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8-K - 8-K - RADIANT LOGISTICS, INCrlgt-8k_20180913.htm

Exhibit 99.1

 

RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE FOURTH fiscal quarter AND YEAR ENDED June 30, 2018

Reports record quarterly results with revenues of $233.8 million, up $32.0 million or 15.9%;

Net revenues of $59.3 million, up $9.5 million or 19.0%; and

Adjusted EBITDA of $9.9 million

BELLEVUE, WA September 13, 2018 – Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today reported financial results for the three and twelve months ended June 30, 2018.

Fourth Fiscal Quarter Financial Highlights (Quarter Ended June 30, 2018)

 

Revenues increased to a record $233.8 million for the fourth fiscal quarter ended June 30, 2018, up $32.0 million or 15.9% compared to revenues of $201.8 million for the comparable prior year period.

 

Net revenues increased to a record $59.3 million for the fourth fiscal quarter ended June 30, 2018, up $9.5 million or 19.0% compared to net revenues of $49.8 million for the comparable prior year period.

 

Net income allocable to common stockholders increased to a record $4.3 million, or $0.09 per basic and fully diluted share, compared to net loss allocable to common stockholders of $1.0 million, or $0.02 per basic and fully diluted share  for the comparable prior year period.

 

Adjusted net income allocable to common stockholders increased to a record $5.7 million, or $0.11 per basic and fully diluted share for the fourth fiscal quarter ended June 30, 2018, compared to adjusted net income allocable to common stockholders of $3.8 million, or $0.08 per basic and fully diluted share for the comparable prior year period. Periods are calculated by applying a normalized tax rate of 31% and excluding other items not considered part of regular operating activities.

 

Adjusted EBITDA increased to a record $9.9 million for the fourth fiscal quarter ended June 30, 2018, up $3.0 million or 43.5% compared to adjusted EBITDA of $6.9 million for the comparable prior year period.

 

Adjusted EBITDA margin (expressed as a function of net revenues) increased 280 basis points to 16.7% for the fourth fiscal quarter ended June 30, 2018, compared to Adjusted EBITDA margin of 13.9% for the comparable prior year period.

CEO Comments

“We are pleased to report record results for the quarter ended June 30, 2018 and broad-based improvement in our financial performance,” said Bohn Crain, Founder and CEO. “We posted record revenues of $233.8 million, up $32.0 million or 15.9%; record net revenues of $59.3 million, up $9.5 million or 19.0%; record net income allocable to common stockholders of $4.3 million, up $5.3 million; record adjusted net income allocable to common shareholders of $5.7 million, up $1.9 million or 50.0%; and Adjusted EBITDA of $9.9 million, up $3.0 million or 43.5% over the comparable prior year period. In addition, we also set a new record in terms of our Adjusted EBITDA margins, up 280 basis points to 16.7%, from 13.9% for the comparable prior year period.”

 

“While we continued to see anticipated margin pressure with our underlying asset-based carrier partners during the quarter, we also saw the benefit of our focused effort on organic growth, delivering double-digit revenue growth across all categories of our business, with forwarding revenues up $23.7 million, or 16.0%, brokerage revenues up $7.1 million, or 14.0%, and value-added services revenues up $1.3 million and 44.6%. This ultimately translated to an incremental $9.5 million in net revenues over the comparable prior year period. As we have previously discussed, we remain most interested in growing our gross margin dollars and getting more of those dollars to the bottom line as we scale the business. In this regard, we were quite pleased to not only see the growth in our gross margin dollars, but also see the leverage in our back-office operations as reflected in our expanding EBITDA margins.”

 

“On the technology front we also continue to make meaningful progress on a number of  strategic technology initiatives,  including (1) the continued expansion of our new SAP-based transportation management system (“SAP-TM”) that is now deployed in 7 of our company owned locations and on track for deployment to our strategic operating partners later this year, (2)  the recent launch of our new customer portal which provides our customers with on-line booking and event based tracking through direct integration with SAP-TM with future phases of functionality that will include additional collaboration, quoting, and a user operated reporting engine,


(3) the completion of our blue-printing efforts to operationalize international air and ocean functionality within our new SAP-TM platform, (4) the successful deployment of our new back-office digitization technology to provide  optical character recognition and process automation solution to streamline our procure-to-pay processes with our carriers provides and (5) further progress on migrating our SAP production environment to Amazon’s cloud computing platform which is also on track to occur later this year which will give us cost effective access to the computing power, database storage and other functionality to help us scale and grow our business.”

 

Crain Continued: “As we head into the new year, we remain committed to our long-standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives. We have low leverage on our balance sheet, strong free cash flow, and continue our disciplined search for acquisition candidates that bring critical mass to our current platform with respect to geography, purchasing power, and complementary service offerings. We believe we remain well positioned to continue to benefit from a favorable market environment given the healthy economy and look forward to continuing to build on the success of this most recent quarter.”

