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I read their webpage and it sounds good, I guess. I got here with a "positive earnings screener" from Finviz. It came up with two others whose charts look right to me. This one might be the best. Anyone out there? What do you think if this young company?
~ Monday! $RLGT ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $RLGT ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=RLGT&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=RLGT&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=RLGT
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=RLGT#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=RLGT+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=RLGT
Finviz: http://finviz.com/quote.ashx?t=RLGT
~ BusyStock: http://busystock.com/i.php?s=RLGT&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=RLGT >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
RLGT in Seeking Alpha article tonight
In the Logistics Industry, Does A Rising Tide Lift All Boats?
Dec 21, 2010 3:26 PM | about stocks: PACR, UPS, FDX, CHRW, EXPD, UTIW, HUBG, SINO
With the news earlier this month that China’s exports popped up 34.9% in November from the year-ago period and showing month to month growth of 22.9% from October, it is clear that world trade continues to expand from the depths of the "Great Recession". Imports to China increased even more--up 37.7% versus October's 25.3% rise. Of course, the China export/import picture is just the most telling reason for the logistics industry's stellar growth in revenue and profitability. Shipping volumes from Central America and Southeast Asia are also very strong as the world slowly recovers from the financial crisis.
The case for continued strength in the business of logistics firms is obvious from the "Big Boys" like Federal Express (NYSE:FDX) and United Parcel Service (NYSE:UPS) to players like Hub Group (Nasdaq:HUBG). However, the appreciation this year has been so robust that investment ratings in some companies have been reduced to "take profits" or "reduce exposure".
Stifel Nicolaus lowered two logistics company's ratings from Buy to Hold --Pacer International, Inc. (Nasdaq:PACR) and Hub Group --on Dec. 15 after their nice price runs of over 100% and 30% respectively during 2010. C.H. Robinson Worldwide, Inc. (Nasdaq:CHRW) was downgraded by Robert W. Baird on Dec. 17 from an Outperform to a Neutral rating after appreciating 80% this year. However, Expeditors International of Washington, Inc. (Nasdaq:EXPD) is up 55% this year and continues to enjoy positive research coverage.
"A Rising Tide Lifts All Boats"?
All of the aforementioned companies have a market capitalization of over $1 Billion. But the opportunity may be in looking at those smaller, little known logistics and freight forwarder companies that have quietly been reporting substantial revenue increases. The old adage that "a rising tide lifts all boats" does apply here, but it may be more of a "rolling tide". Two smaller-cap logistics companies, Radiant Logistics, Inc. (OTCBB:RLGT) with a market cap of $34.8 Million and Janel World Trade, Ltd. (OTCBB:JLWT) with a market cap of just $5.5 Million are understandably under followed but, judging by their revenue growth, are also benefiting from the increase in worldwide container and airfreight shipping volumes.
RLGT was discovered by investors in September when the company was nearing the end its fiscal first quarter (ended Sept. 30). The stock price has since increased almost 400% from $0.30 to $1.18 (Dec. 22 price)-- a nice reward for those investors who recognized a company executing on its business plan with the logistics sectors' fundamental wind at their backs. The company reported first quarter revenue of over $48 million and a healthy bottom line.
Janel World Trade (JLWT), however, has apparently yet to be discovered, as the stock price is at its 52 week lows of $0.25 (JLWT price on Dec. 22 is $0.30). At this late juncture in the year, tax loss selling is most likely a contributing factor to the recent weakness, as there has been no negative news. However,the company has pre-announced that their soon-to be-released fourth quarter and annual report for 2010 (ended Sept. 30) will show a minimum of $87 Million in revenue (a record year). Additionally, JLWT announced the company had purchased logistics assets from Ferarra International Logistics with annualized revenue of $7 Million in October--too late to contribute revenue in fiscal year 2010, but just in time for a full quarter's contribution for the first quarter 2011 ending Dec. 31. JLWT's first quarter (due to be filed Feb. 14) looks to compare very favorably with last year's first quarter (still in recession) and with Ferrara's additional revenue.
With most industry analysts forecasting strong growth in world trade from China, South Asia and Central and South America, along with the Eurozone's need to expand their exports, logistics companies are poised for continued increases in revenue and profitability. The key is to identify those company's whose stock price have already discounted 2011's prospects and move to those yet to be fully valued.
RLGT.OB ($0.815 + $0.115)
"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."
BELLEVUE, Wash., Nov. 11, 2010 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board:RLGT.ob - News), 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."
RLGT.. $0.80
Was fortunate on this one.. Sold some into the leak last week and the rest today into the release.. Got a close to double on most and am the Mod on the RLGT board.. I expect a pull back from here because on EPS projections in the current release IMO RLGT is now fully valued.. Anyway it was a bice ride.. Thants to KIK for the broadcast.. hank..
RLGT.. $0.80.. +$0.20
I don't have the slightest idea why this move was made .. Made a few sales but not enough.. Looking for news but none is out there thru my sources.. hank
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
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.
PR Newswire - Nov 11 at 08:00
Company Symbols: NASDAQ-OTCBB:RLGT
Provides Upward Guidance from $4,500,000 to $5,000,000 in Adjusted EBITDA for FYE June 30, 2011
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.
RADIANT LOGISTICS, INC.
Consolidated Balance Sheets
September 30, June 30,
2010 2010
ASSETS
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
LIABILITIES AND STOCKHOLDERS' EQUITY
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
RADIANT LOGISTICS, INC.
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
RADIANT LOGISTICS, INC.
Reconciliation of EBITDA to Net Income and Net Cash Provided By Operating
Activities
(UNAUDITED)
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
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
PROVIDED BY (USED FOR) OPERATING ACTIVITIES:
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
CHANGE IN OPERATING ASSETS AND LIABILITIES:
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.. $0.50..
Radiant Logistics to Host Investor Call to Discuss Financial Results for First Fiscal Quarter Ended September 30, 2010
PR Newswire - Nov 10 at 08:00
Company Symbols: NASDAQ-OTCBB:RLGT
Call Scheduled for Friday, November 12, at 4:00PM, ET
BELLEVUE, Wash., Nov. 10, 2010 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics services company, will host a conference call on Friday, November 12, at 4:00PM, ET to discuss the Company&;s financial results for the three months ended September 30, 2010.
The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Chairman and CEO will host the call.
Conference Call Details
Date/Time: Friday, November 12, 2010, at 4:00PM, ET
DIAL-IN: US (877) 407-8031; Intl. (201) 689-8031
REPLAY: November 13 at 9:30 AM ET to November 27, 2010 at 11:59 PM ET
US (877) 660-6853; Intl. (201) 612-7415
Account Number: 286; Conference ID number: 360912
Webcast Details
This call is also being webcast and may be accessed via Radiant&;s web site at www.radiantdelivers.com or through www.InvestorCalendar.com.
About Radiant Logistics (OTC BB: RLGT)
Radiant Logistics (www.radiant-logistics.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.
SOURCE Radiant Logistics, Inc.
RGLT.. $0.49.. Radiant Logistics Joins U.S. EPA SmartWay(SM) Transport Partnership
Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international logistics services company, today announced its wholly owned subsidiary Radiant Global Logistics, Inc. ("Radiant") joined the SmartWay(SM) Transport Partnership, an innovative collaboration between U.S. Environmental Protection Agency (EPA) and industry designed to significantly reduce greenhouse gases and other air pollutants and improve fuel efficiency.
Radiant will contribute to the Partnership's goal to reduce 33 to 66 million metric tons of carbon dioxide and up to 200,000 tons of nitrogen oxide per year by 2012 by improving the environmental performance of its freight operations. Carbon dioxide is the most common greenhouse gas, and nitrogen oxide is an air pollutant that contributes to smog.
