BELLEVUE, Wash., May 9, 2018 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a third-party logistics and
multimodal transportation services company, today reported
financial results for the three and nine months ended March 31, 2018.
Third Fiscal Quarter Financial Highlights (Quarter Ended
March 31, 2018)
- Revenues were $203.9 million for
the third fiscal quarter ended March 31,
2018, up $22.1 million or
12.2% compared to revenues of $181.8
million for the comparable prior year period.
- Net revenues were $49.1 million
for the third fiscal quarter ended March 31,
2018, up $3.4 million or 7.5%
compared to net revenues of $45.7
million for the comparable prior year period.
- Net income attributable to common stockholders was $0.2 million, or $0.00 per basic and fully diluted share, compared
to a net income of $0.4 million, or
$0.01 per basic and fully diluted
share for the comparable prior year period.
- Adjusted net income attributable to common stockholders was
$2.7 million, or $0.05 per basic and fully diluted share for the
third fiscal quarter ended March 31,
2018, compared to adjusted net income of $3.7 million, or $0.07 per basic and fully diluted share for the
comparable prior year period. 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 $5.7 million
for the third fiscal quarter ended March 31,
2018, down $0.8 million or
12.3% compared to adjusted EBITDA of $6.5
million for the comparable prior year period.
Stock Buy-back
In March 2018, the Company
authorized the repurchase of up to 5,000,000 shares of the
Company's common stock through December 31,
2019. As of May 3, 2018, the
Company had 49,359,283 shares outstanding. There have been no
purchases of common stock executed under the repurchase
program.
Financing Activity
In April 2018, the Company,
through our wholly-owned subsidiary, Clipper Exxpress, entered into
a lease financing agreement with Banc of America Leasing &
Capital, for the lease of up to 100 refrigerated trailers with the
aggregate acquisition cost not to exceed $5.0 million through December 31, 2018. The term of the lease shall,
at the Company's option, be 60 or 84 months from an agreed upon
starting date and as lessee, the Company will be obligated to
purchase the trailers at the end of the lease for a nominal
amount.
CEO Comments
"We are pleased to report solid growth with record third fiscal
quarter gross and net revenues in our seasonally slowest quarter
ended March 31, 2018," said
Bohn Crain, Founder and CEO. "Top
line revenues were $203.9 million for
the quarter, up $22.1 million or
12.2% over the comparable prior year period. We saw revenue growth
across all categories with forwarding revenues up $17.5 million and 13.4%, brokerage revenues up
$2.7 million and 5.5%, and
value-added services revenues up $2.0
million and 122.7%. Net revenues were $49.1 million for the quarter, up $3.4 million or 7.5% over the comparable prior
year period with net transportation revenues contributing
$1.4 million and value-added services
contributing an additional $2.0
million in net revenues. We experienced continued margin
pressure with our underlying asset-based carrier partners taking
prices higher in this tight capacity market environment but believe
we are well positioned to deliver sequential improvement over the
next several quarters as we work to pass these increases on to our
end customers while continuing to grow our overall shipment
volumes. 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 deliver positive
results."
"These positive results were negatively impacted over the
short-term principally as a result of an increase in our personnel
costs, up $2.1 million and an
increase in our SG&A costs, up $1.6
million in connection with our recent acquisitions of Lomas
and DLT along with several sales and technology initiatives which
are expected to deliver organic growth and productivity improvement
in future periods. As a result, we posted Adjusted EBITDA of
$5.7 million for the quarter ended
March 31, 2018, compared to
$6.5 million in the comparable prior
year period. On the sales front we continue to grow our industry
vertical and field sales organizations and have recently deployed
the Salesforce CRM (customer relationship management) tool to help
us better manage our growing sales pipeline. We also continue to
make progress on a number of other strategic technology
initiatives, including (1) blue-printing efforts to operationalize
international air and ocean functionality within our new SAP TM
platform, (2) accelerating the digitization of our back-office
operations through the deployment of X-Suite's optical character
recognition and process automation solution to streamline our
procure-to-pay processes with our carriers and (3) migrating our
mission critical systems to Amazon's cloud computing platform AWS
("Amazon Web Services") which will give us cost effective access to
the computing power, database storage, content delivery and other
functionality to help us scale and grow our business."
