Radiant Logistics, Inc. News
Radiant Logistics Announces Results for the Fiscal Second Quarter Ended December 31, 2007
BELLEVUE, Wash.,
For the three months ended
For the six months ended
In December of 2007, the Company recognized a total of
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation amortization), excluding the non-recurring items, of
The Company also reported adjusted EBITDA (earnings before interest, taxes, depreciation amortization), excluding the non-recurring items, of
"We remain very pleased with our continued revenue growth and our improved profitability," said Bohn Crain, Chairman and CEO. "For the quarter ended
though, is our improved profitability. Our adjusted EBITDA improved 58.5% over the comparable prior year period to
Crain continued, "With our
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 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 adjusted EBITDA amounts to the most directly comparable GAAP measure for the three and six ended
THREE MONTHS ENDED SIX MONTHS ENDED (Amounts in 000's) DECEMBER 31, DECEMBER 31, 2007 2006 2007 2006 Net income $1,324 $65 $1,413 $225 Interest expense - net 47 1 71 6 Income tax expense (benefit) 744 (21) 737 (19) Depreciation and amortization 242 205 481 391 EBITDA 2,357 250 2,702 603 Stock-based compensation and other non-cash charges 95 87 177 132 Change in estimate of liabilities assumed in Airgroup acquisition (1,431) - (1,431) - Tax indemnity (487) - (487) - Adjusted EBITDA $534 $337 $961 $735
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
Investor Conference Call
Radiant will host a conference call for shareholders and the investing community on
About Radiant Logistics (OTC Bulletin Board: RLGT)
Radiant Logistics (www.radiant-logistics.com) is executing a strategy to build a global transportation and supply chain management company through organic growth and the strategic acquisition of regional best-of-breed non- asset based transportation and logistics providers, to offer its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including asset recovery/reverse logistics, 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. Important factors relating to our ability to develop additional agency locations, as well as to locate and finance acquisition opportunities, as well as other important factors that could cause our actual results to differ from our expectations, include but are not limited to those risk factors disclosed in our Report on Form 10-K for the year ended
RADIANT LOGISTICS, INC. Consolidated Balance Sheets (UNAUDITED) December 31, June 30, 2007 2007 ASSETS Current assets - Cash and cash equivalents $196,448 $719,575 Accounts receivable, net of allowance for doubtful accounts of $475,864 at December 31, 2007 and $259,960 at June 30, 2007 12,919,538 15,062,910 Current portion of employee loan receivables and other Receivables 174,217 42,800 Prepaid expenses and other current assets 100,058 59,328 Deferred tax asset 816,451 234,656 Total current assets 14,206,712 16,119,269 Technology, furniture and equipment, net 861,336 844,919 Acquired intangibles, net 1,516,093 1,789,773 Goodwill 7,433,057 5,532,223 Employee loan receivable 40,000 80,000 Investment in real estate 40,000 40,000 Deposits and other assets 185,290 618,153 $24,282,488 $25,024,337 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities - Notes payable $120,000 $800,000 Accounts payable and accrued transportation costs 9,783,984 13,270,756 Commissions payable 704,656 700,020 Other accrued costs 190,829 344,305 Income taxes payable 1,263,485 224,696 Total current liabilities 12,062,954 15,339,777 Long term debt 3,128,443 1,974,214 Deferred tax liability 515,471 608,523 Total liabilities 15,706,868 17,922,514 Minority Interest 25,537 57,482 Commitments & contingencies - - 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: 33,961,639 at December 31, 2007 and June 30, 2006 15,417 15,417 Additional paid-in capital 7,230,876 7,137,774 Accumulated deficit 1,303,790 (180,850) Total Stockholders' equity 8,550,083 7,044,341 $24,282,488 $25,024,337 RADIANT LOGISTICS, INC. Consolidated