Fourth Fiscal Quarter Ended June 30, 2018 – Financial Results

For the three months ended June 30, 2018, Radiant reported net income allocable to common stockholders of $4.3 million on $233.8 million of revenues, or $0.09 per basic and fully diluted share. For the three months ended June 30, 2017, Radiant reported a net loss allocable to common stockholders of $1.0 million on $201.8 million of revenues, or $0.02 per basic and fully diluted share.

For the three months ended June 30, 2018, Radiant reported adjusted net income allocable to common stockholders of $5.7 million, or $0.11 per basic and fully diluted share. For the three months ended June 30, 2017, Radiant reported adjusted net income allocable to common stockholders of $3.8 million, or $0.08 per basic and fully diluted share.

For the three months ended June 30, 2018, Radiant reported Adjusted EBITDA of $9.9 million, compared to $6.9 million for the comparable prior year period.

Year Ended June 30, 2018 – Financial Results

For the year ended June 30, 2018, Radiant reported net income allocable to common stockholders of $8.1 million on $842.4 million of revenues, or $0.17 per basic and $0.16 per fully diluted share, including a one-time benefit of $2.4 million related to a re-measurement of deferred tax liabilities as a result of the recently enacted Tax Cuts and Jobs Act. For the year ended June 30, 2017, Radiant reported net income allocable to common stockholders of $2.8 million on $777.6 million of revenues, or $0.06 per basic and fully diluted share.

For the year ended June 30, 2018, Radiant reported adjusted net income allocable to common stockholders of $14.8 million or $0.30 per basic and $0.29 per fully diluted share. For the year ended June 30, 2017, Radiant reported adjusted net income allocable to common stockholders of $17.2 million or $0.35 per basic and $0.34 per fully diluted share.

For the year ended June 30, 2018, Radiant reported Adjusted EBITDA of $29.2 million, compared to $29.6 million for the comparable prior year period.

Earnings Call and Webcast Access Information

Radiant Logistics, Inc. will host a conference call on Thursday, September 13, 2018 at 4:30 PM Eastern to discuss the contents of this release. The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Founder and CEO will host the call.

Conference Call Details

DATE/TIME:

Thursday, September 13, 2018 at 4:30 PM Eastern

DIAL-IN

US (877) 407-8031; Intl. (201) 689-8031

REPLAY

September 14, 2018 at 9:30 AM Eastern to September 27, 2018 at 4:30 PM Eastern, US (877) 481-4010;

 

Intl. (919) 882-2331 (Replay ID number: 37399)

 

Webcast Details

This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com or through www.InvestorCalendar.com.

2


About Radiant Logistics (NYSE American: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) is a third-party logistics and multimodal transportation services company delivering advanced supply chain solutions through a network of company-owned and strategic operating partner locations across North America. 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.

# # #

 

Investor Contact:

Radiant Logistics, Inc.

Todd Macomber

(425) 943-4541

tmacomber@radiantdelivers.com

Media Contact:

Radiant Logistics, Inc.

Jennifer Deenihan

(425) 462-1094

jdeenihan@radiantdelivers.com

 

 

 

 

 

 

3


 

RADIANT LOGISTICS, INC.

Consolidated Balance Sheets

 

(In thousands, except share and per share data)

 

June 30,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,992

 

 

$

5,808

 

Accounts receivable, net of allowance of $1,703 and $1,599, respectively

 

 

137,578

 

 

 

116,327

 

Income tax receivable

 

 

2,105

 

 

 

432

 

Prepaid expenses and other current assets

 

 

6,599

 

 

 

7,153

 

Total current assets

 

 

153,274

 

 

 

129,720

 

 

 

 

 

 

 

 

 

 

Technology and equipment, net

 

 

18,566

 

 

 

15,227

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

65,389

 

 

 

66,779

 

Intangible assets, net

 

 

65,264

 

 

 

74,729

 

Deposits and other assets

 

 

2,945

 

 

 

3,085

 

Total long-term assets

 

 

133,598

 

 

 

144,593

 

Total assets

 

$

305,438

 

 

$

289,540

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

90,153

 

 

$

85,490

 

Operating partner commissions payable

 

 

14,322

 

 

 

10,843

 

Accrued expenses

 

 

5,404

 

 

 

4,778

 

Current portion of notes payable

 

 

3,726

 

 

 

3,382

 

Current portion of contingent consideration

 

 

960

 

 

 

4,130

 

Current portion of transition and lease termination liability

 

 

1,385

 

 

 

1,210

 

Other current liabilities

 

 

295

 

 

 

143

 

Total current liabilities

 

 

116,245

 

 

 

109,976

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

43,197

 

 

 

37,040

 

Contingent consideration, net of current portion

 

 

1,615

 

 

 

5,790

 

