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Radiant Logistics, Inc. (RLGT)

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Radiant Logistics, Inc.

 RLGT.. $0.55 Earnings

Radiant Posts 136.7% Earnings Growth With Adjusted EBITDA of $1,709,000 for the Fiscal First Quarter Ended September 30, 2010

[b]For the three months ended September 30, 2010, Radiant reported net income of $783,000 on $46.4 million of revenues, or $0.03 per basic and fully diluted share. For the three months ended September 30, 2009, Radiant reported net income of $116,000 on $34.0 million of revenues, or $0.00 per basic and fully diluted share. [/b]

PR Newswire - Nov 11 at 08:00

Company Symbols: NASDAQ-OTCBB:RLGT

[b]Provides Upward Guidance from $4,500,000 to $5,000,000 in Adjusted EBITDA for FYE June 30, 2011[/b]

BELLEVUE, Wash., Nov. 11, 2010 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics services company, today reported financial results for the three months ended September 30, 2010.

For the three months ended September 30, 2010, Radiant reported net income of $783,000 on $46.4 million of revenues, or $0.03 per basic and fully diluted share. For the three months ended September 30, 2009, Radiant reported net income of $116,000 on $34.0 million of revenues, or $0.00 per basic and fully diluted share.  

The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation amortization), of $1,709,000 for the three months ended September 30, 2010, compared to adjusted EBITDA of $722,000 for the comparable prior year period.

&;We are seeing encouraging trends with the improving economy and glad to see the benefits of our scalable non-asset based business model beginning to show themselves,&; said Bohn Crain, Chairman and CEO. &;For the quarter ended September 30, 2010, our revenues increased 36.2% to $46.4 million as compared to $34.0 million for the comparable prior year period.  Net transportation revenues also increased 33.8% to $14.1 million as compared to $10.5 million for the comparable prior year period.  We often talk about our business in terms of people, process and technology.  Our ability to leverage our personnel and general administrative costs as a function of our net revenues is what will really allow us to drive profitable growth. We continue to make gains in this area through technology and business process improvements that are creating operating efficiencies across the network.   As a percentage of net revenues, our personnel costs decreased from 13.5% to 11.0%. Our selling, general and administrative costs, as a percentage of net revenues, decreased from 10.4% to 7.5%. We are very excited about these trends and the anticipated margin expansion available to us as we continue to execute our growth strategy.&;

Mr. Crain continued, &;As we look forward to the balance of our fiscal year ending June 30, 2011, we believe we remain well positioned to benefit from an improving economic environment and we are updating our prior guidance from $4.5 million on $158.0 million in annual revenues to $5.0 million in adjusted EBITDA on $165.0 million in annual revenues, or approximately $0.07 per basic and diluted share. This is before considering the impact of any future acquisitions or organic network expansion.  Looking forward, our strategy remains unchanged. From our current platform, we believe profitable growth can be best achieved by continuing to bring value to the agent-based forwarder community and continuing to execute our three-prong strategy of first, providing continuous improvement to our existing network participants in terms of technology, buy rates and enhanced service offerings; second,  building upon the success of our organic growth initiative by on-boarding additional agent stations; and third,  opportunistically pursuing acquisition opportunities, including strategic opportunities within the community of agent-based forwarders.&;

Mr. Crain concluded, &;Although we have seen some recent appreciation in our stock price, at approximately 7.0x this year&;s projected earnings per share, our stock trades at a significant discount to our competitors. We would also like to remind investors that our free cashflow is generally higher than our net income because we have significant non-cash depreciation and amortization expenses flowing through our financial statements as a result of the mechanics of accounting for acquisitions and the fact that we have minimal maintenance capital expenditure requirements.&;

