Radiant posts FY profit despite Q4 loss

Bellevue, Wash.-based Radiant Logistics has finalized various acquisitions in recent months, and Bohn Crain, Radiant’s founder and chief executive officer, said the company is searching for even more acquisition candidates.    Bellevue, Wash.-based Radiant Logistics, Inc. reported a net income attributable to common stockholders of $2.8 million for the fiscal year ending June 30, 2017, compared to a net loss attributable to common stockholders of $5.6 million for the prior fiscal year, according to the company’s latest financial statements.
   The third-party logistics and multi-modal transportation services provider’s revenues for the fiscal year totaled $777.6 million, slipping 0.6 percent year-over-year.
   For the quarter ending June 30, 2017, Radiant posted a net loss attributable to common stockholders of $1 million, falling deeper into the red from a year prior, when it posted a net loss attributable to common stockholders of $633,000.
   However, revenues for the quarter surged 10.6 percent year-over-year to $201.8 million.
   On June 14, Radiant announced it entered into a $75 million revolving credit facility with Bank of America, N.A. and Bank of Montreal. “The senior credit facility increases the maximum borrowing and provides us with lower interest costs, less restrictive financial and operational covenants, and includes a $50.0 million accordion feature to support future acquisition opportunities,” Radiant said.
   In recent months, Radiant has completed multiple acquisitions, and according to Bohn Crain, Radiant’s founder and chief executive officer, the company is searching for even more acquisition candidates.
   Radiant acquired Lomas Logistics in April, Dedicated Logistics Technologies in June and Sandifer-Valley Transportation & Logistics earlier this month.
   “We have low leverage on our balance sheet, strong free cash flows, and continue our disciplined search for acquisition candidates that bring critical mass to our current platform with respect to geography, purchase power, and complementary service offerings,” Crain said.