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8-K - 8-K - RADIANT LOGISTICS, INCrlgt-8k_20151116.htm

Exhibit 99.1

 

RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE First fiscal quarter ENDED September 30, 2015

 

Posts record quarterly results with revenues of $218.7 Million – Up $120.5 million or 122.7%;

Net revenues increased 92.6% to $50.7 Million

Adjusted EBITDA increased 128.0% to $8.2 Million

BELLEVUE, WA November 16, 2015 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a third party logistics and multi-modal transportation services company, today reported financial results for the three months ended September 30, 2015.

First Fiscal Quarter Financial Highlights (Quarter Ended September 30, 2015)

 

·

Revenues increased to $218.7 million, up $120.5 million, or 122.7% compared to revenues of $98.2 million for the comparable prior year period.

 

·

Net revenues increased to $50.7 million, up $24.4 million, or 92.6% compared to net revenues of $26.3 million for the comparable prior year period.

 

·

Net loss attributable to common stockholders was $0.2 million (including $1.0 million in acquisition costs related to Wheels and other transactions), or $0.00 per basic and fully diluted share, for the first fiscal quarter of 2016, compared to net income of $1.0 million, or $0.03 per basic and fully diluted share, for the comparable prior year period.

 

·

Adjusted net income attributable to common stockholders was $3.8 million, or $0.08 per basic and fully diluted share, for the first fiscal quarter of 2016, compared to adjusted net income attributable to common stockholders 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 36% and excluding other items not considered part of regular operating activities.

 

·

Adjusted EBITDA increased 128.0% to $8.2 million for the first fiscal quarter of 2016, compared to adjusted EBITDA of $3.6 million in the comparable prior year period. Normalizing these results to exclude $0.6 million in non-recurring transition costs associated with the interim operation of Service By Air’s back-office operations, Adjusted EBITDA would have been $8.8 million for the first fiscal quarter of fiscal 2016.

Growth Capital

In July 2015, the Company closed a public offering of 6,133,334 shares; including the full exercise of the underwriters’ overallotment option, at a price of $6.75 per share. Proceeds from the offering totaled $38.4 million after deducting the underwriting discount and offering costs of approximately $3.0 million. The proceeds were used to repay amounts outstanding under the Company’s senior credit facility and positions the Company for future growth.

Network Expansion – Acquisitions

On November 2, 2015, the Company completed its acquisition of Copper Logistics, Inc., a Minneapolis, Minnesota based company that provides a full range of domestic and international transportation and logistics services across North America. The Company has structured the transaction similar to previous acquisitions, with a portion of the expected purchase price payable in subsequent periods based on future performance of the acquired operation.

CEO Comments

“We are very pleased to report record results for the quarter ended September 30, 2015 and our continuing trend of profitable growth,” said Bohn Crain, Founder and CEO. “This was the first reporting period to reflect the run-rate contribution of our recent Wheels, Service by Air and Highways and Skyways acquisitions. We posted revenues of $218.7 million, up $120.5 million or 122.7%; net revenues of $50.7 million, up $24.4 million or 92.6%; and adjusted EBITDA of $8.2 million, up $4.6 million or 128.0% over the comparable prior year period. 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. As a percentage of net revenues, our adjusted EBITDA (normalized to exclude the non-recurring transitions costs associated with the operation of Service by Air’s back-office operations) improved 380 basis points


from 13.6% to 17.4% for the comparable prior year period. We are excited to see these metrics continue the anticipated progression as we scale the business.

“We also continue to make good progress on the integration front: (1) in Toronto, we completed our facilities consolidation combining three separate Wheels operations under one roof, (2) in New York, we are combining our company owned SBA and Radiant operations, (3) in Los Angeles, we are combining our company owned Wheels, SBA and Radiant operations and (4) in Cincinnati, we are combining our company owned Wheels and Highways and Skyways operations. Each integration represents an opportunity for us to unlock both revenue and cost synergies across the network as we combine the strengths of each respective group. In addition, earlier this month we successfully cut-over to our new SAP platform. As we have previously discussed, we have been a long time user of SAP but needed to upgrade to a new version of the software as a first step to position the Company to consolidate its forwarding and brokerage operations on to a singular platform which will help us to unlock both revenue and cost synergies across the combined organization while positioning us for future growth.”

