BELLEVUE, Wash., Feb. 8, 2018 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a third-party logistics and
multi-modal transportation services company, today reported
financial results for the three and six months ended December 31, 2017.
Second Fiscal Quarter Financial Highlights (Quarter Ended
December 31, 2017)
- Revenues were $206.7 million for
the second fiscal quarter ended December 31,
2017, up $7.8 million or 3.9%
compared to revenues of $198.9
million for the comparable prior year period. Sequentially,
revenues were up $8.7 million or 4.4%
compared to revenues of $198.0
million for the quarter ended September 30, 2017.
- Net revenues were $47.9 million
for the second fiscal quarter ended December
31, 2017, down $2.2 million,
or 4.4% compared to net revenues of $50.1
million for the comparable prior year period. Sequentially,
net revenues were up $1.8 million or
3.9% compared to net revenues of $46.1
million for the quarter ended September 30, 2017.
- Net income attributable to common stockholders was $3.3 million, or $0.07 per basic and fully diluted share, compared
to a net income of $2.1 million, or
$0.04 per basic and fully diluted
share for the comparable prior year period, including a one-time
benefit of $2.3 million related to a
re-measurement of deferred tax liabilities as a result of the
recently enacted Tax Cuts and Jobs Act. Sequentially, net income
improved up $3.0 million or 1000.0%
compared to net income of $0.3
million for the quarter ended September 30, 2017.
- Adjusted net income attributable to common stockholders was
$3.6 million, or $0.07 per basic and fully diluted share for the
second fiscal quarter ended December 31,
2017, compared to adjusted net income of $5.4 million, or $0.11 per basic and fully diluted share for the
comparable prior year period. Sequentially, adjusted net income
attributable to common stockholders was up $0.7 million or 24.1% compared to adjusted net
income of $2.9 million for the
quarter ended September 30, 2017.
Periods are calculated by applying a normalized tax rate of 31% and
excluding other items not considered part of regular operating
activities.
- Adjusted EBITDA was $7.1 million
for the second fiscal quarter ended December
31, 2017, down $1.8 million or
20.2% compared to adjusted EBITDA of $8.9
million for the comparable prior year period. Sequentially,
adjusted EBITDA was up $0.6 million
or 9.2% compared to adjusted EBITDA of $6.5
million for the quarter ended September 30, 2017.
CEO Comments
"We are pleased to report improving results for the quarter led
by progress in our Canadian operations," said Bohn Crain, Founder and CEO. "We posted Adjusted
EBITDA of $7.1 million on revenues of
$206.7 million and net revenues of
$47.9 million for the quarter ended
December 31, 2017. On a sequential
quarterly comparison, revenues of $206.7
million, up $8.7 million or
4.4%; net revenues of $47.9 million,
up $1.8 million or 3.9%; adjusted net
income of $3.6 million, up
$0.7 million or 24.1%; and adjusted
EBITDA of $7.1 million, up
$0.6 million or 9.2%, over the
quarter ended September 30, 2017.
Although margin pressures felt across our industry as a result of
extreme capacity and pricing swings over the past twelve months
have led to less favorable year over year comparisons, we believe
we are well positioned and beginning to benefit from a more
favorable market environment given the healthy economy, high
freight demand and tight capacity. In addition, we continue to see
strong demand for our Canada-based
materials management and distribution solutions offering and
believe our strategic decision to bundle value added logistics
solutions with our core transportation service offering will
continue to gain momentum moving forward."
"We are also a beneficiary of the recently enacted Tax Cuts and
Jobs Act (the "Act"). The primary impact of the Act in fiscal year
2018 is a reduction of the Company's federal statutory tax rate
from 35.0% to 28.1% which is the average of our rate of 35.0% for
the first half of fiscal 2018 and 21.0% for the second half of
fiscal 2018. Given that we have historically been a full cash tax
payer, these reduced tax rates will positively impact both our
after tax free cashflow as well as our earnings per share.
Commencing with quarter ending September 30,
2018 we will begin to recognize the full benefit of the new
federal tax rate of 21.0%. When we overlay the impact of state and
other taxes, we have historically had an all-in effective tax rate
of 36%. We are estimating an all-in average effective rate of rate
of 31.0% through the fiscal year ending June
30, 2018 and an estimated all-in effective rate of 25.0%
commencing with the quarter ending September
30, 2018.
Crain Continued: "We also continue to make meaningful progress
on the technology front and have expanded the pilot of our new
SAP-based transportation management system to four of our
company-owned operating locations: Phoenix, Detroit, Los
Angeles and Minneapolis.
