Radiant Logistics Announces Results for Second Fiscal Quarter Ended December 31, 2013
Posts quarterly results with Adjusted EBITDA of $3.6 Million – Up $1.6 Million and 76.4%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 520 bps at 14.7%
BELLEVUE, WA February 13, 2014 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today reported financial results for the three and six months ended December 31, 2013.
Second Fiscal Quarter Financial Highlights (Quarter Ended December 31, 2013)
- Net income attributable to common shareholders was approximately $0.3 million, including a one-time non-cash charge of $1.2 million related to the unamortized original issue discount and debt issue costs written off in connection with the retirement of subordinate debt, on $84.1 million of revenues, or $0.01 per basic and diluted share, for the second fiscal quarter of 2014, compared to net income of less than $0.1 million on $78.2 million of revenues, or $0.00 per basic and diluted share, for the comparable prior year period.
- Adjusted net income attributable to common shareholders was $1.9 million, or $0.06 per basic and $0.05 per diluted share, for the second fiscal quarter of 2014, compared to adjusted net income attributable to common shareholders of $0.9 million, or $0.03 per basic and $0.02 per fully diluted share, for the comparable prior year period. Both periods are calculated by applying a normalized tax rate of 40% and excluding other items not considered part of regular operating activities.
- Adjusted EBITDA increased 76.4% to $3,588,000 for the second fiscal quarter of 2014, compared to adjusted EBITDA of $2,035,000 in the comparable prior year period.
- Adjusted EBITDA margin (expressed as a function of net revenues) increased 520 basis points to 14.7% for the second fiscal quarter of 2014, compared to Adjusted EBITDA margin of 9.5% in the comparable prior year period.
- Effective October 1, Radiant acquired Phoenix based On Time Express, Inc., internalizing a proprietary dedicated line-haul network which we expect will serve as a catalyst for margin expansion and a competitive differentiator to help secure new end customers and attract additional agent stations to the Radiant network. On Time Express is anticipated to add $26.0 -$28.0 million in revenues and $3.5 – $4.0 million in additional adjusted EBITDA.
- During the second fiscal quarter of 2014, the Company raised non-diluted growth capital of approximately $19.3 million in net proceeds through the issuance of a redeemable perpetual preferred equity security, the proceeds of which were used to retire its subordinated debt and substantially reduce amounts outstanding under its senior credit facility.