Welcome to our dedicated page for Radiant Logistics news (Ticker: RLGT), a resource for investors and traders seeking the latest updates and insights on Radiant Logistics stock.
Radiant Logistics reports developments for a technology-enabled third-party logistics business that provides global transportation and value-added logistics services. The company offers domestic and international freight forwarding, truck and rail brokerage, warehouse and distribution, customs brokerage, order fulfillment, inventory management and logistics technology services to customers primarily in the United States, Canada and Mexico.
Recurring RLGT news includes quarterly financial results, acquisition and operating-network expansion, company-owned and agent-owned office activity, share repurchase authorizations and digital logistics initiatives such as the Navegate platform and the Ray AI agent. Company updates also cover international gateway expansion, including operations in Hong Kong, Shanghai and Shenzhen, as part of Radiant's freight forwarding and logistics network.
Radiant Logistics, Inc. (RLGT) reported a comprehensive annual financial performance for the fiscal year ended June 30, 2022, showcasing record revenues of $1,459.4 million, a 62.2% increase from the prior year. The net income grew to $44.5 million, reflecting a 92.6% rise year-over-year. Alongside this, adjusted EBITDA reached $80.9 million, a 65.1% increase. The report included necessary restatements addressing prior financial misreporting which did not alter net income significantly. The company anticipates growth despite macroeconomic challenges, expressing optimism for fiscal 2023.
Radiant Logistics (RLGT) announced preliminary financial results for the quarter ended December 31, 2022, reporting revenues of $283.5 million and a gross profit of $71.7 million. Adjusted net income was $12.3 million, or $0.26 per basic share. The company is late in filing its 10-Q due to a restatement process for previous fiscal periods, affecting earnings estimates by approximately $0.01 per diluted share for fiscal years impacted. CEO Bohn Crain expressed optimism about maintaining strong results against a backdrop of economic slowdown, indicating no net debt and $63.8 million in cash as of December 31, 2022.
Radiant Logistics (NYSE: RLGT) reported preliminary financial results for Q1 FY2023, with revenues hitting a record $331 million, up from the prior year. Net income increased to $8 million, or $0.17 per share, while adjusted net income reached $13.4 million, equating to $0.27 per share. The adjusted EBITDA also rose to $18.5 million, marking a 24.2% margin. The company is working to restate prior financial statements and expects to have filings current by year-end. CEO Bohn Crain highlighted a strong position despite signs of a slowing economy, emphasizing their strategic acquisition efforts and stock buybacks.
Radiant Logistics (NYSEMKT: RLGT) announced the acquisition of Cascade Enterprises of Minnesota, enhancing its technology-enabled logistics operations. Operating under the Airgroup brand since 2007, Cascade will transition to the Radiant brand in early 2023. This acquisition follows Radiant's earlier purchase of Navegate, enabling better global trade management. Tom Heinsen, Cascade's CEO, will remain with Radiant as Vice President. The acquisition signals continued growth opportunities for Radiant, as stated by CEO Bohn Crain, emphasizing value creation for partners and shareholders.
Radiant Logistics (RLGT) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2022. The company will restate financial statements for fiscal 2021 and interim quarterly reports from 2021 and 2022 due to timing errors in revenue recognition. Preliminary findings indicate revenues were understated by $14.1 million to $17.3 million, and total liabilities were understated by $21.5 million to $26.3 million. The NYSE notified RLGT of noncompliance with listing requirements, but trading remains unaffected. The company anticipates filing the 10-K within 30 days.
Radiant Logistics (NYSE: RLGT) reported preliminary unaudited financial results for Q4 of FY 2022, showing a 54.6% revenue increase to $398.6 million compared to the prior year. Net income rose to $18.3 million ($0.37/share), marking a 64.9% increase. Adjusted EBITDA reached $27.7 million, up 96.5%. The company has filed for a 15-day extension to complete its Form 10-K. Additionally, it secured a $200 million credit facility to support growth and operational flexibility. CEO Bohn Crain expressed optimism despite ongoing global uncertainty affecting logistics.
Radiant Logistics (NYSE American: RLGT) announced a new $200 million syndicated secured revolving credit facility, replacing its previous $150 million facility. This move enhances financial flexibility for future acquisitions and capital expenditures. The facility includes an accordion feature for an additional $75 million and has a five-year term, secured by the company's assets. As of March 31, 2022, the company's net leverage ratio stood at 1.0x, with an interest coverage ratio of 24.4x, showcasing strong financial health.
Radiant Logistics (NYSEMKT: RLGT) has announced the rebranding of its U.S. brokerage platform from Clipper Exxpress to Radiant Road & Rail Services as of July 1, 2022. This change aims to align the brand with the company's vision of expanding its bi-modal offerings in intermodal and truck brokerage services. The rebranding marks a significant transition for Radiant, which has served the logistics industry for over 80 years. The new platform will continue to provide diverse logistics solutions, including temperature-controlled intermodal services and trucking.
Radiant Logistics (RLGT) reported Q3 results for fiscal 2022, achieving revenues of $460.9 million, a 94.9% increase year-over-year. Net revenues reached $84.9 million, up 49.5%, while net income surged to $14.3 million, reflecting a remarkable 186.0% increase. Adjusted EBITDA also rose to $23.6 million, up 82.9%. The company highlighted success in its project charter business and the positive contribution from the Navegate acquisition. A renewed stock repurchase program and an effective $150 million shelf registration statement were also announced.
Radiant Logistics (NYSE: RLGT) announced that the SEC has declared effective its $150 million universal shelf registration statement on Form S-3, replacing the previous $100 million statement. This grants Radiant flexibility to issue common equity, preferred equity, debt securities, and more, for general corporate purposes. CEO Bohn Crain emphasized that this move enables capital access for growth strategies. However, the company's ability to raise capital depends on its operational needs and market receptiveness, with no current agreements for issuance.