With four of our company-owned locations now providing domestic
forwarding services using SAP-TM we are excited to get user
feedback and continue to refine the system in anticipation of
beginning to roll the system out to our agency locations later this
year. As we have previously discussed, we believe our ongoing
investment in technology provides us with a unique opportunity to
deliver a state-of-the-art technology platform for our strategic
operating partners and the end customers that we serve. At the same
time, our new technology set will enable a number of productivity
initiatives to stream-line our back-office processes and accelerate
the realization of back-office cost synergies associated with
existing and future acquisitions and can ultimately help facilitate
revenue synergies across the platform."
Second Fiscal Quarter Ended December
31, 2017 – Financial Results
For the three months ended December 31,
2017, Radiant reported net income attributable to common
stockholders of $3.3 million on
$206.7 million of revenues, or
$0.07 per basic and fully diluted
share, including a one-time benefit of $2.3
million related to a re-measurement of deferred tax
liabilities as a result of the recently enacted Tax Cuts and Jobs
Act. 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,
2017, Radiant reported adjusted net income attributable to
common stockholders of $3.6 million,
or $0.07 per basic and fully diluted
share. For the three months ended December
31, 2016, Radiant reported adjusted net income attributable
to common stockholders of $5.4
million, or $0.11 per basic
and fully diluted share.
For the three months ended December 31,
2017, Radiant reported Adjusted EBITDA of $7.1 million, compared to $8.9 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
$7.1 million and $9.2 million for the three months ended
December 31, 2017 and 2016,
respectively.
Six Months Ended December 31,
2017 – Financial Results
For the six months ended December 31,
2017, Radiant reported net income attributable to common
stockholders of $3.6 million on
$404.7 million of revenues, or
$0.07 per basic and fully diluted
share, including a one-time benefit of $2.3
million related to a re-measurement of deferred tax
liabilities as a result of the recently enacted Tax Cuts and Jobs
Act. 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,
2017, Radiant reported adjusted net income attributable to
common stockholders of $6.5 million
or $0.13 per basic and fully diluted
share. For the six months ended December 31,
2016, Radiant reported adjusted net income attributable to
common stockholders of $9.8 million
or $0.20 per basic and fully diluted
share.
For the six months ended December 31,
2017, Radiant reported Adjusted EBITDA of $13.6 million, compared to $16.2 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
$13.6 million and $17.0 million for the six months ended
December 31, 2017 and 2016,
respectively.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Thursday, February 8, 2018 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:
|
Thursday, February 8,
2018 at 4:30 PM Eastern
|
DIAL-IN
|
US (877)
407-8031; Intl. (201) 689-8031
|
REPLAY
|
February 9, 2018 at
9:30 AM Eastern to February 22, 2018 at 4:30 PM Eastern, US
(877) 481-4010; Intl. (919) 882-2331 (Replay ID number:
25017)
|
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 American: 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,
|
|
|
|
2017
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,476
|
|
|
$
|
5,808
|
|
Accounts receivable,
net of allowance of $2,006 and $1,599, respectively
|
|
|
122,900
|
|
|
|
116,327
|
|
Employee and other
receivables
|
|
|
215
|
|
|
|
251
|
|
Income tax
deposit
|
|
|
1,677
|
|
|
|
432
|
|
Prepaid expenses and
other current assets
|
|
|
6,354
|
|
|
|
6,902
|
|
Total current
assets
|
|
|
135,622
|
|
|
|
129,720
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
16,131
|
|
|
|
15,227
|
|
|
|
|
|
|
|
|
|
|
Acquired intangibles,
net
|
|
|
70,113
|
|
|
|
74,729
|
|
Goodwill
|
|
|
65,389
|
|
|
|
66,779
|
|
Deposits and other
assets
|
|
|
3,218
|
|
|
|
3,085
|
|
Total long-term
assets
|
|