"We are very proud to be participating in the SmartWay Transport Partnership," said Bohn Crain, Chairman and CEO. "We are continuously looking for ways to minimize our own environmental impact while delivering world class transportation and logistics services. The SmartWay program was a natural next step for us and we are committed to helping our customers achieve their own green initiatives as they execute their supply chain strategies."
About the SmartWay Transport Partnership
The SmartWay Transport Partnership (www.epa.gov/smartwaylogistics) brings together major freight shippers, trucking companies, railroads, logistics companies and trade/professional associations to pursue mutually beneficial strategies that result in emissions reductions and other environmental improvements, as well as cost savings to the companies. The Partnership currently has over 2,600 Partners.
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, and its participation in the SmartWay Transport Program please contact Noel Howard at (425) 462-1094.
SOURCE Radiant Logistics, Inc.
More RLGT MessagesLatest Radiant Logistics RLGT MessagesValue, recomended, and insider buys
Johnstone • Tue Oct 12, 2010 3:06 PM55451413
RGLT.. $0.47 up 10%
10 bagger • Tue Oct 12, 2010 9:54 AM55430102
RLGT.. $0.38 The buyer of all/most of the
10 bagger • Fri Oct 8, 2010 9:21 AM55310693
RLGT.. $0.38 Insider stock purchases...
10 bagger • Thu Oct 7, 2010 11:34 PM55304636
RLGT.. $0.38 Chmn CRAIN Buys 130,000 Of RADIANT
10 bagger • Thu Oct 7, 2010 9:54 AM55267123
followed you with a starter position at .38-
timhyma • Wed Oct 6, 2010 9:54 AM55216873
RLGT.. $0.38
10 bagger • Wed Oct 6, 2010 9:24 AM55214217
Looks like the CEO is a buyer also
timhyma • Wed Oct 6, 2010 7:35 AM55210992
RLGT.. $0.38..
10 bagger • Tue Oct 5, 2010 11:10 PM55207203
RLGT.. Background..
10 bagger • Tue Oct 5, 2010 11:08 PM55207172
RLGT.. $0.38 DD.. Radiant Announces Further Expansion of
10 bagger • Tue Oct 5, 2010 11:07 PM55207154
RLGT.. $0.38 DD... Radiant Logistics Announces Results
10 bagger • Tue Oct 5, 2010 11:03 PM55207042
Radiant Announces Further Gains in Airgroup Network With
di4 • Tue May 26, 2009 8:24 AM38115098
Radiant Announces Further Gains in Adcom Network With
di4 • Wed May 20, 2009 10:44 PM38004586
Radiant Announces Further Gains in Adcom Network With
GuruTrader • Wed May 20, 2009 7:04 PM38000073
Radiant Logistics Announces Stock Buy Back Program
di4 • Mon May 18, 2009 8:30 AM37899683
Radiant Logistics Announces Results for the Fiscal Third
di4 • Fri May 15, 2009 8:00 PM37871077
Radiant Announces Further Expansion of Adcom Network with
learner1156 • Thu Feb 26, 2009 8:42 AM35889715
Conference call
learner1156 • Thu Feb 5, 2009 12:35 PM35370149
Value, recomended, and insider buys
The expected earnings growth rate is 33% (TTM vs. est nest 12 mo.) and the PE is less than a quarter of that. The market is picking up on the value here and there is a lot of room upward.
Alphaking.com has it as one of the small number of stocks in its portfolio.
The CEO is buying regularly (has 9 mill shares):
Crain Bohn H Chief Executive Officer • • • 2010-10-05 4 B $0.38 $49,400 I/I 130,000 9,085,000 2.64 -
Crain Bohn H Chief Executive Officer • • • 2010-09-30 4 B $0.00 $0 D/D 21,500 790,801 3.15 -
Crain Bohn H Chief Executive Officer • • • 2010-05-24 4 B $0.27 $49,950 I/I 185,000 8,955,000 2.64 55%
Crain Bohn H Chief Executive Officer • • • 2010-02-22 4 B $0.23 $46,000 I/I 200,000 8,770,000 2.64 13%
Crain Bohn H Chief Executive Officer • • • 2009-10-07 4 B $0.25 $17,500 I/I 70,000 70,000 2.56 22%
Crain Bohn H Chief Executive Officer • • • 2009-05-21 4 B $0.00 $0 D/D 113,000 769,301 3.15 14%
Crain Bohn H Chief Executive Officer • • • 2009-02-26 4 B $0.11 $26,465 D/D 240,591 656,301 3.23 87%
Crain Bohn H Chief Executive Officer • • • 2009-01-16 4 B $0.18 $87,500 I/I 500,000 8,500,000 2.64 71%
Crain Bohn H Chief Executive Officer • • • 2008-12-29 4 B $0.20 $50,000 I/I 250,000 8,000,000 2.64 20%
RGLT.. $0.47 up 10%
It looks as though the word has finally gotten out and it's off to the races for RGLT.. Could not be overlooked for long with the EPS last reported.. hank
RLGT.. $0.38 The buyer of all/most of the volume in the past few days.... ???
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL
OMB Number: 3235-0104
Expires: February 28, 2011
Estimated average burden
hours per response 0.5
1. Name and Address of Reporting Person*Tabor Douglas
--------------------------------------------------------------------------------
(Last) (First) (Middle)
401 N. CARROLL #194
--------------------------------------------------------------------------------
(Street)SOUTHLAKE TX 76092
--------------------------------------------------------------------------------
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
09/27/2010 3. Issuer Name and Ticker or Trading Symbol
RADIANT LOGISTICS, INC [RLGT.OB]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable) Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value 3,235,952 D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Excercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
/s/ Douglas Tabor 10/07/2010
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 coat tails to follow.. hank
http://ih.advfn.com/p.php?pid=nmona&article=44707981&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=44697929&symbol=OTCBB%3ARLGT
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http://ih.advfn.com/p.php?pid=nmona&article=41682144&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=41267434&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=39802338&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=39001317&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=39001146&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=37896026&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=36517256&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=35885711&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=34847974&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=28994113&symbol=OTCBB%3ARLGT
http://ih.advfn.com/p.php?pid=nmona&article=28869850&symbol=OTCBB%3ARLGT
RLGT.. $0.38 Chmn CRAIN Buys 130,000 Of RADIANT LOGISTICS INC >RLGT
Dow Jones & Company, Inc. - Oct 07 at 08:02
Company Symbols: NASDAQ-OTCBB:RLGT
SOURCE: Form 4
ISSUER: RADIANT LOGISTICS INC
SYMBOL: RLGT
FILER: CRAIN BOHN H
TITLE: Chairman of the Board
DATE TRANSACTION SHARES PRICE VALUE
10/5/10 Purchase 130,000 $0.38 $49,400
OWNERSHIP: 790,801 (Direct) 9,085,000 (Indirect)
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
Insider Data Source: The Washington Service
(info@washingtonservice.com or 301-913-5100)
followed you with a starter position at .38- thanks for the dd
RLGT.. $0.38
I'm not done yet buying.. hank
Looks like the CEO is a buyer also <bg>.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7490022-1126-9372&type=sect&TabIndex=2&companyid=107495&ppu=%252fdefault.aspx%253fcik%253d1171155
What's up with the even lot? Not your style- trying to confuse us, lol?
RLGT.. $0.38..
Just bought 25,000 @0.38.. Good looking numbers with growth in a booming industry.. Been high bid for some time but nothing came in.. Stepped up to buy.. hank
RLGT.. Background..
Radiant Logistics (www.radiantdelivers.com) services a diversified account base including manufacturers, distributors and retailers through approximately 70 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.
