Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Feb. 07, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'GFN | ' |
Entity Registrant Name | 'General Finance CORP | ' |
Entity Central Index Key | '0001342287 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 24,355,220 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $2,445 | $6,278 |
Trade and other receivables, net of allowance for doubtful accounts of $2,275 and $2,329 at June 30, 2013 and December 31, 2013, respectively | 32,168 | 34,360 |
Inventories | 39,180 | 31,858 |
Prepaid expenses and other | 5,869 | 5,571 |
Property, plant and equipment, net | 21,008 | 19,840 |
Lease fleet, net | 327,231 | 290,165 |
Goodwill | 71,001 | 68,692 |
Other intangible assets, net | 14,882 | 16,402 |
Total assets | 513,784 | 473,166 |
Liabilities | ' | ' |
Trade payables and accrued liabilities | 35,340 | 32,238 |
Income taxes payable | 239 | 496 |
Unearned revenue and advance payments | 12,352 | 15,764 |
Senior and other debt | 198,903 | 162,951 |
Deferred tax liabilities | 32,016 | 27,576 |
Total liabilities | 278,850 | 239,025 |
Commitments and contingencies (Note 9) | ' | ' |
Equity | ' | ' |
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 400,100 shares issued and outstanding (in series) and liquidation value of $40,542 and $40,723 at June 30, 2013 and December 31, 2013, respectively | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 24,330,257 and 24,355,220 shares issued and outstanding at June 30, 2013 and December 31, 2013, respectively | 2 | 2 |
Additional paid-in capital | 119,168 | 120,146 |
Accumulated other comprehensive loss | -2,248 | -906 |
Accumulated deficit | -15,479 | -19,179 |
Total General Finance Corporation stockholders' equity | 141,543 | 140,163 |
Equity of noncontrolling interests | 93,391 | 93,978 |
Total equity | 234,934 | 234,141 |
Total liabilities and equity | $513,784 | $473,166 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts on trade and other receivables | $2,329 | $2,275 |
Cumulative preferred stock, par value | $0.00 | $0.00 |
Cumulative preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Cumulative preferred stock, shares issued | 400,100 | 400,100 |
Cumulative preferred stock, shares outstanding | 400,100 | 400,100 |
Cumulative preferred stock, liquidation value | $40,723 | $40,542 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 24,355,220 | 24,330,257 |
Common stock, shares outstanding | 24,355,220 | 24,330,257 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales: | ' | ' | ' | ' |
Lease inventories and fleet | $28,417 | $24,276 | $59,646 | $47,998 |
Manufactured units | 2,703 | 7,731 | 6,148 | 7,731 |
Total sales revenue | 31,120 | 32,007 | 65,794 | 55,729 |
Leasing | 34,509 | 31,345 | 65,581 | 61,012 |
Total revenues | 65,629 | 63,352 | 131,375 | 116,741 |
Costs and expenses | ' | ' | ' | ' |
Lease inventories and fleet (exclusive of the items shown separately below) | 21,604 | 18,091 | 46,392 | 35,403 |
Manufactured units | 1,965 | 6,549 | 4,573 | 6,549 |
Direct costs of leasing operations | 12,100 | 11,397 | 24,044 | 22,381 |
Selling and general expenses | 14,018 | 13,342 | 28,196 | 26,275 |
Depreciation and amortization | 5,802 | 5,287 | 11,262 | 10,587 |
Operating income | 10,140 | 8,686 | 16,908 | 15,546 |
Interest income | 11 | 17 | 23 | 40 |
Interest expense | -2,334 | -2,630 | -4,726 | -5,855 |
Foreign currency exchange gain (loss) and other | 56 | 107 | -549 | 468 |
Total costs and expenses | -2,267 | -2,506 | -5,252 | -5,347 |
Income before provision for income taxes | 7,873 | 6,180 | 11,656 | 10,199 |
Provision for income taxes | 3,291 | 2,349 | 4,872 | 3,876 |
Net income | 4,582 | 3,831 | 6,784 | 6,323 |
Preferred stock dividends | -922 | -43 | -1,675 | -86 |
Noncontrolling interests | -2,037 | -2,067 | -3,084 | -3,553 |
Net income attributable to common stockholders | $1,623 | $1,721 | $2,025 | $2,684 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.07 | $0.08 | $0.08 | $0.12 |
Diluted | $0.07 | $0.08 | $0.08 | $0.12 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 24,342,102 | 22,026,631 | 24,334,977 | 22,025,690 |
Diluted | 24,986,979 | 22,631,194 | 24,979,854 | 22,630,253 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income/Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $4,582 | $3,831 | $6,784 | $6,323 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Fair value change in derivative, net of income tax provision (benefit) of $62 and $(96) for the quarter and six months ended December 31, 2012 and $37 and $7 for the quarter and six months ended December 31,2013, respectively | 85 | 144 | 17 | -224 |
Cumulative translation adjustment | -6,010 | -315 | -2,540 | 2,930 |
Total comprehensive income (loss) | -1,343 | 3,660 | 4,261 | 9,029 |
Allocated to noncontrolling interests | 855 | -1,996 | -1,903 | -4,912 |
Comprehensive income (loss) allocable to General Finance Corporation stockholders | ($488) | $1,664 | $2,358 | $4,117 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income/Loss (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Fair value change in derivative, income tax provision (benefit) | $37 | $62 | $7 | ($96) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity (USD $) | Total | Cumulative Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total General Finance Corporation Stockholders' Equity [Member] | Equity of Noncontrolling Interests [Member] |
In Thousands | ||||||||
Beginning Balance at Jun. 30, 2013 | $234,141 | $40,100 | $2 | $120,146 | ($906) | ($19,179) | $140,163 | $93,978 |
Share-based compensation | 870 | ' | ' | 689 | ' | ' | 689 | 181 |
Preferred stock dividends | -1,675 | ' | ' | -1,675 | ' | ' | -1,675 | ' |
Dividends on capital stock by subsidiary | -2,339 | ' | ' | ' | ' | ' | ' | -2,339 |
Purchases of subsidiary capital stock | -332 | ' | ' | ' | ' | ' | ' | -332 |
Issuance of 6,668 shares of common stock | 8 | ' | ' | 8 | ' | ' | 8 | ' |
Grant of 18,295 shares of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 6,784 | ' | ' | ' | ' | 3,700 | 3,700 | 3,084 |
Fair value change in derivative, net of related tax effect | 17 | ' | ' | ' | 9 | ' | 9 | 8 |
Cumulative translation adjustment | -2,540 | ' | ' | ' | -1,351 | ' | -1,351 | -1,189 |
Total comprehensive income (loss) | 4,261 | ' | ' | ' | ' | ' | 2,358 | 1,903 |
Ending Balance at Dec. 31, 2013 | $234,934 | $40,100 | $2 | $119,168 | ($2,248) | ($15,479) | $141,543 | $93,391 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (Parenthetical) | 6 Months Ended |
Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | ' |
Issuance of shares of common stock | 6,668 |
Restricted stock granted | 18,295 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities (Note 10) | $15,756 | $10,614 |
Cash flows from investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -15,695 | -12,890 |
Proceeds from sales of property, plant and equipment | 94 | 109 |
Purchases of property, plant and equipment | -2,855 | -4,467 |
Proceeds from sales of lease fleet | 14,648 | 13,585 |
Purchases of lease fleet | -48,076 | -37,720 |
Other intangible assets | -112 | -130 |
Net cash used in investing activities | -51,996 | -41,513 |
Cash flows from financing activities: | ' | ' |
Repayments of equipment financing activities | -32 | -264 |
Repayment of senior credit facility and subordinated note | ' | -79,175 |
Proceeds from senior and other debt borrowings, net | 39,374 | 112,630 |
Deferred financing costs | ' | -1,407 |
Proceeds from issuances of common stock | 8 | 8 |
Purchases of subsidiary capital stock | -332 | -58 |
Dividends on capital stock by subsidiary | -2,339 | -2,345 |
Preferred stock dividends | -1,675 | -86 |
Net cash provided by financing activities | 35,004 | 29,303 |
Net decrease in cash | -1,236 | -1,596 |
Cash and equivalents at beginning of period | 6,278 | 7,085 |
The effect of foreign currency translation on cash | -2,597 | 105 |
Cash and equivalents at end of period | $2,445 | $5,594 |
Organization_and_Business_Oper
Organization and Business Operations | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Business Operations | ' |
Note 1. Organization and Business Operations | |
General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its subsidiary, Southern Frac, LLC, a Texas limited liability company (collectively “Southern Frac”); Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”), and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation (collectively “Pac-Van”). | |
At December 31, 2013, the Company has two geographic segments that include three operating units; Royal Wolf, which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand, which is referred geographically by the Company to be the Asia-Pacific (or Pan-Pacific) area; Pac-Van, which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices in North America; and Southern Frac, which manufactures portable liquid storage tank containers in North America. | |
On May 31, 2011, the Company completed an initial public offering (“IPO”) in Australia of a noncontrolling interest in RWH. A total of 50,000,000 shares of capital stock were issued to the Australian market and an additional 188,526 shares were issued to the non-employee members of the RWH Board of Directors, the RWH chief executive officer and the RWH chief financial officer. At the IPO date and through December 31, 2013, GFN U.S. owned a direct (and the Company an indirect) majority interest of over 50% of Royal Wolf. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 2. Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2014. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 filed with the Securities and Exchange Commission (“SEC”). | |||||||||||||||||
Unless otherwise indicated, references to “FY 2013” and “FY 2014” are to the six months ended December 31, 2012 and 2013, respectively. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying condensed consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters. All assets and liabilities are translated at the rates in effect at the balance sheet dates; and revenues, expenses, gains and losses are translated using the average exchange rates during the periods. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market (net realizable value) and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process and finished goods of manufactured portable liquid storage tank containers. Costs for leasing operations are assigned to individual items on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location; while costs for manufactured units are determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion, are estimated and are deducted from the estimated selling price to establish net realizable value. Inventories are comprised of the following (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Finished goods | $ | 27,357 | $ | 35,088 | |||||||||||||
Work in progress | 1,680 | 2,880 | |||||||||||||||
Raw materials | 2,821 | 1,212 | |||||||||||||||
$ | 31,858 | $ | 39,180 | ||||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||||||
Estimated | June 30, | December 31, | |||||||||||||||
Useful Life | |||||||||||||||||
2013 | 2013 | ||||||||||||||||
Land | — | $ | 2,181 | $ | 2,277 | ||||||||||||
Building and improvements | 10 — 40 years | 3,943 | 4,350 | ||||||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 22,605 | 24,515 | ||||||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 5,142 | 5,552 | ||||||||||||||
Construction in-process | 87 | 2 | |||||||||||||||
33,958 | 36,696 | ||||||||||||||||
Less accumulated depreciation and amortization | (14,118 | ) | (15,688 | ) | |||||||||||||
$ | 19,840 | $ | 21,008 | ||||||||||||||
Lease Fleet | |||||||||||||||||
The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2013 and December 31, 2013, the gross costs of the lease fleet were $332,435,000 and $374,712,000, respectively. | |||||||||||||||||
Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2008 are subject to examination by the U.S. Internal Revenue Service (“IRS”) and, for U.S. state tax purposes, with few exceptions, all periods subsequent to June 30, 2007 are subject to examination by the respective state’s taxation authorities. Generally, periods subsequent to June 30, 2008 are subject to examination by the respective taxation authorities in Australia, New Zealand and Canada. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | |||||||||||||||||
The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. | |||||||||||||||||
Net Income per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were warrants and stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: | |||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Basic | 22,026,631 | 24,342,102 | 22,025,690 | 24,334,977 | |||||||||||||
Assumed exercise of warrants | 155,718 | — | 155,718 | — | |||||||||||||
Assumed exercise of stock options | 448,845 | 644,877 | 448,845 | 644,877 | |||||||||||||
Diluted | 22,631,194 | 24,986,979 | 22,630,253 | 24,979,854 | |||||||||||||
Potential common stock equivalents totaling 3,476,058 for both the quarter ended December 31, 2012 and FY 2013 and 1,507,424 for both the quarter ended December 31, 2013 and FY 2014 have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
