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Radiant Logistics Announces Results For Fourth Fiscal Quarter And Year Ended June 30, 2013

September 30, 2013

Posts record quarterly results with Adjusted EBITDA of $3.2 Million – Up $0.9 Million and 39.1%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 390bps at 14.1%

BELLEVUE, Wash., Sept. 30, 2013 /PRNewswire/ — Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today reported financial results for the three and twelve months ended June 30, 2013.

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

Fourth Fiscal Quarter Financial Highlights (Quarter Ended June 30, 2013)

    --  Total revenues decreased 1.3% to $80.7 million in the fourth fiscal
        quarter of 2013 from $81.8 million for the comparable prior year period,
        primarily as a result of non-recurring project business of $1,056,000 in
        the fiscal quarter ended June 30, 2012.
    --  Net income attributable to common shareholders was $2.4 million, or
        $0.07 per basic and diluted share, for the fourth fiscal quarter of
        2013, compared to net income of $0.9 million or $0.03 per basic and
        diluted share, for the comparable prior year period.
    --  Adjusted net income attributable to common shareholders was $1,764,000,
        or $0.05 per basic and diluted share, for the fourth fiscal quarter of
        2013, compared to adjusted net income attributable to common
        shareholders of $1,305,000, or $0.04 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 $3,243,000 for the fourth fiscal quarter of 2013,
        compared to adjusted EBITDA in the prior year comparable period of
        $2,332,000.

CEO Comments

“We are very pleased to report another solid quarter of earnings growth,” said Bohn Crain, Founder and CEO. “We posted Adjusted EBITDA of $3.2 million for the quarter ended June 30, 2013, up $0.9 million and 39.1% over the comparable prior year period. Consistent with past quarters, we also continue to make good progress in leveraging our scalable business model to drive margin expansion. For the quarter ended June 30, 2013, our Adjusted EBITDA expressed as a function of net revenues increased 390 basis points, up from 10.2% to 14.1% for the comparable prior year period. As we have previously discussed, our incremental cost of supporting that next dollar of gross margin is very small and we are very excited about our opportunity to drive further margin expansion as we continue to scale the business and look for ways to drive operating efficiencies in our in our non-asset based business model.”

Crain continued: “While we continue to make good progress on expanding our margins, we have some work to do to improve organic growth. To this end, we are investing in our sales organization and effective July 1, 2013, we reorganized and added to our leadership team rolling out a new regional reporting structure (eastern, central, western and Mexico regions) with the express purpose of providing individual accountability for growth. Each of our regional managers is responsible for helping our existing stations grow their business (same store growth) as well as developing and on-boarding new agent stations (new store growth) within their respective geographic areas of responsibility. At the same time, we have more formerly defined business owners for our service lines: Domestic Services and International Services and tasked each of these managers to grow the contribution from their respective areas of responsibility. It is obviously very early stages but we are working hard to cultivate a strong sales culture that we believe over time will translate into more favorable net revenue growth.”

“With cashflows of the business and the benefit of our expanded $30.0 million credit facility with Bank of America, at August 31, 2013 we had gross availability of approximately $27.0 million, advances under the facility of approximately $8.0 million and net availability of approximately $19.0 million. With this added financial flexibility, we recently took the opportunity to begin to reduce our cost of debt using our Bank of America facility to pay down $2.0 million of our $10.0 million in sub debt effectively refinancing $2.0 million at a rate of approximately 4% rather than 13.5%. We will continue to evaluate our options relative to our remaining $8.0 million in sub debt as we look at capital allocation and our acquisition pipeline.”

Crain concluded: “We are providing guidance for the upcoming quarter ending September 30, 2013 with adjusted EBITDA in the range of $2.7 – $3.2 million on approximately $75.0 – $85.0 million in revenues which equates to adjusted net income in the range of $1.4 – $1.7 million, or $0.04 – $0.05 per diluted share which we believe is representative of the run-rate earning power of our existing platform without the benefit of any new acquisitions. 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.”

Fourth Fiscal Quarter ended June 30, 2013 – Financial Results

For the three months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $2,352,000 on $80.7 million of revenues, or $0.07 per basic and fully diluted share, including a gain of $1,875,000 in change in contingent consideration. For the three months ended June 30, 2012, Radiant reported net income attributable to common shareholders of $903,000 on $81.8 million of revenues, or $0.03 per basic and fully diluted share, including a gain of $920,000 in change in contingent consideration.

For the three months ended June 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $1,764,000, or $0.05 per basic and per fully diluted share. For the three months ended June 30, 2012, Radiant reported adjusted net income attributable to common shareholders of $1,305,000, or $0.04 per basic and per fully diluted share.

The Company also reported adjusted EBITDA of $3,243,000 for the three months ended June 30, 2013, compared to adjusted EBITDA of $2,332,000 for the three months ended June 30, 2012.

