BELLEVUE, Wash., May 14, 2013 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today reported financial results for the three and nine months ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20110606/CL14193LOGO)

Third Fiscal Quarter Financial Highlights (Quarter Ended March 31, 2013)


    --  Total revenues increased 2.9% to $72.8 million in the third fiscal
        quarter of 2013 from $70.7 million for the comparable prior year period.
    --  Net income attributable to common shareholders was $882,000, or $0.03
        per basic and $0.02 per diluted share, for the third fiscal quarter of
        2013, compared to a net loss attributable to common shareholders of
        $75,000, or $0.00 per basic and diluted share, for the comparable prior
        year period.
    --  Adjusted net income attributable to common shareholders was $1,531,000,
        or $0.05 per basic and $0.04 per diluted share, for the third fiscal
        quarter of 2013, compared to adjusted net income attributable to common
        shareholders of $990,000, or $0.03 per basic and diluted share, for the
        comparable prior year period. Both periods are calculated by applying a
        normalized tax rate of 38% and excluding other items not considered part
        of regular operating activities.
    --  Adjusted EBITDA was $2,909,000 for the third fiscal quarter of 2013,
        compared to adjusted EBITDA in the prior year comparable period of
        $1,608,000.

CEO Comments

"We are very pleased with our overall financial performance in what is generally recognized as a tough market environment," said Bohn Crain, Chairman and CEO. "We reported Adjusted EBITDA of $2.9 million for the quarter ended March 31, 2013, up $1.3 million and 80.9% over the comparable prior year period. As importantly, we also made significant progress in leveraging our scalable back-office infrastructure to drive margin expansion. For the quarter ended March 31, 2013, our Adjusted EBITDA expressed as a function of net revenues increased 560 basis points, up from 7.9% to 13.5% for the comparable prior year period. Our ability to leverage our personnel and general administrative costs as a function of our net revenues is what really allows us to drive profitable growth in our non-asset based business model and we are very excited about these trends as we continue to execute our growth strategy."

Crain continued: "Growing our net revenue dollars through a combination of organic and acquisition initiatives is obviously also an important growth driver to the business. Historically, our growth has principally come through the expansion of our network footprint by the on-boarding of new agent locations (new store growth) and completing a number of strategic acquisitions. Same store growth, on the other hand has trended more closely with the overall economic environment and the shipping preferences of the end customers that we serve. This general dynamic is reflected in our net revenue growth for the quarter ended March 31, 2013 up a modest $1.3 million and 6.3% over the comparable prior year period."

"While on-boarding new agent locations and acquisitions remain important drivers in our business model, we are also progressing several new initiatives intended to accelerate organic growth in the base business. This is taking the form of both internal and external growth opportunities. As we have previously discussed, we believe there is an opportunity to improve the margins on our existing business by internalizing work that we have traditionally outsourced to third parties: truck brokerage and customs house brokerage. Traditionally, we spend millions of dollars each year with unaffiliated truck brokers. To capture some of this business we have recently launched Radiant Transportation Services as our own truck brokerage operation to act as our own captive provider of transportation capacity back to our forwarding network. Through this initiative we believe we can improve our overall cost structure and provide better service to our network partners and the end customers that we serve. Similarly, we recently received our approval to provide remote location filing ("RLF") services as a licensed customs brokerage. This will allow us to provide customs brokerage services back to the forwarding network and enhance the margin characteristics of our import business. Finally, we are beginning to build out a more robust sales organization which we believe will make a meaningful impact in the growth in support of both our Company-owned and independent agent offices."

Crain concluded: "We are providing guidance for the upcoming quarter ending June 30, 2013 with adjusted EBITDA in the range of $2.6 - $3.1 million on approximately $75.0-$80.0 million in revenues which equates to adjusted net income in the range of $1.3 - $1.6 million, or $0.03 - $0.04 per diluted share. We would also like to remind investors that our free cashflow is generally higher than our net income because we have significant non-cash depreciation and amortization expenses flowing through our financial statements as a result of the mechanics of accounting for acquisitions and the fact that we have minimal maintenance capital expenditure requirements. As we have previously discussed, we believe our stock continues to trade at a significant discount to our competitors and represents a great value for investors."