Previously, in August 2010, the FASB, as result of a joint project with the International Accounting Standards Board (“IASB”) to simplify lease accounting and improve the quality of and comparability of financial information for users, published proposed standards that would change the accounting and financial reporting for both lessee and lessor under ASC Topic 840, Leases. Since then, the FASB and IASB have been deliberating submitted comments about their 2010 proposals and other feedback from constituents. On May 16, 2013, both the FASB and the IASB issued nearly identical exposure drafts that retained the most significant change to lease accounting rules from the 2010 proposed standards, the elimination of the concept of off-balance sheet treatment for “operating leases” for lessees for the vast majority of lease contracts. However, the 2013 exposure drafts include significant modifications, among them the establishment of two types of lease contracts for both lessees and lessors. Instead of capital and operating leases, the proposed rules create two types of leases (both similar to capital leases for lessees), which the FASB and IASB refer to as “Type A” and “Type B.” In addition, the revised exposure drafts seek to correct issues, noted by many commenters, related to the pattern and classification of expense recognition as well as the definition of “lease term” and the treatment of variable lease payments under the 2010 proposed standards. The Company believes that the final standards, if issued in substantially the same form as the revised exposure drafts, would have a material effect in the presentation of its consolidated financial position and results of operations. |
Equity_Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
Note 3. Equity Transactions | |
Rights Offering | |
On June 25, 2010, the Company completed a rights offering to stockholders of record as of May 14, 2010. The offering entitled holders of the rights to purchase units at $1.50 per unit, with each unit consisting of one share of GFN common stock and a three-year warrant to purchase 0.5 additional shares of GFN common stock at an exercise price of $4.00 per share. By the expiration date of June 25, 2013, the Company had received total net proceeds of $8,154,000 during the fiscal year ended June 30, 2013 from exercises of these warrants that resulted in the issuance of 2,038,626 shares of GFN common stock. Of these net proceeds, $8,000,000 was used to reduce indebtedness at Pac-Van Van under its senior credit facility (see Note 5). | |
Preferred Stock | |
Upon issuance of shares of preferred stock, the Company records the liquidation value as the preferred equity in the consolidated balance sheet, with any underwriting discount and issuance or offering costs recorded as a reduction in additional paid-in capital. | |
Series A and B Preferred Stock | |
The Company conducted private placements of Series A 12.5% Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $50 per share (“Series A Preferred Stock”); and Series B 8% Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. In connection with a public offering of a new series of preferred stock, the Company redeemed the Series A Preferred Stock (see below) and, at December 31, 2013, the Company had outstanding 100 shares of Series B Preferred Stock in Equity totaling $100,000. | |
The Series B Preferred Stock is not convertible into GFN common stock, has no voting rights, except as required by Delaware law, and is not redeemable prior to February 1, 2014; at which time it may be redeemed at any time, in whole or in part, at the Company’s option. Holders of the Series B Preferred Stock are entitled to receive, when declared by the Company’s Board of Directors, annual dividends payable quarterly in arrears on the 31st day of January, July and October and on the 30th day of April of each year. In the event of any liquidation or winding up of the Company, the holders of the Series B Preferred Stock will have preference to holders of common stock. | |
In connection with an acquisition during the year ended June 30, 2011, the Company issued 110 shares of Series B Preferred Stock with a liquidation value of $110,000 that is redeemable in three annual installments from the dates of issuance. As a result, these shares, which total $37,000 at June 30, 2013 and $3,000 at December 31, 2013, are classified as a liability in the condensed consolidated balance sheet under the caption “Senior and other debt.” | |
Series C Convertible Preferred Stock | |
In connection with the Southern Frac acquisition on October 1, 2012, the Company issued 750 shares of a Series C Convertible Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $1,000 per share (“Series C Convertible Preferred Stock”). The Series C Convertible Preferred Stock accrued no dividends, unless declared by the Board of Directors of the Company, and was automatically convertible into 150,000 shares of GFN common stock at the date that the shares of GFN common stock had a closing price equal to or in excess of $5.00 per share on the NASDAQ Stock Market (“NASDAQ”). On February 12, 2013, the closing price of the Company’s common stock was $5.06 per share, and the Series C Convertible Preferred Stock automatically converted to 150,000 shares of Company common stock. Subsequently, the shares of the Series C Convertible Preferred Stock were cancelled. | |
Series C Preferred Stock | |
On May 17, 2013, the Company completed a public offering of 350,000 shares of 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), liquidation preference $100.00 per share, and on May 24, 2013, the underwriters exercised their overallotment option to purchase an additional 50,000 shares. Proceeds from the offering totaled $37,500,000, after deducting the underwriting discount of $2,000,000 and offering costs of $500,000. The Company used $36,000,000 of the net proceeds to reduce indebtedness at Pac-Van under its senior credit facility, pursuant to the requirement that at least 80% of the gross proceeds, or $32,000,000, be used for that purpose in order to permit the payment of intercompany dividends by Pac-Van to GFN and its subsidiaries to fund any dividends declared on the Series C Preferred Stock (see Note 5) and also used $1,295,000, plus accrued dividends, of the net proceeds to redeem the 25,900 shares of the Series A Preferred Stock. Subsequently, the shares of the Series A Preferred Stock were cancelled. | |
Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable on the 31st day of each January, July and October and on the 30th day of April commencing July 31, 2013 when, as and if declared by the Company’s Board of Directors. Commencing on May 17, 2018, the Company may redeem, at its option, the Series C Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. Among other things, the Series C Preferred Shares have no stated maturity, are not subject to any sinking fund or other mandatory redemption, and are not convertible into or exchangeable for any of the Company’s other securities. Holders of the Series C Preferred Shares generally will have no voting rights, except for limited voting rights if dividends payable on the outstanding Series C Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other circumstances. If the Company fails to maintain the listing of the Series C Preferred Stock on the NASDAQ for 30 days or more, the per annum dividend rate will increase by an additional 2.00% per $100.00 stated liquidation value ($2.00 per annum per share) so long as the listing failure continues. In addition, in the event of any liquidation or winding up of the Company, the holders of the Series C Preferred Stock will have preference to holders of common stock and are pair passu with the Series B Preferred Stock. | |
The Series C Preferred Shares are listed on the NASDAQ Stock Market under the symbol “GFNCP.” | |
Dividends | |
As of December 31, 2013, since issuance, dividends paid or payable totaled $57,000 for the Series B Preferred Stock. | |
On July 18, 2013, the Board of Directors of the Company declared a cash dividend of $1.875 per share on the Series C Preferred Stock. The dividend was for the period commencing on May 17, 2013, the date of original issuance of the Series C Preferred Stock, through July 30, 2013, and was paid on July 31, 2013 to holders of record as of July 30, 2013. On October 17, 2013, the Board of Directors of the Company declared a cash dividend of $2.30 per share on the Series C Preferred Stock. The dividend was for the period commencing on July 31, 2013 through October 30, 2013, and was paid on October 31, 2013 to holders of record as of October 30, 2013. | |
The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code. | |
Royal Wolf Dividends | |
On August 14, 2012, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on October 2, 2012 to shareholders of record on September 20, 2012. On August 13, 2013, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on October 3, 2013 to shareholders of record on September 24, 2013. | |
The condensed consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Note 4. Acquisitions | |||||||||||||||||
The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The businesses discussed below were acquired primarily to expand the Company’s container lease fleet. The accompanying condensed consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. | |||||||||||||||||
FY 2014 Acquisitions | |||||||||||||||||
On August 1, 2013, the Company, through Pac-Van, purchased the business of Harper’s Hot Shot Service, Inc. (“Harper Hot Shot”) for $3,267,000, which included a holdback amount of $148,000. Harper Hot Shot leases and sells containers and is located in Paducah, Kentucky. | |||||||||||||||||
On September 6, 2013, the Company, through Pac-Van, purchased the business of Canadian Storage Containers Inc. (“Canadian Storage”) for $1,516,000 (C$1,591,000), which included a holdback amount of approximately $247,000 (C$260,000). Canadian Storage leases and sells containers and is located in Calgary, Alberta, Canada. | |||||||||||||||||
On September 10, 2013, the Company, through Royal Wolf, purchased the businesses of Intermodal Solutions Pty Ltd, Kookaburra Containers Pty Ltd, Kookaburra Containers WA Pty Ltd, Kookaburra Containers Victoria Pty Ltd, Pack and Secure Pty Ltd and Intermodal Solutions Holdings Pty Ltd, collectively “Intermodal Kookaburra” for $5,231,000 (AUS$5,680,000), which included a holdback amount of approximately $368,000 (AUS$400,000). Intermodal Kookaburra, among other things, leases and sells freight and storage containers in the Asia-Pacific area. | |||||||||||||||||
On October 31, 2013, the Company, through Royal Wolf, purchased the business of DBCS Containers Limited (“DBCS”) for $333,000 (AUS$351,000), which included a holdback amount of approximately $33,000 (AUS$35,000). DBCS leases and sells containers and is located in Auckland, New Zealand. | |||||||||||||||||
On November 7, 2013, the Company, through Pac-Van, purchased the business of Pinnacle Rental & Supply, LLC (“Pinnacle Rental”) for $6,179,000, which included a holdback amount of $293,000. Pinnacle Rental leases portable liquid storage tank containers from Boaz, Alabama. | |||||||||||||||||
On December 20, 2013, the Company, through Pac-Van, purchased the business of Mark Rumpke Mobile Storage, Inc. (“Rumpke”) for $288,000, which included a holdback amount of $30,000. Rumpke leases and sells containers and is located in Cincinnati, Ohio. | |||||||||||||||||
The valuations and purchase accounting for the acquisitions in FY 2014 are still to be completed and are subject to change. The preliminary allocations to tangible and intangible assets acquired and liabilities assumed were as follows (in thousands): | |||||||||||||||||
Intermodal | Pinnacle Rental | Other Acquisitions | Total | ||||||||||||||
Kookaburra | November 7, 2013 | ||||||||||||||||
September 10, 2013 | |||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||||||||||||||
Trade and other receivables | $ | — | $ | — | $ | 164 | $ | 164 | |||||||||
Inventories | 496 | 50 | 1,046 | 1,592 | |||||||||||||
Prepaid expenses and other | — | — | 6 | 6 | |||||||||||||
Property, plant and equipment | 50 | — | 390 | 440 | |||||||||||||
Lease fleet | 3,479 | 5,271 | 2,212 | 10,962 | |||||||||||||
Accounts payables and accrued liabilities | (76 | ) | — | (41 | ) | (117 | ) | ||||||||||
Deferred income taxes | — | — | (402 | ) | (402 | ) | |||||||||||
Unearned revenue and advance payments | (35 | ) | (99 | ) | (133 | ) | (267 | ) | |||||||||
Total net tangible assets acquired and liabilities assumed | 3,914 | 5,222 | 3,242 | 12,378 | |||||||||||||
Fair value of intangible assets acquired: | |||||||||||||||||
Non-compete agreement | 385 | 95 | 130 | 610 | |||||||||||||
Customer lists/relationships | 83 | 180 | 162 | 425 | |||||||||||||
Goodwill | 849 | 682 | 1,870 | 3,401 | |||||||||||||
Total intangible assets acquired | 1,317 | 957 | 2,162 | 4,436 | |||||||||||||
Total purchase consideration | $ | 5,231 | $ | 6,179 | $ | 5,404 | $ | 16,814 | |||||||||
Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. The goodwill recognized in the Canadian Storage, Intermodal Kookaburra and DBCS acquisitions is not deductible for U.S. income tax purposes. The Company incurred approximately $367,000 and $595,000 and $64,000 and $148,000 during the quarter ended December 31, 2012 and FY 2013 and during the quarter ended December 31, 2013 and FY 2014, respectively, of incremental transaction costs associated with acquisition-related activity that were expensed as incurred and are included in selling and general expenses in the accompanying condensed consolidated statements of operations. |
Senior_and_Other_Debt
Senior and Other Debt | 6 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Senior and Other Debt | ' |