Crain Continued: "While we continue to look for interesting
acquisition opportunities, we have also recently authorized a stock
buy-back program. We believe the current share price does not
accurately reflect Radiant's long-term growth prospects, and
therefore, represents an excellent investment opportunity for both
the Company and our shareholders. In addition, given the current
and anticipated future financial performance of Radiant Clipper's
temperature controlled business, we have recently entered into a
capital lease program to begin to refresh our refrigerator trailer
fleet at Clipper Exxpress. The lease program allows us to mobilize
equipment into what we believe will continue to represent an
interesting market opportunity while maximizing our financial
flexibility to pursue acquisition opportunities, the stock buy-back
and/or the retirement of our $21.0
million redeemable perpetual preferred stock later this year
should we choose to do so."
Third Fiscal Quarter Ended March 31,
2018 – Financial Results
For the three months ended March 31,
2018, Radiant reported net income attributable to common
stockholders of $0.2 million on
$203.9 million of revenues, or
$0.00 per basic and fully diluted
share. For the three months ended March 31,
2017, Radiant reported net income attributable to common
stockholders of $0.4 million on
$181.8 million of revenues, or
$0.01 per basic and fully diluted
share.
For the three months ended March 31,
2018, Radiant reported adjusted net income attributable to
common stockholders of $2.7 million,
or $0.05 per basic and fully diluted
share. For the three months ended March 31,
2017, Radiant reported adjusted net income attributable to
common stockholders of $3.7 million,
or $0.07 per basic and fully diluted
share.
For the three months ended March 31,
2018, Radiant reported Adjusted EBITDA of $5.7 million, compared to $6.5 million for the comparable prior year
period.
Nine Months Ended March 31,
2018 – Financial Results
For the nine months ended March 31,
2018, Radiant reported net income attributable to common
stockholders of $3.8 million on
$608.6 million of revenues, or
$0.08 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 nine months ended March 31,
2017, Radiant reported net income attributable to common
stockholders of $3.8 million on
$575.8 million of revenues, or
$0.08 per basic and fully diluted
share.
For the nine months ended March 31,
2018, Radiant reported adjusted net income attributable to
common stockholders of $9.2 million
or $0.19 per basic and $0.18 per fully diluted share. For the nine
months ended March 31, 2017, Radiant
reported adjusted net income attributable to common stockholders of
$13.4 million or $0.28 per basic and $0.27 per fully diluted share.
For the nine months ended March 31,
2018, Radiant reported Adjusted EBITDA of $19.3 million, compared to $22.7 million for the comparable prior year
period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Wednesday, May 9, 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:
|
Wednesday, May 9,
2018 at 4:30 PM Eastern
|
DIAL-IN
|
US (877)
407-8031; Intl. (201) 689-8031
|
REPLAY
|
May 10, 2018 at 9:30
AM Eastern to May 23, 2018 at 4:30 PM Eastern, US (877)
481-4010;
|
|
Intl. (919) 882-2331
(Replay ID number: 29149)
|
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)
|
|
March 31,
|
|
June 30,
|
|
|
|
2018
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,225
|
|
$
|
5,808
|
|
Accounts receivable,
net of allowance of $1,284 and $1,599, respectively
|
|
|
122,294
|
|
|
116,327
|
|
Income tax
deposit
|
|
|
1,848
|
|
|
432
|
|
Prepaid expenses and
other current assets
|
|
|
5,541
|
|
|
7,153
|
|
Total current
assets
|
|
|
133,908
|
|
|
129,720
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
16,417
|
|
|
15,227
|
|
|
|
|
|
|
|
|
|
Acquired intangibles,
net
|
|
|
67,736
|
|
|
74,729
|
|
Goodwill
|
|
|
65,389
|
|
|
66,779
|
|
Deposits and other
assets
|
|
|
3,035
|
|
|
3,085
|
|
Total long-term
assets
|
|
|
136,160
|
|
|
144,593
|
|
Total
assets
|
|
$
|
286,485
|
|
$
|
289,540
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable and
accrued transportation costs
|
|
$
|
81,559
|
|
$
|
85,490
|
|
Commissions
payable
|
|
|
11,682
|
|
|
10,843
|
|
Other accrued
costs
|
|
|
4,901
|
|
|
4,778
|
|
Current portion of
notes payable
|
|
|
3,446
|
|
|
3,382
|
|
Current portion of
contingent consideration
|
|
|
1,086
|
|
|
4,130
|
|
Current portion of
transition and lease termination liability
|
|
|
1,251
|
|
|
1,210
|
|
Other current
liabilities
|
|
|
305
|
|
|
143
|
|
Total current
liabilities
|
|
|
104,230
|
|
|
109,976
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
41,438
|
|
|
37,040
|
|
Contingent
consideration, net of current portion
|
|
|
2,625
|
|
|
5,790
|
|
Transition and lease
termination liability, net of current portion
|
|
|
168
|
|
|
804
|
|
Deferred rent
liability
|
|
|
1,022
|
|
|
857
|
|
Deferred tax
liability
|
|
|
7,281
|
|
|
10,826
|
|
Other long-term
liabilities
|
|
|
1,052
|
|
|
782
|
|
Total long-term
liabilities
|
|
|
53,586
|
|
|
56,099
|
|
Total
liabilities
|
|
|
157,816
|
|
|
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; 49,451,081 and
49,177,215
shares issued, and 49,359,283 and 49,085,417 shares
outstanding, respectively
|
|
|
31
|
|
|
30
|
|
Additional paid-in
capital
|
|
|
117,656
|
|
|
116,172
|
|
Treasury stock, at
cost, 91,798 shares
|
|
|
(253)
|
|
|
(253)
|
|
Retained
earnings
|
|
|
11,210
|
|
|
7,397
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(84)
|
|
|
65
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
128,561
|
|
|
123,412
|
|
Non-controlling
interest
|
|
|
108
|
|
|
53
|
|
Total stockholders'
equity
|
|
|
128,669
|
|
|
123,465
|
|
Total liabilities and
stockholders' equity
|
|
$
|
286,485
|
|
$
|
289,540
|
|
RADIANT LOGISTICS,
INC.
