Radiant Logistics Announces Select Preliminary Unaudited Financial Results
Record Results of Operation Estimated for Fiscal Fourth Quarter Annual Audited Results Expected Within SEC Permitted Extension Period
RENTON, WA September 13, 2022 – Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today announced select preliminary unaudited financial results for the fourth quarter ended June 30, 2022, and that it will be filing a Form 12b-25 with the U.S. Securities and Exchange Commission, providing the Company with a permissible 15-day extension for filing its Annual Report on Form 10-K for the year ended June 30, 2022 (the “Form 10-K”). The Company currently expects that it will timely file its Form 10-K on or before the expiration of the extension period and will hold its quarterly earnings call concurrent with that filing.
The financial results presented below for the quarterly period ended June 30, 2022, reflect the Company’s preliminary, unaudited results of operations as of the date of this press release. These preliminary unaudited results may be subject to change upon the completion of the reporting process and audit of the Company’s full-year financial statements, and actual results may vary from these preliminary results. The preliminary unaudited results for the Company’s fiscal fourth quarter ended June 30, 2022 are as follows:
Financial Highlights – Three Months Ended June 30, 2022 (Preliminary and Unaudited)
- Revenues increased to $398.6 million for the fourth fiscal quarter ended June 30, 2022, up $140.7 million or 54.6%, compared to revenues of $257.9 million for the comparable prior year period.
- Net revenues, a non-GAAP financial measure, increased to $88.5 million for the fourth fiscal quarter ended June 30, 2022, up $25.7 million or 40.9%, compared to net revenues of $62.8 million for the comparable prior year period.
- Net income attributable to Radiant Logistics, Inc. increased to $18.3 million for the fourth fiscal quarter ended June 30, 2022, or $0.37 per basic and $0.36 per fully diluted share, up $7.2 million or 64.9% compared to $11.1 million, or $0.22 per basic and $0.21 per fully diluted share for the comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, increased to $20.2 million, or $0.41 per basic and $0.40 per fully diluted share for the fourth fiscal quarter ended June 30, 2022, up $10.1 million or 100.0%, compared to adjusted net income of $10.1 million, or $0.20 per basic and fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.
- Adjusted EBITDA, a non-GAAP financial measure, increased to $27.7 million for the fourth fiscal quarter ended June 30, 2022, up $13.6 million or 96.5%, compared to adjusted EBITDA of $14.1 million for the comparable prior year period.
- Adjusted EBITDA margin (Adjusted EBITDA expressed as a percentage of net revenues), a non-GAAP financial measure, increased to 31.2% for the fourth fiscal quarter ended June 30, 2022, up 870 basis points, compared to Adjusted EBITDA margin of 22.5% for the comparable prior year period.
About Radiant Logistics, Inc.
Radiant Logistics, Inc. (www.radiantdelivers.com) (NYSE American: RLGT) is a publicly traded third-party logistics company providing a full suite of technology enabled global transportation and value-added logistics services primarily to customers based in the United States and Canada. The Company services a large and diversified account base providing 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 for customers around the world.
This announcement contains “forward-looking statements” within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “estimates,” “expect,” “future,” “intend,” “may,” “plan,” “see,” “seek,” “strategy,” or “will” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management’s beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this announcement. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in-line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain of our larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; the impact of COVID-19 on our operations and financial results; the timing for completion of the audit related to our Form 10-K and the filing date of our Form 10-K; the absence of any audit adjustments that may materially affect the preliminary unaudited financial results contained within this press release, and such other factors that may be identified from time to time in our Securities and Exchange Commission (“SEC”) filings and other public announcements, including those set forth under the caption “Risk Factors” in our Form 10-K for the year ended for the year ended June 30, 2022. In addition, the global economic climate and additional or unforeseen effects from the COVID-19 pandemic and current conflict in Ukraine amplify many of these risks. Further, all statements regarding the Company’s renewed equity shelf registration statement presume that our filings with the SEC remain timely, including within permitted extension periods. Should we be unable to timely file the Annual Report on Form 10-K within the permitted extension period, we would be unable to access our shelf registration statement until we are current in our SEC reports for at least one year. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.