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8-K - 8-K - RADIANT LOGISTICS, INCrlgt-8k_20140514.htm

Exhibit 99.1

 

RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE Fourth fiscal quarter and year ended June 30, 2014

Posts record quarterly results with Adjusted EBITDA of $4.5 Million—Up $1.1 Million and 34.3%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 170 bps at 16.2%

AND

Posts record annual results with Adjusted EBITDA of $14.8 Million—Up $3.8 Million and 34.1%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 250 bps at 14.9%

BELLEVUE, WA September 24, 2014 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today reported financial results for the three and twelve months ended June 30, 2014.

Fourth fiscal quarter Financial Highlights (Quarter Ended June 30, 2014)

·

Net income attributable to common shareholders was approximately $1.6 million, on $102.3 million of revenues, or $0.05 per basic and $0.04 per fully diluted share, for the fourth fiscal quarter of 2014, compared to net income of $2.4 million on $80.7 million of revenues, or $0.07 per basic and fully diluted share, for the comparable prior year period.

·

Adjusted net income attributable to common shareholders was $2.0 million, or $0.06 per basic and fully diluted share, for the fourth fiscal quarter of 2014, compared to adjusted net income attributable to common shareholders of $1.7 million, or $0.05 per basic and fully diluted share, for the comparable prior year period. Both periods are calculated by applying a normalized tax rate of 40% and excluding other items not considered part of regular operating activities.

·

Adjusted EBITDA increased 34.3% to $4,496,000 for the fourth fiscal quarter of 2014, compared to adjusted EBITDA of $3,347,000 in the comparable prior year period.

·

Adjusted EBITDA margin (expressed as a function of net revenues) increased 170 basis points to 16.2% for the fourth fiscal quarter of 2014, compared to Adjusted EBITDA margin of 14.5% in the comparable prior year period.

CEO Comments

“We are very pleased to report record results for the quarter and our continuing trend of margin expansion and earnings growth,” said Bohn Crain, Founder and CEO. “We posted Adjusted EBITDA of $4.5 million for the quarter ended June 30, 2014, up approximately $1.1 million and 34.3% over the comparable prior year period. Consistent with past quarters, we also continue to make good progress in leveraging our scalable business model to drive margin expansion. For the quarter ended June 30, 2014, our Adjusted EBITDA expressed as a function of net revenues increased 170 basis points, up from 14.5% to 16.2% for the comparable prior year period.

“We also posted record results for the full fiscal year ended June 30, 2014, with Adjusted EBITDA of $14.8, up approximately $3.8 million and 34.1% over the comparable prior year period. Our Adjusted EBTIDA expressed as a function of net revenues increased 250 basis points, up from 12.4% to 14.9% for the comparable prior year period. As a reminder, these results only include 9 months of contribution from our acquisition of On Time Express which we completed effective October 1, 2013. As we have previously discussed, our incremental cost of supporting that next dollar of gross margin is very small and we are very excited about our opportunity to drive further margin expansion as we continue to scale the business and look for ways to drive operating efficiencies in our non-asset based business model.”

 

Crain continued: “We remain very bullish on the growth platform we have created at Radiant, our expanding opportunities within the agent-based forwarding community and beyond and the scalability of our non-asset based business model. Organically, we continue to focus on improving the tools available to our existing network to win new business as well as expanding the network itself by on-boarding new operating partners that recognize the benefit of our platform. In addition, we continue to enjoy significant financial flexibility to accelerate our growth via acquisitions which may include the acquisition of existing operating partners, the acquisition of


agent stations participating in competing networks and given the opportunity, the acquisition of other competing networks.  In addition, we also have an interest in pursuing other non-asset based acquisition opportunities that bring critical mass from a geographic standpoint, purchasing power and/or complementary service offerings to the current platform. We have developed a very robust pipeline of growth opportunities meeting these criteria and we looking forward to sharing additional information as things develop.”

