Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'GFN | ' |
Entity Registrant Name | 'General Finance CORP | ' |
Entity Central Index Key | '0001342287 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 25,788,262 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $9,390 | $5,846 |
Trade and other receivables, net of allowance for doubtful accounts of $3,848 and $3,768 at June 30, 2014 and September 30, 2014, respectively | 54,909 | 61,474 |
Inventories | 38,713 | 27,402 |
Prepaid expenses and other | 11,023 | 9,919 |
Property, plant and equipment, net | 29,933 | 30,614 |
Lease fleet, net | 402,129 | 396,552 |
Goodwill | 92,327 | 93,166 |
Other intangible assets, net | 42,168 | 43,516 |
Total assets | 680,592 | 668,489 |
Liabilities | ' | ' |
Trade payables and accrued liabilities | 56,465 | 53,838 |
Income taxes payable | 934 | 1,136 |
Unearned revenue and advance payments | 13,606 | 14,480 |
Senior and other debt | 318,601 | 302,877 |
Deferred tax liabilities | 41,908 | 38,273 |
Total liabilities | 431,514 | 410,604 |
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 $40,722 at June 30, 2014 and September 30, 2014 | 40,100 | 40,100 |
Common stock, $.0001 par value: 100,000,000 shares authorized; 25,657,257 and 25,699,859 shares issued and outstanding at June 30, 2014 and September 30, 2014, respectively | 3 | 3 |
Additional paid-in capital | 127,713 | 128,030 |
Accumulated other comprehensive income (loss) | -3,968 | 1,915 |
Accumulated deficit | -7,146 | -11,786 |
Total General Finance Corporation stockholders' equity | 156,702 | 158,262 |
Equity of noncontrolling interests | 92,376 | 99,623 |
Total equity | 249,078 | 257,885 |
Total liabilities and equity | $680,592 | $668,489 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts on trade and other receivables | $3,768 | $3,848 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 25,699,859 | 25,657,257 |
Common stock, shares outstanding | 25,699,859 | 25,657,257 |
Cumulative Preferred Stock [Member] | ' | ' |
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 | $40,722 | $40,722 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Sales: | ' | ' |
Lease inventories and fleet | $22,793 | $31,229 |
Manufactured units | 1,975 | 3,445 |
Total sales revenue | 24,768 | 34,674 |
Leasing | 55,674 | 31,072 |
Total revenues | 80,442 | 65,746 |
Costs and expenses | ' | ' |
Lease inventories and fleet (exclusive of the items shown separately below) | 16,491 | 24,788 |
Manufactured units | 1,091 | 2,608 |
Direct costs of leasing operations | 19,141 | 11,944 |
Selling and general expenses | 18,974 | 14,178 |
Depreciation and amortization | 9,277 | 5,460 |
Operating income | 15,468 | 6,768 |
Interest income | 14 | 12 |
Interest expense (includes ineffective portion of cash flow hedge reclassifications from AOCI of an unrealized gain (loss) of $30 and $(6) in the quarter ended September 30, 2013 and 2014, respectively) | -5,326 | -2,392 |
Foreign currency exchange gain (loss) and other | 512 | -605 |
Total costs and expenses | -4,800 | -2,985 |
Income before provision for income taxes | 10,668 | 3,783 |
Provision for income taxes (includes provision (benefit) from AOCI reclassifications of $13 and $(2) in the quarter ended September 30, 2013 and 2014, respectively) | 4,267 | 1,581 |
Net income | 6,401 | 2,202 |
Preferred stock dividends | -922 | -753 |
Noncontrolling interest | -1,761 | -1,047 |
Net income attributable to common stockholders | $3,718 | $402 |
Net income per common share: | ' | ' |
Basic | $0.14 | $0.02 |
Diluted | $0.14 | $0.02 |
Weighted average shares outstanding: | ' | ' |
Basic | 25,677,389 | 24,334,531 |
Diluted | 26,592,963 | 24,917,120 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Gain (loss) on ineffective portion of cash flow hedge | ($6) | $30 |
Provision (benefit) for income taxes, AOCI reclassification | -2 | 13 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Gain (loss) on ineffective portion of cash flow hedge | -6 | 30 |
Provision (benefit) for income taxes, AOCI reclassification | ($2) | $13 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $6,401 | $2,202 |
Other comprehensive income (loss): | ' | ' |
Fair value change in derivative, net of ineffective portion of cash flow hedge reclassifications to the statement of operations of an unrealized gain (loss) of $30 & $(6) quarter end Sep.30, 2013 & 2014, respectively (which includes reclassifications to the statement of operations of the related income tax provision (benefit) of $13 & $(2) quarter end Sep.30, 2013 & 2014, respectively); and net of income tax provision (benefit) of ($29) & $54 quarter end Sep.30, 2013 & 2014, respectively | -127 | -68 |
Cumulative translation adjustment | -11,606 | 3,470 |
Total comprehensive income (loss) | -5,332 | 5,604 |
Allocated to noncontrolling interests | 4,089 | -2,758 |
