Radiant Logistics Announces Results For The Second Fiscal Quarter Ended December 31, 2019
Company feels impact of industry-wide headwinds; in line with Company’s predicted results, revenues and earnings generally flat (compared to prior quarter) and down (compared to record results of the prior year quarter)
BELLEVUE, WA February 10, 2020 – Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today reported financial results for the three and six months ended December 31, 2019.
Second Fiscal Quarter Financial Highlights (Quarter Ended December 31, 2019)
- Revenues reported at $201.9 million for the second fiscal quarter ended December 31, 2019, compared to record revenues of $260.9 million for the comparable prior year period, which included approximately $29.9 million in non-recurring project revenues related to disaster relief efforts. Excluding this non-recurring project work in the year ago period, revenues would have been down $29.0 million or 12.6%. On a sequential basis, revenues of $201.9 million were up $1.4 million or 0.7%.
- Net revenues reported at $56.0 million for the second fiscal quarter ended December 31, 2019, compared to record net revenues of $64.0 million for the comparable prior year period, which included approximately $3.6 million in non-recurring net revenues related to disaster relief efforts. Excluding this non-recurring project work in the year ago period, net revenues would have been down $4.4 million or 7.3%. On a sequential basis, net revenues were up $0.5 million or 0.9%.
- Net income attributable to common stockholders reported at $2.6 million, or $0.05 per basic and fully diluted share, compared to net income attributable to common stockholders of $3.8 million, or $0.08 per basic and $0.07 per fully diluted share for the comparable prior year period. On a sequential basis, net income attributable to common shareholders was down $0.6 million or 18.8%.
- Adjusted net income attributable to common stockholders, a non-GAAP financial measure, reported at $6.3 million, or $0.13 per basic and $0.12 per fully diluted share for the second fiscal quarter ended December 31, 2019, compared to adjusted net income attributable to common stockholders of $8.2 million, or $0.16 per basic and fully diluted share for the comparable prior year period. Adjusted net income attributable to common stockholders is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities. On a sequential basis, adjusted net income attributable to common shareholders was down $0.2 million or 3.1%.
- Adjusted EBITDA reported at $9.4 million for the second fiscal quarter ended December 31, 2019, compared to adjusted EBITDA of $12.5 million for the comparable prior year period, which included approximately $1.6 million in incremental adjusted EBITDA related to the non-recurring disaster relief efforts. Excluding this non-recurring project work in the year ago period, adjusted EBITDA would have been down $1.5 million or 13.8%. On a sequential basis, adjusted EBITDA was down $0.3 million or 3.1%.
About Radiant Logistics, Inc.
Radiant Logistics, Inc. (www.radiantdelivers.com) (NYSE American: RLGT) is a publicly traded third party logistics company providing technology-enabled global transportation and value added logistics solutions primarily to customers based in the United States and Canada. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufacturers, distributors and retailers which it supports from an extensive network of Radiant and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.
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 our recently acquired agency operations to maintain and grow their 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.