Supplemental Pro Forma Information

We believe that supplemental disclosure of our adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization adjusted for stock-based compensation, goodwill impairment and other non-cash costs is a useful measure for investors because it eliminates the effect of certain non-cash costs and provides an important metric for our business.  Adjusted EBITDA is a non-GAAP measure of income.  A reconciliation of adjusted EBITDA amounts to net income, the most directly comparable GAAP measure, for the three months ended September 30, 2010 and 2009 is shown below:

Historical Results

                                                    THREE MONTHS ENDED

(Amounts in 000's)                                  SEPTEMBER 30,

                                                    2010     2009


Net income                                          $ 783    $ 116



Income tax expense                                    506      71

Interest expense – net                              36       55

Depreciation and amortization                         325      410


EBITDA                                                1,650    652

Share-based compensation and other non-cash charges   59       70


Adjusted EBITDA                                     $ 1,709  $ 722

This supplemental pro forma financial information is presented for informational purposes only and is not a substitute for the historical financial information presented in accordance with accounting principles generally accepted in the United States. A reconciliation of adjusted EBITDA amounts to net income, the most directly comparable GAAP measure, for the fiscal year ending June 30, 2011 is shown below:
Financial Outlook

(Amounts in 000's)
                                             Outlook          Actual

                                             Fiscal Year      Fiscal Year

                                             Ended June 30,   Ended June 30,

                                             2011             2010

Net income                                   $ 2,200         $ 1,959


Income tax expense                             1,349           1,093

Interest expense – net                       200             135

Depreciation and amortization                  1,119           1,598


EBITDA                                         4,868           4,785


Stock-based compensation and other non-cash
charges                                        132             315

Gain on extinguishment of debt                 -               (135)

Business & Occupancy tax refund                -               (364)

Gain on litigation settlement                  -               (355)


Adjusted EBITDA                              $ 5,000         $ 4,246

Investor Conference Call

Radiant will host a conference call for shareholders and the investing community on Friday, November 12, 2010 at 4:00pm, ET to discuss the contents of the release. The call can be accessed by dialing (877) 407-8031, or (201) 689-8031 for international participants, and is expected to last approximately 30 minutes. Callers are requested to dial in 5 minutes before the start of the call. An audio replay will be available for one week after the teleconference by dialing (877) 660-6853, or (201) 612-7415 for international callers, and using account number 286 and conference ID number 360912. The call will also be webcast and may be accessed via Radiant&;s web site at http://radiantdelivers.com or through www.InvestorCalendar.com.

About Radiant Logistics (OTC BB: RLGT)

Radiant Logistics (www.radiantdelivers.com) is a non-asset based logistics company providing domestic and international freight forwarding and related services through a network of approximately 70 company owned and exclusive agent offices across North America. Operating under the Airgroup, Adcom Worldwide and Radiant Logistics brands, the company services a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599. 

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as &;may,&; &;will,&; &;expects,&; &;intends,&; &;plans,&; &;projects,&; &;estimates,&; &;anticipates,&; or &;believes&; or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. 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. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, our ability to: use our current infrastructure as a &;platform&; upon which we can build a profitable global transportation and supply chain management company; retain and build upon the relationships we have with our exclusive agency offices; continue the development of our back office infrastructure and transportation and accounting systems in a manner sufficient to service our expanding revenues and base of exclusive agency locations; continue growing our business and maintain historical or increased gross profit margins; locate suitable acquisition opportunities; secure the financing necessary to complete any acquisition opportunities we locate; assess and respond to competitive practices in the industries in which we compete, mitigate, to the best extent possible, our dependence on current management and certain of our larger exclusive agency locations; assess and respond to the impact of current and future laws and governmental regulations affecting the transportation industry in general and our operations in particular; as well as those risk factors disclosed in Item 1A of our Report on Form 10 K for the year ended June 30, 2010 other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiantdelivers.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.