Crain continued: “We continue to focus on growing our business through a combination of organic and acquisition initiatives. Our organic growth strategy will continue to focus on strengthening existing and expanding new customer relationships leveraging the benefit of our new truck brokerage and intermodal service offerings, while continuing our efforts on the organic build-out of our network of strategic operating partner locations. With the benefit of our recent equity raise, we also believe we are very well positioned to continue our disciplined approach of acquiring non-asset based businesses. We have very low leverage on our balance sheet at this point and continue to search for acquisition candidates that bring critical mass from a geographic standpoint, purchasing power and/or complementary service offerings to the current platform. In this regard, we recently completed the tuck-in acquisition of Minneapolis-based Copper Logistics which we have integrated into our existing company owned operations in that market. We have a particular interest in continuing to build density in strategic markets like Minneapolis where we already have company owned operations that we can leverage in driving both revenue and cost synergies. We currently have company owned operations in 15 markets across North America and each of these locations represents a platform from which we can continue to attract like-minded logistics entrepreneurs who see value in our platform.”

“Notwithstanding the generally negative market sentiment that seems to be reflected in recent stock prices across the transportation sector, we remain generally upbeat about our prospect at Radiant. There are a number of factors that contribute to our positive long term outlook: (1) we are executing a strategy that historically has, and we believe prospectively will, continue to perform well in varying market environments, (2) as a scalable non-asset based logistics provider, we are well positioned to respond to shifting market dynamics (good or bad) as they occur, (3) with the benefit of our recent equity raise we are in the strongest financial position in the Company’s history, positioned to take advantage of market opportunities as they present themselves and (4) we just delivered solid results for our first fiscal quarter of 2016. This is by no means meant to suggest we are somehow immune from a slowing economy, but we feel that we continue to offer a unique value proposition in support of logistics entrepreneurs across the country that will continue to gain traction in the marketplace and over the longer term translate into superior returns for our investors. Our updated EBITDA guidance for our fiscal year ending June 30, 2016 remains in line with our prior projections with adjusted EBITDA in the range of $30.0 - $34.0 million on net revenues of $195 million to $205 million. Based on our results for quarter ended September, we have trimmed our projections on top line revenue to reflect gross margins which are trending closer to 23% rather than the 21.6% margins implied in our previous projections. This equates to adjusted net income available to common stockholders in the range of $12.0 - $14.7 million, or $0.24 - $0.30 per basic and $0.24 - $0.29 per fully diluted share.”

First Fiscal Quarter ended September 30, 2015 – Financial Results

For the three months ended September 30, 2015, Radiant reported a net loss attributable to common stockholders of $172,000 on $218.7 million of revenues, or $0.00 per basic and fully diluted share. For the three months ended September 30, 2014, Radiant reported net income attributable to common stockholders of $1,009,000 on $98.2 million of revenues, or $0.03 per basic and fully diluted share.

For the three months ended September 30, 2015, Radiant reported adjusted net income attributable to common stockholders of $3,799,000, or $0.08 per basic and fully diluted share. For the three months ended September 30, 2014, Radiant reported adjusted net income attributable to common stockholders of $1,653,000, or $0.05 per basic and fully diluted share.

The Company also reported adjusted EBITDA of $8,184,000 for the three months ended September 30, 2015, compared to adjusted EBITDA of $3,587,000 for the three months ended September 30, 2014. Normalizing these results to exclude $0.6 million in non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, Adjusted EBITDA would have been $8.8 million for the months ended September 30, 2015.

A reconciliation of the Company’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the three months ending September 30, 2015 and 2014 appears at the end of this release.