 

Crain concluded: “We are providing guidance for the upcoming quarter ending September 30, 2014 and excluding the impact of any further acquisitions, gain on litigation, or other unusual items, we are projecting adjusted EBITDA in the range of $3.7 - $4.3 million on approximately $95.0 - $100.0 million in revenues which equates to adjusted net income available to common shareholders in the range of $1.5 - $1.9 million, or $0.04 - $0.05 per basic and fully diluted share. As with our previous communications, we would also like to remind investors that our free cash flow 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.”

Fourth Fiscal Quarter ended June 30, 2014 – Financial Results

For the three months ended June 30, 2014, Radiant reported net income attributable to common shareholders of $1,604,000 on $102.3 million of revenues, or $0.05 per basic and $0.04 per fully diluted share. For the three months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $2,352,000 on $80.7 million of revenues, or $0.07 per basic and fully diluted share.

For the three months ended June 30, 2014, Radiant reported adjusted net income attributable to common shareholders of $2,029,000, or $0.06 per basic and fully diluted share. For the three months ended June 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $1,707,000, or $0.05 per basic and fully diluted share.

The Company also reported adjusted EBITDA of $4,496,000 for the three months ended June 30, 2014, compared to adjusted EBITDA of $3,347,000 for the three months ended June 30, 2013.

In addition, the Company also reported adjusted EBITDA margin (expressed as a function of net revenues) of 16.2% for the three months ended June 30, 2014, compared to adjusted EBITDA margin of 14.5% in the comparable prior period.

A reconciliation of the Company’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the three months ending June 30, 2014 and 2013 appears at the end of this release.

Twelve Months ended June 30, 2014 – Financial Results

For the twelve months ended June 30, 2014, Radiant reported net income attributable to common shareholders of $4,027,000 on $349.1 million of revenues, or $0.12 per basic and $0.11 per fully diluted share, including a loss on write-off of debt discount of $1,238,000. For the twelve months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $3,657,000 on $310.8 million of revenues, or $0.11 per basic and $0.10 per fully diluted share, including transition and lease termination costs of $1,544,000.

For the twelve months ended June 30, 2014, Radiant reported adjusted net income attributable to common shareholders of $6,769,000, or $0.20 per basic and $0.19 per fully diluted share. For the twelve months ended June 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $5,409,000, or $0.16 per basic and $0.15 per fully diluted share.

The Company also reported adjusted EBITDA of $14,750,000 for the twelve months ended June 30, 2014, compared to adjusted EBITDA of $10,998,000 for the twelve months ended June 30, 2013.

In addition, the Company also reported adjusted EBITDA margin (expressed as a function of net revenues) of 14.9% for the twelve months ended June 30, 2014, compared to adjusted EBITDA margin of 12.4% in the comparable prior period.

A reconciliation of the Company’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the twelve months ending June 30, 2014 and 2013 appears at the end of this release.

2


Network Expansion – Issaquah, WA

Effective September 1, 2014, the Company acquired Trans-NET, Inc. (“Trans-NET”). Trans-NET is an Issaquah, Washington-based, privately held company with extensive experience in providing integrated project logistics solutions in key Russian oil, gas, mining and infrastructure development markets. The transaction was structured as a purchase of assets and includes an option to purchase the assets of Trans-NET’s Russian affiliate, Trans-NET International Logistics, LLC (“TNIL”) with operations in Sakhalin Island, Vladivostok and Moscow.

Reconciliation of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined under the Securities Exchange Commission (“SEC”) rules such as adjusted net income, adjusted net income per share and earnings before interest, taxes, depreciation and amortization (“EBITDA”). We believe that supplemental disclosure of these amounts are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant’s business that eliminates depreciation, amortization and certain other non-cash costs and other significant items that are not part of regular operating activities. A reconciliation of adjusted net income, adjusted net income per share and adjusted EBITDA for the outlook period ending September 30, 2014 is as follows:

(in thousands, except for earnings per share)

 

 

 

Outlook
Fiscal Quarter Ending
September 30, 2014

 

Net income attributable to Radiant Logistics, Inc.