Note 5. Senior and Other Debt | |
Royal Wolf Senior Credit Facility | |
Royal Wolf has an approximately $113,482,000 (AUS$101,000,000 and NZ$29,200,000) senior credit facility with Australia and New Zealand Banking Group Limited (“ANZ”), which is secured by substantially all of the assets of the Company’s Australian and New Zealand subsidiaries (the “ANZ Credit Facility”). Approximately $86,283,000 (AUS$71,000,000 container purchases sub-facility and NZ$28,500,000 flexible rate term loan facility) matures on September 30, 2016, $13,311,000 (AUS$15,000,000 capital expenditure sub-facility) matures on November 14, 2014, another $13,311,000 (AUS$15,000,000 multi-option sub-facility) matures by June 30, 2014 and $577,000 (NZ$700,000 term facility) matures in varying installments over the next five years. | |
As of December 31, 2013, based upon the exchange rate of one Australian dollar to $0.8874 U.S. dollar and one New Zealand dollar to $0.9204 Australian dollar, total borrowings and availability under the ANZ credit facility totaled $105,903,000 (AUS$119,300,000) and $5,776,000 (AUS$6,509,000), respectively. Borrowings under the ANZ Credit Facility bear interest at the bank bill swap interest rate in Australia (BBSY) or New Zealand (BKBM), plus 1.50% - 1.95% per annum. At December 31, 2013, the BBSY and BKBM were 2.69% and 2.72%, respectively. | |
Royal Wolf also has a $2,662,000 (AUS$3,000,000) sub-facility with ANZ to, among other things, facilitate direct and global payments using electronic banking services. | |
The ANZ senior credit facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified consolidated interest coverage and total debt ratios based on EBITDA and the payment of dividends are not to exceed 60% of net profits (adding back amortization), plus any dividend surplus from the previous year, as defined. | |
Pac-Van Senior Credit Facility | |
Pac-Van had an $85,000,000 senior secured revolving credit facility with a syndicate led by PNC Bank, National Association (“PNC”) that included Wells Fargo Bank, National Association (“Wells Fargo”) and Union Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility was scheduled to mature on January 16, 2013, but on September 7, 2012, Pac-Van entered into a new five-year, senior secured revolving credit facility with a syndicate led by Wells Fargo, that also includes HSBC Bank USA, NA (“HSBC”), and the Private Bank and Trust Company (the “Wells Fargo Credit Facility”). Under the Wells Fargo Credit Facility, as amended, Pac-Van may borrow up to $120,000,000, subject to the terms of a borrowing base, as defined, and provides for the issuance of irrevocable standby letters of credit in amounts totaling up to $5,000,000. Borrowings will accrue interest, at Pac-Van’s option, either at the base rate plus 1.75% to 2.25% or the LIBOR plus 2.75% to 3.25%. The Wells Fargo Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios and utilization ratios. | |
With the satisfaction of the requirement that at least 80% of the gross proceeds received in the Series C Preferred Stock offering (see Note 3) be used to reduce indebtedness under the Wells Fargo Credit Facility, Pac-Van is permitted to pay intercompany dividends in each fiscal year to GFN and its subsidiaries for the Series C Preferred Stock equal to the lesser of $4,000,000 or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock, provided that (i) the payment of such dividends does not cause a default or event of default; (ii) Pac-Van is solvent; (iii) Pac-Van is permitted to borrow $4,000,000 or more under the Wells Fargo Credit Facility; and (iv) Pac-Van is in compliance with the fixed charge coverage ratio covenant after giving effect to the payment and the dividends are paid no earlier than ten business days prior to the date they are due. | |
At December 31, 2013, borrowings and availability under the Wells Fargo Credit Facility totaled $83,985,000 and $35,146,000, respectively. | |
Southern Frac Senior Credit Facility | |
Southern Frac has a senior credit facility with Wells Fargo, as amended, (“Wells Fargo SF Credit Facility”) that provides with (i) a senior secured revolving line of credit under which Southern Frac may borrow, subject to the terms of a borrowing base, as defined, up to $12,000,000 with a three-year maturity; (ii) a combined $860,000 equipment and capital expenditure term loan (the “Restated Equipment Term Loan”), which fully amortizes over 48 months commencing July 1, 2013; and (iii) a $1,500,000 term loan (the “Term Loan B”), which fully amortizes over 18 months, commencing May 1, 2013. The Wells Fargo SF Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios, and other covenants, representations, warranties, indemnification provisions, and events of default that are customary for senior secured credit facilities; including events of default relating to a change of control of GFN, GFNMC and Southern Frac. Borrowings under the Wells Fargo SF Credit Facility will accrue interest based on the three-month LIBOR, plus a margin equal to 3.5% for the revolving line of credit, 4.0% for the Restated Equipment Term Loan and 7.0% for the Term Loan B. | |
At December 31, 2013, borrowings and availability under the Wells Fargo SF Credit Facility totaled $5,604,000 and $1,616,000, respectively. | |
Other | |
Other debt, including redeemable preferred stock (see Note 3), totaled $3,411,000 at December 31, 2013. | |
The weighted-average interest rate in the Asia-Pacific area was 6.0% and 5.7% in FY 2013 and FY 2014, respectively; which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs. The weighted-average interest rate in North America was 4.9% and 3.8% in FY 2013 and FY 2014, respectively, which does not include the effect of the amortization of deferred financing costs and accretion of interest. | |
Loan Covenant Compliance | |
At December 31, 2013, the Company was in compliance with the financial covenants under its senior credit facilities. |
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
Note 6. Financial Instruments | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, as follows: | |||||||||||||||||||
Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||
Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and | |||||||||||||||||||
Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||||
The Company’s derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2. | |||||||||||||||||||
Derivative instruments measured at fair value and their classification in the condensed consolidated balances sheets and statements of operations are as follows (in thousands): | |||||||||||||||||||
Derivative - Fair Value (Level 2) | |||||||||||||||||||
Type of Derivative | Balance Sheet Classification | June 30, 2013 | December 31, 2013 | ||||||||||||||||
Contract | |||||||||||||||||||
Swap Contracts and Options (Caps) | Trade payables and accrued liabilities | $ | (1,210 | ) | $ | (1,007 | ) | ||||||||||||
Forward-Exchange Contracts | Trade and other receivables | 713 | 410 | ||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||
Type of Derivative | Statement of Operations | 2012 | 2013 | 2012 | 2013 | ||||||||||||||
Contract | Classification | ||||||||||||||||||
Swap Contracts and Options (Caps) | Unrealized gain (loss) included in interest expense | $ | — | $ | 188 | $ | (80 | ) | $ | 158 | |||||||||
Forward-Exchange Contracts | Unrealized foreign currency exchange gain (loss) and other | 263 | 400 | (86 | ) | (298 | ) | ||||||||||||
Interest Rate Swap Contracts | |||||||||||||||||||
The Company’s exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt. | |||||||||||||||||||
To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps and interest rate options, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps and options are designated to hedge changes in the interest rate of a portion of the ANZ outstanding borrowings. The Company believes that financial instruments designated as interest rate hedges were highly effective; however, prior to August 2012, documentation of such, as required by FASB ASC Topic 815, Derivatives and Hedging, did not exist. Therefore, all movements in the fair values of these hedges prior to August 2012 were reported in the consolidated statements of operations in the periods in which fair values change. In August 2012, the Company entered into an interest swap contract that met documentation requirements and, as such, it was designated as a cash flow hedge. This cash flow hedge was determined to be highly effective in FY 2013 and FY 2014 and, therefore, changes in the fair value of the effective portion were recorded in accumulated other comprehensive income. The Company expects this derivative to remain effective during the remaining term of the swap; however, any changes in the portion of the hedge considered ineffective would be recorded in interest expense in the consolidated statement of operations. In the quarter ended December 31, 2013 and FY 2014, the ineffective portion of this cash flow hedge recorded in interest expense was an unrealized gain of $188,000 and $158,000, respectively. | |||||||||||||||||||
The Company’s interest rate derivative instruments are not traded on a market exchange; therefore, the fair values are determined using valuation models which include assumptions about the interest rate yield curve at the reporting dates (Level 2 fair value measurement). As of June 30, 2013 and December 31, 2013, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): | |||||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||||
Swap | Option (Cap) | Swap | Option | ||||||||||||||||
Notional amounts | $ | 45,730 | $ | — | $ | 44,370 | $ | — | |||||||||||
Fixed/Strike Rates | 3.98 | % | — | 3.98 | % | — | |||||||||||||
Floating Rates | 2.87 | % | — | 2.69 | % | — | |||||||||||||
Fair Value of Combined Contracts | $ | (1,210 | ) | $ | — | $ | (1,007 | ) | $ | — | |||||||||
Foreign Currency Risk | |||||||||||||||||||
The Company has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the functional currency. The currency giving rise to this risk is primarily U.S. dollars. Royal Wolf has a bank account denominated in U.S. dollars into which a small number of customers pay their debts. This is a natural hedge against fluctuations in the exchange rate. The funds are then used to pay suppliers, avoiding the need to convert to Australian dollars. Royal Wolf uses forward currency and participating forward contracts to eliminate the currency exposures on the majority of its transactions denominated in foreign currencies, either by transaction if the amount is significant, or on a general cash flow hedge basis. The forward currency and participating forward contracts are always in the same currency as the hedged item. The Company believes that financial instruments designated as foreign currency hedges are highly effective. However documentation of such as required by ASC Topic 815 does not exist. Therefore, all movements in the fair values of these hedges are reported in the statement of operations in the period in which fair values change. As of June 30, 2013, there were 43 open forward exchange and two participating forward contracts that mature between July 2013 and November 2013; and as of December 31, 2013, there were 39 open forward exchange contracts that mature between January 2014 and August 2014, as follows (dollars in thousands): | |||||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||||
Forward Exchange | Participating | Forward Exchange | Participating | ||||||||||||||||
Forward | Forward | ||||||||||||||||||
Notional amounts | $ | 17,003 | $ | 3,000 | $ | 11,862 | $ | — | |||||||||||
Exchange/Strike Rates (AUD to USD) | 0.9077 - 1.0234 | 0.9262 | 0.8728 – 0.9751 | — | |||||||||||||||
Fair Value of Combined Contracts | $ | 692 | $ | 21 | $ | 410 | $ | — | |||||||||||
In FY 2013 and FY 2014, net unrealized and realized foreign exchange gains (losses) totaled $105,000 and $162,000, and $(363,000) and $101,000, respectively. For the quarter ended December 31, 2012 and 2013, net unrealized and realized foreign exchange gains (losses) totaled $(255,000) and $25,000, and $(414,000) and $69,000, respectively. | |||||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||||
The fair value of the Company’s borrowings under its senior credit facilities was determined based on level 3 inputs including a search for debt issuances with maturities comparable to the Company’s debt (“Debt Issuances with Upcoming Call Dates”), a comparison to a group of comparable industry debt issuances (“Industry Comparable Debt Issuances”) and a study of credit (“Credit Spread Analysis”) as of June 30, 2013. Under the Debt Issuances with Upcoming Call Dates, the Company performed a Yield-to-Worse analysis on debt issuances with call dates that were comparable to the maturity dates of the Company’s borrowings. Under the Industry Comparable Debt Issuance method, the Company compared the debt facilities to several industry comparable debt issuances. This method consisted of an analysis of the offering yields compared to the current yields on publicly traded debt securities. Under the Credit Spread Analysis, the Company first examined the implied credit spreads of the United States Federal Reserve. Based on this analysis the Company was able to assess the credit market. The fair value of the Company’s senior credit facilities as of June 30, 2013 was determined to be approximately $156,098,000. The Company also determined that the fair value of its other debt of $3,612,000 at June 30, 2013 approximated or would not vary significantly from their carrying values. The Company believes that market conditions at December 31, 2013 have not changed significantly from June 30, 2013. Therefore, the proportion of the fair value to the carrying value of the Company’s senior credit facilities and other debt at December 31, 2013 would not vary significantly from the proportion determined at June 30, 2013. | |||||||||||||||||||