RLGT.. $0.38 DD.. Radiant Announces Further Expansion of Airgroup Network With New Operations in St. Louis, Missouri
BELLEVUE, Wash., Aug. 12 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board:RLGT.ob - News), a domestic and international logistics services company, today announced further gains in the growth of its Airgroup network with a new office opening in St. Louis, Missouri. The Airgroup-STL regional office will leverage the Company's robust technology platform and global network to provide domestic and international freight forwarding and logistics services throughout the mid-west and beyond.
With over 30 years of experience, Eddie Keck will lead Airgroup-STL servicing a diversified base of domestic and international customers. "We are very excited to be joining Radiant and the Airgroup network," said Mr. Keck. "The platform, in terms of people, process, technology and network is unique in the marketplace and represented a compelling opportunity for me and my team. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while enjoying the benefits of participating in an organization that, through is status as a public company, gives us the ability to work as shareholders and share in the value that we help create."
Mr. Keck continued: "Through years of dedicated services, our entire St. Louis team has developed some very strong relationships with our customers, vendors and associates around the globe. Our customers have always remained our top priority and this philosophy has been key to our success. As we look to keep pace with the needs of our customers, we wanted to extend our service beyond the physical movement of goods to include a robust information reporting capability that provides our customers with timely, accurate information around the physical flow of goods. Radiant's technology platform is already proving to be a great differentiator for us in the marketplace as our customers are gravitating to the web-based transportation management and intransit visibility tools now available to us. This is only the beginning of our efforts to deliver heightened value added capabilities around our core transportation services and we are really excited about where we go from here."
"We are very proud to have the entire St. Louis team join the Radiant/Airgroup organization," remarked Radiant's Chairman and CEO, Bohn Crain. "We are working very hard to drive continuous improvement across the Company and we remain keenly focused on attracting quality operations like our new Airgroup-STL station which will continue to strengthen our overall network and help drive our continued organic growth."
About Airgroup
Airgroup (www.airgroup.com), founded in 1987, operates as wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive North American network. To learn more about the Airgroup network please contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC Bulletin Board:RLGT.ob - News)
Radiant Logistics (www.radiantdelivers.com) services a diversified account base including manufacturers, distributors and retailers through approximately 70 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. 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. 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 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. While it is impossible to identify all of the factors that may cause our actual operating performance, events, trends or plans to differ materially from those set forth in such forward looking statements, we have identified certain of the more salient risk factors in our filings with Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiant-logistics.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 statement to reflect events or circumstances occurring after the date hereof.
RLGT.. $0.38 DD... Radiant Logistics Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2010
PR Newswire - Sep 27 at 08:00
Company Symbols: NASDAQ-OTCBB:RLGT
Posts Record Results with Annual Revenues of $146.7 Million and Adjusted EBITDA of $4.2 Million
BELLEVUE, Wash., Sept. 27 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international logistics services company, today reported financial results for the three months and year ended June 30, 2010.
For the three months ended June 30, 2010, Radiant reported net income of $844,000 on $40.7 million of revenues, or $0.03 per basic and fully diluted share, including a nonrecurring gain of $135,000 on extinguishment of debt. For the three months ended June 30, 2009, the Company reported a net loss of $57,000 on $32.4 million of revenues, or $0.00 per basic and fully diluted share.
For the year ended June 30, 2010, Radiant reported net income of $1,959,000 on $146.7 million of revenues, or $0.06 per basic and fully diluted share, including $854,000 in non-recurring gains. For the year ended June 30, 2009, Radiant reported a net loss of $9,730,000 on $137.0 million of revenues, or a loss of $(0.28) per basic and fully diluted share, including a non-cash charge of $11.4 million for impairment of goodwill.
In June of 2010, the Company recognized a gain of $135,000 related to payments made to the former shareholder of Adcom in satisfaction of integration and earn-out obligations payable in Company stock that were ultimately paid in cash at a discount.
In March of 2010, the Company recognized a benefit of $364,000 resulting from a refund of overpayments made to the State of Washington in connection with business and occupancy taxes.
In December 2009, the Company recorded a gain of $355,000 in connection with the favorable settlement of a dispute with the former owner of Adcom related to the calculation and payment of working capital and certain related post-closing items.
In December 2008, the Company recorded a non-cash charge of $11.4 million for impairment of goodwill. The goodwill charge was a result of the material decline in the market value of the Company&;s equity during the fourth quarter of 2008. The non-cash charge has not had any impact on its financial condition or affected the financial covenants of the Company&;s credit facility.
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1,400,000 for the three months ended June 30, 2010, which excludes the non-recurring gain, compared to adjusted EBITDA of $730,000 for the three months ended June 30, 2009, for an increase of $670,000. A reconciliation of our adjusted EBITDA to the most directly comparable GAAP measure appears at the end of this release.
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) which excludes the non-recurring items, of $4,246,000 for the year ended June 30, 2010, compared to adjusted EBITDA of $3,677,000 for the year ended June 30, 2009. A reconciliation of our adjusted EBITDA to the most directly comparable GAAP measure appears at the end of this release.
The Company has also provided additional prior period analysis using pro forma results of operations presented as if Radiant had acquired Adcom as of July 1, 2008 which is included in the Company&;s Form 10-K for the year ended June 30, 2010 and filed September 27, 2010.
&;We are very pleased with our results for the quarter and fiscal year ended June 30, 2010,&; said Bohn Crain, Chairman and CEO. &;For the quarter ended June 30, 2010, we posted revenues of $40.7 million, an improvement of $8.3 million or 25.8% over the comparable prior year period. For the quarter ended June 30, 2010, we also reported $1.4 million in adjusted EBITDA, an improvement of $670,000 or 91.8% over the comparable prior year period.&;
&;For the fiscal year ended June 30, 2010, we also posted record revenues of $146.7 million, an improvement of $9.7 million or 7.1%, compared to $137.0 million in revenues for the year ended June 30, 2009. This positive trend also continued in terms of profitability as we reported $4,246,000 in adjusted EBITDA for the year ended June 30, 2010, an improvement of $569,000 or 15.5% over the comparable prior year period.&;
&;As we anticipated, the operating leverage available through our scalable, non-asset based business model is beginning to show itself as the economy improves. While the sustainability of this upward trend in the economy remains unclear, we believe we remain well positioned to continue to drive profitable growth with an ability to aggressively manage our cost structure and our continued efforts to bring value to the agent based forwarding community. Behind these results are the resilient men and women that have responded to this uncertain economic environment with a fierce pride of ownership and sense of urgency to deliver for our customers. We are proud to count them as partners and look forward to continuing to work with them to build on these record results.&;
Mr. Crain continued, &;We are projecting modest improvement in our full year results for our new fiscal year ending June 30, 2011 with $4.5 million in adjusted EBITDA on $158.0 million in annual revenues. This is before considering the impact of any future acquisitions, new agent stations or further improvement in the general economic climate.&;
The Company&;s estimate of future revenues and profits is based on the assumption that the cumulative historical financial results of operations of the Company for the most recent 12 months ended June 30, 2010 are indicative of the future financial performance of the combined group. A reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP measure, appears at the end of this release.
