
Year Ended June 30, 2016 –
Financial Results
For the year ended June 30, 2016,
Radiant reported a net loss attributable to common stockholders of
$5.6 million on $782.5 million of revenues, or $0.11 per basic and fully diluted share. For the
year ended June 30, 2015, Radiant
reported net income attributable to common stockholders of
$3.8 million on $502.7 million of revenues, or $0.11 per basic and $0.10 per fully diluted share.
For the year ended June 30, 2016,
Radiant reported adjusted net income attributable to common
stockholders of $11.8 million. For
the year ended June 30, 2015, Radiant
reported adjusted net income attributable to common stockholders of
$6.8 million.
Radiant also reported adjusted EBITDA of $24.4 million for the year ended June 30, 2016, compared to adjusted EBITDA of
$17.3 million for the year ended
June 30, 2015. 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 $26.8
million and $17.4 million for
the twelve months ended June 30, 2016
and 2015, respectively.
A reconciliation of Radiant's adjusted net income and adjusted
EBITDA to the most directly comparable GAAP measure for the year
ended June 30, 2016 and 2015 appears
at the end of this release.
Investor Conference Call
Radiant will host a conference call for stockholders and the
investing community on Tuesday, September
13, 2016 at 4:30 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 two weeks
after the teleconference by dialing (877) 481-4010, or
(919) 882-2331 for international callers, and using replay ID
number 10084. 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 third
party logistics and multimodal transportation services company.
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)
|
|
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,768
|
|
|
$
|
7,268
|
|
Accounts receivable,
net of allowance of $1,806 and $1,551 respectively
|
|
|
101,035
|
|
|
|
127,349
|
|
Employee and other
receivables
|
|
|
635
|
|
|
|
111
|
|
Income tax
deposit
|
|
|
1,525
|
|
|
|
2,309
|
|
Prepaid expenses and
other current assets
|
|
|
5,410
|
|
|
|
5,671
|
|
Total current
assets
|
|
|
113,373
|
|
|
|
142,708
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
12,453
|
|
|
|
13,176
|
|
|
|
|
|
|
|
|
|
|
Acquired intangibles,
net
|
|
|
71,941
|
|
|
|
82,955
|
|
Goodwill
|
|
|
62,888
|
|
|
|
63,089
|
|
Deposits and other
assets
|
|
|
2,814
|
|
|
|
3,110
|
|
Total long-term
assets
|
|
|
137,643
|
|
|
|
149,154
|
|
Total
assets
|
|
$
|
263,469
|
|
|
$
|
305,038
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued transportation costs
|
|
$
|
75,071
|
|
|
$
|
92,025
|
|
Commissions
payable
|
|
|
8,280
|
|
|
|
9,449
|
|
Other accrued
costs
|
|
|
5,331
|
|
|
|
7,732
|
|
Due to former
shareholders of acquired operations
|
|
|
50
|
|
|
|
684
|
|
Current portion of
notes payable
|
|
|
2,416
|
|
|
|
543
|
|
Current portion of
contingent consideration
|
|
|
3,387
|
|
|
|
1,872
|
|
Current portion of
transition and lease termination liability
|
|
|
1,838
|
|
|
|
283
|
|
Other current
liabilities
|
|
|
138
|
|
|
|
298
|
|
Total current
liabilities
|
|
|
96,511
|
|
|
|
112,886
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
28,903
|
|
|
|
84,202
|
|
Contingent
consideration, net of current portion
|
|
|
4,098
|
|
|
|
5,741
|
|
Transition and lease
termination liability, net of current portion
|
|
|
658
|
|
|
|
1
|
|
Deferred rent
liability
|
|
|
851
|
|
|
|
1,144
|
|
Deferred tax
liability
|
|
|
12,525
|
|
|
|
15,567
|
|
Other long-term
liabilities
|
|
|
742
|
|
|
|
1,004
|
|
Total long-term
liabilities
|
|
|
47,777
|
|
|
|
107,659
|
|
Total
liabilities
|
|
|
144,288
|
|
|
|
220,545
|
|
|
|
|
|
|
|
|
|
|
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; 48,857,506 and
42,563,224
shares issued and
outstanding, respectively
|
|
|
30
|
|
|
|
24
|
|
Additional paid-in
capital
|
|
|
114,392
|
|
|
|
74,659
|
|
Deferred
compensation
|
|
|
(1)
|
|
|
|
(4)
|
|
Retained
earnings
|
|
|
4,581
|
|
|
|
10,146
|
|
Accumulated other
comprehensive income (loss)
|
|
|
98
|
|
|
|
(395)
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
119,101
|
|
|
|
84,431
|
|
Non-controlling
interest
|
|
|
80
|
|
|
|
62
|
|
Total stockholders'
equity
|
|
|
119,181
|
|
|
|
84,493
|
|
Total liabilities and
stockholders' equity
|
|
$
|
263,469
|
|
|
$
|
305,038
|
|
RADIANT LOGISTICS,
INC.