Consolidated Balance Sheets
                                                September 30,     June 30,

                                                2010              2010


Current assets -

Cash and cash equivalents                     $ 900,219         $ 682,108

Accounts receivable, net of allowance

of $600,118 and $626,401 respectively           23,770,163        21,442,023

Current portion of employee loan receivable     13,600            13,100

Current portion of station and other
receivables                                     104,947           195,289

Prepaid expenses and other current assets       1,094,858         1,104,211

Deferred tax asset                              373,791           402,428

Total current assets                            26,257,578        23,839,159


Furniture and equipment, net                    879,907           881,416


Acquired intangibles, net                       1,774,374         2,019,757

Goodwill                                        1,011,310         982,788

Employee loan receivable, net of current
portion                                         38,000            38,000

Station and other receivables, net of current
portion                                         163,614           151,160

Investment in real estate                       40,000            40,000

Deposits and other assets                       183,134           153,116

Deferred tax asset – long term                253,099           106,023

Total long term assets                          3,463,531         3,490,844

Total assets                                  $ 30,601,016      $ 28,211,419



Current liabilities -

Accounts payable and accrued transportation
costs                                         $ 16,951,221      $ 16,004,814

Commissions payable                             2,681,013         2,119,503

Other accrued costs                             661,335           538,854

Income taxes payable                            308,090           76,309

Due to former Adcom shareholder                 555,977           603,205

Total current liabilities                       21,157,636        19,342,685


Long term debt                                  7,741,719         7,641,021

Other long term liabilities                     487,965           439,905

Total long term liabilities                     8,229,684         8,080,926

Total liabilities                               29,387,320        27,423,611

Stockholders' equity:

Preferred stock, $0.001 par value, 5,000,000
shares authorized; no shares issued or
outstanding                                     -                 -

Common stock, $0.001 par value, 50,000,000
shares authorized. Issued and outstanding:
September 30, 2010 – 29,894,421; June 30,
2010 – 31,273,461                             16,157            16,157

Additional paid-in capital                      8,163,178         8,108,239

Treasury stock, at cost, 4,807,539 and
3,428,499 shares, respectively                  (1,354,087)       (936,190)

Retained deficit                                (5,684,003)       (6,466,946)

Total Radiant Logistics, Inc. stockholders'
equity                                          1,141,245         721,260

Non-controlling interest                        72,451            66,548

Total stockholders' equity                      1,213,696         787,808

Total liabilities and stockholders' equity    $ 30,601,016      $ 28,211,419


Consolidated Statements of Income (Operations)
                                                   THREE MONTHS ENDED

                                                   SEPTEMBER 30,
                                                     2010          2009

Revenue                                            $ 46,361,057  $ 34,028,336

Cost of transportation                               32,242,361    23,479,447

Net revenues                                         14,118,696    10,548,889

Agent commissions                                    9,832,460     7,455,206

Personnel costs                                      1,557,160     1,422,397

Selling, general and administrative expenses         1,063,282     1,096,273

Depreciation and amortization                        325,258       409,781

Total operating expenses                             12,778,160    10,383,657

Income from operations                               1,340,536     165,232

Other income (expense):

Interest income                                      5,809         1,184

Interest expense                                     (42,242)      (56,508)

Other                                                26,286        98,309

Total other income (expense)                         (10,147)      42,985

Income before income tax expense                     1,330,389     208,217

Income tax expense                                   (505,543)     (71,127)

Net income                                           824,846       137,090

Less: Net income attributable to non- controlling
interest                                             (41,903)      (21,040)

Net income attributable to Radiant Logistics, Inc. $ 782,943     $ 116,050

Net income per common share – basic              $ .03         $ .00

Net income per common share – diluted            $ .03         $ .00

Weighted average shares outstanding:

Basic shares                                         30,471,061    33,367,940

Diluted shares                                       30,723,861    33,548,186


Reconciliation of EBITDA to Net Income and Net Cash Provided By Operating

As used in this report, adjusted EBITDA means earnings before interest,
income taxes, depreciation and amortization adjusted for stock-based
compensation and other non-cash charges. We believe that adjusted EBITDA, as
presented, represents a useful method of assessing the performance of our
operating activities, as it reflects our earnings trends without the impact
of certain non-cash charges. Adjusted EBITDA is also used by our creditors
in assessing debt covenant compliance. We understand that although
securities analysts frequently use EBITDA in their evaluation of companies,
it is not necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the method of calculation.
EBITDA is not intended as an alternative to cash flow provided by operating
activities as a measure of liquidity, as an alternative to net income as an
indicator of our operating performance, nor as an alternative to any other
measure of performance in conformity with accounting principles generally
accepted in the United States of America.