Third Fiscal Quarter ended March 31, 2013 - Financial Results

For the three months ended December 31, 2012, Radiant reported net income attributable to common shareholders of $882,000 on $72.8 million of revenues, or $0.03 per basic and $0.02 per fully diluted share, including a gain of $675,000 in change in contingent consideration. For the three months ended March 31, 2012, Radiant reported a net loss attributable to common shareholders of $75,000 on $70.7 million of revenues, or $0.00 per basic and fully diluted share.

For the three months ended March 31, 2013, Radiant reported adjusted net income attributable to common shareholders of $1,531,000, or $0.05 per basic and $0.04 per fully diluted share. For the three months ended March 31, 2012, Radiant reported adjusted net income attributable to common shareholders of $990,000, or $0.03 per basic and per fully diluted share.

The Company also reported adjusted EBITDA of $2,909,000 for the three months ended March 31, 2013, compared to adjusted EBITDA of $1,608,000 for the three months ended March 31, 2012.

Nine Months ended March 31, 2013 - Financial Results

For the nine months ended March 31, 2013, Radiant reported net income attributable to common shareholders of $1,306,000 on $230.1 million of revenues, or $0.04 per basic and fully diluted share, including a gain $368,000 in connection with the DBA arbitration, gain of $950,000 of change in contingent consideration and a loss of $1,439,000 associated with the lease termination for redundant facilities in Los Angeles. For the nine months ended March 31, 2012, Radiant reported net income of $998,000 on $215.2 million of revenues, or $0.03 per basic and fully diluted share.

For the nine months ended March 31, 2013, Radiant reported adjusted net income attributable to common shareholders of $3,825,000, or $0.12 per basic and $0.11 per fully diluted share. For the nine months ended March 31, 2012, Radiant reported adjusted net income attributable to common shareholders of $3,483,000, or $0.11 per basic and $0.10 per fully diluted share.

The Company also reported adjusted EBITDA, of $7,449,000 for the nine months ended March 31, 2013, compared to adjusted EBITDA of $5,188,000 for the comparable prior year period.

A reconciliation of the Company's adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for both the three and nine month periods ending March 31, 2012 appears at the end of this release.

Network Expansion - New Agent Stations

In April of 2013, the Company announced further organic expansion of its network with new operations in Los Angeles, California operating under the Airgroup brand.

Reconciliation of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined under the Securities Exchange Commission ("SEC") rules such as adjusted net income, adjusted net income per share and earnings before interest, taxes, depreciation and amortization ("EBITDA"). We believe that supplemental disclosure of these amounts are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant's business that eliminates depreciation, amortization and certain other non-cash costs and other significant items that are not part of regular operating activities. A reconciliation of adjusted net income, adjusted net income per share and adjusted EBITDA, to the most directly comparable GAAP measure is as follows:

(in thousands, except for earnings per share)




                                              Outlook

                                           Fiscal Quarter
                                               Ending

                                           June 30, 2013
                                           -------------


    Net income                                                    $625 - $932


    Net income per common share                                 $0.02 - $0.03

          Basic

          Diluted                                               $0.02 - $0.03


    Weighted average shares outstanding:

    Basic shares                                                   33,100,000

    Diluted shares                                                 35,800,000


    Reconciliation of net income to
     adjusted net income:

    Net income                                                    $625 - $932


    Adjustments to net income:

    Income tax expense (benefit)                           375 - 568

    Depreciation and amortization                                         925

    Non-recurring legal costs                                              75

    Amortization of loan fees and original
     issue discount                                                        75
                                                                          ---

    Adjusted net income before taxes                          $2,075 - $2,575


    Provision for income taxes at 38%                     789 - 978
                                                           ---------


    Adjusted net income                                       $1,286 - $1,597
                                                              ===============


    Adjusted net income per common share:

    Basic                                                       $0.04 - $0.05

    Diluted                                                     $0.03 - $0.04


    Reconciliation of net income to
     adjusted EBITDA:

                                              Outlook

                                           Fiscal Quarter
                                               Ending

                                           June 30, 2013
                                           -------------


    Net income                                                    $625 - $932


    Adjustments to net income:

    Income tax expense                                     375 - 568

    Depreciation and amortization                                         925

    Net interest expense                                                  500
                                                                          ---


    EBITDA                                                    $2,425 - $2,925



    Share-based compensation                                              100

    Non-recurring legal costs                                              75
                                                                          ---


    Adjusted EBITDA                                           $2,600 - $3,100
                                                              ===============

This supplemental financial information is presented for informational purposes only and is not a substitute for the financial information presented in accordance with accounting principles generally accepted in the United States.

Investor Conference Call

Radiant will host a conference call for shareholders and the investing community on Wednesday, May 15, 2013 at 4:00 pm, ET to discuss the contents of this release. The call can be accessed by dialing (877) 407-8031, or (201) 689-8031 for international participants, and is expected to last approximately 30 minutes. Callers are requested to dial in 5 minutes before the start of the call. An audio replay will be available for one week after the teleconference by dialing (877) 660-6853, or (201) 612-7415 for international callers, and using account number 286 and conference ID number 413842.

About Radiant Logistics (NYSE MKT: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) is a non-asset based transportation and logistics company providing domestic and international freight forwarding and fulfillment services through a network of company-owned and independent agent offices across North America. The company operates under the Radiant, Airgroup, Adcom, and Distribution By Air brands servicing a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to trends in the domestic and global economy, our ability to attract new and retain existing agency relationships, acquisitions and integration of acquired entities, availability of capital to support our acquisition strategy, our ability to maintain and improve back office infrastructure and transportation and accounting information systems in a manner sufficient to service our revenues and network of operating locations, outcomes of legal proceedings, competition, management of growth, potential fluctuations in operating results, and government regulation. More information about factors that potentially could affect Radiant Logistics, Inc. financial results is included Radiant Logistics, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.




                                                                                       RADIANT LOGISTICS, INC.

                                                                                     Consolidated Balance Sheets

                                                                                             (unaudited)


                                                                                                                 MARCH 31,             JUNE 30,

                                                                                                                      2013                 2012
                                                                                                                      ----                 ----

    ASSETS

    Current assets:

    Cash and cash equivalents                                                                                               $1,309,627                        $66,888

    Accounts receivable, net of allowance of $1,483,639 and $1,311,670, respectively                                        46,858,964                     51,939,016

    Current portion of employee and other receivables                                                                          320,695                        201,451

    Income tax deposit                                                                                                   -                         11,248

    Prepaid expenses and other current assets                                                                                2,019,148                      2,573,531

    Deferred tax asset                                                                                                         998,894                        684,231
                                                                                                                               -------                        -------

    Total current assets                                                                                                    51,507,328                     55,476,365
                                                                                                                            ----------                     ----------


    Furniture and equipment, net                                                                                             1,419,643                      1,735,157
                                                                                                                             ---------                      ---------


    Acquired intangibles, net                                                                                                9,958,267                     11,722,812

    Goodwill                                                                                                                15,924,138                     14,951,217

    Employee and other receivables, net of current portion                                                                     112,963                        162,088

    Deposits and other assets                                                                                                  322,499                        422,500

    Deferred tax asset                                                                                                         186,380                         33,259
                                                                                                                               -------                         ------

    Total long term assets                                                                                                  26,504,247                     27,291,876
                                                                                                                            ----------                     ----------

    Total assets                                                                                                           $79,431,218                    $84,503,398
                                                                                                                           ===========                    ===========


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:

    Accounts payable and accrued transportation costs                                                                      $32,986,525                    $39,702,020

    Commissions payable                                                                                                      5,701,747                      4,633,880

    Other accrued costs                                                                                                      2,161,010                      2,041,596

    Income taxes payable                                                                                                       115,531                              -

    Current portion of notes payable to former shareholders of DBA                                                             767,092                        767,092

    Amounts due to former shareholders of acquired operations                                                            -                      2,664,224

    Current portion of lease termination liability                                                                             441,464                              -

    Current portion of contingent consideration                                                                                513,000                              -