Consolidated
Statements of Operations and Comprehensive Income
|
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
March 31,
|
|
Nine Months Ended
March 31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Revenues
|
|
$
|
203,921
|
|
$
|
181,771
|
|
$
|
608,612
|
|
$
|
575,785
|
|
Cost of
transportation
|
|
|
154,773
|
|
|
136,062
|
|
|
465,448
|
|
|
430,943
|
|
Net
revenues
|
|
|
49,148
|
|
|
45,709
|
|
|
143,164
|
|
|
144,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
22,194
|
|
|
21,421
|
|
|
61,414
|
|
|
67,729
|
|
Personnel
costs
|
|
|
14,671
|
|
|
12,505
|
|
|
43,573
|
|
|
38,238
|
|
Selling, general and
administrative expenses
|
|
|
7,150
|
|
|
5,575
|
|
|
20,852
|
|
|
16,924
|
|
Depreciation and
amortization
|
|
|
3,640
|
|
|
3,005
|
|
|
10,783
|
|
|
9,039
|
|
Transition and lease
termination costs
|
|
|
—
|
|
|
446
|
|
|
107
|
|
|
1,307
|
|
Change in contingent
consideration
|
|
|
35
|
|
|
737
|
|
|
(75)
|
|
|
1,793
|
|
Total operating
expenses
|
|
|
47,690
|
|
|
43,689
|
|
|
136,654
|
|
|
135,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
1,458
|
|
|
2,020
|
|
|
6,510
|
|
|
9,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
10
|
|
|
6
|
|
|
26
|
|
|
17
|
|
Interest
expense
|
|
|
(755)
|
|
|
(614)
|
|
|
(2,338)
|
|
|
(1,873)
|
|
Foreign exchange gain
(loss)
|
|
|
7
|
|
|
(35)
|
|
|
(132)
|
|
|
354
|
|
Other
|
|
|
103
|
|
|
85
|
|
|
329
|
|
|
393
|
|
Total other
expense:
|
|
|
(635)
|
|
|
(558)
|
|
|
(2,115)
|
|
|
(1,109)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax provision
|
|
|
823
|
|
|
1,462
|
|
|
4,395
|
|
|
8,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
(123)
|
|
|
(540)
|
|
|
1,091
|
|
|
(3,281)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
700
|
|
|
922
|
|
|
5,486
|
|
|
5,422
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
(22)
|
|
|
(15)
|
|
|
(139)
|
|
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
678
|
|
|
907
|
|
|
5,347
|
|
|
5,380
|
|
Less: Preferred stock
dividends
|
|
|
(511)
|
|
|
(511)
|
|
|
(1,534)
|
|
|
(1,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
167
|
|
$
|
396
|
|
$
|
3,813
|
|
$
|
3,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
446
|
|
|
(109)
|
|
|
(149)
|
|
|
430
|
|
Comprehensive
income
|
|
$
|
1,146
|
|
$
|
813
|
|
$
|
5,337
|
|
$
|
5,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic and diluted
|
|
$
|
—
|
|
$
|
0.01
|
|
$
|
0.08
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
49,334,300
|
|
|
48,817,330
|
|
|
49,197,218
|
|
|
48,822,882
|
|
Diluted
shares
|
|
|
50,630,307
|
|
|
50,169,571
|
|
|
50,660,478
|
|
|
49,834,591
|
|
RADIANT LOGISTICS, INC.
