Debt free and well positioned for further growth as market conditions improve;Continued progress in acquisition of strategic operating partners RENTON, Wash., May 9, 2024 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE:RLGT), a technology-enabled global transportation and value-added logistics services company, today reported financial results for the three and nine months ended March 31, 2024. Financial Highlights – Three Months Ended March 31, 2024 Revenues of $184.6 million for the third fiscal quarter ended March 31, 2024, down $59.6 million or 24.4%, compared to revenues of $244.2 million for the comparable prior year period. Gross profit of $48.8 million for the third fiscal quarter ended March 31, 2024, down $14.7 million or 23.1%, compared to gross profit of $63.5 million for the comparable prior year period. Adjusted gross profit, a non-GAAP financial measure, of $53.1 million for the third fiscal quarter ended March 31, 2024, down $13.9 million or 20.7%, compared to adjusted gross profit of $67.0 million for the comparable prior year period. Net income attributable to Radiant Logistics, Inc., a loss of $0.7 million, or $0.02 loss per basic and fully diluted share for the third fiscal quarter ended March 31, 2024, down $4.9 million or 116.7%, compared to $4.2 million, or $0.09 per basic and $0.08 per fully diluted share for the comparable prior year period. Adjusted net income, a non-GAAP financial measure, of $3.6 million, or $0.08 per basic and fully diluted share for the third fiscal quarter ended March 31, 2024, down $4.6 million or 56.1%, compared to adjusted net income of $8.2 million, or $0.17 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, of $5.2 million for the third fiscal quarter ended March 31, 2024, down $6.4 million or 55.2%, compared to adjusted EBITDA of $11.6 million for the comparable prior year period. Acquisition Update On February 7, 2024, the Company announced that it acquired Select Logistics, Inc. and Select Cartage, Inc.  (collectively "Select"), both Doral, Florida based, privately held companies that have operated as part of the Company's Adcom Worldwide brand since 2007. Select is also well recognized for its expertise and in-depth knowledge and support of the cruise industry and is expected to transition to the Radiant brand and combine with existing company-owned operations in south Florida to solidify the Company's cruise logistics service offerings. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations. Effective April 1, 2024, the Company acquired the assets and operations of Viking Worldwide, Inc., a Minnesota based, privately held company with operations in both Minneapolis, Minnesota and Houston, Texas that has operated under the Company's Service by Air brand since 2012. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations. Stock Buy-Back We purchased 532,401 shares of our common stock at an average cost of $5.79 per share for an aggregate cost of $3.1 million during the nine months ended March 31, 2024. As of March 31, 2024, the Company had 47,001,597 shares outstanding. CEO Bohn Crain Comments on Results "Our results for the quarter ended March 31, 2024 continue to reflect the difficult freight markets being experienced by the entire industry as well as our operations," said Bohn Crain, Founder and CEO of Radiant Logistics. "This extended period of weak freight demand combined with excess capacity continues to negatively impact not only our current results, but also the year-over-year comparison to our record results for prior year period. With that said, we saw a very difficult January and then steady improvement throughout the quarter and we expect to report sequential quarterly improvement moving forward as markets find their way to more sustainable and normalized levels." Mr. Crain continued, "Notwithstanding the tough year over year comparisons, we continue to deliver meaningfully positive results and have generated $22.1 million in adjusted EBITDA and $16.0 million in net cash from operations for the nine months ended March 31, 2024. In addition, we continue to enjoy a strong balance sheet finishing the quarter with approximately $31.2 million of cash on hand and nothing drawn on our $200.0 million credit facility. As previously discussed, we believe we are well positioned to navigate through these slower freight markets as we find our way back to more normalized market conditions. At the same time, we remain focused on delivering profitable growth through a combination of organic and acquisition initiatives and thoughtfully re-levering our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buy-backs. Through this approach we believe, over time, will continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve. In this regard, we are very excited about our recent agent station conversions with the acquisition of Daleray (October 2023) and the Select businesses (February 2024), which will combine to solidify our offering in support of the cruise line industry in South Florida along with our most recent acquisition of Minnesota-based Viking Worldwide (April 2024). We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and the built-in exit strategy available to the entrepreneurs participating in our network. We believe these three transactions are representative of a broader pipeline of opportunities inherent in our agent-based network and we look forward to supporting other strategic operating partners when they are ready to begin their transition from an agency to a company-owned location." Third Fiscal Quarter Ended March 31, 2024 – Financial Results For the three months ended March 31, 2024, Radiant reported net loss attributable to Radiant Logistics, Inc. of $0.7 million on $184.6 million of revenues, or $0.02 loss per basic and fully diluted share. For the three months ended March 31, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $4.2 million on $244.2 million of revenues, or $0.09 per basic and $0.08 per fully diluted share. For