 

$

1,094 - $1,418

 

Less: Preferred Dividend Requirement

 

$

(511

)

Net income attributable to common shareholders

 

$

583 - $907

 

 

Net income per common share

 

 

 

 

Basic and Diluted

 

$

0.02 – 0.03

 

Weighted average shares outstanding:

 

 

 

 

Basic shares

 

 

34,500,000

 

Diluted shares

 

 

36,150,000

 

 

 

 

 

 

Reconciliation of net income to adjusted net income:

 

 

 

 

Net income attributable to common shareholders

 

$

583 – $907

 

 

Adjustments to net income:

 

 

 

 

Income tax expense

 

$

749 - $966

 

Non-recurring legal and other

 

$

225

 

Depreciation and amortization

 

$

1,333

 

Adjusted net income before taxes

 

$

2,890 - $3,431

 

Less: Provision for income taxes at 40% before preferred dividend requirement of $511

 

$

(1,360) – (1,577)

 

 

Adjusted net income

 

$

1,530 - $1,854

 

 

Adjusted net income per common share:

 

 

 

 

Basic

 

$

0.04 - $0.05

 

Diluted

 

$

0.04 - $0.05

 

 

3


Reconciliation of net income to adjusted EBITDA:

 

Outlook
Fiscal Quarter Ending
September  30, 2014

 

Net Income attributable to common shareholders

 

$

583 – $907

 

Preferred dividends

 

$

511

 

Net income attributable to Radiant Logistics, Inc.

 

$

1,094 – $1,418

 

 

Adjustments to net income:

 

 

 

 

Income tax expense

 

$

749 - $966

 

Depreciation and amortization

 

$

1,333

 

Net interest expense

 

$

100

 

 

EBITDA

 

$

3,276 -$3,817

 

 

Share-based compensation

 

$

201

 

Non-recurring legal and other

 

$

225

 

Change in contingent consideration

 

$

44

 

 

Adjusted EBITDA

 

$

3,746 - $4,287

 

This supplemental financial information is presented for informational purposes only and is not a substitute for the 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 Thursday, September 25, 2014 at 4:00 pm, ET to discuss the contents of this 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 13582279. This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com.

About Radiant Logistics (NYSE MKT: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) is a non-asset based transportation and logistics services company providing domestic and international freight forwarding services and truck brokerage services through a network of Company-owned and strategic operating partner locations operating under the Radiant, Airgroup, Adcom, DBA and On Time network brands located throughout North America and an integrated service partner network serving other markets around the globe. We also offer an expanding array of value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing.

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, outcomes of legal proceedings, competition, management of growth, potential fluctuations in operating results, and government regulation. More information about factors that potentially could affect Radiant Logistics, Inc. 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.

# # #

 

 

 

4


 

RADIANT LOGISTICS, INC.

Consolidated Balance Sheets

 

 

June 30,

 

 

2014

 

 

2013

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,880,205

 

 

$

1,024,192

 

Accounts receivable, net of allowance of $1,034,934 and $1,445,646,

   respectively

 

67,856,337

 

 

 

52,131,462

 

Current portion of employee and other receivables

 

232,791

 

 

 

328,123

 

Prepaid expenses and other current assets

 

2,926,431

 

 

 

2,477,904

 

Deferred tax asset

 

925,208

 

 

 

908,564

 

Total current assets

 

74,820,972

 

 

 

56,870,245

 

 

 

 

 

 

 

 

 

Furniture and equipment, net

 

1,265,107

 

 

 

1,289,818

 

 

 

 

 

 

 

 

 

Acquired intangibles, net

 

15,041,988

 

 

 

9,231,163

 

Goodwill

 

28,247,003

 

 

 

15,952,544

 