Comprehensive income allocable to General Finance Corporation stockholders | ($1,243) | $2,846 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income/Loss (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Gain (loss) on ineffective portion of cash flow hedge | ($6) | $30 |
Provision (benefit) for income taxes, AOCI reclassification | -2 | 13 |
Fair value change in derivative, income tax provision (benefit) | $54 | ($29) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (Unaudited) (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, 2014 | $257,885 | $40,100 | $3 | $128,030 | $1,915 | ($11,786) | $158,262 | $99,623 |
Share-based compensation | 524 | ' | ' | 421 | ' | ' | 421 | 103 |
Preferred stock dividends | -922 | ' | ' | -922 | ' | ' | -922 | ' |
Dividends on capital stock by subsidiary | -2,409 | ' | ' | ' | ' | ' | ' | -2,409 |
Purchases of subsidiary capital stock by subsidiary | -852 | ' | ' | ' | ' | ' | ' | -852 |
Issuance of 16,002 shares of common stock at acquisition of Black Angus | 156 | ' | ' | 156 | ' | ' | 156 | ' |
Issuance of 26,600 shares of common stock on exercises of stock options | 28 | ' | ' | 28 | ' | ' | 28 | ' |
Net income | 6,401 | ' | ' | ' | ' | 4,640 | 4,640 | 1,761 |
Fair value change in derivative, net of related tax effect | -127 | ' | ' | ' | -64 | ' | -64 | -63 |
Cumulative translation adjustment | -11,606 | ' | ' | ' | -5,819 | ' | -5,819 | -5,787 |
Total comprehensive loss | -5,332 | ' | ' | ' | ' | ' | -1,243 | -4,089 |
Ending Balance at Sep. 30, 2014 | $249,078 | $40,100 | $3 | $127,713 | ($3,968) | ($7,146) | $156,702 | $92,376 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Issuance of common stock at acquisition of Black Angus | 16,002 |
Issuance of shares of common stock on exercises of stock options | 26,600 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by (used in) operating activities (Note 10) | $12,045 | ($1,596) |
Cash flows from investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -3,237 | -9,239 |
Proceeds from sales of property, plant and equipment | 145 | 52 |
Purchases of property, plant and equipment | -1,811 | -1,999 |
Proceeds from sales of lease fleet | 5,776 | 5,839 |
Purchases of lease fleet | -31,467 | -18,042 |
Other intangible assets | -184 | -31 |
Net cash used in investing activities | -30,778 | -23,420 |
Cash flows from financing activities: | ' | ' |
Net proceeds from (repayments of) equipment financing activities | 418 | -14 |
Proceeds from senior and other debt borrowings, net | 23,409 | 23,415 |
Proceeds from issuances of common stock | 28 | 8 |
Purchases of subsidiary capital stock by subsidiary | -852 | -146 |
Preferred stock dividends | -922 | -753 |
Net cash provided by financing activities | 22,081 | 22,510 |
Net increase (decrease) in cash | 3,348 | -2,506 |
Cash and equivalents at beginning of period | 5,846 | 6,278 |
The effect of foreign currency translation on cash | 196 | -641 |
Cash and equivalents at end of period | $9,390 | $3,131 |
Condensed_Consolidated_Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 0 Months Ended | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 12, 2014 | Aug. 13, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
AUD | AUD | USD ($) | AUD | USD ($) | AUD | |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Dividend declared | 0.055 | 0.05 | ' | ' | ' | ' |
Dividend to noncontrolling interest | ' | ' | $2,409 | 2,760 | $2,339 | 2,509 |
Common stock issued related to consideration for business acquisition | ' | ' | 156 | ' | ' | ' |
Business acquisition cost holdback | ' | ' | $1,468 | ' | $763 | ' |
Organization_and_Business_Oper
Organization and Business Operations | 3 Months Ended |
Sep. 30, 2014 | |
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 Leasing Corporation , a Delaware corporation (“GFNNA Leasing”); 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”); and Lone Star Tank Rental Inc., a Delaware corporation (“Lone Star”). | |
The Company does business in three distinct, but related industries, mobile storage, modular space and liquid containment (which is collectively referred to as the “portable services industry”), in two geographic areas; the Asia-Pacific (or Pan-Pacific) area, consisting of Royal Wolf (which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand) and North America, consisting of Pac-Van (which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices) and Lone Star (which leases portable liquid storage tank containers and containment products, as well as provides certain fluid management services, to the oil and gas industry in the Permian and Eagle Ford basins of Texas), which are combined to form our North American leasing operations, and Southern Frac (which manufactures portable liquid storage tank containers). | |
