Radiant Logistics, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Radiant Logistics, Inc. on April 21, 2011. The report details a material financial event occurring in conjunction with the company's recently announced acquisition of DBA Distribution Services, Inc. ("DBA").
Key Financial Metrics and Obligations
The filing discloses the terms of a sixth amendment to the company's secured credit facility with Bank of America, N.A. Key terms include:
- Facility Principal Amount: $20 million (inclusive of availability for letters of credit).
- Extension Date: The facility maturity has been extended to March 31, 2013.
- Borrowing Capacity: Advances are available up to 80% of eligible accounts receivable.
- Collateral: The facility is secured by accounts receivable and other assets of the Company.
- Loan Parties: DBA Distribution Services, Inc. has been added as a Loan Party to the facility.
The filing text does not provide specific values for revenue, profit, cash flow, margins, or total debt outstanding as of the reporting date.
Material Changes
The primary material change is the amendment of the existing credit facility to accommodate the acquisition of DBA. This amendment extends the maturity date and formally includes the acquired entity as a borrower under the agreement.
Guidance, Outlook, and Risks
The filing includes a Cautionary Note Regarding Forward-Looking Statements. Management notes that future performance is subject to risks, including:
- Material disruption in operations.
- Inability to access funds or maintain the credit facility on disclosed terms.
- Risk factors previously disclosed in Item 1A of the Form 10-K for the year ended June 30, 2010.
Advances under the facility are designated for funding future acquisitions, capital expenditures, or other corporate purposes. No specific financial guidance or earnings outlook is provided in this document.
Investor Verification Checklist
- Verify the full text of the Sixth Amendment to Loan Documents (Exhibit 10.1) for covenants and interest rate terms.
- Confirm the integration status of DBA Distribution Services, Inc. into the company's financial reporting.
- Review the Form 10-K for the year ended June 30, 2010, for detailed risk factors referenced in this filing.
- Monitor future filings for updates on the utilization of the $20 million facility.