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 Logistics, Inc.
SBA Global Logistic Services is part of the Radiant Logistics Network. 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.