the three months ended March 31, 2024, Radiant reported adjusted net income, a non-GAAP financial measure, of $3.6 million, or $0.08 per basic and fully diluted share. For the three months ended March 31, 2023, Radiant reported adjusted net income of $8.2 million, or $0.17 per basic and fully diluted share. For the three months ended March 31, 2024, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $5.2 million, compared to $11.6 million for the comparable prior year period. Nine Months Ended March 31, 2024 – Financial Results For the nine months ended March 31, 2024, Radiant reported net income attributable to Radiant Logistics, Inc. of $2.9 million on $596.4 million of revenues, or $0.06 per basic and fully diluted share. For the nine months ended March 31, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $17.5 million on $853.3 million of revenues, or $0.36 per basic and $0.35 per fully diluted share. For the nine months ended March 31, 2024, Radiant reported adjusted net income, a non-GAAP financial measure, of $15.6 million, or $0.33 per basic and $0.32 per fully diluted share. For the nine months ended March 31, 2023, Radiant reported adjusted net income of $32.8 million, or $0.68 per basic and $0.66 per fully diluted share. For the nine months ended March 31, 2024, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $22.1 million, compared to $46.4 million for the comparable prior year period. Earnings Call and Webcast Access Information Radiant Logistics, Inc. will host a conference call on Thursday, May 9, 2024 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, May 9, 2024 at 4:30 PM Eastern DIAL-IN US (844) 602-0380; Intl. (862) 298-0970 (Participant Access Code: Radiant Logistics) REPLAY May 10, 2024 at 9:30 AM Eastern to May 23, 2024 at 4:30 PM Eastern, US (877) 481-4010; Intl. (919) 882-2331 (Replay ID number: 50571) Webcast Details  This call is also being webcast and may be accessed via Radiant's web site at www.radiantdelivers.com or at https://www.webcaster4.com/Webcast/Page/2191/50571 About Radiant Logistics (NYSE:RLGT)  Radiant Logistics, Inc. (www.radiantdelivers.com) operates as a third-party logistics company, providing technology-enabled global transportation and value-added logistics solutions primarily to customers in the United States and Canada. Through its comprehensive service offerings, Radiant provides domestic and international freight forwarding and freight brokerage services to a diversified account base including manufacturers, distributors and retailers, which it supports from an extensive network of company and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services. This report contains "forward-looking statements" within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "anticipate," "believe," "estimates," "expect," "future," "intend," "may," "plan," "see," "seek," "strategy," or "will" or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management's beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this report. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in-line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; the impact of any health pandemic or environment event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel; labor and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from the cybersecurity incidents that we reported in December 2021 and March 2024 or future cyber incidents and the effectiveness of the Company's business continuity plans in response to cyber incidents, like these cybersecurity incidents; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our need to restate our financial statements; our longer-term relationship with our senior lenders as a consequence of our need to restate our financial statements; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and such other factors that may be identified from time to time in our Securities and Exchange Commission ("SEC") filings and other public announcements including those set forth under the caption "Risk Factors" in Part 1 Item 1A of the Company's Annual Report on Form 10-K for the year ended June 30, 2023. In addition, the global economic climate and additional or unforeseen effects from any unexpected health pandemics, may amplify many of these risks. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Investor Contact: Radiant Logistics, Inc. Todd Macomber (425) 943-4541 Media Contact: Radiant Logistics, Inc. Jennifer Deenihan (425) 462-1094    RADIANT LOGISTICS, INC. Condensed Consolidated Balance Sheets March 31, June 30, (In thousands, except share and per share data) 2024 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 31,233 $ 32,456 Accounts receivable, net of allowance of $3,565 and $2,776, respectively 105,513 126,725 Contract assets 7,244 6,180 Income tax receivable 4,223 — Prepaid expenses and other current assets 11,540 15,211 Total current assets 159,753 180,572 Property, technology, and equipment, net 26,226 25,389 Goodwill 90,424 89,203 Intangible assets, net 31,618 36,641 Operating lease right-of-use assets 51,961 56,773 Deposits and other assets 3,984 5,163 Total other long-term assets 177,987 187,780 Total assets $ 363,966 $ 393,741 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 70,266 $ 84,561 Operating partner commissions payable 12,998 18,360 Accrued expenses 7,822 8,739 Income tax payable — 369 Current portion of notes payable 639 4,107 Current portion of operating lease liabilities 11,129 11,273 Current portion of finance lease liabilities 608 620 Current portion of contingent consideration 150 3,886 Other current liabilities 1,918 258 Total current liabilities 105,530 132,173 Operating lease liabilities, net of current portion 47,592 52,120 Finance lease liabilities, net of current portion 744 1,121 Contingent consideration, net of current portion 1,190 287 Deferred tax liabilities 2,761 2,944 Total long-term liabilities 52,287 56,472 Total liabilities 157,817 188,645 Equity: Common stock, $0.001 par value, 100,000,000 shares ...