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 September 30, 2014, 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 | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, although the Condensed Consolidated Balance Sheet at June 30, 2014 was derived from the audited Consolidated Balance Sheet at that date. 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, 2015. 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, 2014 filed with the Securities and Exchange Commission (“SEC”). | |||||||||||||
Unless otherwise indicated, references to “FY 2014” and “FY 2015” are to the quarter ended September 30, 2013 and 2014, respectively. | |||||||||||||
The FY 2014 segment information in Note 11 has been reclassified to reflect the current segment presentation. | |||||||||||||
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 accounting principles generally accepted in the United States 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 fair value (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, | September 30, | ||||||||||||
2014 | 2014 | ||||||||||||
Finished goods | $ | 24,157 | $ | 35,174 | |||||||||
Work in progress | 2,011 | 1,606 | |||||||||||
Raw materials | 1,234 | 1,933 | |||||||||||
$ | 27,402 | $ | 38,713 | ||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||
Estimated | June 30, | September 30, | |||||||||||
Useful Life | |||||||||||||
2014 | 2014 | ||||||||||||
Land | — | $ | 2,423 | $ | 2,190 | ||||||||
Building and improvements | 10 — 40 years | 4,608 | 4,706 | ||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 34,934 | 34,950 | ||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 7,286 | 7,353 | ||||||||||
Construction in-process | 134 | 29 | |||||||||||
49,385 | 49,228 | ||||||||||||
Less accumulated depreciation and amortization | (18,771 | ) | (19,295 | ) | |||||||||
$ | 30,614 | $ | 29,933 | ||||||||||
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, 2014 and September 30, 2014, the gross costs of the lease fleet were $453,362,000 and $460,907,000, 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 September 30, | |||||||||||||
2013 | 2014 | ||||||||||||
Basic | 24,334,531 | 25,677,389 | |||||||||||
Assumed exercise of stock options | 582,589 | 915,574 | |||||||||||
Diluted | 24,917,120 | 26,592,963 | |||||||||||
Potential common stock equivalents totaling 1,588,007 and 1,210,646 for FY 2014 and FY 2015, respectively, 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. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers: Topic 606. ASU 2014-09 completes the joint effort by the FASB and IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on its consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Services Period (ASU 2014-12). The amendments in ASU 2014-12 provide guidance for determining compensation cost under specific circumstances when an employee is eligible to vest in an award regardless of whether the employee is rendering service on the date the performance target is achieved. ASU 2014-12 becomes effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the effects of ASU 2014-12 on its financial statements and disclosures, if any. | |||||||||||||
In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under U.S.GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not believe that ASU 2014-15 will have a material effect in the presentation of its consolidated financial statements. |
Equity_Transactions
Equity Transactions | 3 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Equity Transactions | ' |
Note 3. Equity Transactions | |
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 June 30, 2014 and September 30, 2014, 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 redeemable after 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. | |
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 to GFN 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 Stock Market (“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 Stock is listed on the NASDAQ under the symbol “GFNCP.” | |
Dividends | |
As of September 30, 2014, since issuance, dividends paid or payable totaled $63,000 for the Series B Preferred Stock. | |
As of September 30, 2014, since issuance, dividends paid totaled $4,400,000 for the Series C Preferred Stock. | |
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 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. On August 12, 2014, the Board of Directors of Royal Wolf declared a dividend of AUS$0.055 per RWH share payable on October 3, 2014 to shareholders of record on September 18, 2014. | |
The consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Sep. 30, 2014 | |||||
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 consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. | |||||
Lone Star Acquisition | |||||