Employee and other receivables, net of current portion

 

22,070

 

 

 

72,433

 

Deposits and other assets

 

617,093

 

 

 

336,613

 

Total long-term assets

 

43,928,154

 

 

 

25,592,753

 

Total assets

$

120,014,233

 

 

$

83,752,816

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued transportation costs

$

48,299,922

 

 

$

35,767,785

 

Commissions payable

 

5,569,671

 

 

 

6,086,324

 

Other accrued costs

 

2,517,415

 

 

 

2,176,567

 

Income taxes payable

 

436,328

 

 

 

361,571

 

Current portion of notes payable

 

 

 

 

767,091

 

Current portion of contingent consideration

 

1,541,000

 

 

 

305,000

 

Current portion of lease termination liability

 

319,826

 

 

 

305,496

 

Total current liabilities

 

58,684,162

 

 

 

45,769,834

 

 

 

 

 

 

 

 

 

Notes payable and other long-term debt, net of current portion and debt

   discount

 

7,243,371

 

 

 

17,213,424

 

Contingent consideration, net of current portion

 

9,626,000

 

 

 

3,720,000

 

Lease termination liability, net of current portion

 

198,502

 

 

 

505,353

 

Deferred rent liability

 

560,248

 

 

 

583,401

 

Deferred tax liability

 

2,774,506

 

 

 

73,433

 

Other long-term liabilities

 

2,610

 

 

 

2,610

 

Total long-term liabilities

 

20,405,237

 

 

 

22,098,221

 

Total liabilities

 

79,089,399

 

 

 

67,868,055

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized;

   839,200 and 0 shares issued and outstanding, respectively, liquidation

   preference of $20,980,000

 

839

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized;

   34,326,308 and 33,348,166 shares issued and outstanding, respectively

 

15,781

 

 

 

14,803

 

Additional paid-in capital

 

34,558,785

 

 

 

13,873,157

 

Deferred compensation

 

(9,209

)

 

 

(14,252

)

Retained earnings

 

6,317,473

 

 

 

1,943,530

 

Total Radiant Logistics, Inc. stockholders’ equity

 

40,883,669

 

 

 

15,817,238

 

Non-controlling interest

 

41,165

 

 

 

67,523

 

Total stockholders’ equity

 

40,924,834

 

 

 

15,884,761

 

Total liabilities and stockholders’ equity

$

120,014,233

 

 

$

83,752,816

 

 


5


RADIANT LOGISTICS, INC.

Consolidated Statements of Operations

 

 

 

Three Months Ended June 30,

 

 

Twelve Months Ended June 30,

 

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Revenues

 

$

102,254,964

 

 

$

80,718,576

 

 

$

349,133,058

 

 

$

310,835,104

 

Cost of transportation

 

 

74,478,185

 

 

 

57,656,531

 

 

 

249,897,847

 

 

 

222,402,301

 

Net revenues

 

 

27,776,779

 

 

 

23,062,045

 

 

 

99,235,211

 

 

 

88,432,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating partner commissions

 

 

14,246,080

 

 

 

13,508,383

 

 

 

53,654,531

 

 

 

52,465,832

 

Personnel costs

 

 

6,552,772

 

 

 

4,627,384

 

 

 

21,836,922

 

 

 

17,441,054

 

Selling, general and administrative expenses

 

 

3,079,025

 

 

 

1,893,395

 

 

 

10,728,131

 

 

 

8,440,603

 

Depreciation and amortization

 

 

1,227,778

 

 

 

876,650

 

 

 

4,532,135

 

 

 

3,943,795

 

Transition and lease termination costs

 

 

 

 

 

 

 

 

 

 

 

1,544,454

 

Change in contingent consideration

 

 

(683,000

)

 

 

(1,875,000

)

 

 

(2,040,567

)

 

 

(2,825,000

)

Total operating expenses

 

 

24,422,655

 

 

 

19,030,812

 

 

 