Transition and lease termination liability, net of current portion

 

 

 

 

 

804

 

Deferred rent liability

 

 

1,020

 

 

 

857

 

Deferred income taxes

 

 

8,665

 

 

 

10,826

 

Other long-term liabilities

 

 

1,082

 

 

 

782

 

Total long-term liabilities

 

 

55,579

 

 

 

56,099

 

Total liabilities

 

 

171,824

 

 

 

166,075

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

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

   outstanding, liquidation preference of $20,980

 

 

1

 

 

 

1

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 49,511,907 and 49,177,215

   shares issued, and 49,420,109 and 49,085,417 shares outstanding, respectively

 

 

31

 

 

 

30

 

Additional paid-in capital

 

 

117,968

 

 

 

116,172

 

Treasury stock, at cost, 91,798 shares

 

 

(253

)

 

 

(253

)

Retained earnings

 

 

15,539

 

 

 

7,397

 

Accumulated other comprehensive income

 

 

186

 

 

 

65

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

133,472

 

 

 

123,412

 

Non-controlling interest

 

 

142

 

 

 

53

 

Total equity

 

 

133,614

 

 

 

123,465

 

Total liabilities and equity

 

$

305,438

 

 

$

289,540

 

 

 


4


 

RADIANT LOGISTICS, INC.

Consolidated Statements of Comprehensive Income

 

(In thousands, except share and per share data)

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

$

233,805

 

 

$

201,829

 

 

$

842,417

 

 

$

777,613

 

Cost of transportation

 

 

174,542

 

 

 

152,034

 

 

 

639,990

 

 

 

582,977

 

Net revenues

 

 

59,263

 

 

 

49,795

 

 

 

202,427

 

 

 

194,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating partner commissions

 

 

27,430

 

 

 

22,478

 

 

 

88,844

 

 

 

90,207

 

Personnel costs

 

 

14,993

 

 

 

13,692

 

 

 

58,566

 

 

 

51,930

 

Selling, general and administrative expenses

 

 

7,594

 

 

 

7,047

 

 

 

28,447

 

 

 

23,971

 

Depreciation and amortization

 

 

3,606

 

 

 

3,310

 

 

 

14,389

 

 

 

12,349

 

Transition and lease termination costs

 

 

69

 

 

 

953

 

 

 

176

 

 

 

2,260

 

Change in fair value of contingent consideration

 

 

(1,101

)

 

 

1,638

 

 

 

(1,176

)

 

 

3,431

 

Total operating expenses

 

 

52,591

 

 

 

49,118

 

 

 

189,246

 

 

 

184,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

6,672

 

 

 

677

 

 

 

13,181

 

 

 

10,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

8

 

 

 

8

 

 

 

34

 

 

 

25

 

Interest expense

 

 

(772

)

 

 

(649

)

 

 

(3,109

)

 

 

(2,522

)

Foreign currency transaction gains (losses)

 

 

125

 

 

 

(132

)

 

 

(8

)

 

 

222

 

Other

 

 

80

 

 

 

(15

)

 

 

408

 

 

 

379

 

Total other expense

 

 

(559

)

 

 

(788

)

 

 

(2,675

)

 

 

(1,896

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

6,113

 

 

 

(111

)

 

 

10,506

 

 

 

8,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(1,164

)

 

 

(391

)

 

 

(73

)

 

 

(3,673

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

4,949

 

 

 

(502

)

 

 

10,433

 

 

 

4,919

 

Less: net income attributable to non-controlling interest

 

 

(107

)

 

 

(15

)

 

 

(245

)

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

 

 

4,842

 

 

 

(517

)

 

 

10,188

 

 

 

4,862

 

Less: preferred stock dividends

 

 

(511

)

 

 

(511

)

 

 

(2,046

)

 

 

(2,046

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to common stockholders

 

$

4,331

 

 

$

(1,028

)

 

$

8,142

 

 

$

2,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

270

 

 

 

(463

)

 

 

121

 

 

 

(33

)

Comprehensive income (loss)

 

$

5,219

 

 

$

(965

)

 

$

10,554

 

 

$

4,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share allocable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

(0.02

)

 

$

0.17

 

 

$

0.06

 

Diluted

 

$

0.09

 

 

$

(0.02

)

 

$

0.16

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,368,292

 

 

 

48,894,737

 

 

 

49,239,870

 

 

 

48,840,797

 

Diluted

 

 

50,557,716

 

 

 

48,894,737

 

 

 

50,634,671

 

 

 

49,993,595

 

 


5


RADIANT LOGISTICS, INC.