Under the provisions of FASB ASC Topic 825, Financial Instruments, the carrying value of the Company’s other financial instruments (consisting primarily of cash and cash equivalents, net receivables, trade payables and accrued liabilities) approximate fair value. |
RelatedParty_Transactions
Related-Party Transactions | 6 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Note 7. Related-Party Transactions | |
Effective January 31, 2008, the Company entered into a lease with an affiliate of Ronald F. Valenta, a director and the chief executive officer of the Company, for its corporate headquarters in Pasadena, California. The rent is $7,393 per month, effective March 1, 2009, plus allocated charges for common area maintenance, real property taxes and insurance, for approximately 3,000 square feet of office space. The term of the lease is five years, with two five-year renewal options, and the rent is adjusted yearly based on the consumer price index. On October 11, 2012, the Company exercised its option to renew the lease for an additional five-year term commencing February 1, 2013. Rental payments were $27,000 in both the quarters ended December 31, 2012 and December 31, 2013, and $55,000 in both FY 2013 and FY 2014. | |
Effective October 1, 2008, the Company entered into a services agreement with an affiliate of Mr. Valenta for certain accounting, administrative and secretarial services to be provided at the corporate offices and for certain operational, technical, sales and marketing services to be provided directly to the Company’s operating subsidiaries. Charges for services rendered at the corporate offices will be, until further notice, at $7,000 per month and charges for services rendered to the Company’s subsidiaries will vary depending on the scope of services provided. The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party not less than 30 days prior to the fiscal year end. Total charges to the Company at the corporate office for services rendered under this agreement totaled $21,000 in both the quarters ended December 31, 2012 and December 31, 2013, and $42,000 in both FY 2013 and FY 2014. | |
Revenues at Pac-Van from affiliates of Mr. Valenta totaled $14,000 and $31,000 and $5,000 and $15,000 during the quarter ended December 31, 2012 and FY 2013 and during the quarter ended December 31, 2013 and FY 2014, respectively; and equipment and other services purchased by Pac-Van from these affiliated entities totaled $3,000 in the quarter ended September 30, 2013. There were no such purchases in FY 2014. | |
The premises of Pac-Van’s Las Vegas branch is owned by and currently leased from the acting branch manager through December 31, 2014, with the right for an additional two-year extension through December 31, 2016. Rental payments on this lease totaled $30,000 and $59,000 and $29,000 and $57,000 during the quarter ended December 31, 2012 and FY 2013 and during the quarter ended December 31, 2013 and FY 2014, respectively. |
Equity_Plans
Equity Plans | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Equity Plans | ' | ||||||||||||
Note 8. Equity Plans | |||||||||||||
On August 29, 2006, the Board of Directors of the Company adopted the General Finance Corporation 2006 Stock Option Plan (“2006 Plan”), which was approved and amended by stockholders on June 14, 2007 and December 11, 2008, respectively. Options granted and outstanding under the 2006 Plan are either incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, or so-called non-qualified options that are not intended to meet incentive stock option requirements. All options granted do not have a term in excess of ten years, and the exercise price of any option is not less than the fair market value of the Company’s common stock on the date of grant. After the adoption by the Board of Directors and upon the approval of the 2009 Stock Incentive Plan (“2009 Plan”) by the stockholders (see below), the Company suspended any further grants under the 2006 Plan. | |||||||||||||
On September 21, 2009, the Board of Directors of the Company adopted the 2009 Plan, which was approved by the stockholders at the Company’s annual meeting on December 10, 2009. The 2009 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants (“non-vested equity shares”), restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2009 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2009 Plan by the stockholders, the Company suspended further grants under the 2006 Plan (see above). Any stock options which are forfeited under the 2006 Plan will become available for grant under the 2009 Plan, but the total number of shares available under the 2006 Plan and the 2009 Plan will not exceed the 2,500,000 shares reserved for grant under the 2006 Plan. Unless terminated earlier at the discretion of the Board of Directors, the 2009 Plan will terminate December 10, 2019. | |||||||||||||
The 2006 Plan and the 2009 Plan are referred to collectively as the “Stock Incentive Plan.” | |||||||||||||
There have been no grants or awards of restricted stock units, stock appreciation rights, performance stock or performance units under the Stock Incentive Plan. All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based”), non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based”) and non-vested equity shares. | |||||||||||||
Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: | |||||||||||||
Fair value of stock options | $ | 0.81 - $3.94 | |||||||||||
Assumptions used: | |||||||||||||
Risk-free interest rate | 1.19% - 4.8% | ||||||||||||
Expected life (in years) | 7.5 | ||||||||||||
Expected volatility | 26.5% - 84.6% | ||||||||||||
Expected dividends | — | ||||||||||||
At December 31 2013, the weighted-average fair value of the stock options granted to non-employee consultants was $3.86, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.64% - 2.90%, an expected life of 8.4 – 9.5 years, an expected volatility of 71.14% and no expected dividend. | |||||||||||||
A summary of the Company’s stock option activity and related information for FY 2014 follows: | |||||||||||||
Number of | Weighted- | Weighted- | |||||||||||
Options | Average | Average | |||||||||||
(Shares) | Exercise | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at June 30, 2013 | 2,170,598 | $ | 4.93 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (6,668 | ) | 1.22 | ||||||||||
Forfeited or expired | (56,110 | ) | 6.47 | ||||||||||
Outstanding at December 31, 2013 | 2,107,820 | $ | 4.94 | 6.2 | |||||||||
Vested and expected to vest at December 31, 2013 | 2,107,820 | $ | 4.94 | 6.2 | |||||||||
Exercisable at December 31, 2013 | 990,210 | $ | 7 | 4.2 | |||||||||
At December 31, 2013, outstanding time-based options and performance-based options totaled 1,163,950 and 943,870, respectively. Also at that date, the Company’s market price for its common stock was $6.03 per share, which was at or below the exercise prices of over 40% of the outstanding stock options. As a result, the intrinsic value of the outstanding stock options at that date was $3,870,000. | |||||||||||||
Share-based compensation of $4,857,000 related to stock options and has been recognized in the condensed consolidated statements of operations, with a corresponding benefit to equity, from inception through December 31, 2013. At that date, there remains $1,461,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 1.6 years. | |||||||||||||
A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. The tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as an increase to additional paid-in capital. | |||||||||||||
On June 7, 2013, the Company granted a total of 115,000 non-vested equity shares to seven officers and key employees of GFN, Pac-Van and Southern Frac at a value equal to the closing market price of the Company’s common stock as of that date, or $4.43 per share. The non-vested equity shares are subject to performance conditions based on achieving adjusted EBITDA and return of capital targets for the fiscal years ending June 30, 2014 and 2015 and would be expected to vest thirty-nine months from the date of grant. | |||||||||||||
On December 5, 2013, the Company granted a total of 18,295 non-vested equity shares to the five non-employees members of the Company’s Board of Directors at a value equal to the closing market price of the Company’s common stock as of that date, or $6.15 per share, which vest one year from the date of grant. | |||||||||||||
Share-based compensation of $97,000 related to non-vested equity shares and has been recognized in the condensed consolidated statements of operations, with a corresponding benefit to equity, from inception through December 31, 2013. At that date, there remains $526,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over 2.75 years and 1.0 year for the June 7, 2013 and December 5, 2013 non-vested equity grants, respectively. | |||||||||||||
Royal Wolf Long Term Incentive Plan | |||||||||||||
In conjunction with the RWH IPO (see Note 1), Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”). Under the LTI Plan, the RWH Board of Directors may grant, at its discretion, options, performance rights and/or restricted shares of RWH capital stock to Royal Wolf employees and executive directors. Vesting terms and conditions may be up to four years and, generally, will be subject to performance criteria based primarily on enhancing shareholder returns using a number of key financial benchmarks, including EBITDA. In addition, unless the RWH Board determines otherwise, if an option, performance right or restricted share has not lapsed or been forfeited earlier, it will terminate at the seventh anniversary from the date of grant. | |||||||||||||
It is intended that up to one percent of RWH’s outstanding capital stock will be reserved for grant under the LTI Plan and a trust will be established to hold RWH shares for this purpose. However, so long as the Company holds more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan are required to be purchased in the open market unless the Company agrees otherwise. | |||||||||||||
The LTI Plan, among other provisions, does not permit the transfer, sale, mortgage or encumbering of options, performance rights and restricted shares without the prior approval of the RWH Board. In the event of a change of control, the RWH Board, at its discretion, will determine whether, and how many, unvested options, performance rights and restricted shares will vest. In addition, if, in the RWH Board’s opinion, a participant acts fraudulently or dishonestly or is in breach of his obligations to Royal Wolf, the RWH Board may deem any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited. | |||||||||||||
As of December 31, 2013, the Royal Wolf Board of Directors has granted 1,359,000 performance rights to key management personnel under the LTI Plan. In FY 2013 and FY 2014, share-based compensation of $193,000 and $343,000, respectively, related to the LTI Plan has been recognized in the condensed statements of operations, with a corresponding benefit to equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 9. Commitments and Contingencies | |
The Company is not involved in any material lawsuits or claims arising out of the normal course of business. The nature of its business is such that disputes can occasionally arise with employees, vendors (including suppliers and subcontractors) and customers over warranties, contract specifications and contract interpretations among other things. The Company assesses these matters on a case-by-case basis as they arise. Reserves are established, as required, based on its assessment of its exposure. The Company has insurance policies to cover general liability and workers compensation-related claims. In the opinion of management, the ultimate amount of liability not covered by insurance under pending litigation and claims, if any, will not have a material adverse effect on our financial position, operating results or cash flows. | |
In conjunction with the acquisition of Southern Frac on October 1, 2012, GFNMC entered into an agreement with the 10% noncontrolling interest holder for a call option that provides that for the period commencing on April 1, 2013 through October 1, 2017, GFNMC may purchase the noncontrolling interest for an initial price of $1,500,000, with incremental increases of $250,000 for each of the subsequent seven six-month periods. |
Cash_Flows_from_Operating_Acti
Cash Flows from Operating Activities and Other Financial Information | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Cash Flows from Operating Activities and Other Financial Information | ' | ||||||||
Note 10. Cash Flows from Operating Activities and Other Financial Information | |||||||||
The following table provides a detail of cash flows from operating activities (in thousands): | |||||||||
Six Months Ended | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 6,323 | $ | 6,784 | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||
Gain on sales and disposals of property, plant and equipment | (96 | ) | (15 | ) | |||||
Gain on sales of lease fleet | (3,270 | ) | (3,591 | ) | |||||