|
138,720
|
|
|
|
144,593
|
|
Total
assets
|
|
$
|
290,473
|
|
|
$
|
289,540
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued transportation costs
|
|
$
|
82,680
|
|
|
$
|
85,490
|
|
Commissions
payable
|
|
|
11,202
|
|
|
|
10,843
|
|
Other accrued
costs
|
|
|
4,646
|
|
|
|
4,778
|
|
Current portion of
notes payable
|
|
|
3,527
|
|
|
|
3,382
|
|
Current portion of
contingent consideration
|
|
|
2,400
|
|
|
|
4,130
|
|
Current portion of
transition and lease termination liability
|
|
|
1,300
|
|
|
|
1,210
|
|
Other current
liabilities
|
|
|
332
|
|
|
|
143
|
|
Total current
liabilities
|
|
|
106,087
|
|
|
|
109,976
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
44,174
|
|
|
|
37,040
|
|
Contingent
consideration, net of current portion
|
|
|
2,625
|
|
|
|
5,790
|
|
Transition and lease
termination liability, net of current portion
|
|
|
402
|
|
|
|
804
|
|
Deferred rent
liability
|
|
|
940
|
|
|
|
857
|
|
Deferred tax
liability
|
|
|
7,538
|
|
|
|
10,826
|
|
Other long-term
liabilities
|
|
|
884
|
|
|
|
782
|
|
Total long-term
liabilities
|
|
|
56,563
|
|
|
|
56,099
|
|
Total
liabilities
|
|
|
162,650
|
|
|
|
166,075
|
|
|
|
|
|
|
|
|
|
|
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; 49,375,185 and
49,177,215 shares issued, and
49,283,387 and 49,085,417 shares outstanding,
respectively
|
|
|
31
|
|
|
|
30
|
|
Additional paid-in
capital
|
|
|
117,445
|
|
|
|
116,172
|
|
Treasury stock, at
cost, 91,798 shares
|
|
|
(253)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
11,043
|
|
|
|
7,397
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(530)
|
|
|
|
65
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
127,737
|
|
|
|
123,412
|
|
Non-controlling
interest
|
|
|
86
|
|
|
|
53
|
|
Total stockholders'
equity
|
|
|
127,823
|
|
|
|
123,465
|
|
Total liabilities and
stockholders' equity
|
|
$
|
290,473
|
|
|
$
|
289,540
|
|
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,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Revenues
|
|
$
|
206,714
|
|
|
$
|
198,881
|
|
|
$
|
404,691
|
|
|
$
|
394,014
|
|
Cost of
transportation
|
|
|
158,846
|
|
|
|
148,757
|
|
|
|
310,675
|
|
|
|
294,881
|
|
Net
revenues
|
|
|
47,868
|
|
|
|
50,124
|
|
|
|
94,016
|
|
|
|
99,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
19,528
|
|
|
|
22,957
|
|
|
|
39,220
|
|
|
|
46,308
|
|
Personnel
costs
|
|
|
14,909
|
|
|
|
12,954
|
|
|
|
28,902
|
|
|
|
25,732
|
|
Selling, general and
administrative expenses
|
|
|
6,856
|
|
|
|
5,569
|
|
|
|
13,704
|
|
|
|
11,350
|
|
Depreciation and
amortization
|
|
|
3,567
|
|
|
|
3,028
|
|
|
|
7,142
|
|
|
|
6,034
|
|
Transition and lease
termination costs
|
|
|
—
|
|
|
|
385
|
|
|
|
107
|
|
|
|
862
|
|
Change in contingent
consideration
|
|
|
190
|
|
|
|
806
|
|
|
|
(110)
|
|
|
|
1,056
|
|
Total operating
expenses
|
|
|
45,050
|
|
|
|
45,699
|
|
|
|
88,965
|
|
|
|
91,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
2,818
|
|
|
|
4,425
|
|
|
|
5,051
|
|
|
|
7,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
9
|
|
|
|
6
|
|
|
|
16
|
|
|
|
11
|
|
Interest
expense
|
|
|
(811)
|
|
|
|
(620)
|
|
|
|
(1,582)
|
|
|
|
(1,259)
|
|
Foreign exchange gain
(loss)
|
|
|
(55)
|
|
|
|
188
|
|
|
|
(139)
|
|
|
|
388
|
|
Other
|
|
|
96
|
|
|
|
116
|
|
|
|
226
|
|
|
|
310
|
|
Total other
expense:
|
|
|
(761)
|
|
|
|
(310)
|
|
|
|
(1,479)
|
|
|
|
(550)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
|
|
2,057
|
|
|
|
4,115
|
|
|
|
3,572
|
|
|
|
7,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
1,840
|
|
|
|
(1,489)
|
|
|
|
1,214
|
|
|
|
(2,741)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
3,897
|
|
|
|
2,626
|
|
|
|
4,786
|
|
|
|
4,500
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
(56)
|
|
|
|
(16)
|
|
|
|
(117)
|
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
3,841
|
|
|
|
2,610
|
|
|
|
4,669
|
|
|
|
4,472
|
|
Less: Preferred stock
dividends
|
|
|
(511)
|
|
|
|
(511)
|
|
|
|
(1,023)
|
|
|
|
(1,023)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
3,330
|
|
|
$
|
2,099
|
|
|
$
|
3,646
|
|
|
$
|
3,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
210
|
|
|
|
317
|
|
|
|
(595)
|
|
|
|
540
|
|
Comprehensive
