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Radiant Logistics Inc. posted slightly higher net income as well as record revenue for the fiscal fourth quarter ended June 30.
The third-party logistics and multimodal transportation services company said that the quarter’s net income was $4.7 million, or 9 cents per share, compared with $4.5 million, or 9 cents, in the same year-ago period.
Revenue leapt to a record $275.5 million compared with $204.6 million.
Founder and CEO Bohn Crain said movement of personal protective equipment (PPE) during the coronavirus pandemic in particular added $13.1 million, which helped Radiant achieve its quarterly record revenue.
Net revenue, which subtracts the cost of transportation and other services, was $50.1 million compared with $58.5 million.
“Since late March, we have been focusing on delivering against four key objectives: ensuring the health and safety of our employees; providing supply chain continuity for our customers, operating partners and carriers; protecting the economic security of our people to the greatest extent possible; and taking the steps necessary to mitigate the impacts of the slowing economy on our own business,” Crain said in the Bellevue, Wash.-based company’s report, released Sept. 28.
“Although the pandemic has had a substantial negative impact on many of the industry verticals and customers that we serve, we are proud to be playing an active role in the fight against COVID-19: delivering PPE, food and beverage, consumer goods, technology and other essential products for our customers across North America and around the world.”
Year-to-date, Radiant reported net income of $10.5 million, or 21 cents, compared with $13.7 million, or 28 cents.
Revenue was $855.2 million compared with $890.5 million.
Net revenue was $209.4 million compared with $230.1 million.
“We were fortunate to have entered this economic downturn with very low leverage on our balance sheet. In addition, we aggressively worked to preserve our liquidity: tabling any acquisition efforts, suspending our stock buy-back program, deferring discretionary technology investments, reducing our discretionary operating expenses and initiating a series of temporary workforce reductions,” Crain said.
By June 30, Radiant said it had $34.8 million of cash on hand and net debt of $17.1 million. It said that gives the company additional financial flexibility to navigate any further market weakness as well as the ability to pursue new acquisition opportunities in the future.
“Although the overall demand for transportation services has been significantly impacted, we are seeing slow and steady improvement across many industry verticals that we serve. With the diversity of our customers and service offerings, the strength of our balance sheet, the scalability of our technology and the commitment of our teammates, we are certainly optimistic about the economy and its ultimate recovery,” Crain said.
Subsequently, the company said it has begun to restore employees’ salaries and return many of the furloughed employees to work.
The executive expressed gratitude to the employees and operating partners who have worked to support customers through the pandemic.
“In the months ahead, we will continue to closely monitor how we and the economy are progressing and look forward to re-engaging in acquisition opportunities and/or our stock buy-back activities as the opportunities present themselves,” Crain said.
Radiant Logistics ranks No. 52 on the Transport Topics list of top freight brokerage firms in North America.
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