Gain on bargain purchase of businesses | (215 | ) | — | ||||||
Unrealized foreign exchange loss (gain) | (105 | ) | 363 | ||||||
Unrealized loss on forward exchange contracts | 86 | 298 | |||||||
Unrealized loss (gain) on interest rate swaps and options | 80 | (158 | ) | ||||||
Depreciation and amortization | 10,696 | 11,634 | |||||||
Amortization of deferred financing costs | 485 | 276 | |||||||
Accretion of interest | 50 | 133 | |||||||
Share-based compensation expense | 646 | 870 | |||||||
Deferred income taxes | 3,292 | 4,206 | |||||||
Changes in operating assets and liabilities: | |||||||||
Trade and other receivables, net | 6,022 | 773 | |||||||
Inventories | (7,655 | ) | (4,605 | ) | |||||
Prepaid expenses and other | (1,002 | ) | 859 | ||||||
Trade payables, accrued liabilities and unearned revenues | (4,618 | ) | (1,818 | ) | |||||
Income taxes | (105 | ) | (253 | ) | |||||
Net cash provided by operating activities | $ | 10,614 | $ | 15,756 | |||||
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 11. Segment Reporting | |||||||||||||||||
The tables below represent the Company’s revenues from external customers, operating income, interest income and expense, share-based compensation expense, depreciation and amortization, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its two geographic (and operating) segments (in thousands): | |||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Revenues from external customers | |||||||||||||||||
North America: | |||||||||||||||||
Sales | $ | 13,825 | $ | 8,702 | $ | 18,279 | $ | 20,016 | |||||||||
Leasing | 12,016 | 15,421 | 23,631 | 29,707 | |||||||||||||
25,841 | 24,123 | 41,910 | 49,723 | ||||||||||||||
Asia-Pacific: | |||||||||||||||||
Sales | 18,182 | 22,418 | 37,450 | 45,778 | |||||||||||||
Leasing | 19,329 | 19,088 | 37,381 | 35,874 | |||||||||||||
37,511 | 41,506 | 74,831 | 81,652 | ||||||||||||||
Total | $ | 63,352 | $ | 65,629 | $ | 116,741 | $ | 131,375 | |||||||||
Operating income | |||||||||||||||||
North America | $ | 1,659 | $ | 3,166 | $ | 2,476 | $ | 4,882 | |||||||||
Asia-Pacific | 7,027 | 6,974 | 13,070 | 12,026 | |||||||||||||
Total | $ | 8,686 | $ | 10,140 | $ | 15,546 | $ | 16,908 | |||||||||
Interest income | |||||||||||||||||
North America | $ | — | $ | — | $ | 2 | $ | — | |||||||||
Asia-Pacific | 17 | 11 | 38 | 23 | |||||||||||||
Total | $ | 17 | $ | 11 | $ | 40 | $ | 23 | |||||||||
Interest expense | |||||||||||||||||
North America | $ | 1,096 | $ | 1,008 | $ | 2,619 | $ | 1,906 | |||||||||
Asia-Pacific | 1,534 | 1,326 | 3,236 | 2,820 | |||||||||||||
Total | $ | 2,630 | $ | 2,334 | $ | 5,855 | $ | 4,726 | |||||||||
Share-based compensation | |||||||||||||||||
North America | $ | 184 | $ | 249 | $ | 381 | $ | 517 | |||||||||
Asia-Pacific | 164 | 215 | 265 | 353 | |||||||||||||
Total | $ | 348 | $ | 464 | $ | 646 | $ | 870 | |||||||||
Depreciation and amortization | |||||||||||||||||
North America | $ | 1,686 | $ | 2,037 | $ | 3,093 | $ | 3,953 | |||||||||
Asia-Pacific | 3,710 | 3,938 | 7,603 | 7,681 | |||||||||||||
Total | $ | 5,396 | $ | 5,975 | $ | 10,696 | $ | 11,634 | |||||||||
Additions to long-lived assets | |||||||||||||||||
North America | $ | 16,118 | $ | 21,398 | |||||||||||||
Asia-Pacific | 26,069 | 29,533 | |||||||||||||||
Total | $ | 42,187 | $ | 50,931 | |||||||||||||
At | |||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||
Long-lived assets | |||||||||||||||||
North America | $ | 142,771 | $ | 164,349 | |||||||||||||
Asia-Pacific | 167,234 | 183,890 | |||||||||||||||
Total | $ | 310,005 | $ | 348,239 | |||||||||||||
Goodwill | |||||||||||||||||
North America | $ | 36,957 | $ | 39,455 | |||||||||||||
Asia-Pacific | 31,735 | 31,546 | |||||||||||||||
Total | $ | 68,692 | $ | 71,001 | |||||||||||||
There were no intersegment net revenues between the Asia-Pacific area and North America in FY 2013. However, intrasegment net revenues related to the sales of portable liquid storage containers from Southern Frac to Pac-Van in North America totaled $3,587,000 during both the quarter ended December 31, 2012 and FY 2013, and $3,768,000 and $10,196,000 during the quarter ended December 31, 2013 and FY 2014, respectively. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
On January 17, 2014, the Board of Directors of the Company declared a cash dividend of $2.30 per share on the Series C Preferred Stock (see Note 3). The dividend is for the period commencing on October 31, 2013 through January 30, 2014, and is payable on January 31, 2014 to holders of record as of January 30, 2014. | |
On February 5, 2014, the Board of Directors of Royal Wolf declared a dividend of AUS$0.05 per RWH share payable on April 3, 2014 to shareholders of record on March 19, 2014. | |
On February 7, 2014, Pac-Van amended the Wells Fargo Credit Facility (see Note 5) to, among other things, increase the maximum borrowing capacity from $120,000,000 to $200,000,000 and add two new lenders (OneWest Bank and Capital One) to the syndicate. Borrowings under the facility will now accrue interest, at Pac-Van’s option, either at the base rate plus 1.00% to 1.50% or the LIBOR plus 2.50% to 3.00%, and the maximum amount of intercompany dividends that Pac-Van is allowed to pay in each fiscal year to GFN and its subsidiaries for the Series C Preferred Stock increased from $4,000,000 to $5,000,000 (or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock), provided that (i) the payment of such dividends does not cause a default or event of default; (ii) Pac-Van is solvent; (iii) Pac-Van is permitted to borrow $5,000,000 or more under the Wells Fargo Credit Facility; and (iv) Pac-Van is in compliance with the fixed charge coverage ratio covenant after giving effect to the payment and the dividends are paid no earlier than ten business days prior to the date they are due. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2014. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013 filed with the Securities and Exchange Commission (“SEC”). | |||||||||||||||||
Unless otherwise indicated, references to “FY 2013” and “FY 2014” are to the six months ended December 31, 2012 and 2013, respectively. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying condensed consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters. All assets and liabilities are translated at the rates in effect at the balance sheet dates; and revenues, expenses, gains and losses are translated using the average exchange rates during the periods. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market (net realizable value) and consist of primarily finished goods for containers, modular buildings and mobile offices held for sale or lease; as well as raw materials, work in-process and finished goods of manufactured portable liquid storage tank containers. Costs for leasing operations are assigned to individual items on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location; while costs for manufactured units are determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion, are estimated and are deducted from the estimated selling price to establish net realizable value. Inventories are comprised of the following (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Finished goods | $ | 27,357 | $ | 35,088 | |||||||||||||
Work in progress | 1,680 | 2,880 | |||||||||||||||
Raw materials | 2,821 | 1,212 | |||||||||||||||
$ | 31,858 | $ | 39,180 | ||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||||||
Estimated | June 30, | December 31, | |||||||||||||||
Useful Life | |||||||||||||||||
2013 | 2013 | ||||||||||||||||
Land | — | $ | 2,181 | $ | 2,277 | ||||||||||||
Building and improvements | 10 — 40 years | 3,943 | 4,350 | ||||||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 22,605 | 24,515 | ||||||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 5,142 | 5,552 | ||||||||||||||
Construction in-process | 87 | 2 | |||||||||||||||
33,958 | 36,696 | ||||||||||||||||
Less accumulated depreciation and amortization | (14,118 | ) | (15,688 | ) | |||||||||||||
$ | 19,840 | $ | 21,008 | ||||||||||||||
Lease Fleet | ' | ||||||||||||||||
Lease Fleet | |||||||||||||||||
The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2013 and December 31, 2013, the gross costs of the lease fleet were $332,435,000 and $374,712,000, respectively. | |||||||||||||||||
Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2008 are subject to examination by the U.S. Internal Revenue Service (“IRS”) and, for U.S. state tax purposes, with few exceptions, all periods subsequent to June 30, 2007 are subject to examination by the respective state’s taxation authorities. Generally, periods subsequent to June 30, 2008 are subject to examination by the respective taxation authorities in Australia, New Zealand and Canada. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months. | |||||||||||||||||
The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes. | |||||||||||||||||
Net Income per Common Share | ' | ||||||||||||||||
Net Income per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities (common stock equivalents) the Company had outstanding were warrants and stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: | |||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Basic | 22,026,631 | 24,342,102 | 22,025,690 | 24,334,977 | |||||||||||||
Assumed exercise of warrants | 155,718 | — | 155,718 | — | |||||||||||||
Assumed exercise of stock options | 448,845 | 644,877 | 448,845 | 644,877 | |||||||||||||
Diluted | 22,631,194 | 24,986,979 | 22,630,253 | 24,979,854 | |||||||||||||
Potential common stock equivalents totaling 3,476,058 for both the quarter ended December 31, 2012 and FY 2013 and 1,507,424 for both the quarter ended December 31, 2013 and FY 2014 have been excluded from the computation of diluted earnings per share because the effect is anti-dilutive. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
Previously, in August 2010, the FASB, as result of a joint project with the International Accounting Standards Board (“IASB”) to simplify lease accounting and improve the quality of and comparability of financial information for users, published proposed standards that would change the accounting and financial reporting for both lessee and lessor under ASC Topic 840, Leases. Since then, the FASB and IASB have been deliberating submitted comments about their 2010 proposals and other feedback from constituents. On May 16, 2013, both the FASB and the IASB issued nearly identical exposure drafts that retained the most significant change to lease accounting rules from the 2010 proposed standards, the elimination of the concept of off-balance sheet treatment for “operating leases” for lessees for the vast majority of lease contracts. However, the 2013 exposure drafts include significant modifications, among them the establishment of two types of lease contracts for both lessees and lessors. Instead of capital and operating leases, the proposed rules create two types of leases (both similar to capital leases for lessees), which the FASB and IASB refer to as “Type A” and “Type B.” In addition, the revised exposure drafts seek to correct issues, noted by many commenters, related to the pattern and classification of expense recognition as well as the definition of “lease term” and the treatment of variable lease payments under the 2010 proposed standards. The Company believes that the final standards, if issued in substantially the same form as the revised exposure drafts, would have a material effect in the presentation of its consolidated financial position and results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Inventories | ' | ||||||||||||||||
Inventories are comprised of the following (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Finished goods | $ | 27,357 | $ | 35,088 | |||||||||||||
Work in progress | 1,680 | 2,880 | |||||||||||||||
Raw materials | 2,821 | 1,212 | |||||||||||||||
$ | 31,858 | $ | 39,180 | ||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||||||
Estimated | June 30, | December 31, | |||||||||||||||
Useful Life | |||||||||||||||||
2013 | 2013 | ||||||||||||||||
Land | — | $ | 2,181 | $ | 2,277 | ||||||||||||
Building and improvements | 10 — 40 years | 3,943 | 4,350 | ||||||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 22,605 | 24,515 | ||||||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 5,142 | 5,552 | ||||||||||||||
Construction in-process | 87 | 2 | |||||||||||||||
33,958 | 36,696 | ||||||||||||||||
Less accumulated depreciation and amortization | (14,118 | ) | (15,688 | ) | |||||||||||||
$ | 19,840 | $ | 21,008 | ||||||||||||||
Reconciliation of Weighted Average Shares Outstanding | ' | ||||||||||||||||
The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share: | |||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Basic | 22,026,631 | 24,342,102 | 22,025,690 | 24,334,977 | |||||||||||||
Assumed exercise of warrants | 155,718 | — | 155,718 | — | |||||||||||||
Assumed exercise of stock options | 448,845 | 644,877 | 448,845 | 644,877 | |||||||||||||
Diluted | 22,631,194 | 24,986,979 | 22,630,253 | 24,979,854 | |||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Fair Market Values of Tangible and Intangible Assets and Liabilities | ' | ||||||||||||||||
The preliminary allocations to tangible and intangible assets acquired and liabilities assumed were as follows (in thousands): | |||||||||||||||||
Intermodal | Pinnacle Rental | Other Acquisitions | Total | ||||||||||||||
Kookaburra | November 7, 2013 | ||||||||||||||||
