Radiant Logistics posts FY net loss of $5.6m

However, the Bellevue, Wash.-based third-party logistics and multi-modal transportation services company’s revenues for the fiscal year, which ended June 30, rose 55.7 percent year-over-year to $782.5 million.    Radiant Logistics, Inc., a third-party logistics and multi-modal transportation services provider based out of Bellevue, Wash., reported a net loss attributable to common stockholders of $5.6 million for the fiscal year, which ended June 30, compared to a net income of $3.8 million the prior year.
   Revenues for the fiscal year surged 55.7 percent year-over-year to $782.5 million.
   For the fourth fiscal quarter, Radiant Logistics reported a net loss attributable to common stockholders of $0.6 million compared to a net income of $1.7 million a year earlier.
   Revenues for the quarter slipped 6.4 percent year-over-year to $183.6 million.
   Radiant Logistics Founder and CEO Bohn Crain said that during the quarter, the company faced headwinds from excess capacity and related margin pressures of the current market environment, particularly in its brokerage operations as well as the previously disclosed loss of a significant customer at On Time Express. “We are responding to these market headwinds with a focus on the continuous improvement of our existing business through an accelerated investment in technology, further integration of previously acquired operations and unlocking the associated revenue and cost synergies within our current platform,” Crain said. “While improving the financial performance of our existing platform is our top priority, we also remain committed to our long standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives.
   “We have low leverage on our balance sheet, strong free cash flow and continue our disciplined search for acquisition candidates that bring critical mass to our current platform with respect to geography, purchasing power and complementary service offerings.”