Radiant Logistics Reports $5.6 Million Loss
Radiant Logistics Inc. reported a loss of $5.6 million, or 11 cents per share, for the 12-month fiscal year that ended June 30, compared with profits of $3.8 million, or 11 cents, in the year-earlier period, hurt by the sluggish freight market and poor results from the brokerage division.
The Bellevue, Washington-based company, which ranks No. 48 the Transport Topics Top 50 list of the largest logistics companies in North America, reported revenue rose 56%, to $782.5 million from $502.7 million compared with last fiscal year. The net revenue, or the amount left after paying for transportation, rose 51%, to $186.7 million from $123.7 million. However, costs increased faster than the net revenue gain, in part due to lease termination expenses and impairment charges, producing a $337,000 loss before interest and taxes. Radiant also recorded $4.9 million in interest expenses and $1.2 million in loan fees.
“These quarterly results reflect the impacts of excess capacity and related margin pressures of the current market environment, particularly in our brokerage operations as well as the previously disclosed loss of a significant customer at On Time Express, which is also a drag on comparable year-over-year results of our forwarding operations,” CEO Bohn Crain said in a statement.
For the three months that ended June 30, Radiant reported a net loss of $633,000 compared with a $1.7 million gain in net income for the same period in 2015. Net revenue rose 8.8% year-over-year for the fourth quarter to $46.5 million, but expenses increased 21% to $45.5 million.