September 10, 2013 | |||||||||||||||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||||||||||||||
Trade and other receivables | $ | — | $ | — | $ | 164 | $ | 164 | |||||||||
Inventories | 496 | 50 | 1,046 | 1,592 | |||||||||||||
Prepaid expenses and other | — | — | 6 | 6 | |||||||||||||
Property, plant and equipment | 50 | — | 390 | 440 | |||||||||||||
Lease fleet | 3,479 | 5,271 | 2,212 | 10,962 | |||||||||||||
Accounts payables and accrued liabilities | (76 | ) | — | (41 | ) | (117 | ) | ||||||||||
Deferred income taxes | — | — | (402 | ) | (402 | ) | |||||||||||
Unearned revenue and advance payments | (35 | ) | (99 | ) | (133 | ) | (267 | ) | |||||||||
Total net tangible assets acquired and liabilities assumed | 3,914 | 5,222 | 3,242 | 12,378 | |||||||||||||
Fair value of intangible assets acquired: | |||||||||||||||||
Non-compete agreement | 385 | 95 | 130 | 610 | |||||||||||||
Customer lists/relationships | 83 | 180 | 162 | 425 | |||||||||||||
Goodwill | 849 | 682 | 1,870 | 3,401 | |||||||||||||
Total intangible assets acquired | 1,317 | 957 | 2,162 | 4,436 | |||||||||||||
Total purchase consideration | $ | 5,231 | $ | 6,179 | $ | 5,404 | $ | 16,814 | |||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Instruments at Fair Value, Classification in Condensed Consolidated Balances Sheets | ' | ||||||||||||||||||
Derivative instruments measured at fair value and their classification in the condensed consolidated balances sheets and statements of operations are as follows (in thousands): | |||||||||||||||||||
Derivative - Fair Value (Level 2) | |||||||||||||||||||
Type of Derivative | Balance Sheet Classification | June 30, 2013 | December 31, 2013 | ||||||||||||||||
Contract | |||||||||||||||||||
Swap Contracts and Options (Caps) | Trade payables and accrued liabilities | $ | (1,210 | ) | $ | (1,007 | ) | ||||||||||||
Forward-Exchange Contracts | Trade and other receivables | 713 | 410 | ||||||||||||||||
Derivative Instruments at Fair Value, Statements of Operations | ' | ||||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||
Type of Derivative | Statement of Operations | 2012 | 2013 | 2012 | 2013 | ||||||||||||||
Contract | Classification | ||||||||||||||||||
Swap Contracts and Options (Caps) | Unrealized gain (loss) included in interest expense | $ | — | $ | 188 | $ | (80 | ) | $ | 158 | |||||||||
Forward-Exchange Contracts | Unrealized foreign currency exchange gain (loss) and other | 263 | 400 | (86 | ) | (298 | ) | ||||||||||||
Open Interest Rate Swap Contract | ' | ||||||||||||||||||
As of June 30, 2013 and December 31, 2013, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands): | |||||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||||
Swap | Option (Cap) | Swap | Option | ||||||||||||||||
Notional amounts | $ | 45,730 | $ | — | $ | 44,370 | $ | — | |||||||||||
Fixed/Strike Rates | 3.98 | % | — | 3.98 | % | — | |||||||||||||
Floating Rates | 2.87 | % | — | 2.69 | % | — | |||||||||||||
Fair Value of Combined Contracts | $ | (1,210 | ) | $ | — | $ | (1,007 | ) | $ | — | |||||||||
Open Forward Exchange and Participating Forward Contracts | ' | ||||||||||||||||||
As of June 30, 2013, there were 43 open forward exchange and two participating forward contracts that mature between July 2013 and November 2013; and as of December 31, 2013, there were 39 open forward exchange contracts that mature between January 2014 and August 2014, as follows (dollars in thousands): | |||||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||||
Forward Exchange | Participating | Forward Exchange | Participating | ||||||||||||||||
Forward | Forward | ||||||||||||||||||
Notional amounts | $ | 17,003 | $ | 3,000 | $ | 11,862 | $ | — | |||||||||||
Exchange/Strike Rates (AUD to USD) | 0.9077 - 1.0234 | 0.9262 | 0.8728 – 0.9751 | — | |||||||||||||||
Fair Value of Combined Contracts | $ | 692 | $ | 21 | $ | 410 | $ | — | |||||||||||
Equity_Plans_Tables
Equity Plans (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Fair Value of Stock Options Granted | ' | ||||||||||||
Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows: | |||||||||||||
Fair value of stock options | $ | 0.81 - $3.94 | |||||||||||
Assumptions used: | |||||||||||||
Risk-free interest rate | 1.19% - 4.8% | ||||||||||||
Expected life (in years) | 7.5 | ||||||||||||
Expected volatility | 26.5% - 84.6% | ||||||||||||
Expected dividends | — | ||||||||||||
Stock Option Activity and Related Information | ' | ||||||||||||
A summary of the Company’s stock option activity and related information for FY 2014 follows: | |||||||||||||
Number of | Weighted- | Weighted- | |||||||||||
Options | Average | Average | |||||||||||
(Shares) | Exercise | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at June 30, 2013 | 2,170,598 | $ | 4.93 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (6,668 | ) | 1.22 | ||||||||||
Forfeited or expired | (56,110 | ) | 6.47 | ||||||||||
Outstanding at December 31, 2013 | 2,107,820 | $ | 4.94 | 6.2 | |||||||||
Vested and expected to vest at December 31, 2013 | 2,107,820 | $ | 4.94 | 6.2 | |||||||||
Exercisable at December 31, 2013 | 990,210 | $ | 7 | 4.2 | |||||||||
Cash_Flows_from_Operating_Acti1
Cash Flows from Operating Activities and Other Financial Information (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Cash Flows from Operating Activities | ' | ||||||||
The following table provides a detail of cash flows from operating activities (in thousands): | |||||||||
Six Months Ended | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 6,323 | $ | 6,784 | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||
Gain on sales and disposals of property, plant and equipment | (96 | ) | (15 | ) | |||||
Gain on sales of lease fleet | (3,270 | ) | (3,591 | ) | |||||
Gain on bargain purchase of businesses | (215 | ) | — | ||||||
Unrealized foreign exchange loss (gain) | (105 | ) | 363 | ||||||
Unrealized loss on forward exchange contracts | 86 | 298 | |||||||
Unrealized loss (gain) on interest rate swaps and options | 80 | (158 | ) | ||||||
Depreciation and amortization | 10,696 | 11,634 | |||||||
Amortization of deferred financing costs | 485 | 276 | |||||||
Accretion of interest | 50 | 133 | |||||||
Share-based compensation expense | 646 | 870 | |||||||
Deferred income taxes | 3,292 | 4,206 | |||||||
Changes in operating assets and liabilities: | |||||||||
Trade and other receivables, net | 6,022 | 773 | |||||||
Inventories | (7,655 | ) | (4,605 | ) | |||||
Prepaid expenses and other | (1,002 | ) | 859 | ||||||
Trade payables, accrued liabilities and unearned revenues | (4,618 | ) | (1,818 | ) | |||||
Income taxes | (105 | ) | (253 | ) | |||||
Net cash provided by operating activities | $ | 10,614 | $ | 15,756 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Segment Reporting Information | ' | ||||||||||||||||
The tables below represent the Company’s revenues from external customers, operating income, interest income and expense, share-based compensation expense, depreciation and amortization, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its two geographic (and operating) segments (in thousands): | |||||||||||||||||
Quarter Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Revenues from external customers | |||||||||||||||||
North America: | |||||||||||||||||
Sales | $ | 13,825 | $ | 8,702 | $ | 18,279 | $ | 20,016 | |||||||||
Leasing | 12,016 | 15,421 | 23,631 | 29,707 | |||||||||||||
25,841 | 24,123 | 41,910 | 49,723 | ||||||||||||||
Asia-Pacific: | |||||||||||||||||
Sales | 18,182 | 22,418 | 37,450 | 45,778 | |||||||||||||
Leasing | 19,329 | 19,088 | 37,381 | 35,874 | |||||||||||||
37,511 | 41,506 | 74,831 | 81,652 | ||||||||||||||
Total | $ | 63,352 | $ | 65,629 | $ | 116,741 | $ | 131,375 | |||||||||
Operating income | |||||||||||||||||
North America | $ | 1,659 | $ | 3,166 | $ | 2,476 | $ | 4,882 | |||||||||
Asia-Pacific | 7,027 | 6,974 | 13,070 | 12,026 | |||||||||||||
Total | $ | 8,686 | $ | 10,140 | $ | 15,546 | $ | 16,908 | |||||||||
Interest income | |||||||||||||||||
North America | $ | — | $ | — | $ | 2 | $ | — | |||||||||
Asia-Pacific | 17 | 11 | 38 | 23 | |||||||||||||
Total | $ | 17 | $ | 11 | $ | 40 | $ | 23 | |||||||||
Interest expense | |||||||||||||||||
North America | $ | 1,096 | $ | 1,008 | $ | 2,619 | $ | 1,906 | |||||||||
Asia-Pacific | 1,534 | 1,326 | 3,236 | 2,820 | |||||||||||||
Total | $ | 2,630 | $ | 2,334 | $ | 5,855 | $ | 4,726 | |||||||||
Share-based compensation | |||||||||||||||||
North America | $ | 184 | $ | 249 | $ | 381 | $ | 517 | |||||||||
Asia-Pacific | 164 | 215 | 265 | 353 | |||||||||||||
Total | $ | 348 | $ | 464 | $ | 646 | $ | 870 | |||||||||
Depreciation and amortization | |||||||||||||||||
North America | $ | 1,686 | $ | 2,037 | $ | 3,093 | $ | 3,953 | |||||||||
Asia-Pacific | 3,710 | 3,938 | 7,603 | 7,681 | |||||||||||||
Total | $ | 5,396 | $ | 5,975 | $ | 10,696 | $ | 11,634 | |||||||||
Additions to long-lived assets | |||||||||||||||||
North America | $ | 16,118 | $ | 21,398 | |||||||||||||
Asia-Pacific | 26,069 | 29,533 | |||||||||||||||
Total | $ | 42,187 | $ | 50,931 | |||||||||||||
At | |||||||||||||||||
June 30, 2013 | December 31, 2013 | ||||||||||||||||
Long-lived assets | |||||||||||||||||
North America | $ | 142,771 | $ | 164,349 | |||||||||||||
Asia-Pacific | 167,234 | 183,890 | |||||||||||||||
Total | $ | 310,005 | $ | 348,239 | |||||||||||||
Goodwill | |||||||||||||||||
North America | $ | 36,957 | $ | 39,455 | |||||||||||||
Asia-Pacific | 31,735 | 31,546 | |||||||||||||||
Total | $ | 68,692 | $ | 71,001 | |||||||||||||
Organization_and_Business_Oper1
Organization and Business Operations - Additional Information (Detail) | 0 Months Ended | ||
Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | |
Unit | RWH [Member] | GFN U.S. [Member] | |
Segment | |||
Organization And Business Operations [Line Items] | ' | ' | ' |
Number of geographic units | 2 | ' | ' |
Number of operating units | 3 | ' | ' |
Number of shares issued | ' | 50,000,000 | ' |
Additional shares issued to non-employee members of RWH | ' | 188,526 | ' |
Majority interest owned | ' | ' | 50.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Finished goods | $35,088 | $27,357 |
Work in progress | 2,880 | 1,680 |
Raw materials | 1,212 | 2,821 |
Total | $39,180 | $31,858 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Building and improvements [Member] | Building and improvements [Member] | Building and improvements [Member] | Building and improvements [Member] | Transportation and plant equipment (including capital lease assets) [Member] | Transportation and plant equipment (including capital lease assets) [Member] | Transportation and plant equipment (including capital lease assets) [Member] | Transportation and plant equipment (including capital lease assets) [Member] | Furniture, fixtures and office equipment [Member] | Furniture, fixtures and office equipment [Member] | Construction in-process [Member] | Construction in-process [Member] | Furniture, fixtures and office equipment [Member] | Furniture, fixtures and office equipment [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | ' | ' | ' | ' | '10 years | '40 years | ' | ' | '3 years | '20 years | ' | ' | ' | ' | '3 years | '10 years |
Property, plant and equipment, gross | $36,696 | $33,958 | $2,277 | $2,181 | $4,350 | $3,943 | ' | ' | $24,515 | $22,605 | ' | ' | $5,552 | $5,142 | $2 | $87 | ' | ' |
Less accumulated depreciation and amortization | -15,688 | -14,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $21,008 | $19,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of depreciation of lease fleet to cost | ' | ' | ' | 70.00% | ' | ' |
Gross costs of the lease fleet | $374,712,000 | ' | $374,712,000 | ' | ' | $332,435,000 |
Period for anticipation for change in total unrecognized tax benefit related to any particular tax position period | ' | ' | '12 months | ' | ' | ' |
Potential common stock equivalents excluded from computation of diluted earnings per share | 1,507,424 | 3,476,058 | 1,507,424 | ' | 3,476,058 | ' |
Minimum [Member] | Lease fleet [Member] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of lease fleet | ' | ' | ' | '5 years | ' | ' |
Maximum [Member] | Lease fleet [Member] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of lease fleet | ' | ' | ' | '20 years | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Basic | 24,342,102 | 22,026,631 | 24,334,977 | 22,025,690 |
Assumed exercise of warrants | ' | 155,718 | ' | 155,718 |
Assumed exercise of stock options | 644,877 | 448,845 | 644,877 | 448,845 |
Diluted | 24,986,979 | 22,631,194 | 24,979,854 | 22,630,253 |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||
Oct. 17, 2013 | Jul. 18, 2013 | 24-May-13 | Jun. 25, 2010 | Aug. 13, 2013 | Aug. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Feb. 12, 2013 | 17-May-13 | Dec. 31, 2013 | 24-May-13 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | AUD | AUD | USD ($) | USD ($) | Warrant | Pac-Van [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Pac-Van [Member] | |||||||||||
USD ($) | ||||||||||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rights price offering per share | ' | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares of GFN common stock | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of warrant | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock exercise price, per share | ' | ' | ' | 4 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock exchange ratio | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date of rights offered to shareholders | ' | ' | ' | ' | ' | ' | 'June 25, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from exercises of warrants | ' | ' | ' | ' | ' | ' | $8,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to acquire additional share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,038,626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds used to reduce indebtedness | ' | ' | ' | ' | ' | ' | ' | 79,175,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 |