Consolidated
Statements of Operations and Comprehensive Income
(Loss)
|
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Revenues
|
|
$
|
183,616
|
|
|
$
|
196,234
|
|
|
$
|
782,495
|
|
|
$
|
502,665
|
|
Cost of
transportation
|
|
|
137,067
|
|
|
|
153,533
|
|
|
|
595,834
|
|
|
|
378,942
|
|
Net
revenues
|
|
|
46,549
|
|
|
|
42,701
|
|
|
|
186,661
|
|
|
|
123,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
21,531
|
|
|
|
17,537
|
|
|
|
84,475
|
|
|
|
60,356
|
|
Personnel
costs
|
|
|
13,223
|
|
|
|
13,467
|
|
|
|
54,131
|
|
|
|
34,225
|
|
Selling, general and
administrative expenses
|
|
|
6,773
|
|
|
|
6,275
|
|
|
|
25,731
|
|
|
|
15,384
|
|
Depreciation and
amortization
|
|
|
2,773
|
|
|
|
2,700
|
|
|
|
12,033
|
|
|
|
6,359
|
|
Transition and lease
termination costs
|
|
|
837
|
|
|
|
374
|
|
|
|
5,945
|
|
|
|
770
|
|
Impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
Change in contingent
consideration
|
|
|
375
|
|
|
|
(2,772)
|
|
|
|
1,003
|
|
|
|
(3,921)
|
|
Total operating
expenses
|
|
|
45,512
|
|
|
|
37,581
|
|
|
|
186,998
|
|
|
|
113,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
1,037
|
|
|
|
5,120
|
|
|
|
(337)
|
|
|
|
10,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
3
|
|
|
|
15
|
|
|
|
47
|
|
|
|
17
|
|
Interest
expense
|
|
|
(814)
|
|
|
|
(1,544)
|
|
|
|
(4,919)
|
|
|
|
(1,873)
|
|
Loss on write-off of
loan fees
|
|
|
(1,180)
|
|
|
|
—
|
|
|
|
(1,180)
|
|
|
|
—
|
|
Foreign exchange gain
(loss)
|
|
|
312
|
|
|
|
(787)
|
|
|
|
700
|
|
|
|
(739)
|
|
Other
|
|
|
247
|
|
|
|
(68)
|
|
|
|
350
|
|
|
|
16
|
|
Total other
expense:
|
|
|
(1,432)
|
|
|
|
(2,384)
|
|
|
|
(5,002)
|
|
|
|
(2,579)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expense
|
|
|
(395)
|
|
|
|
2,736
|
|
|
|
(5,339)
|
|
|
|
7,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
285
|
|
|
|
(539)
|
|
|
|
1,886
|
|
|
|
(2,016)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
(110)
|
|
|
|
2,197
|
|
|
|
(3,453)
|
|
|
|
5,955
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
(12)
|
|
|
|
(18)
|
|
|
|
(66)
|
|
|
|
(80)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Radiant Logistics, Inc.
|
|
|
(122)
|
|
|
|
2,179
|
|
|
|
(3,519)
|
|
|
|
5,875
|
|
Less: Preferred stock
dividends
|
|
|
(511)
|
|
|
|
(511)
|
|
|
|
(2,046)
|
|
|
|
(2,046)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
(633)
|
|
|
$
|
1,668
|
|
|
$
|
(5,565)
|
|
|
$
|
3,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
(170)
|
|
|
|
(395)
|
|
|
|
493
|
|
|
|
(395)
|
|
Comprehensive income
(loss)
|
|
$
|
(803)
|
|
|
$
|
1,273
|
|
|
$
|
(5,072)
|
|
|
$
|
3,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.01)
|
|
|
$
|
0.04
|
|
|
$
|
(0.11)
|
|
|
$
|
0.11
|
|
Diluted
|
|
$
|
(0.01)
|
|
|
$
|
0.04
|
|
|
$
|
(0.11)
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
48,807,414
|
|
|
|
42,075,439
|
|
|
|
48,413,361
|
|
|
|
36,446,778
|
|
Diluted
shares
|
|
|
48,807,414
|
|
|
|
43,621,917
|
|
|
|
48,413,361
|
|
|
|
38,021,511
|
|
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
June 30,
|
Year Ended June
30,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Reconciliation of
net income (loss) to adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
(633)
|
|
|
$
|
1,668
|
|
|
$
|
(5,565)
|
|
|
$
|
3,829