On April 7, 2014, effective April 1, 2014, the Company, through GFNNA, acquired substantially all the assets and assumed certain liabilities of the affiliated companies, Lone Star Tank Rental LP, based in Kermit, Texas, and KHM Rentals, LLC, based in Kenedy, Texas, for a total purchase consideration of $102,418,000. At the date of acquisition, the affiliated entities were merged into the Company’s indirect wholly-owned subsidiary, Lone Star. Also on April 7, 2014, the Company, primarily through Pac-Van and Lone Star, amended and restated the senior credit facility with a syndicate led by Wells Fargo Bank, National Association (“Wells Fargo”) (see Note 5) as part of the financing for the acquisition. The purchase consideration consisted of (i) $75,000,000 in cash, (ii) $9,865,000 for 1,230,012 shares of GFN common stock (the number of shares was agreed to based on a value of $8.13 per share, which was the average of the closing market price during the 15-day trading period ending April 2, 2014), (iii) $5,000,000 (discounted to $3,694,000 at the date of acquisition) payable over five years for a non-compete agreement, (iv) $5,000,000 (discounted to $4,243,000 at the date of acquisition) payable over two years for a general indemnity holdback and (v) $10,481,000 (discounted to $9,616,000 at the date of acquisition) payable during the fiscal year ending June 30, 2015 for working capital and other adjustments. The Company funded the cash portion of the consideration using $50,000,000 of availability under the senior credit facility with a syndicate led by Wells Fargo, as amended, and $25,000,000 from a term loan with Credit Suisse AG, Singapore Branch (see Note 5). | |||||
The accompanying consolidated statements of operations reflect the operating results of the Company following the date of acquisition of Lone Star and do not reflect the operating results of Lone Star prior to the acquisition date. The following unaudited pro forma information for FY 2014 assumes the acquisition of Lone Star occurred at the beginning of the period presented (in thousands, except per share data): | |||||
Quarter Ended | |||||
September 30, | |||||
2013 | |||||
(Unaudited) | |||||
Revenues | $ | 77,012 | |||
Net income | 2,858 | ||||
Net income attributable to common stockholders | 1,058 | ||||
Pro forma net income per common share: | |||||
Basic | $ | 0.04 | |||
Diluted | 0.04 | ||||
The pro forma results are not necessarily indicative of the results that may have actually occurred had the acquisition taken place on the dates noted, or the future financial position or operating results of the Company. In addition, they do not consider any potential impacts of current market conditions on revenues, any staff or related expense increases or efficiencies or asset dispositions. The pro forma adjustments are based upon available information and assumptions that the Company believes are reasonable as a result of the application of the purchase method of accounting and consist primarily of adjustments to depreciation and amortization of the fixed assets and identifiable intangible assets acquired, as well as to the interest expense on senior and other debt borrowings, along with the related income tax effect. The FY 2014 operating results of all other acquisitions prior to their respective dates of acquisition were not included in the pro forma results as they were not considered significant. | |||||
FY 2015 Acquisitions | |||||
On July 1, 2014, the Company, through Pac-Van, purchased the business of Black Angus Steel & Supply Co. and Bulkhead Express, LLC (“Black Angus”) for approximately $4,861,000, which included the issuance of 16,002 shares of GFN common stock and holdback amounts of $1,468,000. Black Angus leases and sells containers out of two locations in Texas. | |||||
The preliminary allocation for the acquisition in FY 2014 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): | |||||
Black Angus | |||||
July 1, 2014 | |||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Trade and other receivables | $ | 148 | |||
Inventories | |||||
Prepaid expenses and other | — | ||||
Property, plant and equipment | 249 | ||||
Lease fleet | 2,020 | ||||
Accounts payables and accrued liabilities | — | ||||
Deferred income taxes | — | ||||
Unearned revenue and advance payments | (85 | ) | |||
Total net tangible assets acquired and liabilities assumed | 2,332 | ||||
Fair value of intangible assets acquired: | |||||
Non-compete agreement | 261 | ||||
Customer lists/relationships | 851 | ||||
Goodwill | 1,417 | ||||
Total intangible assets acquired | 2,529 | ||||
Total purchase consideration | $ | 4,861 | |||
Goodwill recognized is attributable primarily to expected corporate synergies, the assembled workforce and other factors. In FY 2015, the goodwill recognized in the Black Angus acquisition is deductible for U.S. income tax purposes. | |||||
The Company incurred approximately $84,000 during FY 2014 and $56,000 during FY 2015 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 consolidated statements of operations. |
Senior_and_Other_Debt
Senior and Other Debt | 3 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Senior and Other Debt | ' |
Note 5. Senior and Other Debt | |
