XPO Logistics, Inc. (NYSE: XPO) today announced financial results for the second quarter of 2012. Total revenue was $54.5 million for the quarter, a 23.7% increase from the same period last year.
Net loss was $5.2 million for the quarter, compared with net income of $914,000 for the same period last year. The company reported a second quarter net loss available to common shareholders of $5.9 million, or a loss of $0.34 per diluted share, compared with earnings of $0.11 per diluted share, for the same period in 2011.
Adjusted earnings per share (“adjusted EPS”), a non-GAAP financial measure, was a loss of $0.17 for the quarter, excluding a non-cash charge of $3.0 million related to a valuation allowance for deferred tax assets. EPS and adjusted EPS include a loss of $0.04 per diluted share related to $750,000 in cumulative preferred dividends.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, was a loss of $3.7 million for the second quarter of 2012, compared with EBITDA of $1.9 million for the same period in 2011. EBITDA for the second quarter of 2012 includes $1.2 million in non-cash share-based compensation. A reconciliation of each non-GAAP measure to its most directly comparable GAAP measure is provided in the attached financial tables.The company had $190.7 million of cash and no debt on June 30, 2012. Acquires Kelron Logistics, Inc. On August 3, 2012, XPO Logistics acquired the freight brokerage operations of Kelron Logistics, Inc., a non-asset, third party logistics business based in Canada. Founded in 1992, Kelron Logistics serves more than 1,000 customers through locations in Toronto, Ontario; Vancouver, British Columbia; Montreal, Quebec; and Cleveland, Ohio. Kelron Logistics generated trailing 12 months revenue of approximately $100 million as of June 30, 2012. The cash purchase price was $8 million, excluding any working capital adjustments.