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, unusual items 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. A reconciliation of annual pro forma adjusted EBITDA amounts to net income, the most directly comparable GAAP measure is as follows:
Historical Results
THREE MONTHS ENDED FISCAL YEAR ENDED
(Amounts in 000's) JUNE 30, JUNE 30,
2010 2009 2010 2009
Net income (loss) $ 844 $ (57) $ 1,959 $ (9,730)
Interest expense (income) - net 31 46 135 204
Income tax expense 175 211 1,093 44
Depreciation and amortization 416 476 1,598 1,743
EBITDA 1,466 676 4,785 (7,739)
Stock-based compensation and other
non-cash charges 69 54 315 203
Gain on litigation settlement - - (355) -
Business & Occupancy tax refund - - (364) -
Goodwill impairment - - - 11,403
Gain on extinguishment of debt (135) - (135) (190)
Adjusted EBITDA $ 1,400 $ 730 $ 4,246 $ 3,677
Financial Outlook
(Amounts in 000's)
Outlook Actual
Fiscal Year Fiscal Year
Ended June 30, Ended June 30,
2011 2010
Net income $ 1,890 $ 1,959
Interest expense - net 200 135
Income tax expense 1,159 1,093
Depreciation and amortization 1,379 1,598
EBITDA 4,368 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 $ 4,500 $ 4,246
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.
Investor Conference Call
Radiant will host a conference call for shareholders and the investing community on Tuesday September 28, 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 357535. The call will also be webcast and may be accessed via Radiant&;s web site at http://radiantdelivers.com/?page_id=32 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 Airgroup 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; maintain the future operations of Adcom in a manner consistent with its past practices, 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.radiant-logistics.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.
RADIANT LOGISTICS, INC.
Consolidated Balance Sheets
June 30, June 30,
2010 2009
ASSETS
Current assets -
Cash and cash equivalents $ 682,108 $ 890,572
Accounts receivable, net of allowance
June 30, 2010 - $626,401; June 30, 2009 -
$754,578 21,442,023 17,275,387
Current portion of employee loan receivable 13,100 53,700
Current portion of station and other receivables 195,289 522,088
Income tax deposit - 535,074
Prepaid expenses and other current assets 1,104,211 305,643
Deferred tax asset 402,428 427,713
Total current assets 23,839,159 20,010,177
Furniture and equipment, net 881,416 760,507
Acquired intangibles, net 2,019,757 3,179,043
Goodwill 982,788 337,000
Employee loan receivable, net of current portion 38,000 40,000
Station and other receivables, net of current
portion 151,160 37,500
Investment in real estate 40,000 40,000
Deposits and other assets 153,116 359,606
Deferred tax asset - long term 106,023 -
Total long term assets 3,490,844 3,993,149
Total assets $ 28,211,419 $ 24,763,833
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities -
Accounts payable and accrued transportation
costs $ 16,004,814 $ 13,249,628
Commissions payable 2,119,503 1,323,004
Other accrued costs 538,854 472,202
Income taxes payable 76,309 -
Due to former Adcom shareholder 603,205 2,153,721
Total current liabilities 19,342,685 17,198,555
Long term debt 7,641,021 7,869,110
Other long term liabilities 439,905 -
Deferred tax liability - 352,387
Total long term liabilities 8,080,926 8,221,497
Total liabilities 27,423,611 25,420,052
Stockholders' equity (deficit):
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: June 30, 2010 –
31,273,461;
June 30, 2009 – 34,106,960 16,157 16,157
Additional paid-in capital 8,108,239 7,889,458
Treasury stock, at cost, 3,428,499 and 595,000
shares, respectively (936,190) (138,250)
Retained deficit (6,646,946) (8,425,491)
Total Radiant Logistics, Inc. Stockholders'
equity (deficit) 721,260 (658,126)
Non-controlling interest 66,548 1,907
Total stockholders' equity (deficit) 787,808 (656,219)
Total liabilities and stockholders' equity
(deficit) $ 28,211,419 $ 24,763,833
RADIANT LOGISTICS, INC.
Consolidated Statements of Income (Operations)
(Three months ended - unaudited)
THREE MONTHS ENDED YEAR ENDED
JUNE 30, JUNE 30,
2010 2009 2010 2009
Revenue $ 40,707,751 $ 32,360,984 $ 146,715,556 $ 136,996,319
Cost of transportation 27,472,232 22,212,677 101,085,752 91,427,781
Net revenues 13,235,519 10,148,307 45,629,804 45,568,538
Agent commissions 8,978,132 7,029,479 31,376,580 30,565,136
Personnel costs 1,480,015 1,371,892 5,882,251 6,920,914
Selling, general and
administrative
expenses 1,494,613 954,200 4,295,188 4,286,572
Depreciation and
amortization 416,333 476,036 1,598,195 1,743,159
Restructuring charges - - - 220,000
Goodwill impairment - - - 11,403,342
Total operating
expenses 12,369,093 9,831,607 43,152,214 55,139,123
Income (loss) from
operations 866,426 316,700 2,477,590 (9,570,585)
Other income
(expense):
Interest income 5,778 4,641 44,181 13,540
Interest expense (36,642) (50,423) (178,837) (216,893)
Gain on extinguishment
of debt 135,012 - 135,012 190,000
Gain on litigation
settlement - - 354,670 -
Other 84,554 (110,108) 338,724 (75,005)
Total other income
(expense) 188,702 (155,890) 693,750 (88,358)
Income (loss) before
income tax expense 1,055,128 160,810 3,171,340 (9,658,943)
Income tax expense (175,438) (210,793) (1,094,154) (43,912)
Net income (loss) 879,690 (49,983) 2,077,186 (9,702,855)
Less: Net income
attributable to
non-controlling
interest (35,412) (7,088) (118,641) (26,691)
Net income (loss)
attributable to
Radiant Logistics,
Inc. $ 844,278 $ (57,071) $ 1,958,545 $ (9,729,546)
Net income (loss) per
common share – basic $ .03 $ - $ .06 $ (.28)
Net income (loss) per
common share –
diluted $ .03 $ - $ .06 $ (.28)
Weighted average
shares outstanding:
Basic shares 31,887,727 34,615,751 32,548,492 34,678,755
Diluted shares 32,062,153 34,615,751 32,720,019 34,678,755
RADIANT LOGISTICS, INC.
Reconciliation of EBITDA to Net Income and Net Cash Provided By Operating
Activities
(UNAUDITED)
As used in this report, adjusted EBITDA means earnings before interest, income
taxes, depreciation and amortization adjusted for stock-based compensation,
unusual items 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 YEAR ENDED
JUNE 30, JUNE 30,
2010 2009 2010 2009
Adjusted EBITDA $ 1,400,102 $ 729,859 $ 4,246,124 $ 3,676,596
Share based
compensation and
other non-cash costs (68,201) (54,319) (314,696) (202,376)
Goodwill impairment - - - (11,403,342)
Gain on litigation
settlement - - 354,670 -
Business & Occupancy
tax refund - - 364,440 -
Gain on
extinguishment of
debt 135,012 - 135,012 190,000
EBITDA 1,466,913 675,540 4,785,550 (7,739,122)
Depreciation and
amortization (416,333) (476,036) (1,598,195) (1,743,159)
Interest expense,
net (30,864) (45,782) (134,656) (203,353)
Income tax expense (175,438) (210,793) (1,094,154) (43,912)
Net income (loss) 844,278 (57,071) 1,958,545 (9,729,546)
ADJUSTMENTS TO
RECONCILE NET INCOME
(LOSS)
TO NET CASH PROVIDED
BY OPERATING
ACTIVITIES:
Non-cash
compensation expense
(stock options) 54,939 50,045 218,781 173,759
Stock issued for
investor relations
services - - - 12,082
Amortization of
intangibles 283,654 349,155 1,159,286 1,263,370
Deferred income tax
benefit (4,021) (153,623) (433,125) (1,421,657)
Amortization of bank
fees 3,486 4,277 40,748 16,534
Depreciation and
leasehold
amortization 132,679 126,881 438,909 479,789
Goodwill impairment - - - 11,403,342
Gain on early
extinguishment of
debt (135,012) - (135,012) (190,000)
Gain on litigation
settlement - - (354,670) -
Change in
non-controlling
interest 35,412 7,087 118,641 26,691
Change in provision
for doubtful
accounts (43,358) (224,867) (54,988) (90,766)
CHANGE IN OPERATING
ASSETS AND
LIABILITIES:
Accounts receivable (2,926,971) (685,019) (4,038,459) 7,669,229
Employee receivable
and other
receivables 617,816 (4,591) 266,971 (113,884)
Income tax deposit - 340,208 535,074 (450,046)
Prepaid expenses,
deposits and other
assets (599,388) 87,672 (736,705) 259,356
Checks issued in
excess of funds (44,148) - - -
Accounts payable &
accrued
transportation costs 2,946,711 1,304,469 2,750,911 (5,210,752)
Commissions payable 696,986 (46,043) 796,499 186,145
Other long term
liabilities 416,361 - 439,905 -
Other accrued costs (64,424) (332,402) (212,836) (16,368)
Due to former Adcom
shareholder - - (20,834) -
Income taxes payable (200,303) - 76,309 (498,142)
Net cash provided by
operating activities $ 2,014,697 $ 766,178 $ 2,813,950 $ 3,769,136
SOURCE Radiant Logistics, Inc.
