Radiant Global Logistics Posts Loss, Boosts Revenue
Radiant Global Logistics reported a loss of $2.2 million, or 5 cents per share, for the fiscal third quarter ended March 31, compared with earnings of $825,000, or 2 cents, in the year-earlier period, hurt by higher costs.
The Bellevue, Washington-based company, which ranks No. 48 on the Transport Topics Top 50 list of the largest logistics companies in the United States, Canada and Mexico, reported a 69% rise in revenue to $173.3 million as a result of acquisitions. The net revenue, or the amount left after paying for transportation, rose 54% to $41.8 million, from $27.4 million. However, costs increased faster than the net revenue gain, in part due to lease termination expense, producing a $472,000 loss before interest and taxes.
Adjusted net income of $1.8 million, up from $1.4 million, was reported. The amount excludes business the company described as not part of regular operations.
“We are very pleased to report another record quarter in what was a generally soft freight environment in our seasonally slowest quarter,” CEO Bohn Crain said in a statement.