88,711,152

 

 

 

81,010,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

3,354,124

 

 

 

4,031,233

 

 

 

10,524,059

 

 

 

7,422,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,498

 

 

 

3,009

 

 

 

8,091

 

 

 

15,688

 

Interest expense

 

 

(88,960

)

 

 

(515,509

)

 

 

(1,194,303

)

 

 

(2,015,944

)

Loss on write-off of debt discount

 

 

 

 

 

 

 

 

(1,238,409

)

 

 

 

Gain on litigation settlement, net

 

 

 

 

 

 

 

 

 

 

 

368,162

 

Other

 

 

55,154

 

 

 

108,587

 

 

 

164,382

 

 

 

346,617

 

Total other expense

 

 

(32,308

)

 

 

(403,913

)

 

 

(2,260,239

)

 

 

(1,285,477

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

3,321,816

 

 

 

3,627,320

 

 

 

8,263,820

 

 

 

6,136,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(1,192,606

)

 

 

(1,261,883

)

 

 

(3,081,865

)

 

 

(2,371,158

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

2,129,210

 

 

 

2,365,437

 

 

 

5,181,955

 

 

 

3,765,430

 

Less: Net income attributable to non-controlling interest

 

 

(14,321

)

 

 

(13,722

)

 

 

(63,642

)

 

 

(107,972

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

 

2,114,889

 

 

 

2,351,715

 

 

 

5,118,313

 

 

 

3,657,458

 

Less: Preferred stock dividends

 

 

(511,388

)

 

 

 

 

 

(1,091,275

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

1,603,501

 

 

$

2,351,715

 

 

$

4,027,038

 

 

$

3,657,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

0.07

 

 

$

0.12

 

 

$

0.11

 

Diluted

 

$

0.04

 

 

$

0.07

 

 

$

0.11

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

34,209,601

 

 

 

33,337,362

 

 

 

33,716,367

 

 

 

33,120,767

 

Diluted shares

 

 

35,755,520

 

 

 

35,151,988

 

 

 

35,458,401

 

 

 

34,910,911

 

 


6


RADIANT LOGISTICS, INC.

Reconciliation of Net Income to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Reconciliation of Net

Income per share to Adjusted Net Income per share

(unaudited)

As used in this report, Adjusted Net Income and Adjusted Net Income per Share, EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted Net Income and Adjusted Net Income per Share, EBITDA and Adjusted EBITDA are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant’s business. For Adjusted Net Income, management uses a 40% tax rate for calculating the provision for income taxes before preferred dividend requirement to normalize Radiant’s tax rate to that of its competitors and to compare Radiant’s reporting periods with difference effective tax rates. In addition, in arriving at Adjusted Net Income and Adjusted Net Income per Share, the Company adjusts for significant items that are not part of regular operating activities. These adjustments include acquisition costs, transition, severance and lease termination costs, non-recurring litigation expenses as well as depreciation and amortization and certain other non-cash charges.

Adjusted EBITDA means earnings before preferred stock dividends, interest, income taxes, depreciation and amortization, which is then further adjusted for changes in contingent consideration, expenses specifically attributable to acquisitions, severance and lease termination costs, extraordinary items, share based compensation expense, non-recurring litigation expenses 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 and other non-recurring charges. 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. Adjusted Net Income and Adjusted Net income per Share, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

Net income attributable to common stockholders

 

$

1,603,501

 

 

$

2,351,715

 

 

$

4,027,038

 

 

$

3,657,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

0.07

 

 

$

0.12

 

 

$

0.11

 

Diluted

 

$

0.04

 

 

$

0.07

 

 

$

0.11

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

34,209,601

 

 

 

33,337,362

 

 

 

33,716,367

 

 

 

33,120,767

 

Diluted shares

 

 

35,755,520

 

 

 

35,151,988

 

 

 

35,458,401

 

 

 

34,910,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net income to adjusted net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