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
(285)
|
|
|
|
539
|
|
|
|
(1,886)
|
|
|
|
2,016
|
|
Depreciation and
amortization
|
|
|
2,773
|
|
|
|
2,700
|
|
|
|
12,033
|
|
|
|
6,359
|
|
Change in contingent
consideration
|
|
|
375
|
|
|
|
(2,772)
|
|
|
|
1,003
|
|
|
|
(3,921)
|
|
Lease termination
costs
|
|
|
202
|
|
|
|
188
|
|
|
|
2,545
|
|
|
|
583
|
|
Acquisition related
costs
|
|
|
340
|
|
|
|
774
|
|
|
|
2,446
|
|
|
|
2,045
|
|
Legal costs
|
|
|
107
|
|
|
|
239
|
|
|
|
1,066
|
|
|
|
601
|
|
Non-recurring
costs
|
|
|
29
|
|
|
|
—
|
|
|
|
279
|
|
|
|
—
|
|
Amortization of loan
fees
|
|
|
85
|
|
|
|
99
|
|
|
|
388
|
|
|
|
145
|
|
Transition costs
associated with acquisitions
|
|
|
477
|
|
|
|
158
|
|
|
|
2,408
|
|
|
|
158
|
|
Loss on write-off of
loan fees
|
|
|
1,180
|
|
|
|
—
|
|
|
|
1,180
|
|
|
|
—
|
|
Loss on impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
4,650
|
|
|
|
3,593
|
|
|
|
19,577
|
|
|
|
11,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 36% before preferred
dividend
requirement
|
|
|
(1,858)
|
|
|
|
(1,477)
|
|
|
|
(7,784)
|
|
|
|
(4,990)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
2,792
|
|
|
$
|
2,116
|
|
|
$
|
11,793
|
|
|
$
|
6,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
Reconciliation of
net income (loss) to normalized adjusted EBITDA
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
(633)
|
|
|
$
|
1,668
|
|
|
$
|
(5,565)
|
|
|
$
|
3,829
|
|
Preferred stock
dividends
|
|
|
511
|
|
|
|
511
|
|
|
|
2,046
|
|
|
|
2,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Radiant Logistics, Inc.
|
|
|
(122)
|
|
|
|
2,179
|
|
|
|
(3,519)
|
|
|
|
5,875
|
|
Income tax expense
(benefit)
|
|
|
(285)
|
|
|
|
539
|
|
|
|
(1,886)
|
|
|
|
2,016
|
|
Depreciation and
amortization
|
|
|
2,773
|
|
|
|
2,700
|
|
|
|
12,033
|
|
|
|
6,359
|
|
Net interest
expense
|
|
|
811
|
|
|
|
1,529
|
|
|
|
4,872
|
|
|
|
1,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
3,177
|
|
|
|
6,947
|
|
|
|
11,500
|
|
|
|
16,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
322
|
|
|
|
383
|
|
|
|
1,407
|
|
|
|
1,115
|
|
Change in contingent
consideration
|
|
|
375
|
|
|
|
(2,772)
|
|
|
|
1,003
|
|
|
|
(3,921)
|
|
Acquisition related
costs
|
|
|
340
|
|
|
|
774
|
|
|
|
2,446
|
|
|
|
2,045
|
|
Legal costs
|
|
|
107
|
|
|
|
239
|
|
|
|
1,066
|
|
|
|
601
|
|
Non-recurring
costs
|
|
|
29
|
|
|
|
—
|
|
|
|
279
|
|
|
|
—
|
|
Lease termination
costs
|
|
|
202
|
|
|
|
188
|
|
|
|
2,545
|
|
|
|
583
|
|
Loss on impairment of
acquired intangible assets
|
|
|
—
|
|
|
|
—
|
|
|
|
3,680
|
|
|
|
—
|
|
Loss on write-off of
loan fees
|
|
|
1,180
|
|
|
|
—
|
|
|
|
1,180
|
|
|
|
—
|
|
Foreign exchange loss
(gain)
|
|
|
(312)
|
|
|
|
787
|
|
|
|
(700)
|
|
|
|
739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
5,420
|
|
|
|
6,546
|
|
|
|
24,406
|
|
|
|
17,268
|
|
Transition
costs
|
|
|
477
|
|
|
|
158
|
|
|
|
2,408
|
|
|
|
158
|
|
Normalized adjusted
EBITDA
|
|
$
|
5,897
|
|
|
$
|
6,704
|
|
|
$
|
26,814
|
|
|
$
|
17,426
|
|
As a % of Net
Revenues
|
|
|
12.7
|
%
|
|
|
15.7
|
%
|
|
|
14.4
|
%
|
|
|
14.1
|
%
|
![Radiant Logistics, Inc. logo. Radiant Logistics, Inc. logo.](http://photos.prnewswire.com/prnvar/20110606/CL14193LOGO)
Logo -
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SOURCE Radiant Logistics, Inc.