2


Investor Conference Call

Radiant will host a conference call for stockholders and the investing community on Monday, November 16, 2015 at 4:30 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 two weeks after the teleconference by dialing (877) 660-6853, or (201) 612-7415 for international callers, and using conference ID number 13623800. 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 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 its most recent operating results and trends; our ability to maintain positive relationships with Wheels' 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.

# # #

 

3


 

RADIANT LOGISTICS, INC.

Consolidated Balance Sheets

 

 

 

September 30,

 

 

June 30,

 

 

 

2015

 

 

2015

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,230,604

 

 

$

7,268,144

 

Accounts receivable, net of allowance of $1,373,456 and $1,551,202, respectively

 

 

125,321,716

 

 

 

127,348,546

 

Employee and other receivables

 

 

206,542

 

 

 

110,728

 

Income tax deposit

 

 

3,951,106

 

 

 

4,102,191

 

Prepaid expenses and other current assets

 

 

5,873,342

 

 

 

5,671,872

 

Deferred tax asset

 

 

1,961,703

 

 

 

1,977,433

 

Total current assets

 

 

147,545,013

 

 

 

146,478,914

 

 

 

 

 

 

 

 

 

 

Furniture and equipment, net

 

 

13,015,647

 

 

 

13,175,890

 

 

 

 

 

 

 

 

 

 

Acquired intangibles, net

 

 

80,760,131

 

 

 

82,954,682

 

Goodwill

 

 

63,089,222

 

 

 

63,089,222

 

Deposits and other assets

 

 

2,466,042

 

 

 

3,007,492

 

Total long-term assets

 

 

146,315,395

 

 

 

149,051,396

 

Total assets

 

$

306,876,055

 

 

$

308,706,200

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued transportation costs

 

$

89,953,547

 

 

$

92,025,407

 

Commissions payable

 

 

9,004,134

 

 

 

9,449,047

 

Other accrued costs

 

 

7,307,532

 

 

 

7,732,101

 

Due to former shareholders of acquired operations

 

 

 

 

 

683,593

 

Current portion of notes payable

 

 

1,048,624

 

 

 

543,086

 

Current portion of contingent consideration

 

 

1,528,000

 

 

 

1,872,000

 

Current portion of transition and lease termination liability

 

 

1,508,416

 

 

 

282,849

 

Other current liabilities

 

 

331,063

 

 

 

297,727

 

Total current liabilities

 

 

110,681,316

 

 

 

112,885,810

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

46,141,261

 

 

 

85,892,515

 

Contingent consideration, net of current portion

 

 

5,673,000

 

 

 

5,741,000

 

Transition and lease termination liability, net of current portion

 

 

1,051,024

 

 

 

923

 

Deferred rent liability

 

 

908,360

 

 

 

1,143,749

 

Deferred tax liability

 

 

17,269,192

 

 

 

17,544,417

 

Other long-term liabilities

 

 

1,169,806

 

 

 

1,004,812

 

Total long-term liabilities

 

 

72,212,643

 

 

 

111,327,416

 

Total liabilities

 

 

182,893,959

 

 

 

224,213,226

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized; 839,200 shares issued and

   outstanding, liquidation preference of $20,980,000

 

 

839

 

 

 

839

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 48,728,826 and 42,563,224

   shares issued and outstanding, respectively

 

 

30,183

 

 

 

24,018

 

Additional paid-in capital

 

 

113,443,437

 

 

 

74,658,960

 

Deferred compensation

 

 

(2,905

)

 

 

(4,166

)

Retained earnings

 

 

9,973,790

 

 

 

10,146,282

 

Accumulated other comprehensive income (loss)

 

 

460,050

 

 

 

(394,547

)

Total Radiant Logistics, Inc. stockholders’ equity

 

 

123,905,394

 

 

 

84,431,386

 

Non-controlling interest

 

 

76,702

 

 

 

61,588

 

Total stockholders’ equity

 

 

123,982,096

 

 

 

84,492,974

 

Total liabilities and stockholders’ equity

 

$

306,876,055

 

 

$

308,706,200

 

 

 


4


 

RADIANT LOGISTICS, INC.

