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Radiant Logistics posts 30% second quarter profit growth

Last updated: 10:02 14 Feb 2011 EST, First published: 11:02 14 Feb 2011 EST

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Radiant Logistics (OTCBB:RLGT) reported Monday that its second quarter profit grew 30% as the company benefited from a recovering economy and a resurgence in domestic transportation services.

The Bellevue, Washington-based freight forwarding company reported net income of $0.72 million for the quarter ending December 31, 2010, or $0.02 per diluted share. This compares with profits of $0.55 million, or $0.02 per diluted share, in the year-ago quarter.

Radiant said its second quarter 2011 results included a $0.15 million litigation settlement charge.

EBITDA adjusted to exclude non-recurring items rose to $1.67 million from $1.03 million in the second quarter of fiscal 2010.

Revenues during the period improved to $44.5 million from $39.1 million a year ago. Net transportation revenues also increased 23.3% to $14.2 million.

"This improvement was a direct result of the improving economy and resurgence of our domestic transportation services," said chairman and CEO Bohn Crain.

"We also continue to focus on our personnel and general administrative costs as a function of our net revenues and the continuing positive trend surrounding our controllable costs."

The company said that for the year ending June 30, 2011, it expects to generate approximately $5.5 million in adjusted EBITDA on revenues of $175.0 million.

Radiant provides domestic and international freight forwarding and related services through a network of approximately 70 company owned agent offices across North America. The company's share price rose nearly 2.7% on Monday morning to $1.15 as of 10:27am EST.

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