Radiant Logistics continues to improve after a tough January. (Photo: Jim Allen/FreightWaves)
Radiant Logistics executives said Thursday that the worst of the economic cycle is likely over. The comments were made during a quarterly results conference with analysts.
Renton, Wash.-based Radiant (NYSE: RLGT) reported a net loss of $700,000, or 2 cents per share, for its fiscal third quarter ended March 31. In the same period last year, his earnings per share were 8 cents. On an adjusted basis, EPS of 8 cents was in line with consensus estimates, but was down 9 cents year-over-year (year-over-year).
Founder and CEO Vaughn Crane said: “This prolonged period of weak freight demand and overcapacity has impacted not only our current performance, but also our relative performance compared to our record performance in the same period last year. It continues to have a negative impact.” news release.
Crane said January was a very weak month, but the company saw monthly improvement from that low point through April. He noted that his first three months of the calendar year are typically the slowest period, and expects business to improve sequentially in each quarter going forward.
“I think we're effectively at the bottom,” Klein said on a conference call.
Revenue for the quarter was $185 million, down 24% year over year (down 8% from the second quarter ended December 31st). Revenue excluding purchase and transportation costs decreased 21% to his $53 million, resulting in a net profit margin of 28.8%, an improvement of 130 basis points year over year.
Adjusted earnings before interest, taxes, depreciation and amortization were $5.2 million, down 55% from the prior year. Adjusted EBITDA margin decreased by 750 bps to 9.8%.
Radiant generated $16 million of net cash from operations during the first nine months of its fiscal year. The company ended the quarter debt-free with $31.2 million in cash and no outstanding balances on its credit facilities.
The company will continue to invest capital in converting agent stations into company-owned locations, acquisitions, and stock buybacks.
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