    Other current liabilities                                                                                            -                         64,392
                                                                                                                       ---                         ------

    Total current liabilities                                                                                               42,686,369                     49,873,204
                                                                                                                            ----------                     ----------


    Notes payable and other long-term debt, net of current portion and debt discount                                        16,680,626                     16,257,695

    Contingent consideration, net of current portion                                                                         5,387,000                      6,200,000

    Lease termination liability, net of current portion                                                                        574,516                              -

    Deferred rent liability                                                                                                    586,658                        680,521

    Other long term liabilities                                                                                                 36,318                         89,887
                                                                                                                                ------                         ------

    Total long term liabilities                                                                                             23,265,118                     23,228,103
                                                                                                                            ----------                     ----------

    Total liabilities                                                                                                       65,951,487                     73,101,307
                                                                                                                            ----------                     ----------




                                                                                              RADIANT LOGISTICS, INC.

                                                                                      Consolidated Balance Sheets (continued)

                                                                                                    (unaudited)


                                                                                                                              MARCH 31,                JUNE 30,

                                                                                                                                     2013                     2012
                                                                                                                                     ----                     ----

    Stockholders' equity:

    Radiant Logistics, Inc. stockholders' equity:

    Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares                                                           -                          -
                 issued or outstanding

    Common stock, $0.001 par value, 100,000,000 and 50,000,000 shares authorized,                                                              14,803                     14,481
                32,348,166 and 33,025,865 shares issued and outstanding, respectively

    Additional paid-in capital                                                                                                             13,810,824                 13,003,987

    Deferred compensation                                                                                                                     (15,512)                         -

    Retained deficit                                                                                                                         (408,185)                (1,713,928)
                                                                                                                                             --------                 ----------

    Total Radiant Logistics, Inc. stockholders' equity                                                                                     13,401,930                 11,304,540
                                                                                                                                           ----------                 ----------

    Non-controlling interest                                                                                                                   77,801                     97,551
                                                                                                                                               ------                     ------

    Total stockholders' equity                                                                                                             13,479,731                 11,402,091
                                                                                                                                           ----------                 ----------

    Total liabilities and stockholders' equity                                                                                            $79,431,218                $84,503,398
                                                                                                                                          ===========                ===========