Effective May 8, 2014, Royal Wolf refinanced the Australia and New Zealand Banking Group Limited (“ANZ”) senior credit facility, which was secured by substantially all of the assets of the Company’s Australian and New Zealand subsidiaries to, among other things, increase the maximum borrowing capacity to $152,723,000 (AUS$175,000,000), add Commonwealth Bank of Australia (“CBA”) through a common terms deed arrangement with ANZ and generally improve the financial covenants (the “ANZ/CBA Credit Facility”). Under the common deed arrangement of the ANZ/CBA Credit Facility, ANZ’s proportionate share of the borrowing capacity is $91,634,000 (AUS$105,000,000) and CBA’s proportionate share is $61,089,000 (AUS$70,000,000). The ANZ/CBA Credit Facility has $109,088,000 (AUS$125,000,000) maturing on July 31, 2017 (Facility A), and $43,635,000 (AUS$50,000,000) maturing on July 31, 2019 (Facility B). | |
Borrowings under the ANZ/CBA Credit Facility bear interest at the bank bill swap interest rate in Australia (“BBSY”) or New Zealand (“BKBM”), plus a margin of 1.10% — 1.85% per annum on the Facility A and 1.35% — 2.15% on the Facility B, depending on the net debt leverage ratio (“NDLR”), as defined. The CBA proportionate share has a minimum margin that is 0.10% higher than the ANZ proportionate share. At September 30, 2014, the 30-day and 90-day BBSY and BKBM was 2.715% and 2.79% and 3.718% and 3.75%, respectively. | |
The ANZ/CBA Credit Facility also includes a $2,618,000 (AUS$3,000,000) sub-facility to, among other things, facilitate direct and global payments using electronic banking services. The ANZ/CBA Credit Facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified interest coverage and net debt ratios based on earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating costs and income (“EBITDA”) on a semi-annual basis and that borrowings may not exceed a multiple of three times EBITDA, as defined. | |
At September 30, 2014, total borrowings (all under Facility A) and availability under the ANZ/CBA Credit Facility totaled $105,677,000 (AUS$121,092,000) and $26,103,000 (AUS$29,911,000), respectively. | |
The above amounts were translated based upon the exchange rate of one Australian dollar to $0.8727 U.S. dollar at September 30, 2014. | |
North American Leasing Senior Credit Facility | |
Effective February 7, 2014, Pac-Van amended its $120,000,000 facility led by Wells Fargo that also included HSBC Bank USA, NA (“HSBC”), and the Private Bank and Trust Company 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 (the “Wells Fargo Credit Facility”). Further, on April 7, 2014, in conjunction with the acquisition of Lone Star (see Note 4), and on May 23, 2014, the Wells Fargo Credit Facility was amended and restated to, among other things, include Lone Star as a co-borrower and to allow for the funding of the interest requirements of the public offering of unsecured senior notes (see below). The Wells Fargo Credit Facility effectively not only finances the Company’s North American leasing operations, but also the funding requirements for the Series C Preferred Stock (see Note 3), the term loan with Credit Suisse AG, Singapore Branch (see below) and the public offering of unsecured senior notes. | |
The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFN’s senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock 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; (b) the lesser of $3,125,000 for the term loan with Credit Suisse AG, Singapore Branch or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; and (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00 and the dividends are paid no earlier than ten business days prior to the date they are due. | |
Borrowings under the Wells Fargo Credit Facility accrue interest, at the Company’s option, either at the base rate, plus 0.5% and a range of 1.00% to 1.50%, or the LIBOR rate, plus 1.0% and a range of 2.50% to 3.00%; and, subject to certain conditions, the amount that may be borrowed may increase by $20,000,000 to a maximum of $220,000,000. The Wells Fargo 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 the cessation of involvement of Ronald F. Valenta, the Company’s chairman of the board and chief executive officer, in the operations and management of GFN, Pac-Van or Lone Star as a director or officer. The Wells Fargo Credit Facility matures on September 7, 2017. | |
At September 30, 2014, borrowings and availability under the Wells Fargo Credit Facility totaled $102,354,000 and $76,518,000, 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 September 30, 2014, borrowings outstanding and availability under the Wells Fargo SF Credit Facility totaled $675,000 and $5,327,000, respectively. | |
Credit Suisse Term Loan | |