Reconciliation of Net Income (Loss) Allocable to Common Stockholders
to Adjusted Net Income, EBITDA and Adjusted EBITDA

(unaudited)

As used in this report, Adjusted Net Income, EBITDA, and Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted Net Income, 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 31% 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, the Company adjusts for certain non-cash charges and significant items that are not part of regular operating activities. These adjustments include depreciation and amortization, income taxes, change in contingent consideration, amortization of loan fees, write-off of loan fees, impairment of acquired intangible assets, acquisition related costs, transition costs, lease termination costs, litigation costs and non-recurring costs.

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, lease termination costs, extraordinary items, share-based compensation expense, litigation costs, non-recurring costs, material management and distribution (“MM&D”) start-up costs, write off of loan fees, impairment of acquired intangible assets and foreign exchange losses or gains.

We believe that these non-GAAP financial measures, as presented, represent a useful method of assessing the performance of our operating activities, as they reflect our earnings trends without the impact of certain non-cash charges and other non-recurring charges. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations to allow a comparison to other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. However, these non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Adjusted Net Income, 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.

Reconciliation of net income (loss) allocable to common stockholders to adjusted net income:

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

(In thousands, except share and per share data)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income (loss) allocable to common stockholders

 

$

4,331

 

 

$

(1,028

)

 

$

8,142

 

 

$

2,816

 

Adjustments to net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

1,164

 

 

 

391

 

 

 

73

 

 

 

3,673

 

Depreciation and amortization

 

 

3,606

 

 

 

3,310

 

 

 

14,389

 

 

 

12,349

 

Change in contingent consideration

 

 

(1,101

)

 

 

1,638

 

 

 

(1,176

)

 

 

3,431

 

Lease termination costs

 

 

69

 

 

 

541

 

 

 

176

 

 

 

566

 

Acquisition related costs

 

 

86

 

 

 

419

 

 

 

239

 

 

 

944

 

Litigation costs

 

 

214

 

 

 

39

 

 

 

346

 

 

 

177

 

Non-recurring costs

 

 

 

 

 

 

 

 

 

 

 

14

 

Amortization of loan fees

 

 

59

 

 

 

79

 

 

 

243

 

 

 

317

 

Transition costs associated with acquisitions

 

 

 

 

 

275

 

 

 

 

 

 

1,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income before income taxes

 

 

8,428

 

 

 

5,664

 

 

 

22,432

 

 

 

25,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes at 31% before preferred dividend

   requirement

 

 

(2,771

)

 

 

(1,914

)

 

 

(7,588

)

 

 

(8,640

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

5,657

 

 

$

3,750

 

 

$

14,844

 

 

$

17,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.11

 

 

$

0.08

 

 

$

0.30

 

 

$

0.35

 

Diluted

 

$

0.11

 

 

$

0.08

 

 

$

0.29

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

49,368,292

 

 

 

48,894,737

 

 

 

49,239,870

 

 

 

48,840,797

 

Diluted

 

 

50,557,716

 

 

 

50,470,803

 

 

 

50,634,671

 

 

 

49,993,595

 

6


 

Reconciliation of net income (loss) allocable to common stockholders to adjusted EBITDA

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

(In thousands, except share and per share data)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income (loss) allocable to common stockholders

 

$

4,331

 

 

$

(1,028

)

 

$

8,142

 

 

$

2,816

 

Preferred stock dividends

 

 

511

 

 

 

511

 

 

 

2,046

 

 

 

2,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocable to Radiant Logistics, Inc.

 

 

4,842

 

 

 

(517

)

 

 

10,188

 

 

 

4,862

 

Income tax expense

 

 

1,164

 

 

 

391

 

 

 

73

 

 

 

3,673

 

Depreciation and amortization

 

 

3,606

 

 

 

3,310

 

 

 

14,389

 

 

 

12,349

 

Net interest expense

 

 

764

 

 

 

641

 

 

 

3,075

 

 

 

2,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

10,376

 

 

 

3,825

 

 

 

27,725

 

 

 

23,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

398

 

 

 

321

 

 

 

1,514

 

 

 

1,304

 

Change in contingent consideration

 

 

(1,101

)

 

 

1,638

 

 

 

(1,176

)

 

 

3,431

 

Acquisition related costs

 

 

86

 

 

 

419

 

 

 

239

 

 

 

944

 

Litigation costs

 

 

214

 

 

 

39

 

 

 

346

 

 

 

177

 

Non-recurring costs

 

 

 

 

 

 

 

 

 

 

 

14

 

Lease termination costs

 

 

69

 

 

 

541

 

 

 

176

 

 

 

566

 

MM&D start-up costs

 

 

 

 

 

 

 

 

410

 

 

 

 

Foreign exchange loss (gain)

 

 

(125

)

 

 

132

 

 

 

8

 

 

 

(222

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

9,917

 

 

$

6,915

 

 

$

29,242

 

 

$

29,595

 

Adjusted EBITDA as a % of Net Revenues

 

 

16.7

%

 

 

13.9

%

 

 

14.4

%

 

 

15.2

%

 

 

7