Preferred Stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | $0.00 | ' | ' | $2 | ' | ' |
Cumulative Preferred Stock, liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | $1,000 | $1,000 | ' | ' | $1,000 | ' | $100 | ' | ' | ' |
Preferred Stock, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, outstanding, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Preferred Stock, dividend percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | 8.00% | ' | ' | ' | ' | 9.00% | ' | ' | ' |
Preferred Stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | 750 | ' | 350,000 | ' | ' | ' |
Preferred Stock issued, liquidation value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000 | ' | ' | ' | ' | ' | ' |
Senior and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 3,000 | 37,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Preferred Stock convertible into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' |
Closing price of the Company's Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' |
Closing price of the Company's Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.06 | ' | ' | ' | ' |
Additional shares issued to underwriters on exercise of overallotment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Proceeds from issuance of Preferred Stock | ' | ' | 37,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, underwriting discount | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Percentage of Series C Cumulative Redeemable Perpetual Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Gross proceeds from Convertible Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' |
Preferred Stock redemption price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' |
Preferred Stock, dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Dividend on Preferred Stock | ' | ' | ' | ' | ' | ' | $1,675,000 | ' | ' | ' | ' | ' | $57,000 | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' |
Dividend declared | $2.30 | $1.88 | ' | ' | 0.05 | 0.045 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | 31-Oct-13 | 31-Jul-13 | ' | ' | 3-Oct-13 | 2-Oct-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable record date | 30-Oct-13 | 30-Jul-13 | ' | ' | 24-Sep-13 | 20-Sep-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend commencing date | 31-Jul-13 | 17-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 06, 2013 | Sep. 06, 2013 | Sep. 10, 2013 | Sep. 10, 2013 | Nov. 07, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 20, 2013 | Aug. 01, 2013 |
USD ($) | USD ($) | USD ($) | June 30, 2014 [Member] | Canadian Storage Containers Inc. [Member] | Canadian Storage Containers Inc. [Member] | Intermodal Kookaburra [Member] | Intermodal Kookaburra [Member] | Pinnacle Rental & Supply, LLC [Member] | DBCS [Member] | DBCS [Member] | Rumpke [Member] | Harper Hot Shot Service, Inc. [Member] | |
USD ($) | USD ($) | CAD | USD ($) | AUD | USD ($) | USD ($) | AUD | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost | $16,814,000 | ' | ' | ' | $1,516,000 | 1,591,000 | $5,231,000 | 5,680,000 | $6,179,000 | $333,000 | 351,000 | $288,000 | $3,267,000 |
Business acquisition cost holdback | ' | ' | ' | ' | 247,000 | 260,000 | 368,000 | 400,000 | 293,000 | 33,000 | 35,000 | 30,000 | 148,000 |
Transaction costs | $64,000 | $595,000 | $367,000 | $148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Fair_Market_Value
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) | Dec. 31, 2013 | Sep. 10, 2013 | Sep. 10, 2013 | Nov. 07, 2013 | Dec. 31, 2013 |
USD ($) | Intermodal Kookaburra [Member] | Intermodal Kookaburra [Member] | Pinnacle Rental & Supply, LLC [Member] | Other Acquisitions [Member] | |
USD ($) | AUD | USD ($) | USD ($) | ||
Fair value of the net tangible assets acquired and liabilities assumed: | ' | ' | ' | ' | ' |
Trade and other receivables | $164,000 | ' | ' | ' | $164,000 |
Inventories | 1,592,000 | 496,000 | ' | 50,000 | 1,046,000 |
Prepaid expenses and other | 6,000 | ' | ' | ' | 6,000 |
Property, plant and equipment | 440,000 | 50,000 | ' | ' | 390,000 |
Lease fleet | 10,962,000 | 3,479,000 | ' | 5,271,000 | 2,212,000 |
Accounts payables and accrued liabilities | -117,000 | -76,000 | ' | ' | -41,000 |
Deferred income taxes | -402,000 | ' | ' | ' | -402,000 |
Unearned revenue and advance payments | -267,000 | -35,000 | ' | -99,000 | -133,000 |
Total net tangible assets acquired and liabilities assumed | 12,378,000 | 3,914,000 | ' | 5,222,000 | 3,242,000 |
Fair value of intangible assets acquired: | ' | ' | ' | ' | ' |
Non-compete agreement | 610,000 | 385,000 | ' | 95,000 | 130,000 |
Customer lists/relationships | 425,000 | 83,000 | ' | 180,000 | 162,000 |
Goodwill | 3,401,000 | 849,000 | ' | 682,000 | 1,870,000 |
Total intangible assets acquired | 4,436,000 | 1,317,000 | ' | 957,000 | 2,162,000 |
Total purchase consideration | $16,814,000 | $5,231,000 | 5,680,000 | $6,179,000 | $5,404,000 |
Senior_and_Other_Debt_Addition
Senior and Other Debt - Additional Information (Detail) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia Banking Group Limited [Member] | New Zealand Banking Group Limited [Member] | Series C Preferred Stock [Member] | Wells Fargo SF Credit Facility [Member] | Capital Expenditure Sub Facility [Member] | Capital Expenditure Sub Facility [Member] | Container Purchases Multi Option Sub Facility [Member] | Container Purchases Sub Facility [Member] | Multi Option Sub Facility [Member] | Multi Option Sub Facility [Member] | Multi Option Sub Facility [Member] | Term Facility [Member] | Term Facility [Member] | Sub Facility [Member] | Sub Facility [Member] | Minimum [Member] | Maximum [Member] | Asia-Pacific [Member] | Asia-Pacific [Member] | North America [Member] | North America [Member] | Australia [Member] | New Zealand [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Southern Frac [Member] | |
USD ($) | AUD | NZD | USD ($) | USD ($) | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | PNC Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo SF Credit Facility [Member] | Equipment Term Loan [Member] | Equipment Term Loan [Member] | Term Loan B [Member] | Term Loan B [Member] | Minimum [Member] | Maximum [Member] | Wells Fargo SF Credit Facility [Member] | |||||
USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | NZD | USD ($) | NZD | USD ($) | AUD | Australia and New Zealand Banking Group Limited [Member] | Australia and New Zealand Banking Group Limited [Member] | USD ($) | USD ($) | Standby Letters of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | USD ($) | ||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | $113,482,000 | 101,000,000 | 29,200,000 | ' | ' | ' | ' | $13,311,000 | 15,000,000 | $86,283,000 | 71,000,000 | $13,311,000 | 15,000,000 | 28,500,000 | $577,000 | 700,000 | $2,662,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | ' | ' | $860,000 | ' | $1,500,000 | ' | ' | ' | $12,000,000 |
Line of credit facility, maturity date | ' | 'September 30, 2016 | 'September 30, 2016 | 'September 30, 2016 | ' | ' | ' | ' | 'November 14, 2014 | 'November 14, 2014 | ' | ' | 'June 30, 2014 | 'June 30, 2014 | 'June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 16, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '48 months | ' | '18 months | ' | ' | ' | ' |
Foreign currency exchange rate, translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8874 | 0.9204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings and availability under the credit facility | ' | 105,903,000 | 119,300,000 | ' | ' | ' | ' | 5,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | 83,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under ANZ credit facility | ' | 5,776,000 | 6,509,000 | ' | ' | ' | ' | 1,616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank bill swap interest rate | ' | ' | ' | ' | 2.69% | 2.72% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | 4.00% | ' | 7.00% | ' | ' | ' |
Payment of dividends | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings accrue interest at the base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.25% | ' |
Borrowings accrue interest at the LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.25% | ' |
Percentage offering to pay down borrowings | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid equal to the lesser | 1,675,000 | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '$4,000,000 or more | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Other debt | $3,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | 6.00% | 3.80% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Derivati
Financial Instruments - Derivative Instruments at Fair Value, Classification in Condensed Consolidated Balances Sheets (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Swap Contracts and Options, Trade payables and accrued liabilities | ($1,007) | ($1,210) |
Forward-Exchange Contracts, Trade and other receivables | $410 | $713 |
Financial_Instruments_Derivati1
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Swap Contracts and Options (Caps) [Member] | Unrealized gain (loss) included in interest expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) in Income | $188 | ' | $158 | ($80) |
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) and other [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) in Income | $400 | $263 | ($298) | ($86) |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
Unrealized gain included in interest expense [Member] | Interest rate swap contract [Member] | Interest rate swap contract [Member] | Forward-Exchange [Member] | Forward-Exchange [Member] | Forward-Exchange [Member] | Forward-Exchange [Member] | Forward-Exchange [Member] | Forward-Exchange [Member] | Participating Forward [Member] | June 30, 2014 [Member] | Senior credit facilities [Member] | Other debt [Member] | |||||
Contract | Contract | Contract | Contract | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Contract | Unrealized gain included in interest expense [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on ineffective portion of cash flow hedge | ' | ' | ' | ' | $188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $158,000 | ' | ' |
Number of derivative contract | ' | ' | ' | ' | ' | 1 | 1 | 39 | 43 | ' | ' | ' | ' | 2 | ' | ' | ' |
Interest rate swap contract, maturity date | ' | ' | ' | ' | ' | 'June 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward exchange contracts, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 2014 | 'July 2013 | 'August 2014 | 'November 2013 | ' | ' | ' | ' |
Unrealized foreign exchange loss (gain) | -414,000 | -255,000 | 363,000 | -105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized foreign exchange gains (losses) | 69,000 | 25,000 | 101,000 | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $156,098,000 | $3,612,000 |
Financial_Instruments_Open_Int
Financial Instruments - Open Interest Rate Swap Contract (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | $44,370 | $45,730 |
Fixed/Strike Rates | 3.98% | 3.98% |
Floating Rates | 2.69% | 2.87% |
Fair Value of Combined Contracts | -1,007 | -1,210 |
Option (Cap) [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | ' | ' |
Fixed/Strike Rates | ' | ' |
Floating Rates | ' | ' |
Fair Value of Combined Contracts | ' | ' |
Option [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | ' | ' |
Fixed/Strike Rates | ' | ' |
Floating Rates | ' | ' |
Fair Value of Combined Contracts | ' | ' |
Financial_Instruments_Open_For
Financial Instruments - Open Forward Exchange and Participating Forward Contracts (Detail) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Forward-Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | $11,862 | $17,003 |
Fair Value of Combined Contracts | 410 | 692 |
Forward-Exchange [Member] | Minimum [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Exchange/Strike Rates (AUD to USD) | 0.8728 | 0.9077 |
Forward-Exchange [Member] | Maximum [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Exchange/Strike Rates (AUD to USD) | 0.9751 | 1.0234 |
Participating Forward [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | ' | 3,000 |
Exchange/Strike Rates (AUD to USD) | ' | 0.9262 |
Fair Value of Combined Contracts | ' | $21 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Affiliate of Ronald F. Valenta [Member] | Affiliate of Ronald F. Valenta [Member] | Affiliate of Ronald F. Valenta [Member] | Affiliate of Ronald F. Valenta [Member] | Affiliate of Ronald F. Valenta [Member] | Corporate office [Member] | Corporate office [Member] | Corporate office [Member] | Corporate office [Member] | Corporate office [Member] | Pac Van Las Vegas [Member] | Pac Van Las Vegas [Member] | Pac Van Las Vegas [Member] | Pac Van Las Vegas [Member] | Pac Van Las Vegas [Member] | |||
sqft | June 30, 2014 [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental payment | ' | ' | ' | ' | ' | ' | $7,393 | $27,000 | $27,000 | $55,000 | $55,000 | ' | ' | ' | ' | ' | $29,000 | $30,000 | ' | $59,000 | $57,000 |