Consolidated Statements of Operations and Comprehensive Income

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

 

2015

 

 

 

2014

 

Revenues

 

$

218,652,572

 

 

$

98,231,388

 

Cost of transportation

 

 

167,939,467

 

 

 

71,906,605

 

Net revenues

 

 

50,713,105

 

 

 

26,324,783

 

 

 

 

 

 

 

 

 

 

Operating partner commissions

 

 

22,297,879

 

 

 

13,979,351

 

Personnel costs

 

 

14,443,095

 

 

 

6,559,946

 

Selling, general and administrative expenses

 

 

6,463,434

 

 

 

2,648,066

 

Depreciation and amortization

 

 

3,104,999

 

 

 

1,279,081

 

Transition and lease termination costs

 

 

3,162,228

 

 

 

 

Change in contingent consideration

 

 

(412,000

)

 

 

(550,000

)

Total operating expenses

 

 

49,059,635

 

 

 

23,916,444

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

1,653,470

 

 

 

2,408,339

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest income

 

 

6,781

 

 

 

925

 

Interest expense

 

 

(1,417,929

)

 

 

(91,459

)

Foreign exchange gain

 

 

250,506

 

 

 

74,498

 

Other

 

 

94,520

 

 

 

52,324

 

Total other income (expense):

 

 

(1,066,122

)

 

 

36,288

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

587,348

 

 

 

2,444,627

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(233,338

)

 

 

(901,926

)

 

 

 

 

 

 

 

 

 

Net income

 

 

354,010

 

 

 

1,542,701

 

Less: Net income attributable to non-controlling interest

 

 

(15,114

)

 

 

(22,037

)

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

 

338,896

 

 

 

1,520,664

 

Less: Preferred stock dividends

 

 

(511,388

)

 

 

(511,388

)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(172,492

)

 

$

1,009,276

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Foreign currency translation gain

 

 

854,597

 

 

 

 

Comprehensive income

 

$

682,105

 

 

$

1,009,276

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic and diluted

 

$

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic shares

 

 

47,375,437

 

 

 

34,349,586

 

Diluted shares

 

 

47,375,437

 

 

 

35,827,335

 

 


5


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 36% 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 different 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. Normalized Adjusted EBITDA represents the Adjusted EBITDA but also adds back transition costs associated with the SBA back-office that is projected to be eliminated as Radiant’s back office in Bellevue Washington will absorb these services.

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

 

2015

 

 

 

2014

 

Net income (loss) attributable to common stockholders

 

$

(172,492

)

 

$

1,009,276

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic and diluted

 

$

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic shares

 

 

47,375,437

 

 

 

34,349,586

 

Diluted shares

 

 

48,610,990

 

 

 

35,827,335

 

 

 

 

 

 

 

 

 

 

Reconciliation of net income to adjusted net income:

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(172,492

)

 

$

1,009,276

 

Adjustments to net income:

 

 

 

 

 

 

 

 

Income tax expense

 

 

233,338

 

 

 

901,926

 

Depreciation and amortization

 

 

3,104,999

 

 

 

1,279,081

 

Change in contingent consideration

 

 

(412,000

)

 

 

(550,000

)

Lease termination costs

 

 

2,058,343

 

 

 

 

Acquisition related costs

 

 

999,777

 

 

 

94,771

 

Non-recurring legal costs

 

 

310,072

 

 

 

120,113

 

Amortization of loan fees and OID

 

 

100,991

 

 

 

15,295

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income before income taxes

 

 

6,223,028

 

 

 

2,870,462

 

 

 

 

 

 

 

 

 

 

Provision for income taxes at 36% before preferred

     dividend requirement

 

 

(2,424,390

)

 

 

(1,217,466

)

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

3,798,638

 

 

$

1,652,996

 

 

 

 

 

 

 

 

 

 