The following is a reconciliation of adjusted EBITDA to both net income and
cash flow provided by operating activities:

                                                THREE MONTHS ENDED

                                                SEPTEMBER 30,

                                                  2010           2009

Adjusted EBITDA                                 $ 1,708,980    $ 721,865

Stock-based compensation and other non-cash
charges                                           (58,803)       (69,583)

EBITDA                                            1,650,177      652,282

Depreciation and amortization                     (325,258)      (409,781)

Interest expense, net                             (36,433)       (55,324)

Income tax expense                                (505,543)      (71,127)

Net income                                        782,943        116,050



Non-cash compensation expense (stock options)     54,939         54,207

Amortization of intangibles                       245,383        308,324

Deferred income tax benefit                       (118,439)      (60,063)

Depreciation and leasehold amortization           79,875         101,457

Change in non-controlling interest of

subsidiary                                        41,903         21,040

Provision for doubtful accounts                   (26,283)       105,413


Accounts receivable                               (2,301,857)    (2,165,750)

Employee loan receivable                          (500)          2,000

Station and other receivables                     77,888         172,947

Prepaid expenses and other assets                 (20,665)       (135,004)

Accounts payable & accrued transportation costs   946,407        821,616

Commissions payable                               561,510        441,713

Other accrued costs                               122,481        (209,450)

Other long-term liabilities                       48,060         -

Income taxes payable                              231,781        -

Income tax deposit                                -              129,208

Total adjustments                                 (57,517)       (412,342)

Net cash provided by (used for) operating
activities                                      $ 725,426      $ (296,292 )

SOURCE Radiant Logistics, Inc.



RLGT.. $0.38 Insider stock purchases...

There has been what seems to be an open checkbook to buy shares of RLGT during the past 2 years.. I would also point out the fortunes of the company and the price of the stock have gotten better after each purchase,.. Seems like good coattails to follow.. hank