On March 31, 2014, the Company, at the corporate level, entered into a $25,000,000 facility agreement with Credit Suisse AG, Singapore Branch (“Credit Suisse Term Loan”) as part of the financing for the acquisition of Lone Star (see Note 4) and, on April 3, 2014, the Company borrowed the $25,000,000 available to it. The Credit Suisse Term Loan provides that the amount borrowed will bear interest at LIBOR plus 7.50% per year, will be payable quarterly, and that all principal and interest will mature two years from the date that the Company borrowed the $25,000,000. In addition, the Credit Suisse Term Loan is secured by a first ranking pledge over all shares of RWH owned by GFN U.S., requires a certain coverage maintenance ratio in U.S. dollars based on the value of the RWH shares and, among other things, that an amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. | |
8.125% Senior Notes | |
On June 18, 2014, the Company completed the sale of unsecured senior notes (the “Senior Notes”) in a public offering for an aggregate principal amount of $72,000,000, which represented 100% of the principal amount and included the underwriters’ full exercise of their over-allotment option of $9,000,000. Net proceeds were $69,069,000, after deducting underwriting discounts and offering costs of approximately $2,931,000. The Senior Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof and pursuant to the First Supplemental Indenture (the “First Supplemental Indenture”) dated as of June 18, 2014 by and between the Company and Wells Fargo, as trustee (the “Trustee”). The First Supplemental Indenture supplements the Indenture entered into by and between the Company and the Trustee dated as of June 18, 2014 (the “Base Indenture” and, together with the First Supplemental Indenture, the “Indenture”). The Senior Notes bear interest at the rate of 8.125% per annum, mature on July 31, 2021 and are not subject to any sinking fund. Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014. The Company used $68,600,000 of the net proceeds (plus an additional $4,000,000 of GFN corporate cash on hand) to reduce indebtedness at Pac-Van and Lone Star under the Wells Fargo Credit Facility, pursuant to the requirement that at least 80% of the gross proceeds, or $57,600,000, be used for that purpose in order to permit the payment of intercompany dividends by Pac-Van and Lone Star to GFN to fund the interest requirements of the Senior Notes. | |
The Senior Notes rank equally in right of payment with all of the Company’s existing and future unsecured senior debt and senior in right of payment to all of its existing and future subordinated debt. The Senior Notes are effectively subordinated to any of the Company’s existing and future secured debt, to the extent of the value of the assets securing such debt. The Senior Notes are structurally subordinated to all existing and future liabilities of the Company’s subsidiaries and are not guaranteed by any of the Company’s subsidiaries. | |
The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. If the Company sells certain of its assets or experience specific kinds of changes in control, as defined, it must offer to purchase the Senior Notes. | |
The Company may, at its option, at any time and from time to time, on or after July 31, 2017, redeem the Senior Notes in whole or in part. The Senior Notes will be redeemable at a redemption price initially equal to 106.094% of the principal amount of the Senior Notes (and which declines on each year on July 31) plus accrued and unpaid interest to the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Senior Notes. | |
The Indenture contains covenants which, among other things, limit the Company’s ability to make certain payments, to pay dividends and to incur additional indebtedness if the incurrence of such indebtedness would cause the company’s consolidated fixed charge coverage ratio, as defined in the Indenture, to be below 2.0 to 1.0. | |
The Senior Notes are listed on the NASDAQ under the symbol “GFNSL.” | |
Other | |
Other debt totaled $12,895,000 at September 30, 2014. | |
As of September 30, 2014, the Company was in compliance with the financial covenants under all its credit facilities. | |
The weighted-average interest rate in the Asia-Pacific area was 5.9% and 5.5% in FY 2014 and FY 2015, 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 3.8% and 5.7% in FY 2014 and FY 2015, respectively, which does not include the effect of the amortization of deferred financing costs and accretion of interest. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 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, 2014 | September 30, 2014 | ||||||||||||||
Contract | |||||||||||||||||
Swap Contracts and Options (Caps and Collars) | Trade payables and accrued liabilities | $ | 1,535 | $ | 1,353 | ||||||||||||
Forward-Exchange Contracts | Trade payables and accrued liabilities | 230 | — | ||||||||||||||
Forward-Exchange Contracts | Trade and other receivables | — | 581 | ||||||||||||||
Type of Derivative | Statement of Operations | Quarter Ended | Quarter Ended | ||||||||||||||
Contract | Classification | September 30, 2013 | September 30, 2014 | ||||||||||||||