Radiant Announces Further Gains in Airgroup Network With New Operations in New Hampshire
May 26, 2009 8:00:00 AM
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View Additional ProfilesNetwork Expansion on Track with Additional Stations Expected
BELLEVUE, Wash., May 26 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international logistics services company, today announced further gains in the growth of its Airgroup network with a new office based in Portsmouth, New Hampshire. Airgroup - MHT will operate as a new exclusive agent location and leverage the Company's robust technology platform and expanding global network to provide domestic and international freight forwarding and logistics services throughout the Northeast.
With over 18 years of experience, Ralph Guerra will lead Airgroup - MHT servicing a diversified base of domestic and international customers. "We are very excited to be joining Radiant and the Airgroup network," said Mr. Guerra. "As a group, the Radiant/Airgroup team has a real appreciation for the needs for the local owner/entrepreneur and a clear and achievable plan for building a world class logistics organization. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while enjoying the benefits of participating in an organization that, through its status as a public company, gives us the ability to work as shareholders and participate in the value that we help create."
Radiant's Chairman and CEO, Bohn Crain, remarked, "We are very pleased to welcome Ralph and his team to the Radiant/Airgroup organization. Our value proposition continues to gain momentum in the marketplace, and we will continue to aggressively pursue an organic growth strategy to attract additional exclusive agent operations across North America. We have a solid foundation in place with the people, process and technology to effectively manage the continued growth that we anticipate over the course of 2009 and are in various stages of dialogue/due diligence with a select number of additional candidates. Even in this difficult market environment, we believe we are executing a strategy that will continue to deliver profitable growth."
About Airgroup
Airgroup (www.airgroup.com), founded in 1987, operates as a wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive network of exclusive agent offices across North America. To learn more about how to join the Airgroup network please call contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC BB:RLGT)
Radiant Logistics (www.radiant-logistics.com) services a diversified account base including manufacturers, distributors and retailers through approximately 65 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. 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. 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 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. While it is impossible to identify all of the factors that may cause our actual operating performance, events, trends or plans to differ materially from those set forth in such forward looking statements, we have identified certain of the more salient risk factors in our filings with Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiant-logistics.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 statement to reflect events or circumstances occurring after the date hereof.
SOURCE Radiant Logistics, Inc.
----------------------------------------------
Bohn H. Crain
Chief Executive Officer
Radiant Logistics
Inc.
+1-425-943-4599
Radiant Announces Further Gains in Adcom Network With Expansion in the Mid-Atlantic
May 20, 2009 6:56:00 PM
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View Additional ProfilesAdcom-DCA Owner, Bonnie Knoedler Acquires Operations of ESI Global Logistics
BELLEVUE, Wash., May 20 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics company, today announced further gains in the growth of its Adcom network in the mid-Atlantic as a result of an acquisition completed by one of its independent agent owners that operates within the Adcom network. Adcom-DCA's independent agent owner, Bonnie Knoedler recently acquired the Baltimore, Maryland, Pittsburgh, Pennsylvania and Washington, D.C. based operations of ESI Global Logistics.
Ms. Knoedler will lead the Adcom regional offices, servicing a diversified base of domestic and international customers. I am excited about the synergies that ESI Global Logistics brings to our thriving operations," said Knoedler. "ESI has always been a strong competitor, and it makes sense to leverage our combined strength and the Radiant platform to provide immediate benefit to our current and potential customers."
Radiant's Chairman and CEO, Bohn Crain, remarked, "We are very proud to support Bonnie and her team in their recent acquisition and know that the ESI team will make an immediate and positive contribution to our organization moving forward. We are continuously looking for ways to support our independent agent owners in growing their businesses within the larger Radiant family of companies. It is not often that it takes the form of an 'acquisition' sponsored by one of our independent owners; my congratulations to Bonnie and her team!"
Crain continued: "We remain bullish on our opportunity for continued organic growth available through the expansions of our agent-based operations as people look to align themselves with a strong partner in this difficult market environment. We also believe that we remain uniquely positioned to bring value to our network participants: (1) leveraging our status as a public company to provide our partners with an opportunity to share in the value that they help create, (2) providing a robust platform in terms of people, process and technology which is translating into better purchasing power with our vendors and more sophisticated e-business solutions for our customers and (3) offering a unique opportunity in terms of succession planning and liquidity for our station owners."
About Adcom
Adcom Worldwide (www.adcomworldwide.com) founded in 1987, operates as wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive North American network. To learn more about the Adcom network please contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC BB:RLGT)
Radiant Logistics (www.radiant-logistics.com) services a diversified account base including manufacturers, distributors and retailers through approximately 65 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. 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. 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 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. While it is impossible to identify all of the factors that may cause our actual operating performance, events, trends or plans to differ materially from those set forth in such forward looking statements, we have identified certain of the more salient risk factors in our filings with Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiant-logistics.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 statement to reflect events or circumstances occurring after the date hereof.
SOURCE Radiant Logistics, Inc.
----------------------------------------------
Bohn H. Crain
Chief Executive Officer of Radiant Logistics
Inc.
+1-425-943-4599
Radiant Announces Further Gains in Adcom Network With Expansion in the Mid-Atlantic
On Wednesday May 20, 2009, 6:56 pm EDT
Buzz up! Print Related:Radiant Logistics, Inc.
Adcom-DCA Owner, Bonnie Knoedler Acquires Operations of ESI Global Logistics
Related Quotes
Symbol Price Change
RLGT.OB 0.20 -0.03
{"s" : "rlgt.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} BELLEVUE, Wash., May 20 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT - News), a domestic and international freight forwarding and logistics company, today announced further gains in the growth of its Adcom network in the mid-Atlantic as a result of an acquisition completed by one of its independent agent owners that operates within the Adcom network. Adcom-DCA's independent agent owner, Bonnie Knoedler recently acquired the Baltimore, Maryland, Pittsburgh, Pennsylvania and Washington, D.C. based operations of ESI Global Logistics.
Ms. Knoedler will lead the Adcom regional offices, servicing a diversified base of domestic and international customers. I am excited about the synergies that ESI Global Logistics brings to our thriving operations," said Knoedler. "ESI has always been a strong competitor, and it makes sense to leverage our combined strength and the Radiant platform to provide immediate benefit to our current and potential customers."
Radiant's Chairman and CEO, Bohn Crain, remarked, "We are very proud to support Bonnie and her team in their recent acquisition and know that the ESI team will make an immediate and positive contribution to our organization moving forward. We are continuously looking for ways to support our independent agent owners in growing their businesses within the larger Radiant family of companies. It is not often that it takes the form of an 'acquisition' sponsored by one of our independent owners; my congratulations to Bonnie and her team!"
Crain continued: "We remain bullish on our opportunity for continued organic growth available through the expansions of our agent-based operations as people look to align themselves with a strong partner in this difficult market environment. We also believe that we remain uniquely positioned to bring value to our network participants: (1) leveraging our status as a public company to provide our partners with an opportunity to share in the value that they help create, (2) providing a robust platform in terms of people, process and technology which is translating into better purchasing power with our vendors and more sophisticated e-business solutions for our customers and (3) offering a unique opportunity in terms of succession planning and liquidity for our station owners."
About Adcom
Adcom Worldwide (www.adcomworldwide.com) founded in 1987, operates as wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive North American network. To learn more about the Adcom network please contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC BB:RLGT - News)
Radiant Logistics (www.radiant-logistics.com) services a diversified account base including manufacturers, distributors and retailers through approximately 65 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. 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. 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 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. While it is impossible to identify all of the factors that may cause our actual operating performance, events, trends or plans to differ materially from those set forth in such forward looking statements, we have identified certain of the more salient risk factors in our filings with Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiant-logistics.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 statement to reflect events or circumstances occurring after the date hereof.
Radiant Logistics Announces Stock Buy Back Program
May 18, 2009 8:00:00 AM
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View Additional ProfilesBELLEVUE, Wash., May 18 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics services company, today announced that its board of directors has authorized the repurchase of up to five million shares of the Company's common stock through 2010. As of March 31, 2009, the Company had 34,701,960 shares outstanding.
The share repurchase will be funded using Radiant's existing cash balance, future free cash flow and its revolving credit facility, which had $2.3 million of additional availability as of April 30, 2009.
The share repurchases may occur from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements. The program allows the Company to repurchase its shares at its discretion. Market conditions, price, corporate and regulatory requirements, alternative investment opportunities, and other economic conditions will influence the timing of the buyback and the number of shares repurchased. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable securities laws and other legal requirements, may be suspended or terminated at any time without prior notice. Shares repurchased will be held as treasury shares.
Bohn Crain, Chairman and CEO, said, "We believe the current share price does not accurately reflect Radiant's recent success and long-term growth prospects, and therefore, represents an excellent investment opportunity for both the Company and our shareholders."
About Radiant Logistics (OTC Bulleting Board: RLGT)
Radiant Logistics (www.radiant-logistics.com) is a non-asset based logistics company operating under the Airgroup, Adcom and Radiant brands providing domestic and international freight forwarding services and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing through a network of approximately 65 locations across North America. 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 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 materially from our expectations, include but are not limited to our ability to: develop additional agency locations, locate and finance acquisition opportunities, 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, maintain the future operations of Adcom in a manner consistent with its past practices integrate Adcom's operations with our historic operations and realize cost synergies through such integration, the effect that the acquisition will have on Adcom's existing customers, agents and employees , 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 those risk factors disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2008 and other filings with the Securities and Exchange Commission. 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.
SOURCE Radiant Logistics, Inc.
----------------------------------------------
Bohn H. Crain
Chief Executive Officer of Radiant Logistics
Inc.
+1-425-943-4599
Radiant Logistics Announces Results for the Fiscal Third Quarter Ended March 31, 2009
May 15, 2009 4:33:00 PM
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View Additional ProfilesReports Continued Double-Digit Growth with Quarterly Revenues Increasing 15.3% to $29.7 Million and Adjusted EBITDA Increasing 53.1% to $758,000
BELLEVUE, Wash., May 15 /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 and nine months ended March 31, 2009.
For the three months ended March 31, 2009, Radiant reported net income of $293,000 on $29.7 million of revenues, or net income of $0.01 per basic and fully diluted share, including a non-cash benefit of $190,000 resulting from a reduction in a previously reported impairment of goodwill. For the three months ended March 31, 2008, the Company reported net income of $87,000 on $25.8 million of revenues.
For the nine months ended March 31, 2009, Radiant reported a net loss of $9,672,000 on $104.6 million of revenues, or $0.28 per basic and fully diluted share, including a non-cash charge of $11.2 million for impairment of goodwill. For the nine months ended March 31, 2008, the Company reported net income of $1,499,000 on $74.4 million of revenues, or $0.04 per basic and fully diluted share including net non-recurring income of $1,266,000 resulting from a reduction in estimate of liabilities assumed in the Company's acquisition of Airgroup.
In December 2008, the Company recorded a non-cash charge of $11.4 million for impairment of goodwill in accordance with Statement of Financial Accounting Standards (SFAS) 142 "Goodwill and Other Intangible Assets." The goodwill charge was a result of the material decline in the market value of the Company's equity during the fourth quarter of 2008. The Company does not expect that the non-cash charge will have an impact on its financial condition or affect the financial covenants in its credit facility.
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation amortization), excluding the non-recurring items, of $758,000 for the three months ended March 31, 2009, compared to adjusted EBITDA of $495,000 for the comparable prior year period.
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation amortization), excluding the non-recurring items, of $2,934,000 for the nine months ended March 31, 2009 compared to adjusted EBITDA of $1,416,000 for the comparable prior year period. A reconciliation of our adjusted EBITDA to the most directly comparable GAAP measure appears at the end of this release.
The Company has also provided additional prior period analysis using pro forma results of operations presented as if Radiant had acquired Adcom as of July 1, 2007 which is included in the Company's Form 10-Q for the quarter ended March 31, 2009 and filed May 15, 2009.
"Growth of any magnitude in this economic environment is an achievement," said Bohn Crain, Chairman and CEO. "For the quarter ended March 31, 2009, with the benefit of our recent Adcom transaction, our revenues increased 15.3% to $29.7 million as compared to $25.8 million for the comparable prior year period. Net transportation revenues increased 13.1% to $10.7 million as compared to $9.5 million for the comparable prior year period. We consider ourselves fortunate to have completed the Adcom transaction back in September of 2008 which has allowed us to deliver better buy rates for our stations as well as the opportunity to begin to rationalize the back-office costs of the combined organization. These initiatives are beginning to translate into improved profitability. Our adjusted EBITDA improved 53.1% over the comparable prior year period to $758,000 as compared to $495,000 for the comparable prior year period. These results do not yet reflect the full benefit of the cost synergies that we expect to achieve in connection with the transition of Adcom's Minneapolis-based back office operations to the corporate headquarters in Bellevue, Washington. This transition plan remains on track with the final phases on schedule to be completed by the end of June of this year. This integration is expected to deliver an estimated annual cost savings in the range of $1.0-$1.5 million per year."
Mr. Crain continued, "Given the challenging economic climate, we are particularly pleased with our operating results through March 31, 2009. Unfortunately, the recent decline in our stock price, primarily due to the global economic downturn and the turmoil in the equity markets, has resulted in a market capitalization that was significantly below our book value as of the end of our second fiscal quarter. As a consequence, we performed an analysis to determine any potential impairment of goodwill and other intangible assets as of December 31, 2008 in accordance with Statement of Accounting Financial Standards (SFAS) No. 142, 'Goodwill and Other Intangible Assets.' The results of the analysis indicated that there was impairment to goodwill. Accordingly, we recognized a non-cash goodwill impairment charge of $11.4 million in our results for the quarter ended December 31, 2008. The non-cash impairment charge is not expected to have any impact on the Company's compliance with its debt covenants."
