Bellevue, Wash.-based Radiant Logistics saw revenues for the quarter ending Sept. 30 fall 9.5 percent from the comparable prior year period to $191.5 million.
Radiant Logistics, Inc., a third-party logistics and multi-modal transportation services company, reported a net income of $1.9 million for the fiscal quarter that ended Sept. 30, compared to $354,000 for the comparable prior year period.
Revenues for the quarter tumbled 9.5 percent year-over-year to $195.1 million.
Radiant’s forwarding revenues for the quarter fell by $11.5 million, primarily due to a drop in revenues at On Time Express, along with an overall reduction in the price of fuel, which is generally a pass through item. Meanwhile, Radiant’s brokerage revenues declined by $8.7 million, mainly due to the impacts of excess capacity and related margin pressures of the current market environment, particularly in the company’s U.S. operations.
“In our opinion, it is just a matter of time before capacity tightens and the U.S. brokerage market returns to more normalized levels, which should improve our overall results,” Radiant Founder and CEO Bohn Crain said. “In the meantime, we continue to focus on the continuous improvement of our existing business through our ongoing investment in technology and our cross sale initiatives between our forwarding and brokerage operations.”
Radiant Logistics posts increase in net income
