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Radiant Logistics (RLGT) announced preliminary financial results for the quarter ended December 31, 2022, reporting revenues of $283.5 million and a gross profit of $71.7 million. Adjusted net income was $12.3 million, or $0.26 per basic share. The company is late in filing its 10-Q due to a restatement process for previous fiscal periods, affecting earnings estimates by approximately $0.01 per diluted share for fiscal years impacted. CEO Bohn Crain expressed optimism about maintaining strong results against a backdrop of economic slowdown, indicating no net debt and $63.8 million in cash as of December 31, 2022.
On November 9, 2022, Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) announced its participation in the Southwest IDEAS Investor Conference taking place on November 17, 2022, in Dallas, TX. CEO Kevin Roycraft and CFO Tracy Ohmart will present at 8:00 am CT, with a live webcast available via a dedicated link. The IDEAS conferences aim to showcase quality companies to investment professionals, supported by sponsors managing over $200 billion in assets.
Radiant Logistics (NYSEMKT: RLGT) announced the acquisition of Cascade Enterprises of Minnesota, enhancing its technology-enabled logistics operations. Operating under the Airgroup brand since 2007, Cascade will transition to the Radiant brand in early 2023. This acquisition follows Radiant's earlier purchase of Navegate, enabling better global trade management. Tom Heinsen, Cascade's CEO, will remain with Radiant as Vice President. The acquisition signals continued growth opportunities for Radiant, as stated by CEO Bohn Crain, emphasizing value creation for partners and shareholders.
Palatin Technologies, Inc. (NYSE American: PTN) will announce its Q4 and FY 2022 operating results on September 22, 2022, before U.S. market opens. A conference call will follow at 11:00 a.m. ET to discuss results and updates on development programs. Investors can access the audio webcast via Palatin's website. The company focuses on first-in-class biopharmaceuticals targeting melanocortin receptor systems, aiming for collaborations to enhance commercial potential. For updates, visit palatin.com.
Palatin Technologies, Inc. (NYSE American: PTN) has initiated a Phase 2 clinical study of PL8177, a melanocortin-1 receptor agonist, aimed at treating active ulcerative colitis (UC). The trial will evaluate the drug's safety, tolerability, and efficacy in adult patients, enrolling up to 28 subjects across 22 sites. Following a successful Phase 1 study, where PL8177 showed promising results without systemic exposure, this Phase 2 trial is expected to yield interim results in early 2023 and final data by mid-2023. PL8177 targets inflammation in UC, a disease affecting about 1 million people in the U.S.
On September 6, 2022, Spark Networks SE (NASDAQ: LOV) announced the election of Michael McConnell and Ulrike Handel to its Administrative Board during the 2022 Annual Meeting of Shareholders. Colleen Birdnow Brown, Chair of the Board, expressed confidence that McConnell and Handel will contribute significantly to the company's strategic plan aimed at enhancing revenue growth and shareholder value. McConnell has extensive experience in managing publicly traded companies, while Handel has a strong background in media and marketing leadership.
New England Realty Associates Limited Partnership (NYSE MKT: NEN) will issue its quarterly distribution on September 30, 2022, for Class A Limited Partners and Depositary Receipts holders. The distribution is set at $9.60 per Class A Limited Partnership Unit and $0.32 per Depositary Receipt, which represents one-thirtieth of a Class A Partnership Unit. Record date for this distribution is September 15, 2022.
Radiant Logistics (NYSEMKT: RLGT) has announced the rebranding of its U.S. brokerage platform from Clipper Exxpress to Radiant Road & Rail Services as of July 1, 2022. This change aims to align the brand with the company's vision of expanding its bi-modal offerings in intermodal and truck brokerage services. The rebranding marks a significant transition for Radiant, which has served the logistics industry for over 80 years. The new platform will continue to provide diverse logistics solutions, including temperature-controlled intermodal services and trucking.