Statements of Income (Operations) (unaudited) THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, 2007 2006 2007 2006 Revenue $23,108,798 $18,343,928 $48,666,031 $32,761,029 Cost of transportation 14,712,256 11,655,542 31,828,629 21,078,861 Net revenues 8,396,542 6,688,386 16,837,402 11,682,168 Agent commissions 6,154,416 5,242,753 12,006,234 8,970,070 Personnel costs 1,090,305 581,090 2,637,240 1,088,120 Selling, general and administrative expenses 740,164 612,593 1,435,032 1,018,500 Depreciation and amortization 241,734 204,841 481,602 390,947 Total operating expenses 8,226,619 6,641,277 16,560,108 11,467,637 Income (loss) from operations 169,923 47,109 277,294 214,531 Other income (expense): Interest income 1,200 2,505 2,400 4,311 Interest expense (48,131) (2,961) (73,871) (10,452) Other- non recurring 1,918,146 - 1,918,146 - Other 13,005 (2,281) (6,738) (2,681) Total other income (expense) 1,884,220 (2,737) 1,839,937 (8,822) Income (loss) before income tax benefit and minority interest 2,054,143 44,372 2,117,231 205,709 Income tax expense (benefit) 744,269 (20,932) 736,537 (19,122) Income before minority interest 1,309,874 65,304 1,380,694 224,831 Minority Interest 14,334 - 31,946 - Net income (loss) $1,324,208 $65,304 $1,412,640 $224,831 Net income (loss) per common share - basic $.04 $- $.04 $.01 Net income (loss) per common share - diluted $.04 $- $.04 $.01 Weighted average shares outstanding: Basic shares 33,961,639 33,958,378 33,961,639 33,805,389 Diluted share 34,078,947 34,468,711 34,260,955 34,464,533 RADIANT LOGISTICS, INC. Reconciliation of EBITDA to Net Income and Net Cash Provided By (Used In) Operating Activities (UNAUDITED)
As used in this report, adjusted EBITDA means earnings before interest, income taxes, depreciation and amortization adjusted for extraordinary items, 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 (used in) 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
The following is a reconciliation of adjusted EBITDA to both net income and cash flow provided by (used in) operating activities:
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, 2007 2006 2007 2006 Adjusted EBITDA $533,523 $337,300 $960,627 $735,419 Stock-based compensation and other non-cash charges (94,527) (87,630) (176,523) (132,622) Change in estimate of liabilities assumed in Airgroup Acquisition 1,431,452 - 1,431,452 - Tax indemnity 486,694 - 486,694 - EBITDA 2,357,142 249,670 2,702,250 602,797 Depreciation and amortization 241,734 204,841 481,602 390,947 Interest expense, net 46,931 456 71,471 6,141 Income tax expense (benefit) 744,269 (20,931) 736,537 (19,122) Net income (loss) 1,324,208 65,304 1,412,640 224,831 ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Non-cash contribution to common stock - - - - Non-cash compensation expense (stock options) 31,844 47,630 93,102 92,622 Amortization of intangibles 136,840 152,956 273,680 305,915 Depreciation and amortization 104,365 51,885 207,393 85,032 Amortization of deferred tax liability (46,526) (52,005) (93,052) (104,011) Other deferred taxes (581,795) - (581,795) - Minority interest in income of subsidiaries (14,334) - (31,946) - Amortization of employee receivable 40,000 40,000 40,000 40,000 Provision for doubtful accounts 189,639 - 215,904 - Tax indemnity (486,694) - (486,694) - Change in purchased accounts receivable - - - (6,128) CHANGE IN OPERATING ASSETS AND LIABILITIES: Accounts receivable 4,393,828 (1,589,066) 1,927,468 (1,391,860) Other receivables (93,401) 1,529 (91,417) (71) Prepaid expenses and other current assets 911,926 (151,990) 337,827 (48,428) Accounts payable & accrued transportation costs (3,815,638) 1,454,169 (3,486,772) 2,099,603 Commissions payable (82,247) 151,656 4,636 229,320 Other current liabilities (50,652) (9,208) (153,475) (56,847) Income tax payable 1,146,369 (128,131) 1,038,789 (374,677) Total adjustments 1,783,524 (30,575) (786,352) 870,470 Net cash provided (used) by operating activities $3,107,732 $34,729 $626,288 $1,095,301
SOURCE Radiant Logistics, Inc.
Search Our News Using Google Search
Can't find what you want? Try using Google:
