Radiant Logistics Announces Results For The First Fiscal Quarter Ended September 30, 2019
Reports quarterly results with revenues of $200.5 Million; Net revenues of $55.5 million, up $0.6 million or 1.1%; Net income of $3.2 million, up $0.6 million or 23.1%; and Adjusted EBITDA of $9.7 million, up $0.9 million or 10.2%
First Fiscal Quarter Financial Highlights (Quarter Ended September 30, 2019)
Revenues decreased to $200.5 million for the first fiscal quarter ended September 30, 2019, down $18.4 million or 8.4%, compared to revenues of $218.9 million for the comparable prior year period.
Net revenues increased to $55.5 million for the first fiscal quarter ended September 30, 2019, up $0.6 million or 1.1%, compared to net revenues of $54.9 million for the comparable prior year period.
Net income attributable to common stockholders increased to $3.2 million, or $0.07 per basic and $0.06 per fully diluted share, compared to net income attributable to common stockholders of $2.6 million, or $0.05 per basic and fully diluted share for the comparable prior year period.
Adjusted net income attributable to common stockholders, a non-GAAP financial measure, increased to $6.5 million, or $0.13 per basic and fully diluted share for the first fiscal quarter ended September 30, 2019, compared to adjusted net income attributable to common stockholders of $5.4 million, or $0.11 per basic and fully diluted share for the comparable prior year period. Adjusted net income attributable to common stockholders is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.
Adjusted EBITDA increased to $9.7 million for the first fiscal quarter ended September 30, 2019, up $0.9 million or 10.2%, compared to adjusted EBITDA of $8.8 million for the comparable prior year period. Adjusted EBITDA margin (expressed as a function of net revenues) increased 137 basis points to 17.4% for the first fiscal quarter ended September 30, 2019, compared to Adjusted EBITDA margin of 16.1% for the comparable prior year period.
About Radiant Logistics, Inc.
Radiant Logistics, Inc. (www.radiantdelivers.com) is a comprehensive North American provider of third-party logistics and multimodal transportation services. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to: trends in the domestic and global economy; our ability to attract new and retain existing agency relationships; acquisitions and integration of acquired entities; availability of capital to support our acquisition strategy; our ability to maintain and improve back office infrastructure and transportation and accounting information systems in a manner sufficient to service our revenues and network of operating locations; the ability of the Wheels operation to maintain and grow its revenues and operating margins in a manner consistent with recent operating results and trends; our ability to maintain positive relationships with our third-party transportation providers, suppliers and customers; outcomes of legal proceedings; competition; management of growth; potential fluctuations in operating results; and government regulation. More information about factors that potentially could affect our financial results is included Radiant Logistics, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.
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