Radiant Logistics announced that it has postponed another financial filing. The company filed a late filing statement with the Securities and Exchange Commission for the first quarter of the fiscal year ended September 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 2021 and the first three quarters of fiscal 2022. Radiant (NYSE: RLGT) restates results to reflect correct inaccurate results timing of transit receipts and related expenses for these periods.
The errors also caused a delay in the filing of fiscal 2022 annual results for Renton, Wash.-based 3PL.
The company expects to complete the process by the end of the year.
“Despite our continued strong results, the board and executive team remain heavily focused on updating our filings with the SEC,” said founder and CEO Bohn Crain in a press release Wednesday night.
“We are working expeditiously to complete our previously announced efforts to restate certain historical financial statements, primarily relating to the timing of the Company’s estimated accumulation of transit revenue and related expenses, and anticipate filing with the SEC by to be updated at the end of the calendar year.”
In a previous announcement, Radiant said it overstated its adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2021 by about 1% and net income by 2%. Expected adjustment amounts for quarters in fiscal 2022 were not disclosed.
At the time, the company said it was also examining its fiscal 2020 results for errors.
“Based on our work to date, the Company continues to believe that the net impact of the adjustments to fully diluted earnings per share during the adjustment periods will be relatively small compared to our originally reported results,” continued Crain.
FQ1 update shows record performance
Radiant presented preliminary unaudited financial results for the first quarter.
Revenue rose to $331 million, net sales rose to $76.5 million and adjusted earnings per share were 27 cents, all records. Comparisons with the previous year are currently not possible.
An adjusted EBITDA margin of 24.2% for the quarter was also reported as a record.
Radiant generated $25.6 million in cash from operations and ended the period with net debt of $19.7 million. The Company purchased nearly 572,000 shares of its outstanding common stock at a total cost of $3.4 million during the quarter and October. It has more than 48 million shares outstanding.
“As we previously discussed, while we remain very optimistic about our outlook for fiscal 2023 and beyond, we are beginning to see signs of a slowing economy and expect operations to return to more normal levels and growth rates in the coming quarters will return,” Crain said.
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