"Although our business has by no means been immune to the slowing economy, we do believe we are well positioned to continue to deliver profitable growth. Our integration program remains on track, and as we move forward, we expect the cost synergies from the Adcom transaction to more than off-set any net revenue compression we might experience. In addition, we continue our efforts to drive top-line growth; working closely with our existing stations to drive new business opportunities and continuing our efforts to expand the network with the addition of new stations as people look to align themselves with a strong partner in this difficult market environment."
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 and nine months ended March 31, 2009 and 2008 is shown below:
(Amounts in 000's) THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
2009 2008 2009 2008
Net income (loss) $293 $87 $(9,672) $1,499
Interest expense - net 66 26 157 98
Income tax expense (benefit) 63 36 (167) 772
Depreciation and
amortization 479 239 1,267 721
EBITDA 901 388 (8,415) 3,090
Share-based compensation and
other non-cash charges 47 107 136 244
Change in estimate of
liabilities assumed in
Airgroup acquisition - - - (1,431)
Tax indemnity - - - (487)
Goodwill impairment (recovery) (190) - 11,213 -
Adjusted EBITDA $758 $495 $2,934 $1,416
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.
Investor Conference Call
Radiant will host a conference call for shareholders and the investing community on Monday May 18, 2009 at 4:00 pm, 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 321497.
About Radiant Logistics (OTC BB: RLGT)
Radiant Logistics (www.radiant-logistics.com) is a non-asset based logistics company operating under the Airgroup, Adcom and Radiant brands providing domestic and international freight forwarding services and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing through a network of approximately 65 locations across North America. 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 materially from our expectations, include but are not limited to our ability to: develop additional agency locations, locate and finance acquisition opportunities, 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, maintain the future operations of Adcom in a manner consistent with its past practices, integrate the operations of Adcom with our existing operations, 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, integrate Adcom's operations with our historic operations and realize cost synergies through such integration, the effect that the acquisition will have on Adcom's existing customers, agents and employees as well those risk factors disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2008 and other filings with the Securities and Exchange Commission. 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.
RADIANT LOGISTICS, INC.
Consolidated Balance Sheets
(UNAUDITED)
March 31, June 30,
2009 2008
ASSETS
Current assets -
Cash and cash equivalents $514,337 $392,223
Accounts receivable, net of allowance
for doubtful accounts of $979,445 at March
31, 2009 and $513,479 at June 30, 2008 16,365,501 14,404,002
Current portion of employee loan
receivables and other receivables 608,697 68,367
Income tax deposit 875,282 -
Prepaid expenses and other current
assets 395,542 425,657
Deferred tax asset 606,711 15,582,337
Furniture and equipment, net 872,281 717,542
Acquired intangibles, net 3,528,198 1,242,413
Goodwill - 7,824,654
Employee loan receivable 40,000 40,000
Investment in real estate 40,000 40,000
Deposits and other assets 374,080 156,280
Total long term assets 3,982,278 9,303,347
Total assets $24,220,629 $25,603,226
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities -
Notes payable $- $113,306
Accounts payable and accrued
transportation costs 11,945,163 9,914,831
Commissions payable 1,369,047 1,136,859
Other accrued costs 804,602 221,808
Income taxes payable - 498,142
Due to former Adcom shareholder 2,243,730 -
Total current liabilities 16,362,542 11,884,946
Long term debt 7,685,931 4,272,032
Deferred tax liability 685,008 422,419
Total long term liabilities 8,370,939 4,694,451
Total liabilities 24,733,481 16,579,397
Stockholders' equity (deficit):
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: 34,701,960
at March 31, 2009 and 34,660,293
at June 30, 2008 16,158 16,116
Additional paid-in capital 7,839,414 7,703,658
Retained earnings (deficit) (8,368,424) 1,304,055
Total stockholders' equity (deficit) (512,852) 9,023,829
$24,220,629 $25,603,226
RADIANT LOGISTICS, INC.
Consolidated Statements of Income (Operations)
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
2009 2008 2009 2008
Revenue $29,718,852 $25,765,377 $104,626,813 $74,431,411
Cost of transportation 18,971,855 16,264,393 69,207,198 48,093,022
Net revenues 10,746,997 9,500,984 35,419,615 26,338,389
Agent commissions 6,981,916 6,611,130 23,535,316 18,617,364
Personnel costs 1,825,106 1,199,467 5,548,465 3,836,707
Selling, general and
administrative expenses 1,188,977 1,268,558 3,309,679 2,703,589
Depreciation and
Amortization 479,061 238,822 1,267,124 720,426
Restructuring charge - - 220,000 -
Total operating
expenses 10,475,060 9,317,977 33,880,584 25,878,086
Income from operations 271,937 183,007 1,539,031 460,303
Other income (expense):
Interest income 2,482 800 8,900 3,200
Interest expense (68,392) (27,173) (166,471) (101,045)
Other- non recurring - - - 1,918,146
Goodwill impairment 190,000 - (11,213,342) -
Other (18,089) (47,811) 12,126 (54,550)
Total other income
(expense) 106,001 (74,184) (11,358,787) 1,765,751
Income (loss) before income
tax benefit and minority
interest 377,938 108,823 (9,819,756) 2,226,054
Income tax (expense)
benefit (63,150) (35,841) 166,881 (772,378)
Income (loss) before minority
Interest 314,788 72,982 (9,652,875) 1,453,676
Minority interest (21,750) 13,696 (19,604) 45,642
Net income (loss) $293,038 $86,678 $(9,672,479) $1,499,318
Net income (loss) per
common share - basic $.01 $- $(.28) $.04
Net income (loss) per
common share - diluted $.01 $- $(.28) $.04
Weighted average shares
outstanding:
Basic shares 34,701,960 34,115,010 34,699,679 34,012,391
Diluted share 34,701,960 34,134,454 34,699,679 34,218,416
RADIANT LOGISTICS, INC.
Reconciliation of EBITDA to Net Income and Net Cash Provided By
Operating Activities
(UNAUDITED)
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 NINE MONTHS ENDED
MARCH 31, MARCH 31,
2009 2008 2009 2008
Adjusted EBITDA $758,458 $495,241 $2,934,647 $1,415,870
Stock-based compensation
and other non-cash
charges (47,299) (107,527) (135,970) (244,049)
Change in Estimate of
liabilities assumed
in Airgroup Acquisition - - - 1,431,452
Goodwill (impairment)
Recovery 190,000 - (11,213,342) -
Tax indemnity - - - 486,694
EBITDA 901,159 387,714 (8,414,665) 3,089,967
Depreciation and
amortization (479,061) (238,822) (1,267,124) (720,426)
Interest expense, net (65,910) (26,373) (157,571) (97,845)
Income tax (expense)
benefit (63,150) (35,841) 166,881 (772,378)
Net income (loss) 293,038 86,678 (9,672,479) 1,499,318
ADJUSTMENTS TO RECONCILE
NET INCOME (LOSS) TO NET CASH
PROVIDED BY
OPERATING ACTIVITIES:
Non-cash compensation
expense (stock options) 43,022 57,282 123,714 150,384
Stock issued for investor
relations services - 37,500 12,084 37,500
Amortization of
intangibles 349,155 136,840 914,215 410,520
Change in deferred
taxes (1,834,900) (35,591) (1,268,034) (710,438)
Depreciation and
amortization of
bank fees 134,180 101,982 365,164 309,906
Goodwill impairment
(recovery) (190,000) - 11,213,342 -
Tax indemnity - - - (486,694)
Minority interest in
income (loss) of
subsidiaries 21,750 (13,697) 19,604 (45,642)
Provision for doubtful
accounts (14,994) 165,629 134,101 381,533
CHANGE IN OPERATING ASSETS
AND LIABILITIES:
Accounts receivable 4,697,177 (782,232) 8,354,248 1,145,236
Employee receivable
and other receivables 137,760 (2,375) (109,293) 31,208
Prepaid expenses and
other assets 10,016 (40,983) 171,685 334,898
Accounts payable &
accrued transportation
costs (395,585) 139,819 (6,914,471) (3,346,953)
Commissions payable 7,987 450,906 232,188 455,542
Other accrued costs (98,560) 15,016 32,009 (138,460)
Income tax payable - (178,568) (498,142) 860,221
Income tax deposits 1,162,360 - (790,254) -
Total
adjustments 4,029,368 51,528 11,992,160 (611,239)
Net cash provided by
operating activities $4,322,406 $138,206 $2,319,681 $888,079
SOURCE Radiant Logistics, Inc.