                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                              RADIANT LOGISTICS, INC.
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                       Consolidated Statements of Operations
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                    (unaudited)
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                THREE MONTHS ENDED               NINE MONTHS ENDED
                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                     MARCH 31,                       MARCH 31,
                                                                                                                                                                                                                                                                                                                                                     ---------                       ---------
                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                              2013                            2012                     2013            2012
                                                                                                                                                                                                                                                                                                                                                              ----                            ----                     ----            ----
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Revenue                                                                                                                                                                                                                                                                                                                                                         $72,790,313                                 $70,748,655                  $230,116,528                  $215,195,428
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Cost of transportation                                                                                                                                                                                                                                                                                                                              51,183,245                                  50,431,819                  164,745,770                   153,391,091
                                                                                                                                                                                                                                                                                                                                                        ----------                                  ----------                  -----------                   -----------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Net revenues                                                                                                                                                                                                                                                                                                                                        21,607,068                                  20,316,836                   65,370,758                    61,804,337
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Agent commissions                                                                                                                                                                                                                                                                                                                                   12,478,403                                  12,260,147                   38,957,449                    38,904,913
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Personnel costs                                                                                                                                                                                                                                                                                                                                      4,215,425                                   3,354,376                   11,818,672                     9,326,395
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Selling, general and administrative expenses                                                                                                                                                                                                                                                                                                         2,115,736                                   3,021,965                    7,542,206                     8,115,196
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Depreciation and amortization                                                                                                                                                                                                                                                                                                                          931,974                                   1,030,139                    3,067,145                     2,020,445
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Transition and lease termination costs                                                                                                                                                                                                                                                                                                                       -                                     331,095                    1,544,454                       893,474
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Change in contingent consideration                                                                                                                                                                                                                                                                                                                    (675,000)                                     20,000                     (950,000)                       20,000
                                                                                                                                                                                                                                                                                                                                                          --------                                      ------                     --------                        ------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Total operating expenses                                                                                                                                                                                                                                                                                                                            19,066,538                                  20,017,722                   61,979,926                    59,280,423
                                                                                                                                                                                                                                                                                                                                                        ----------                                  ----------                   ----------                    ----------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Income from operations                                                                                                                                                                                                                                                                                                                               2,540,530                                     299,114                    3,390,832                     2,523,914
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Other income (expense):
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Interest income                                                                                                                                                                                                                                                                                                                                          3,547                                       4,962                       12,679                        14,960
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Interest expense                                                                                                                                                                                                                                                                                                                                      (492,414)                                   (473,677)                 (1,500,435)                      (777,034)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Gain on litigation settlement, net                                                                                                                                                                                                                                                                                                                           -                                           -                      368,162                             -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Other                                                                                                                                                                                                                                                                                                                                                   26,292                                      97,222                      238,030                       217,182
                                                                                                                                                                                                                                                                                                                                                            ------                                      ------                      -------                       -------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Total other expense                                                                                                                                                                                                                                                                                                                                   (462,575)                                   (371,493)                    (881,564)                     (544,892)
                                                                                                                                                                                                                                                                                                                                                          --------                                    --------                     --------                      --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Income (loss) before income tax expense                                                                                                                                                                                                                                                                                                              2,077,955                                     (72,379)                   2,509,268                     1,979,022
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Income tax benefit (expense)                                                                                                                                                                                                                                                                                                                        (1,166,927)                                     45,732                  (1,109,275)                      (843,703)
                                                                                                                                                                                                                                                                                                                                                        ----------                                      ------                   ----------                      --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Net income (loss)                                                                                                                                                                                                                                                                                                                                      911,028                                     (26,647)                   1,399,993                     1,135,319
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Less: Net income attributable to non-controlling interest                                                                                                                                                                                                                                                                                              (29,218)                                    (47,970)                     (94,250)                     (137,412)
                                                                                                                                                                                                                                                                                                                                                           -------                                     -------                      -------                      --------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Net income (loss) attributable to Radiant Logistics, Inc.                                                                                                                                                                                                                                                                                                          $881,810                                    $(74,617)                   $1,305,743                      $997,907
                                                                                                                                                                                                                                                                                                                                                                       ========                                    ========                    ==========                      ========
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Net income per common share - basic                                                                                                                                                                                                                                                                                                                                    $.03                                        $.00                          $.04                          $.03
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Net income per common share - diluted                                                                                                                                                                                                                                                                                                                                  $.02                                        $.00                          $.04                          $.03
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Weighted average shares outstanding:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
    Basic shares                                                                                                                                                                                                                                                                                                                                        33,091,774                                  32,493,001                   33,048,832                    32,039,823
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                        35,748,483                                  32,493,001                   35,580,702                    34,954,441


RADIANT LOGISTICS, INC.
Reconciliation of Net Income (Loss) to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Reconciliation of Net Income per share to Adjusted Net Income per share
(unaudited)

As used in this report, Adjusted Net Income and Adjusted Net Income per Share, EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles ("GAAP"). Adjusted Net Income and Adjusted Net Income per Share, EBITDA and Adjusted EBITDA are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant's business. For Adjusted Net Income, management uses a 38% tax rate for calculating the provision for income taxes to normalize Radiant's tax rate to that of its competitors and to compare Radiant's reporting periods with difference effective tax rates. In addition, in arriving at Adjusted Net Income and Adjusted Net Income per Share, the Company adjusts for significant items that are not part of regular operating activities. These adjustments include acquisition costs, transition, severance and lease termination costs, unusual legal and claims settlement as well as depreciation and amortization and certain other non-cash charges.

Adjusted EBITDA means earnings before interest, income taxes, depreciation and amortization, which is then further adjusted for changes in contingent consideration stock-based compensation, acquisition, severance and lease termination costs and other non-cash charges consistent with the financial covenants of our senior credit facility. We believe that adjusted EBITDA, as presented, represents a useful method of assessing the performance of our operating activities, as it reflects our earnings trends without the impact of certain non-cash charges and other non-recurring charges. Adjusted EBITDA is also used by our creditors in assessing debt covenant compliance. We understand that although securities analysts frequently use EBITDA in their evaluation of companies, it is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the method of calculation. Adjusted Net Income and Adjusted Net income per Share, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Radiant's operating performance or liquidity.