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RLGT News: Radiant Logistics rallies on FQ3 estimates beat 10:10 AM
RLGT News: Quarterly Report (10-q) 05/10/2021 05:05:39 PM
RLGT News: Radiant Logistics EPS beats by $0.10, beats on revenue 05/10/2021 04:18:05 PM
RLGT News: Radiant Logistics Announces Results For The Third Fiscal Quarter Ended March 31, 2021 05/10/2021 04:05:00 PM
RLGT News: Radiant Logistics to Host Investor Call to Discuss Financial Results for Third Fiscal Quarter Ended March 31, 2021 05/03/2021 04:05:00 PM
News News Alert: Radiant Logistics rallies on FQ3 estimates beat 05/11/2021 10:10:37 AM
#87   We're in this business now. This company MaddAussi 01/06/21 08:22:58 PM
#86   This is gonna be a long slow dip. 85sticks 03/23/16 05:37:39 PM
#85   Boom. 85sticks 03/14/16 05:42:26 PM
#84   I suck at trading RLGT, but i think 85sticks 03/01/16 02:24:25 PM
#83   Oops 3.27 85sticks 02/16/16 04:57:40 PM
#82   Went green today after a bit of a 85sticks 02/16/16 04:55:09 PM
#81   Get em why there low, its about to go! 85sticks 02/01/16 06:08:34 PM
#80   Gosh darn, getting beat up in here I 85sticks 10/23/15 12:58:07 PM
#79   Alrighty, I'm bullish time to make some money. 85sticks 08/31/15 09:33:41 PM
#78   Bottom is in, it's go time for $RLGT. 85sticks 08/24/15 01:48:32 PM
#77   I think we need to go test 5.28 85sticks 08/19/15 01:52:46 PM
#76   Alright $RLGT break that resistance and get back 85sticks 08/17/15 01:32:28 PM
#75   Boy oh boy, did I call this dip 85sticks 08/11/15 02:35:07 PM
#74   RLGT should drop below 6 tmrw. Best buy 85sticks 08/10/15 04:16:24 PM
#73   Gonna maybe try 3 trades this run. I 85sticks 08/05/15 02:59:39 PM
#72   Looking for a quick run 7.50- 7.80, it's 85sticks 08/04/15 02:03:01 PM
#71   It's following the same chart pattern it has 85sticks 08/03/15 11:11:46 AM
#70   Why is RLGT tanking? Details, please. RRRichmond 08/03/15 11:00:51 AM
#69   Waiting on the drop to $6 and nabbing. 85sticks 07/27/15 10:45:42 AM
#68   SCAM ALERT Goldmind 06/20/15 11:01:13 PM
#67   I would just watch for now; lower than 85sticks 06/19/15 12:33:35 PM
#66   I like this company. Doing more DD tonight. skibum2k 06/18/15 04:45:04 PM
#65   For myself since it seems I'm the only 85sticks 06/16/15 08:52:09 AM
#64   I still agree and it is 7 years later. 85sticks 06/14/15 08:30:11 PM
#63   My call was a test of $7 from 85sticks 06/14/15 08:15:58 PM
#62   $RLGT recent news/filings stocktrademan 06/05/15 03:02:02 PM
#61   Goodness gracious my calls just keep coming true. 85sticks 06/03/15 01:58:47 PM
#60   This is more like it. Nice strong upward 85sticks 05/29/15 12:15:18 PM
#59   Still looking good. It's going up. I'm still 85sticks 05/22/15 10:12:02 AM
#58   That is a big lot of shares shares though. 85sticks 05/19/15 09:58:07 PM
#57   Profit taking. What's your explanation? You said it 85sticks 05/19/15 09:54:28 PM
#56   Aha, a run back step. Thanks for Trueheart 05/19/15 03:36:56 PM
#55   It just had a huge run back step 85sticks 05/19/15 02:09:41 PM
#54   Did you figure in this dip? Trueheart 05/19/15 12:25:16 PM
#53   I didn't say I knew why it was 85sticks 05/18/15 05:03:53 PM
#52   The stock went up because of revenue and earnings. Trueheart 05/18/15 11:13:20 AM
#51   Don't say I didn't try to warn you! :) 85sticks 05/18/15 10:42:02 AM
#50   I knew this wouldn't stay under $5 long. 85sticks 05/15/15 04:10:49 AM
#49   Just saw it in the charts. It's just 85sticks 05/13/15 11:02:08 AM
#48   Why? Trueheart 05/08/15 12:11:28 PM
#47   Good entry point here. 85sticks 05/08/15 05:25:02 AM
#46   Find new bottoms daily. Trueheart 05/05/15 01:11:10 AM
#45   Wish I'd had bought when I wanted to... 85sticks 04/30/15 04:56:23 AM
#44   true breakout move should happen soon Phoenixxx 04/08/15 02:48:29 AM
#43   8% down from the $6.09 high. Trueheart 04/07/15 09:26:21 PM
#42   Any updates? Last filing? frankiefrankenstein 04/02/15 02:00:48 AM
#41   How 'bout that, Slo? Trueheart 04/02/15 01:36:47 AM
#40   Good eye, True! Slojab 04/01/15 08:04:39 PM
#39   Nice increase over the past year. Trueheart 04/01/15 03:19:57 PM
#38   Been looking at rlgt for a few month 85sticks 12/22/14 10:13:49 PM
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