----------------------------------------------
Bohn H. Crain
Chief Executive Officer of Radiant Logistics
Inc.
+1-425-943-4599
Radiant Announces Further Expansion of Adcom Network with New Operations in San Antonio, Texas
BELLEVUE, Wash., Feb. 26 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international logistics services company, today announced further gains in the growth of its Adcom network with a new office opening in San Antonio, Texas. Adcom-SAT will operate as a new exclusive agent location and leverage the Company's robust technology platform and expanding global network to provide domestic and international freight forwarding and logistics services.
With over 25 years of experience, Pat & Mike Klasing will lead Adcom-SAT servicing a diversified base of domestic and international customers. "Radiant and the Adcom platform represent a compelling value proposition in today's marketplace," said Mike Klasing. "The platform, in terms of people, process, technology and network is unique in the marketplace and represents a compelling opportunity for me and my team. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while enjoying the benefits of participating in an organization that, through its status as a public company, gives us the ability to work as shareholders and participate in the value that we help create."
Radiant's Chairman and CEO, Bohn Crain, remarked, "We continue to see opportunity to grow our U.S. network through the addition of industry veterans like Pat & Mike Klasing. I am confident that Pat & Mike will make a great addition to the team and have an immediate and positive impact to our organization going forward."
Crain continued: "We remain very excited about the opportunity for continued organic growth available through expansions of our agent-based operations and believe that we remain uniquely positioned to bring value to our network participants: (1) leveraging our status as a public company to provide our partners with an opportunity to share in the value that they help create, (2) providing a robust platform in terms of people, process and technology which is translating into better purchasing power with our vendors and more sophisticated e-business solutions for our customers and (3) offering a unique opportunity in terms of succession planning and liquidity for our station owners."
About Adcom
Adcom Worldwide (www.adcomworldwide.com) founded in 1987, operates as wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive North American network. To learn more about the Adcom network please contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC Bulletin Board: RLGT)
Radiant Logistics (www.radiant-logistics.com) services a diversified account base including manufacturers, distributors and retailers through approximately 65 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.
Conference call
RADIANT LOGISTICS INC (U-RLGT) - News Release
Radiant Logistics to Host Investor Call to Discuss Financial Results for Second Fiscal Quarter Ended December 31, 2008
2009-02-05 12:33 ET - News Release
BELLEVUE, Wash., Feb. 5 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. , a domestic and international freight forwarding and logistics services company, will host a conference call on Friday, February 13, at 4:00 p.m., ET to discuss the Company's financial results for the three and six months ended December 31, 2008.
The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Chairman and CEO will host the call.
Conference Call Details
Date/Time: Friday, February 13, 2009, at 4:00 p.m., ET
DIAL-IN: US (877) 407-8031; Intl. (201) 689-8031
REPLAY: February 16 at 9:30 a.m, ET to February 27, 2009 at
11:59 p.m. ET
US (877) 660-6853; Intl. (201) 612-7415
Account Number: 286; Conference ID number: 311887
About Radiant Logistics
Radiant Logistics (www.radiant-logistics.com) is a non-asset based logistics company operating under the Airgroup, Adcom and Radiant brands providing domestic and international freight forwarding services and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing through a network of approximately 65 locations across North America. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.
Radiant Logistics, Inc.
CONTACT: Bohn H. Crain, Chief Executive Officer of Radiant Logistics,
Inc., +1-425-943-4599
Web site: http://www.radiant-logistics.com/
Intersting, Nice news too!
500,000 shares another insider buy http://206.222.29.162/history/company.jsp?company=rlgt
NEWS Radiant Announces Further Expansion of Airgroup Network With New Operations in Omaha, Nebraska
BELLEVUE, Wash., Feb. 2 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international logistics services company, today announced further gains in the growth of its Airgroup network with a new office opening in Omaha, Nebraska. The Airgroup-OMA regional office will leverage the Company's robust technology platform and global network to provide domestic and international freight forwarding and logistics services throughout the mid-west and beyond.
Jack Morrison will lead the Airgroup-OMA regional office, servicing a diversified base of domestic and international customers. "This is a great way to start the New Year," said Mr. Morrison. "The entire Omaha team has fostered long term relationships with our existing customers, vendors, and associates through years of dedicated service. With the vision and resources of Radiant, we believe we have found a unique opportunity to leverage our own strengths along with the capabilities of the Airgroup network to bring additional value to our customers. Additionally, we will enjoy the benefits of participating in an organization that, through its status as a public company, gives us the ability as shareholders to share in the value that we help create."
"We are very proud to have the entire Omaha team join the Radiant/Airgroup organization," remarked Radiant's Chairman and CEO, Bohn Crain. "We are working very hard to drive continuous improvement across the Company and we remain keenly focused on quality operations like our new Airgroup-OMA station which will continue to strengthen our overall network and help drive our continued organic growth."
About Airgroup
Airgroup (www.airgroup.com), founded in 1987, operates as wholly-owned division of Radiant Global Logistics, Inc. and services a diversified account base including manufacturers, distributors and retailers through its extensive North American network. To learn more about the Airgroup network please contact Dan Stegemoller at (425) 462-1094x 516.
About Radiant Logistics (OTC BB:RLGT)
Radiant Logistics (www.radiant-logistics.com) services a diversified account base including manufacturers, distributors and retailers through approximately 65 offices located across North America and a network of independent carriers and international agents positioned strategically around the world. Radiant provides its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing. 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. 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 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. While it is impossible to identify all of the factors that may cause our actual operating performance, events, trends or plans to differ materially from those set forth in such forward looking statements, we have identified certain of the more salient risk factors in our filings with Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiant-logistics.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 statement to reflect events or circumstances occurring after the date hereof.
SOURCE Radiant Logistics, Inc.
Latest insider buy 250,000 12/29/08 at .20 (ask now .16). Buyer (Bohn H. Crain) owns total of 8,000,000 via Radiant Capital Partners LLC (he is the sole owner of that company). Also owns 415,710 shares directly.
A/S 50,000,000 O/S 34,701,960 11/10/08 per 10-Q.
How did everyone miss this gem? Look at the insider buys and the financial statements. Amazing the junk that trades, and this stock is ignored....well, not ignored by me.
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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.
RADIANT LOGISTICS, INC.
Consolidated Balance Sheets
September 30, June 30,
2010 2010
ASSETS
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
LIABILITIES AND STOCKHOLDERS' EQUITY
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
RADIANT LOGISTICS, INC.
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
RADIANT LOGISTICS, INC.
Reconciliation of EBITDA to Net Income and Net Cash Provided By Operating
Activities
(UNAUDITED)
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
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
PROVIDED BY (USED FOR) OPERATING ACTIVITIES:
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
CHANGE IN OPERATING ASSETS AND LIABILITIES:
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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