1,603,501

 

 

$

2,351,715

 

 

$

4,027,038

 

 

$

3,657,458

 

Adjustments to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

1,192,606

 

 

 

1,261,883

 

 

 

3,081,865

 

 

 

2,371,158

 

Depreciation and amortization

 

 

1,227,778

 

 

 

876,650

 

 

 

4,532,135

 

 

 

3,943,795

 

Change in contingent consideration

 

 

(683,000

)

 

 

(1,875,000

)

 

 

(2,040,567

)

 

 

(2,825,000

)

Gain on litigation settlement, net

 

 

 

 

 

 

 

 

 

 

 

(368,162

)

Lease termination costs

 

 

 

 

 

 

 

 

 

 

 

1,439,018

 

Acquisition related costs

 

 

45,136

 

 

 

51,891

 

 

 

352,805

 

 

 

104,834

 

Severance and transition costs associated with acquisitions

 

 

 

 

 

 

 

 

 

 

 

105,436

 

Non-recurring legal costs

 

 

321,465

 

 

 

103,687

 

 

 

614,614

 

 

 

305,677

 

Amortization of loan fees and OID

 

 

15,296

 

 

 

74,501

 

 

 

203,003

 

 

 

280,790

 

Loss on write-off of debt discount

 

 

 

 

 

 

 

 

 

1,238,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income before income taxes

 

 

3,722,782

 

 

 

2,845,327

 

 

 

12,009,302

 

 

 

9,015,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes at 40% before preferred

     dividend requirement

 

 

(1,693,668

)

 

 

(1,138,132

)

 

 

(5,240,231

)

 

 

(3,606,002

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

2,029,114

 

 

$

1,707,195

 

 

$

6,769,071

 

 

$

5,409,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

0.05

 

 

$

0.20

 

 

$

0.16

 

Diluted

 

$

0.06

 

 

$

0.05

 

 

$

0.19

 

 

$

0.15

 


7


 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

June 30,

 

 

June 30,

 

Reconciliation of net income to adjusted EBITDA

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

1,603,501

 

 

$

2,351,715

 

 

$

4,027,038

 

 

$

3,657,458

 

Preferred stock dividends

 

 

511,388

 

 

 

 

 

 

1,091,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

 

2,114,889

 

 

 

2,351,715

 

 

 

5,118,313

 

 

 

3,657,458

 

Income tax expense

 

 

1,192,606

 

 

 

1,261,883

 

 

 

3,081,865

 

 

 

2,371,158

 

Depreciation and amortization

 

 

1,227,778

 

 

 

876,650

 

 

 

4,532,135

 

 

 

3,943,795

 

Net interest expense

 

 

87,462

 

 

 

512,500

 

 

 

1,186,212

 

 

 

2,000,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

4,622,735

 

 

 

5,002,748

 

 

 

13,918,525

 

 

 

11,972,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

189,170

 

 

 

63,593

 

 

 

666,098

 

 

 

369,351

 

Change in contingent consideration

 

 

(683,000

)

 

 

(1,875,000

)

 

 

(2,040,567

)

 

 

(2,825,000

)

Acquisition related costs

 

 

45,136

 

 

 

51,891

 

 

 

352,805

 

 

 

104,834

 

Non-recurring legal costs

 

 

321,465

 

 

 

103,687

 

 

 

614,614

 

 

 

305,677

 

Lease termination costs

 

 

 

 

 

 

 

 

 

 

 

1,439,018

 

Loss on write-off of debt discount

 

 

 

 

 

 

 

 

1,238,409

 

 

 

 

Gain on litigation settlement, net

 

 

 

 

 

 

 

 

 

 

 

(368,162

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

4,495,506

 

 

$

3,346,919

 

 

$

14,749,884

 

 

$

10,998,385

 

As a % of Net Revenues

 

 

16.2

%

 

 

14.5

%

 

 

14.9

%

 

 

12.4

%

 

8