Reconciliation of Net Income to Adjusted Net
Income,
EBITDA and Adjusted EBITDA
(unaudited)
As used in this report, Adjusted Net Income, EBITDA, and
Adjusted EBITDA are not measures of financial performance or
liquidity under United States Generally Accepted Accounting
Principles ("GAAP"). Adjusted Net Income, 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 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.
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, 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
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of
net income to adjusted net income:
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income
attributable to common stockholders
|
|
$
|
167
|
|
|
$
|
396
|
|
|
$
|
3,813
|
|
|
$
|
3,846
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
123
|
|
|
|
540
|
|
|
|
(1,091)
|
|
|
|
3,281
|
|
Depreciation and
amortization
|
|
|
3,640
|
|
|
|
3,005
|
|
|
|
10,783
|
|
|
|
9,039
|
|
Change in contingent
consideration
|
|
|
35
|
|
|
|
737
|
|
|
|
(75)
|
|
|
|
1,793
|
|
Lease termination
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
107
|
|
|
|
25
|
|
Acquisition related
costs
|
|
|
57
|
|
|
|
308
|
|
|
|
154
|
|
|
|
525
|
|
Litigation
costs
|
|
|
53
|
|
|
|
25
|
|
|
|
132
|
|
|
|
138
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Amortization of loan
fees
|
|
|
60
|
|
|
|
79
|
|
|
|
184
|
|
|
|
239
|
|
Transition costs
associated with acquisitions
|
|
|
—
|
|
|
|
446
|
|
|
|
—
|
|
|
|
1,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
4,135
|
|
|
|
5,536
|
|
|
|
14,007
|
|
|
|
20,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 31% before preferred dividend
requirement
|
|
|
(1,440)
|
|
|
|
(1,875)
|
|
|
|
(4,818)
|
|
|
|
(6,726)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
2,695
|
|
|
$
|
3,661
|
|
|
$
|
9,189
|
|
|
$
|
13,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.05
|
|
|
$
|
0.07
|
|
|
$
|
0.19
|
|
|
$
|
0.28
|
|
Diluted
|
|
$
|
0.05
|
|
|
$
|
0.07
|
|
|
$
|
0.18
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares
|
|
|
49,334,300
|
|
|
|
48,817,330
|
|
|
|
49,197,218
|
|
|
|
48,822,882
|
|
Diluted
shares
|
|
|
50,630,307
|
|
|
|
50,169,571
|
|
|
|
50,660,478
|
|
|
|
49,834,591
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of
net income to adjusted EBITDA
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income
attributable to common stockholders
|
|
$
|
167
|
|
|
$
|
396
|
|
|
$
|
3,813
|
|
|
$
|
3,846
|
|
Preferred stock
dividends
|
|
|
511
|
|
|
|
511
|
|
|
|
1,534
|
|
|
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
678
|
|
|
|
907
|
|
|
|
5,347
|
|
|
|
5,380
|
|
Income tax expense
(benefit)
|
|
|
123
|
|
|
|
540
|
|
|
|
(1,091)
|
|
|
|
3,281
|
|
Depreciation and
amortization
|
|
|
3,640
|
|
|
|
3,005
|
|
|
|
10,783
|
|
|
|
9,039
|
|
Net interest
expense
|
|
|
745
|
|
|
|
608
|
|
|
|
2,312
|
|
|
|
1,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
5,186
|
|
|
|
5,060
|
|
|
|
17,351
|
|
|
|
19,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
386
|
|
|
|
323
|
|
|
|
1,116
|
|
|
|
983
|
|
Change in contingent
consideration
|
|
|
35
|
|
|
|
737
|
|
|
|
(75)
|
|
|
|
1,793
|
|
Acquisition related
costs
|
|
|
57
|
|
|
|
308
|
|
|
|
154
|
|
|
|
525
|
|
Litigation
costs
|
|
|
53
|
|
|
|
25
|
|
|
|
132
|
|
|
|
138
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Lease termination
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
107
|
|
|
|
25
|
|
MM&D start-up
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
410
|
|
|
|
—
|
|
Foreign exchange loss
(gain)
|
|
|
(7)
|
|
|
|
35
|
|
|
|
132
|
|
|
|
(354)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
5,710
|
|
|
$
|
6,488
|
|
|
$
|
19,327
|
|
|
$
|
22,680
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
|
11.6
|
%
|
|
|
14.2
|
%
|
|
|
13.5
|
%
|
|
|
15.7
|
%
|
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SOURCE Radiant Logistics, Inc.