Twelve Months ended June 30, 2013 – Financial Results

For the twelve months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $3,657,000 on $310.8 million of revenues, or $0.11 per basic and $0.10 per fully diluted share, including a gain $368,000 in connection with the DBA arbitration, gain of $2,825,000 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 twelve months ended June 30, 2012, Radiant reported net income of $1,901,394 on $297.0 million of revenues, or $0.06 per basic and $0.05 per fully diluted share, including a gain of $900,000 on change in contingent consideration.

For the twelve months ended June 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $5,589,000, or $0.17 per basic and $0.16 per fully diluted share. For the twelve months ended June 30, 2012, Radiant reported adjusted net income attributable to common shareholders of $4,789,000, or $0.15 per basic and $0.14 per fully diluted share.

The Company also reported adjusted EBITDA, of $10,693,000 for the twelve months ended June 30, 2013, compared to adjusted EBITDA of $7,519,000 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 twelve month periods ending June 30, 2013 appears at the end of this release.

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

                                      September 30,
                                           2013
                                     --------------

    Net income                                              $712 - $1,022

    Net income per common share                             $0.02 - $0.03

          Basic

          Diluted                                           $0.02 - $0.03

    Weighted average shares
     outstanding:

    Basic shares                                               33,400,000

    Diluted shares                                             36,500,000

    Reconciliation of net income to
     adjusted net income:

    Net income                                              $712 - $1,022

    Adjustments to net income:

    Income tax expense                                455 - 645

    Depreciation and amortization                                     900

    Non-recurring legal costs                                          75

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

    Adjusted net income before taxes                      $2,217 - $2,717

    Provision for income taxes at
      38%                                            842 - 1,032
                                                     -----------

    Adjusted net income                                   $1,375 - $1,685
                                                          ===============

    Adjusted net income per common
     share:

    Basic                                                   $0.04 - $0.05

    Diluted                                                 $0.04 - $0.05

    Reconciliation of net income to
     adjusted EBITDA:

                                         Outlook

                                      Fiscal Quarter
                                          Ending

                                      September 30,
                                           2013
                                     --------------

    Net income                                              $712 - $1,022

    Adjustments to net income:

    Income tax expense                                455 - 645

    Depreciation and amortization                                     900

    Net interest expense                                              500
                                                                      ---

    EBITDA                                                $2,570 - $3,067

    Share-based compensation                                          100

    Change in contingent
     consideration                                                     35

    Adjusted EBITDA                                       $2,705 - $3,202
                                                          ===============

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, October 2, 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 100250. This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com.

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

                                                                                                                 JUNE 30,              JUNE 30,

                                                                                                                                  2013                  2012
                                                                                                                                                        ----

    ASSETS

    Current assets:

    Cash and cash equivalents                                                                                               $1,024,192               $66,888

    Accounts receivable, net of allowance of $1,445,646 and $1,311,670, respectively                                        52,131,462            51,939,016

    Current portion of employee and other receivables                                                                          328,123               201,451

    Income tax deposit                                                                                                   -                11,248

    Prepaid expenses and other current assets                                                                                2,477,904             2,573,531

    Deferred tax asset                                                                                                         908,564               684,231
                                                                                                                               -------               -------

    Total current assets                                                                                                    56,870,245            55,476,365
                                                                                                                            ----------            ----------

    Furniture and equipment, net                                                                                             1,289,818             1,735,157
                                                                                                                             ---------             ---------

    Acquired intangibles, net                                                                                                9,231,163            11,722,812

    Goodwill                                                                                                                15,952,544            14,951,217

    Employee and other receivables, net of current portion                                                                      72,433               162,088

    Deposits and other assets                                                                                                  336,613               422,500

    Deferred tax asset                                                                                                   -                33,259

    Total long term assets                                                                                                  25,592,753            27,291,876
                                                                                                                            ----------            ----------

    Total assets                                                                                                           $83,752,816           $84,503,398
                                                                                                                           ===========           ===========

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:

    Accounts payable and accrued transportation costs                                                                      $35,767,785           $39,702,020

    Commissions payable                                                                                                      6,086,324             4,633,880

    Other accrued costs                                                                                                      2,176,567             2,041,596

    Income taxes payable                                                                                                       361,571                     -

    Current portion of notes payable to former shareholders of DBA                                                             767,091               767,092

    Current portion of contingent consideration                                                                                305,000                     -

    Current portion of lease termination liability                                                                             305,496                     -

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

    Other current liabilities                                                                                            -                64,392

    Total current liabilities                                                                                               45,769,834            49,873,204
                                                                                                                            ----------            ----------

    Notes payable and other long-term debt, net of current portion and debt discount                                        17,213,424            16,257,695

    Contingent consideration, net of current portion                                                                         3,720,000             6,200,000

    Lease termination liability, net of current portion                                                                        505,353                     -

    Deferred rent liability                                                                                                    583,401               680,521

    Deferred tax liability                                                                                                      73,433                     -

    Other long-term liabilities                                                                                                  2,610                89,887
                                                                                                                                 -----                ------

    Total long term liabilities                                                                                             22,098,221            23,228,103
                                                                                                                            ----------            ----------

    Total liabilities                                                                                                       67,868,055            73,101,307
                                                                                                                            ----------            ----------




                                                                   RADIANT LOGISTICS, INC.