                                                                THREE MONTHS ENDED                  NINE MONTHS ENDED

                                                                    MARCH 31,                           MARCH 31,
                                                                    ---------                           ---------

                                                                                   2013                               2012       2013  2012
                                                                                   ----                               ----       ----  ----


    Net income (loss)                                                                     $881,810                           $(74,617)        $1,305,743      $997,907


    Net income (loss) per common share - basic                                                $.03                               $.00               $.04          $.03

    Net income (loss) per common share - diluted                                              $.02                               $.00               $.04          $.03


    Weighted average shares outstanding:

    Basic shares                                                                        33,091,774                         32,493,001         33,048,832    32,039,823

    Diluted shares                                                                      35,748,483                         32,493,001         35,580,702    34,954,441


    Reconciliation of net income (loss) to adjusted net
    income:

    Net income (loss)                                                                     $881,810                           $(74,617)        $1,305,743      $997,907


    Adjustments to net income (loss):

    Income tax expense (benefit)                                                         1,166,927                            (45,732)         1,109,275       843,703

    Depreciation and amortization                                                          931,974                          1,030,139          3,067,145     2,020,445

    Change in contingent consideration                                                    (675,000)                            20,000           (950,000)       20,000

    Gain on litigation settlement, net                                                           -                                  -           (368,162)            -

    Lease termination costs                                                                      -                                  -          1,439,018             -

    Acquisition related costs                                                               13,606                            140,549             52,943       409,308

    Severance and transition costs associated with acquisitions                                  -                            331,095            105,436       893,474

    Non-recurring legal costs                                                               78,577                            133,935            201,990       353,092

    Amortization of loan fees and original issue discount                                   71,554                             61,094            206,289        80,455
                                                                                            ------                             ------            -------        ------

    Adjusted net income before taxes                                                     2,469,448                          1,596,463          6,169,677     5,618,384


    Provision for income taxes at 38%                                                    (938,390)                          (606,656)       (2,344,477)   (2,134,986)
                                                                                          --------                           --------         ----------    ----------


    Adjusted net income                                                                 $1,531,058                           $989,807         $3,825,200    $3,483,398
                                                                                        ==========                           ========         ==========    ==========


    Adjusted net income per common share:

    Basic                                                                                     $.05                               $.03               $.12          $.11

    Diluted                                                                                   $.04                               $.03               $.11          $.10



                                                    THREE MONTHS ENDED                  NINE MONTHS ENDED

                                                        MARCH 31,                           MARCH 31,
                                                        ---------                           ---------

    Reconciliation of net income (loss) to adjusted                    2013                               2012       2013  2012
    EBITDA:



    Net income (loss)                                                         $881,810                           $(74,617)      $1,305,743    $997,907


    Adjustments to net income:

    Income tax expense (benefit)                                             1,166,927                            (45,732)       1,109,275     843,703

    Depreciation and amortization                                              931,974                          1,030,139        3,067,145   2,020,445

    Net interest expense                                                       488,867                            468,715        1,487,756     762,074
                                                                               -------                            -------        ---------     -------


    EBITDA                                                                   3,469,578                          1,378,505        6,969,919   4,624,129



    Share-based compensation                                                   101,014                             68,682          305,758     134,091

    Change in contingent consideration                                        (675,000)                            20,000         (950,000)     20,000

    Gain on litigation settlement, net                                               -                                  -         (368,162)          -

    Lease termination costs                                                          -                                  -        1,439,018           -

    Acquisition related costs                                                   13,606                            140,549           52,943     409,308
                                                                                ------                            -------           ------     -------


    Adjusted EBITDA                                                         $2,909,198                         $1,607,736       $7,449,476  $5,187,528
                                                                            ==========                         ==========       ==========  ==========

SOURCE Radiant Logistics, Inc.