Office space | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Renewal options of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total charges of services rendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | 21,000 | 21,000 | 42,000 | 42,000 | ' | ' | ' | ' | ' |
Related-party transaction renewal terms and manner of settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party not less than 30 days prior to the fiscal year end. | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | 5,000 | 14,000 | 15,000 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment and other services purchased | $3,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Plans_Additional_Inform
Equity Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 21, 2009 | Dec. 31, 2013 | Dec. 05, 2013 | Jun. 07, 2013 | Dec. 31, 2013 | Jun. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Performance-based options [Member] | Time-based options [Member] | Maximum [Member] | Minimum [Member] | Non-employee [Member] | Non-employee [Member] | Non-employee [Member] | Non-employee [Member] | 2006 Plan [Member] | Non-qualified stock option [Member] | Non-vested option [Member] | Non-vested option [Member] | Non-vested option [Member] | Non-vested option [Member] | Royal Wolf Long Term Incentive Plan [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Performance rights [Member] | |||||||
Maximum [Member] | Minimum [Member] | Officers and key employees [Member] | Officers and key employees [Member] | Officers and key employees [Member] | Officers and key employees [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||||
Non_Employee_Directors | Employees | Performance-based options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, vesting period | ' | ' | ' | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' |
Weighted-average fair value of the stock options granted to employee and non-employee consultants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.94 | $0.81 | ' |
Risk-free interest rate, minimum | ' | ' | ' | 2.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.19% | ' | ' | ' |
Risk-free interest rate, maximum | ' | ' | ' | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 6 months | '8 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | '7 years 6 months | ' | ' | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock options | 2,107,820 | 2,107,820 | ' | 2,107,820 | ' | 2,170,598 | 943,870 | 1,163,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $6.03 | $6.03 | ' | $6.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding stock options | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of the outstanding stock options | 3,870,000 | 3,870,000 | ' | 3,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 464,000 | 348,000 | 870,000 | 646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,857,000 | ' | ' | ' |
Unrecognized compensation expense to be recorded on a straight-line basis | 1,461,000 | 1,461,000 | ' | 1,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526,000 | ' | ' | ' | ' | ' | ' |
Non-vested equity shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,295 | 115,000 | ' | ' | ' | ' | ' | ' | ' |
Number of officers and key employees, options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of non-vested per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.15 | $4.43 | ' | ' | ' | ' | ' | ' | ' |
Non-vested equity vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '39 months | ' | ' | ' | ' | ' |
Number of non-employees, options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation recognized in statements of operations | ' | ' | ' | $343,000 | ' | $193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $97,000 | ' | ' | ' | ' | ' | ' |
Remaining vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years 9 months | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of outstanding shares in capital stock | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum outstanding capital stock | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of performance rights granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,359,000 |
Equity_Plans_Fair_Value_of_Sto
Equity Plans - Fair Value of Stock Options Granted (Detail) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Assumptions used: | ' |
Risk-free interest rate, minimum | 2.64% |
Risk-free interest rate, maximum | 2.90% |
Expected dividends | ' |
Stock options [Member] | ' |
Assumptions used: | ' |
Risk-free interest rate, minimum | 1.19% |
Risk-free interest rate, maximum | 4.80% |
Expected life (in years) | '7 years 6 months |
Expected volatility, minimum | 26.50% |
Expected volatility, maximum | 84.60% |
Minimum [Member] | ' |
Assumptions used: | ' |
Expected dividends | ' |
Minimum [Member] | Stock options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of stock options | $0.81 |
Maximum [Member] | ' |
Assumptions used: | ' |
Expected dividends | ' |
Maximum [Member] | Stock options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of stock options | $3.94 |
Equity_Plans_Stock_Option_Acti
Equity Plans - Stock Option Activity and Related Information (Detail) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Number of Options (Shares) | ' |
Outstanding at June 30, 2013 | 2,170,598 |
Granted | ' |
Exercised | -6,668 |
Forfeited or expired | -56,110 |
Outstanding at December 31, 2013 | 2,107,820 |
Vested and expected to vest at December 31, 2013 | 2,107,820 |
Exercisable at December 31, 2013 | 990,210 |
Weighted-Average Exercise Price | ' |
Outstanding at June 30, 2013 | $4.93 |
Granted | ' |
Exercised | $1.22 |
Forfeited or expired | $6.47 |
Outstanding at December 31, 2013 | $4.94 |
Vested and expected to vest at December 31, 2013 | $4.94 |
Exercisable at December 31, 2013 | $7 |
Weighted-Average Remaining Contractual Term (Years) | ' |
Outstanding at December 31, 2013 | '6 years 2 months 12 days |
Vested and expected to vest at December 31, 2013 | '6 years 2 months 12 days |
Exercisable at December 31, 2013 | '4 years 2 months 12 days |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2012 |
Southern Frac [Member] | ||
GFNMC [Member] | ||
Contingencies And Commitments [Line Items] | ' | ' |
Noncontrolling interest | ' | 10.00% |
Business acquisition cost | $16,814,000 | $1,500,000 |
Incremental increase on noncontrolling interest | ' | $250,000 |
Cash_Flows_from_Operating_Acti2
Cash Flows from Operating Activities and Other Financial Information - Summary of Cash Flows from Operating Activities (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | ' | ' | ' | ' |
Net income | $4,582 | $3,831 | $6,784 | $6,323 |
Adjustments to reconcile net income to cash flows from operating activities: | ' | ' | ' | ' |
Gain on sales and disposals of property, plant and equipment | ' | ' | -15 | -96 |
Gain on sales of lease fleet | ' | ' | -3,591 | -3,270 |
Gain on bargain purchase of businesses | ' | ' | ' | -215 |
Unrealized foreign exchange loss (gain) | -414 | -255 | 363 | -105 |
Unrealized loss on forward exchange contracts | ' | ' | 298 | 86 |
Unrealized loss (gain) on interest rate swaps and options | ' | ' | -158 | 80 |
Depreciation and amortization | 5,802 | 5,287 | 11,262 | 10,587 |
Amortization of deferred financing costs | ' | ' | 276 | 485 |
Accretion of interest | ' | ' | 133 | 50 |
Share-based compensation expense | 464 | 348 | 870 | 646 |
Deferred income taxes | ' | ' | 4,206 | 3,292 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Trade and other receivables, net | ' | ' | 773 | 6,022 |
Inventories | ' | ' | -4,605 | -7,655 |
Prepaid expenses and other | ' | ' | 859 | -1,002 |
Trade payables, accrued liabilities and unearned revenues | ' | ' | -1,818 | -4,618 |
Income taxes | ' | ' | -253 | -105 |
Net cash provided by operating activities | ' | ' | $15,756 | $10,614 |
Segment_Reporting_Summary_of_S
Segment Reporting - Summary of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Revenues from external customers | ' | ' | ' | ' | ' |
Leasing | $34,509,000 | $31,345,000 | $65,581,000 | $61,012,000 | ' |
Total revenues | 65,629,000 | 63,352,000 | 131,375,000 | 116,741,000 | ' |
Operating income | ' | ' | ' | ' | ' |
Operating income, Total | 10,140,000 | 8,686,000 | 16,908,000 | 15,546,000 | ' |
Interest income | ' | ' | ' | ' | ' |
Interest income, Total | 11,000 | 17,000 | 23,000 | 40,000 | ' |
Interest expense | ' | ' | ' | ' | ' |
Interest expense, Total | 2,334,000 | 2,630,000 | 4,726,000 | 5,855,000 | ' |
Share-based compensation | ' | ' | ' | ' | ' |
Share-based compensation, Total | 464,000 | 348,000 | 870,000 | 646,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization, Total | 5,802,000 | 5,287,000 | 11,262,000 | 10,587,000 | ' |
Additions to long-lived assets | ' | ' | ' | ' | ' |
Additions to long-lived assets, Total | ' | ' | 50,931,000 | 42,187,000 | ' |
Long-lived assets | ' | ' | ' | ' | ' |
Long-lived assets, Total | 348,239,000 | ' | 348,239,000 | ' | 310,005,000 |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Total | 71,001,000 | ' | 71,001,000 | ' | 68,692,000 |
North America [Member] | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' |
Sales | 8,702,000 | 13,825,000 | 20,016,000 | 18,279,000 | ' |
Leasing | 15,421,000 | 12,016,000 | 29,707,000 | 23,631,000 | ' |
Total revenues | 24,123,000 | 25,841,000 | 49,723,000 | 41,910,000 | ' |
Operating income | ' | ' | ' | ' | ' |
Operating income, Total | 3,166,000 | 1,659,000 | 4,882,000 | 2,476,000 | ' |
Interest income | ' | ' | ' | ' | ' |
Interest income, Total | ' | ' | ' | 2,000 | ' |
Interest expense | ' | ' | ' | ' | ' |
Interest expense, Total | 1,008,000 | 1,096,000 | 1,906,000 | 2,619,000 | ' |
Share-based compensation | ' | ' | ' | ' | ' |
Share-based compensation, Total | 249,000 | 184,000 | 517,000 | 381,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization, Total | 2,037,000 | 1,686,000 | 3,953,000 | 3,093,000 | ' |
Additions to long-lived assets | ' | ' | ' | ' | ' |
Additions to long-lived assets, Total | ' | ' | 21,398,000 | 16,118,000 | ' |
Long-lived assets | ' | ' | ' | ' | ' |
Long-lived assets, Total | 164,349,000 | ' | 164,349,000 | ' | 142,771,000 |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Total | 39,455,000 | ' | 39,455,000 | ' | 36,957,000 |
Asia-Pacific [Member] | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' |
Sales | 22,418,000 | 18,182,000 | 45,778,000 | 37,450,000 | ' |
Leasing | 19,088,000 | 19,329,000 | 35,874,000 | 37,381,000 | ' |
Total revenues | 41,506,000 | 37,511,000 | 81,652,000 | 74,831,000 | ' |
Operating income | ' | ' | ' | ' | ' |
Operating income, Total | 6,974,000 | 7,027,000 | 12,026,000 | 13,070,000 | ' |
Interest income | ' | ' | ' | ' | ' |
Interest income, Total | 11,000 | 17,000 | 23,000 | 38,000 | ' |
Interest expense | ' | ' | ' | ' | ' |
Interest expense, Total | 1,326,000 | 1,534,000 | 2,820,000 | 3,236,000 | ' |
Share-based compensation | ' | ' | ' | ' | ' |
Share-based compensation, Total | 215,000 | 164,000 | 353,000 | 265,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization, Total | 3,938,000 | 3,710,000 | 7,681,000 | 7,603,000 | ' |
Additions to long-lived assets | ' | ' | ' | ' | ' |
Additions to long-lived assets, Total | ' | ' | 29,533,000 | 26,069,000 | ' |
Long-lived assets | ' | ' | ' | ' | ' |
Long-lived assets, Total | 183,890,000 | ' | 183,890,000 | ' | 167,234,000 |
Goodwill | ' | ' | ' | ' | ' |
Goodwill, Total | $31,546,000 | ' | $31,546,000 | ' | $31,735,000 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (North America [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Intersegment revenues, net | $3,768,000 | $3,587,000 | $10,196,000 | $3,587,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||
Oct. 17, 2013 | Jul. 18, 2013 | Aug. 13, 2013 | Aug. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Jan. 17, 2014 | |
USD ($) | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Series C Preferred Stock [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||||
Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | USD ($) | Royal Wolf Holdings [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Prior To Amendment [Member] | Post Amendment [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||
USD ($) | Minimum [Member] | Maximum [Member] | AUD | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Pac-Van [Member] | Pac-Van [Member] | USD ($) | USD ($) | |||||||||
Minimum [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | |||||||||||||||
USD ($) | USD ($) | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable, amount per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05 | ' | ' | ' | ' | ' | ' | $2.30 |
Dividends payable, date to be paid | 31-Oct-13 | 31-Jul-13 | 3-Oct-13 | 2-Oct-12 | ' | ' | ' | ' | ' | ' | 3-Apr-14 | ' | ' | ' | ' | ' | ' | 31-Jan-14 |
Dividends payable, date of record | 30-Oct-13 | 30-Jul-13 | 24-Sep-13 | 20-Sep-12 | ' | ' | ' | ' | ' | ' | 19-Mar-14 | ' | ' | ' | ' | ' | ' | 30-Jan-14 |
Line of credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $120,000,000 | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | $200,000,000 | ' | ' |
Borrowings accrue interest at the base rate | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.25% | ' | ' | ' | 1.00% | 1.50% | ' | ' | ' | ' |
Borrowings accrue interest at the LIBOR rate | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.25% | ' | ' | ' | 2.50% | 3.00% | ' | ' | ' | ' |
Dividends paid equal to the lesser | ' | ' | ' | ' | $1,675,000 | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | $5,000,000 | ' |
Borrowing the credit facility | ' | ' | ' | ' | ' | '$4,000,000 or more | ' | ' | ' | ' | ' | '$5,000,000 or more | ' | ' | ' | ' | ' | ' |