Radiant Logistics Announces Results For The First Fiscal Quarter Ended September 30, 2020
Reports quarterly revenues of $175.9 million; Financial impact of COVID-19 largely mitigated through cost saving and other strategic initiatives; Non-asset based variable cost model, diverse service offerings, and low debt levels demonstrate Company flexibility to navigate impact of pandemic
BELLEVUE, WA November 9, 2020 – Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today reported financial results for the three months ended September 30, 2020.
Financial Highlights – Three Months Ended September 30, 2020
- Revenues reported at $175.9 million for the first fiscal quarter ended September 30, 2020, compared to revenues of $200.5 million for the comparable prior year period.
- Net revenues, a non-GAAP financial measure, reported at $46.0 million for the first fiscal quarter ended September 30, 2020, compared to net revenues of $55.5 million for the comparable prior year period.
- Net income reported at $3.1 million, or $0.06 per basic and fully diluted share, compared to net income of $3.2 million, or $0.07 per basic and $0.06 per fully diluted share for the comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, reported at $6.5 million, or $0.13 per basic and fully diluted share for the first fiscal quarter ended September 30, 2020, compared to adjusted net income of $6.5 million, or $0.13 per basic and fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.
- Adjusted EBITDA, a non-GAAP financial measure, reported at $9.2 million for the first fiscal quarter ended September 30, 2020, compared to adjusted EBITDA of $9.7 million for the comparable prior year period.
About Radiant Global Logistics (Canada), Inc.
Radiant Global Logistics (Canada), Inc.(www.radiantdelivers.ca) is a wholly owned subsidiary of Radiant Logistics, Inc. offering responsive transportation and warehousing solutions to businesses around the globe by leveraging an extensive network of carrier partners across all modes. Originally founded in 1988 as Wheels Group, Inc, the organization has for over 30 years provided dedicated expertise to a broad base of customers including those in the consumer goods, food and beverage, retail and manufacturing space. In 2015, Radiant Canada was acquired by Radiant Logistics (NYSE - RLGT) further expanding their capabilities and global reach.