                                                           Consolidated Balance Sheets (continued)

                                                                                                   JUNE 30,                 JUNE 30,

                                                                                                          2013                     2012
                                                                                                          ----                     ----

    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                                                                 14,803                     14,481

     50,000,000 shares authorized, 33,348,166 and

    33,025,865 shares issued and outstanding, respectively

    Additional paid-in capital                                                                                  13,873,157                 13,003,987

    Deferred compensation                                                                                          (14,252)                         -

    Retained earnings (deficit)                                                                                  1,943,530                 (1,713,928)
                                                                                                                 ---------                 ----------

    Total Radiant Logistics, Inc. stockholders'                                                                 15,817,238                 11,304,540

    equity

    Non-controlling interest                                                                                        67,523                     97,551
                                                                                                                    ------                     ------

    Total stockholders' equity                                                                                  15,884,761                 11,402,091
                                                                                                                ----------                 ----------

    Total liabilities and stockholders' equity                                                                 $83,752,816                $84,503,398
                                                                                                               ===========                ===========


                                                                                                                                                          RADIANT LOGISTICS, INC.

                                                                                                                                              Consolidated Statements of Income (Operations)

                                                                                                                                                                                                                                                                                                                                        THREE MONTHS ENDED               TWELVE MONTHS ENDED

                                                                                                                                                                                                                                                                                                                                             JUNE 30,                          JUNE 30,
                                                                                                                                                                                                                                                                                                                                             --------                          --------

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

    Revenue                                                                                                                                                                                                                                                                                                                                                 $80,718,576                                   $81,807,668                  $310,835,104                  $297,003,096

    Cost of transportation                                                                                                                                                                                                                                                                                                                      57,656,531                                    58,903,273                  222,402,301                   212,294,364
                                                                                                                                                                                                                                                                                                                                                ----------                                    ----------                                                -----------

    Net revenues                                                                                                                                                                                                                                                                                                                                23,062,045                                    22,904,395                   88,432,803                    84,708,732

    Agent commissions                                                                                                                                                                                                                                                                                                                           13,508,383                                    13,522,138                   52,465,832                    52,427,051

    Personnel costs                                                                                                                                                                                                                                                                                                                              4,292,698                                     3,865,456                   16,111,370                    13,191,851

    Selling, general and administrative expenses                                                                                                                                                                                                                                                                                                 2,228,081                                     3,232,958                    9,770,287                    11,348,154

    Depreciation and amortization                                                                                                                                                                                                                                                                                                                  876,650                                     1,122,404                    3,943,795                     3,142,849

    Transition and lease termination costs                                                                                                                                                                                                                                                                                                               -                                       124,824                    1,544,454                     1,018,298

    Change in contingent consideration                                                                                                                                                                                                                                                                                                          (1,875,000)                                     (920,000)                 (2,825,000)                      (900,000)
                                                                                                                                                                                                                                                                                                                                                                                                                                                           --------

    Total operating expenses                                                                                                                                                                                                                                                                                                                    19,030,812                                    20,947,780                   81,010,738                    80,228,203
                                                                                                                                                                                                                                                                                                                                                                                                                                                         ----------

    Income from operations                                                                                                                                                                                                                                                                                                                       4,031,233                                     1,956,615                    7,422,065                     4,480,529

    Other income (expense):

    Interest income                                                                                                                                                                                                                                                                                                                                  3,009                                         4,338                       15,688                        19,298

    Interest expense                                                                                                                                                                                                                                                                                                                              (515,509)                                     (492,405)                 (2,015,944)                   (1,269,439)

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

    Other                                                                                                                                                                                                                                                                                                                                          108,587                                       106,438                      346,617                       323,620

    Total other expense                                                                                                                                                                                                                                                                                                                           (403,913)                                     (381,629)                 (1,285,477)                      (926,521)
                                                                                                                                                                                                                                                                                                                                                  --------                                      --------                   ----------                      --------

    Income before income tax expense                                                                                                                                                                                                                                                                                                             3,627,320                                     1,574,986                    6,136,588                     3,554,008

    Income tax expense                                                                                                                                                                                                                                                                                                                          (1,261,883)                                     (631,117)                 (2,371,158)                   (1,474,820)
                                                                                                                                                                                                                                                                                                                                                ----------                                      --------                   ----------                    ----------

