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Radiant pushes back financial filing again, provides preliminary FQ1 numbers

3PL to bring filings current by year-end

Radiant Logistics expects "operations to return to more normalized levels and growth rates in coming quarters." (Photo: Jim Allen/FreightWaves)

Radiant Logistics announced it has pushed back another financial filing. The company submitted a late-filing notice with the Securities and Exchange Commission for its fiscal first quarter ended Sept. 30.

The latest delay stems from a planned restatement of financial results for the company’s fiscal year ended June 30, 2021, each quarter of fiscal year 2021 and the first three quarters of fiscal year 2022. Radiant (NYSE: RLGT) is restating results to correct inaccurate timing of in-transit revenue and related expenses for those periods.

The errors also led to a delay in filing fiscal 2022 annual results for the Renton, Washington-based 3PL.

The company expects to complete the process by year-end.

“Notwithstanding our continued strong results, the Board and leadership team remain hyper-focused on bringing our filings current with the SEC,” founder and CEO Bohn Crain stated in a Wednesday evening news release.

“We are working expeditiously to complete our previously reported efforts to restate certain historical financial statements related principally to the timing of recognition of the Company’s estimated accrual of in-transit revenues and related costs, and expect to bring our filings current with the SEC by the end of the calendar year.”

In a prior announcement, Radiant indicated adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2021 were overstated by roughly 1% with net income being overstated by 2%. Anticipated restatement amounts for the quarters in fiscal 2022 have not been disclosed.

At the time, the company said it was also looking into fiscal 2020 results for errors.

“Based on our work to date, the Company still believes the net effect of the restatements to fully diluted earnings per share during the Restatement Periods will be relatively modest as compared to our originally reported results,” Crain continued.

FQ1 update shows record performance

Radiant provided preliminary, unaudited fiscal first-quarter results.

Revenue increased to $331 million, net revenue increased to $76.5 million and adjusted earnings per share were 27 cents, all of which were records. Comparisons to the prior year can not be relied upon at this time.

An adjusted EBITDA margin of 24.2% in the quarter was also reported to be a record.

Radiant generated $25.6 million in cash flow from operations, ending the period with net debt of $19.7 million. The company purchased nearly 572,000 shares of its outstanding common stock at a total price of $3.4 million during the quarter and in October. It has more than 48 million shares outstanding.

“As we have previously discussed, while we remain very optimistic about our prospects for fiscal 2023 and beyond, we are beginning to see signs of a slowing economy and expect operations to return to more normalized levels and growth rates in coming quarters,” Crain said.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.