Adjusted net income per common share - basic and diluted

 

$

0.08

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

6



7


 

 

 

Three Months Ended

 

 

 

September 30,

 

Reconciliation of net income to adjusted EBITDA

 

 

2015

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(172,492

)

 

$

1,009,276

 

Preferred stock dividends

 

 

511,388

 

 

 

511,388

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

 

338,896

 

 

 

1,520,664

 

Income tax expense

 

 

233,338

 

 

 

901,926

 

Depreciation and amortization

 

 

3,104,999

 

 

 

1,279,081

 

Net interest expense

 

 

1,411,148

 

 

 

90,534

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

5,088,381

 

 

 

3,792,205

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

390,099

 

 

 

204,729

 

Change in contingent consideration

 

 

(412,000

)

 

 

(550,000

)

Acquisition related costs

 

 

999,777

 

 

 

94,771

 

Non-recurring legal costs

 

 

310,072

 

 

 

120,113

 

Lease termination costs

 

 

2,058,343

 

 

 

 

Foreign exchange gain

 

 

(250,506

)

 

 

(74,498

)

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

8,184,166

 

 

 

3,587,320

 

Transition costs

 

 

640,256

 

 

 

 

Normalized Adjusted EBITDA

 

$

8,824,422

 

 

$

3,587,320

 

As a % of Net Revenues

 

 

17.4

%

 

 

13.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


Reconciliation of Non-GAAP Financial Measures to Preliminary Guidance

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. 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. A reconciliation of adjusted net income, adjusted net income per share and adjusted EBITDA for the Company’s preliminary guidance for its fiscal year ending June 30, 2016 is as follows:

(in thousands, except for earnings per share)

 

 

 

Outlook
Fiscal Year Ending
June 30, 2016

 

Net income attributable to Radiant Logistics, Inc.

 

$

3,019 – $5,669

 

Less: Preferred Dividend Requirement

 

$

(2,046)  

 

Net income attributable to common stockholders

 

$

973 – $3,623

 

 

Net income per common share:

 

 

 

 

Basic and Diluted

 

$

0.02 – 0.07

 

Weighted average shares outstanding:

 

 

 

 

Basic shares

 

 

49,000,000

 

Diluted shares

 

 

50,500,000

 

 

 

 

 

 

Reconciliation of net income to adjusted net income:

 

 

 

 

Net income attributable to common stockholders

 

$

973 – $3,623

 

 

Adjustments to net income:

 

 

 

 

Income tax expense

 

$

1,766 - $3,256

 

Depreciation and amortization

 

$

13,916

 

Lease Termination Costs

 

 

3,000

 

Change in contingent consideration

 

$

250

 

Adjusted net income before taxes

 

$

19,905 - $24,045

 

Less: Provision for income taxes at blended 36% before preferred dividend requirement of $2,046

 

$

(7,902) – (9,393)

 

 

Adjusted net income

 

$

12,003 - $14,652

 

 

Adjusted net income per common share:

 

 

 

 

Basic

 

$

0.24 – 0.30

 

Diluted

 

$

0.24 – 0.29

 

 

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Reconciliation of net income to adjusted EBITDA:

 

Outlook
Fiscal Year Ending
June 30, 2016

 

Net income attributable to Radiant Logistics, Inc.

 

$

3,019 – $5,669

 

Less: Preferred dividends

 

$

(2,046)

 

Net income attributable to common stockholders

 

$

973 – $3,623

 

 

Adjustments to net income:

 

 

 

 

Preferred dividend

 

$

2,046

 

Interest expense - net

 

$

6,799-$6,659

 

Income tax expense

 

$

1,766 – $3,256

 

Lease Termination Costs

 

$

3,000

 

Depreciation and amortization

 

$

13,916

 

 

EBITDA

 

$

28,500 -$32,500

 

 

Share-based compensation

 

$

1,250

 

Change in contingent consideration

 

$

250

 

 

Adjusted EBITDA

 

$

30,000 - $34,000

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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