    Net income                                                                                                                                                                                                                                                                                                                                   2,365,437                                       943,869                    3,765,430                     2,079,188

    Less: Net income attributable to non-controlling interest                                                                                                                                                                                                                                                                                      (13,722)                                      (40,382)                    (107,972)                     (177,794)

    Net income attributable to Radiant Logistics, Inc.                                                                                                                                                                                                                                                                                                       $2,351,715                                      $903,487                    $3,657,458                    $1,901,394
                                                                                                                                                                                                                                                                                                                                                             ==========                                      ========                    ==========                    ==========

    Net income per common share - basic                                                                                                                                                                                                                                                                                                                           $0.07                                         $0.03                         $0.11                         $0.06

    Net income per common share - diluted                                                                                                                                                                                                                                                                                                                         $0.07                                         $0.03                         $0.10                         $0.05

    Weighted average shares outstanding:

    Basic shares                                                                                                                                                                                                                                                                                                                                33,337,362                                    32,926,880                   33,120,767                    32,260,375

    Diluted shares                                                                                                                                                                                                                                                                                                                              36,013,623                                    35,596,545                   35,690,119                    35,113,021



RADIANT LOGISTICS, INC.

Reconciliation of Net Income 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 different 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 income prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.



                                                         THREE MONTHS ENDED                   TWELVE MONTHS ENDED

                                                              JUNE 30,                             JUNE 30,
                                                              --------                             --------

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

    Net income                                                                     $2,351,715                            $903,487         $3,657,458    $1,901,394

    Net income per common share - basic                                                 $0.07                               $0.03              $0.11         $0.06

    Net income per common share - diluted                                               $0.07                               $0.03              $0.10         $0.05

    Weighted average shares outstanding:

    Basic shares                                                                   33,337,362                          32,926,880         33,120,767    32,260,375

    Diluted shares                                                                 36,013,623                          35,596,545         35,690,119    35,113,021

    Reconciliation of net income to adjusted net income:

    Net income                                                                     $2,351,715                            $903,487         $3,657,458    $1,901,394

    Adjustments to net income:

    Income tax expense                                                              1,261,883                             631,117          2,371,158     1,474,820

    Depreciation and amortization                                                     876,650                           1,122,404          3,943,795     3,142,849

    Change in contingent consideration                                            (1,875,000)                            (920,000)       (2,825,000)      (900,000)

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

    Lease termination costs                                                                 -                                   -          1,439,018             -

    Acquisition related costs                                                          51,891                              14,664            104,834       423,972

    Severance and transition costs                                                          -                             124,824            105,436     1,018,298

    associated with acquisitions

    Non-recurring legal costs                                                         103,687                             165,225            305,677       518,317

    Amortization of loan fees and original                                             74,501                              63,397            280,790       143,852

    issue discount

    Adjusted net income before taxes                                                2,845,327                           2,105,118          9,015,004     7,723,502

    Provision for income taxes at 38%                                            (1,081,224)                            (799,945)       (3,425,702)   (2,934,931)
                                                                                   ----------                            --------         ----------    ----------

    Adjusted net income                                                            $1,764,103                          $1,305,173         $5,589,302    $4,788,571
                                                                                   ==========                          ==========         ==========    ==========

    Adjusted net income per common share:

    Basic                                                                               $0.05                               $0.04              $0.17         $0.15

    Diluted                                                                             $0.05                               $0.04              $0.16         $0.14


                                                     THREE MONTHS ENDED                  TWELVE MONTHS ENDED

                                                          JUNE 30,                             JUNE 30,
                                                          --------                             --------

    Reconciliation of net income to adjusted EBITDA:                    2013                                 2012       2013  2012
                                                                        ----                                 ----       ----  ----

    Net income                                                                $2,351,715                            $903,487        $3,657,458  $1,901,394

    Adjustments to net income:

    Income tax expense                                                         1,261,883                             631,117         2,371,158   1,474,820

    Depreciation and amortization                                                876,650                           1,122,404         3,943,795   3,142,849

    Net interest expense                                                         512,500                             488,067         2,000,256   1,250,141
                                                                                 -------                             -------         ---------   ---------

    EBITDA                                                                     5,002,748                           3,145,075        11,972,667   7,769,204

    Share-based compensation                                                      63,593                              91,900           369,351     225,991

    Change in contingent consideration                                       (1,875,000)                            (920,000)      (2,825,000)    (900,000)

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

    Lease termination costs                                                            -                                   -         1,439,018           -

    Acquisition related costs                                                     51,891                              14,664           104,834     423,972

    Adjusted EBITDA                                                           $3,243,232                          $2,331,639       $10,692,708  $7,519,167
                                                                              ==========                          ==========       ===========  ==========

SOURCE Radiant Logistics, Inc.


Source: PR Newswire