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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Roadrunner Transportation Systems Inc | NYSE:RRTS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.93 | 0 | 01:00:00 |
Roadrunner Transportation Systems, Inc. (“Roadrunner” or the “company”) (NYSE: RRTS), a leading asset-right transportation and asset-light logistics service provider, announced it has filed its Annual Report on Form 10-K for the year ended December 31, 2017. The company expects to file its Quarterly Report on Form 10-Q for the period ended March 31, 2018 as soon as practical in the month of June.
2017 Results Summary
For more information about Adjusted EBITDA, see “Non-GAAP Financial Measures” below.
Segment Results for the Year Ended December 31, 2017
Segment results for the year ended December 31, 2017 compared to the same period in 2016 are highlighted below:
The company plans to change its reporting segments in 2018 to reflect the impact of the Ascent Global Logistics integration announced on March 15, 2018.
“We are happy to complete our 2017 annual report, which gets us another step closer to becoming current with our SEC reporting. Our 2017 Adjusted EBITDA results, which include final closing adjustments related primarily to accrued expenses and accounts receivable reserves, fell below 2016 Adjusted EBITDA. We expect to announce our results for the first quarter of 2018 later this month, at which time we will hold an investor conference call,” said Curt Stoelting, Chief Executive Officer of Roadrunner.
“Our teams continue to make progress on our strategies to fully integrate, expand and improve our TL and Ascent segments. We remain committed to investing in the long-term recovery of our LTL segment. At the same time, we are investing in information technology upgrades, working to improve internal controls and strengthening our foundation for growth in 2018 and beyond. We are confident that these efforts will position Roadrunner for long-term growth and shareholder value creation,” said Stoelting.
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading asset-right transportation and asset-light logistics service provider offering a full suite of solutions under the Roadrunner®, Active On-Demand® and Ascent Global Logistics® brands. The Roadrunner brand offers less-than-truckload, temperature controlled and intermodal services. Active On-Demand offers premium mission critical air and ground transportation solutions. Ascent Global Logistics offers domestic freight management, retail consolidation, international freight forwarding and customs brokerage. For more information, please visit Roadrunner’s websites, www.rrts.com and www.ascentgl.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which relate to future events or performance. Forward-looking statements include, among others, statements regarding the anticipated filing of Roadrunner’s Form 10-Q for the quarterly period ended March 31, 2018; Roadrunner’s strategies for long-term growth and shareholder value creation; operating metric improvements within certain business units of Roadrunner’s TL and Ascent segments; Roadrunner’s other operational improvement strategies; and Roadrunner’s ability to grow in 2018 and beyond. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on Roadrunner’s current assumptions, expectations and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties and changes in circumstances that may cause Roadrunner’s actual results, performance, or achievements, to differ materially from those expressed or implied in any forward-looking statement. Such factors include, among others, risks related to the restatement of Roadrunner’s previously issued financial statements, the remediation of Roadrunner’s identified material weaknesses in its internal control over financial reporting, the litigation resulting from the restatement of Roadrunner’s previously issued financial statements and the other risk factors contained in Roadrunner’s SEC filings, including Roadrunner’s Annual Report on Form 10-K for the year ended December 31, 2017. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, Roadrunner assumes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof.
Non-GAAP Financial Measures
EBITDA represents earnings before interest, taxes, depreciation and amortization. Roadrunner calculates Adjusted EBITDA, as EBITDA excluding impairment and other non-cash gains and losses, other long-term incentive compensation expenses, losses from debt extinguishments, and restructuring and restatements costs associated with legal matters (including the company’s internal investigation, SEC compliance and debt restructuring costs and adjustments to contingent purchase obligations.) Roadrunner uses Adjusted EBITDA as a supplemental measure in evaluating its operating performance and when determining executive incentive compensation. Roadrunner believes Adjusted EBITDA is useful to investors in evaluating its performance compared to other companies in its industry because it assists in analyzing and benchmarking the performance and value of a business. The calculation of Adjusted EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s business. Adjusted EBITDA is not a financial measure presented in accordance with GAAP. Although Roadrunner’s management uses Adjusted EBITDA as a financial measure to assess the performance of its business compared to that of others in Roadrunner’s industry, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of Roadrunner’s results as reported under GAAP. Some of these limitations are:
Because of these limitations, Adjusted EBITDA should not be considered a measure of discretionary cash available to Roadrunner to invest in the growth of the company’s business. Roadrunner compensates for these limitations by relying primarily on Roadrunner’s results of operations under GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180620005587/en/
Reputation PartnersMarilyn Vollrath414-376-8834ir@rrts.com
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