income
|
|
$
|
4,107
|
|
|
$
|
2,943
|
|
|
$
|
4,191
|
|
|
$
|
5,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic and diluted
|
|
$
|
0.07
|
|
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
49,174,789
|
|
|
|
48,789,684
|
|
|
|
49,130,167
|
|
|
|
48,825,598
|
|
Diluted
shares
|
|
|
50,711,153
|
|
|
|
49,799,686
|
|
|
|
50,677,053
|
|
|
|
49,667,041
|
|
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 31%
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, material management and
distribution ("MM&D") start-up 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 to adjusted net income:
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net income
attributable to common stockholders
|
|
$
|
3,330
|
|
|
$
|
2,099
|
|
|
$
|
3,646
|
|
|
$
|
3,449
|
|
Adjustments to net
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
(1,840)
|
|
|
|
1,489
|
|
|
|
(1,214)
|
|
|
|
2,741
|
|
Depreciation and
amortization
|
|
|
3,567
|
|
|
|
3,028
|
|
|
|
7,142
|
|
|
|
6,034
|
|
Change in contingent
consideration
|
|
|
190
|
|
|
|
806
|
|
|
|
(110)
|
|
|
|
1,056
|
|
Lease termination
costs
|
|
|
—
|
|
|
|
22
|
|
|
|
107
|
|
|
|
25
|
|
Acquisition related
costs
|
|
|
20
|
|
|
|
71
|
|
|
|
98
|
|
|
|
216
|
|
Litigation
costs
|
|
|
54
|
|
|
|
77
|
|
|
|
79
|
|
|
|
113
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
14
|
|
Amortization of loan
fees
|
|
|
61
|
|
|
|
79
|
|
|
|
123
|
|
|
|
159
|
|
Transition costs
associated with acquisitions
|
|
|
—
|
|
|
|
363
|
|
|
|
—
|
|
|
|
818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
5,382
|
|
|
|
8,042
|
|
|
|
9,871
|
|
|
|
14,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 31% before preferred dividend requirement
|
|
|
(1,827)
|
|
|
|
(2,651)
|
|
|
|
(3,377)
|
|
|
|
(4,851)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
3,555
|
|
|
$
|
5,391
|
|
|
$
|
6,494
|
|
|
$
|
9,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share - basic and diluted
|
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
49,174,789
|
|
|
|
48,789,684
|
|
|
|
49,130,167
|
|
|
|
48,825,598
|
|
Diluted
shares
|
|
|
50,711,153
|
|
|
|
49,799,686
|
|
|
|
50,677,053
|
|
|
|
49,667,041
|
|
|
|
Three Months
Ended December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
net income to normalized adjusted EBITDA
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net income
attributable to common stockholders
|
|
$
|
3,330
|
|
|
$
|
2,099
|
|
|
$
|
3,646
|
|
|
$
|
3,449
|
|
Preferred stock
dividends
|
|
|
511
|
|
|
|
511
|
|
|
|
1,023
|
|
|
|
1,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
3,841
|
|
|
|
2,610
|
|
|
|
4,669
|
|
|
|
4,472
|
|
Income tax expense
(benefit)
|
|
|
(1,840)
|
|
|
|
1,489
|
|
|
|
(1,214)
|
|
|
|
2,741
|
|
Depreciation and
amortization
|
|
|
3,567
|
|
|
|
3,028
|
|
|
|
7,142
|
|
|
|
6,034
|
|
Net interest
expense
|
|
|
802
|
|
|
|
614
|
|
|
|
1,566
|
|
|
|
1,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
6,370
|
|
|
|
7,741
|
|
|
|
12,163
|
|
|
|
14,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
380
|
|
|
|
329
|
|
|
|
730
|
|
|
|
660
|
|
Change in contingent
consideration
|
|
|
190
|
|
|
|
806
|
|
|
|
(110)
|
|
|
|
1,056
|
|
Acquisition related
costs
|
|
|
20
|
|
|
|
71
|
|
|
|
98
|
|
|
|
216
|
|
Litigation
costs
|
|
|
54
|
|
|
|
77
|
|
|
|
79
|
|
|
|
113
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
14
|
|
Lease termination
costs
|
|
|
—
|
|
|
|
22
|
|
|
|
107
|
|
|
|
25
|
|
MM&D start-up
costs
|
|
|
63
|
|
|
|
—
|
|
|
|
410
|
|
|
|
—
|
|
Foreign exchange loss
(gain)
|
|
|
55
|
|
|
|
(188)
|
|
|
|
139
|
|
|
|
(388)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
7,132
|
|
|
|
8,866
|
|
|
|
13,616
|
|
|
|
16,191
|
|
Transition
costs
|
|
|
—
|
|
|
|
363
|
|
|
|
—
|
|
|
|
818
|
|
Normalized adjusted
EBITDA
|
|
$
|
7,132
|
|
|
$
|
9,229
|
|
|
$
|
13,616
|
|
|
$
|
17,009
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
|
14.9
|
%
|
|
|
17.7
|
%
|
|
|
14.5
|
%
|
|
|
16.3
|
%
|
Normalized Adjusted
EBITDA as a % of Net Revenues
|
|
|
14.9
|
%
|
|
|
18.4
|
%
|
|
|
14.5
|
%
|
|
|
17.2
|
%
|
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SOURCE Radiant Logistics, Inc.