Radiant Logistics Announces Results For The Third Fiscal Quarter

Reports record quarterly results with revenues of $206.0 Million, up $2.1 million or 1.0%

Radiant Logistics, Inc.  third-party logistics and multimodal transportation services company, today reported financial results for the three and nine months ended March 31, 2019.

Third Fiscal Quarter Financial Highlights (Quarter Ended March 31, 2019)

• Revenues increased to a record $206.0 million for the third fiscal quarter ended March 31, 2019, up $2.1 million or 1.0%, compared to revenues of $203.9 million for the comparable prior year period.
• Net revenues increased to a record $52.7 million for the third fiscal quarter ended March 31, 2019, up $4.1 million or 8.4%, compared to net revenues of $48.6 million for the comparable prior year period.
• Net income attributable to common stockholders increased to a record $2.9 million, or $0.06per basic and fully diluted share, compared to net income of $0.2 million, or $0.00 per basic and fully diluted share for the comparable prior year period.
• Adjusted net income attributable to common stockholders, a non-GAAP financial measure, increased to a record $5.6 million, or $0.11 per basic and fully diluted share for the third fiscal quarter ended March 31, 2019, compared to adjusted net income attributable to common stockholders of $2.7 million, or $0.05 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% for the three months ended March 31, 2019 and 31.0% for the comparable prior year period and excluding other items not considered part of regular operating activities.
• Adjusted EBITDA increased to a record $8.4 million for the third fiscal quarter ended March 31, 2019, up $2.7 million or 47.4%, compared to adjusted EBITDA of $5.7 million for the comparable prior year period.
• Adjusted EBITDA margin (expressed as a function of net revenues) increased 425 basis points to a record 16.0% for the third fiscal quarter ended March 31, 2019, compared to Adjusted EBITDA margin of 11.8% for the comparable prior year period.

CEO Comments

“We are pleased to report another quarter of record results for the third fiscal quarter ended March 31, 2019, highlighted by continued margin expansion along with strong cashflows,” said Bohn Crain, Founder and CEO, “We posted record results for the March quarter with revenues of $206.0 million, up $2.1 million or 1.0%; net revenues of $52.7 million, up $4.1 million or 8.4%; and also saw our net revenue margins up 177 basis points to 25.6% from 23.8% for the comparable prior year period. We also reported record net income attributable to common stockholders of $2.9 million, up $2.7 million; adjusted net income attributable to common shareholders of $5.6 million, up $2.9 millionor 107.4%; and Adjusted EBITDA of $8.4 million, up $2.7 million or 47.4% over the comparable prior year period. In addition, we also saw improvement in our Adjusted EBITDA margins, which increased 425 basis points to a record 16.0%, from 11.8% for the comparable prior year period.

In the U.S. we reported revenues of $179.1 million, up $1.9 million or 1.1% and net revenues of $45.4 million, up $2.9 million or 6.8% over the comparable prior year period. U.S. transportation net revenues of $44.2 million were up $2.6 million or 6.3% from the comparable prior year period. U.S. value added services net revenues of $1.1 million were up $0.2 million or 22.2%. In Canada we reported revenues of $27.1 million, up $0.1 million or 0.4% and net revenues of $7.4 million, up $1.3 million or 21.3% over the comparable prior year period. Canada’s transportation net revenues of $4.4 million were up $0.2 million or 4.8% from the comparable prior year period. Canada’s value added services net revenues of $3.0 million were up $1.1 million or 57.9%.

The business also continues to deliver strong cashflows generating $17.1 million in cash from operations from the three months ended March 31, 2019 and generating $33.5 million in cash from operations for the nine months ended March 31, 2019.”

Crain continued: “We are encouraged by our continued strong financial performance with trailing twelve month adjusted EBITDA through March 31, 2019 of $39.7 million. Having retired the $21.0 million preferred stock in December, we continue to pay down debt and as of the end of the quarter we had approximately $16.9 million drawn on the Company’s $75.0 million credit facility and total net debt of approximately $34.7 million, less than one times our trailing twelve month adjusted EBITDA.

Our now more than 10-year first market advantage in executing our multi-brand strategy in consolidating agent-based forwarding networks, ongoing investment in technology and low leverage on our balance sheet puts us in a unique position to support further consolidation in the marketplace. We are patiently persistent in the pursuit of this long-term vision which we believe, over time, will deliver meaningful value for shareholders, our operating partners and the end customers that we serve.”

Third Fiscal Quarter Ended March 31, 2019 – Financial Results

For the three months ended March 31, 2019, Radiant reported net income attributable to common stockholders of $2.9 million on $206.0 million of revenues, or $0.06 per basic and fully diluted share. 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, 2019, Radiant reported adjusted net income attributable to common stockholders of $5.6 million, or $0.11 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, 2019, Radiant reported Adjusted EBITDA of $8.4 million, compared to $5.7 million for the comparable prior year period.

Nine Months Ended March 31, 2019 – Financial Results

For the nine months ended March 31, 2019, Radiant reporting net income attributable to common stockholders of $9.3 million (including a charge of $1.7 million related to the redemption of the Company’s preferred stock) on $685.9 million of revenues, or $0.19 per basic and 0.18 per fully diluted share. 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.

For the nine months ended March 31, 2019, Radiant reported adjusted net income attributable to common stockholders of $19.1 million, or $0.39 per basic and 0.37 per 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, 2019, Radiant reported Adjusted EBITDA of $29.7 million, compared to $19.3 million for the comparable prior year period.

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