Swap Contracts and Options (Caps and Collars) | Unrealized gain (loss) included in interest expense | $ | (30 | ) | $ | (6 | ) | ||||||||||
Forward-Exchange Contracts | Unrealized foreign currency exchange gain (loss) and other | (698 | ) | 790 | |||||||||||||
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 outstanding borrowings in the Asia-Pacific area. 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 2014 and FY 2015 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 FY 2014 and FY 2015, the ineffective portion of this cash flow hedge recorded in interest expense was an unrealized gain (loss) of $(30,000) and $(6,000), 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, 2014 and September 30, 2014, 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, 2014 | September 30, 2014 | ||||||||||||||||
Swap | Option (Cap) | Swap | Option | ||||||||||||||
Notional amounts | $ | 47,195 | $ | — | $ | 43,635 | $ | — | |||||||||
Fixed/Strike Rates | 3.98 | % | — | 3.98 | % | — | |||||||||||
Floating Rates | 2.72 | % | — | 2.72 | % | — | |||||||||||
Fair Value of Combined Contracts | $ | (1,535 | ) | $ | — | $ | (1,353 | ) | $ | — | |||||||
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, 2014, there were 58 open forward exchange contracts that mature between July 2014 and April 2015; and as of September 30, 2014, there were 62 open forward exchange contracts that mature between October 2014 and April 2015, as follows (dollars in thousands): | |||||||||||||||||
June 30, 2014 | September 30, 2014 | ||||||||||||||||
Forward Exchange | Participating | Forward Exchange | Participating | ||||||||||||||
Forward | Forward | ||||||||||||||||
Notional amounts | $ | 14,405 | $ | — | $ | 10,903 | $ | — | |||||||||
Exchange/Strike Rates (AUD to USD) | 0.8774 – 0.93357 | — | 0.85009 – 0.93357 | — | |||||||||||||
Fair Value of Combined Contracts | $ | (230 | ) | $ | — | $ | 581 | $ | — | ||||||||
In FY 2014 and FY 2015, net unrealized and realized foreign exchange gains (losses) totaled $51,000 and $32,000, and $(328,000) and $(29,000) respectively. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
The fair value of the Company’s borrowings under the Senior Notes at June 30, 2014 was determined based on a Level 1 input and for its senior credit facilities 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”). 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, 2014 was determined to be approximately $291,781,000. The Company also determined that the fair value of its other debt of $12,199,000 at June 30, 2014 approximated or would not vary significantly from their carrying values. The Company believes that market conditions at September 30, 2014 have not changed significantly from June 30, 2014. Therefore, the proportion of the fair value to the carrying value of the Company’s senior credit facilities and other debt at September 30, 2014 would not vary significantly from the proportion determined at June 30, 2014. | |||||||||||||||||
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 | 3 Months Ended |
Sep. 30, 2014 | |
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 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 $28,000 in both FY 2014 and FY 2015. | |
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 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 FY 2014. The services agreement was terminated by the Company effective June 30, 2014. | |
Revenues at Pac-Van from affiliates of Mr. Valenta totaled $10,000 during FY 2014. There were no revenues from affiliates of Mr. Valenta during FY 2015. | |
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 in both FY 2014 and FY 2015. |
Equity_Plans
Equity Plans | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based 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. At September 30, 2014, 121,860 shares remain available for grant. | |||||||||||||
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 - $6.35 | |||||||||||
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 September 30, 2014, the weighted-average fair value of the stock options granted to non-employee consultants was $4.43, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 2.18% - 2.33%, an expected life of 7.7 – 8.7 years, an expected volatility of 69.8% and no expected dividend. | |||||||||||||
A summary of the Company’s stock option activity and related information for FY 2015 follows: | |||||||||||||
Number of | Weighted- | Weighted- | |||||||||||
Options | Average | Average | |||||||||||
(Shares) | Exercise | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at June 30, 2014 | 2,152,820 | $ | 5.03 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (26,600 | ) | 1.06 | ||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at September 30, 2014 | 2,126,220 | $ | 5.08 | 5.4 | |||||||||
Vested and expected to vest at September 30, 2014 | 2,126,220 | $ | 5.08 | 5.4 | |||||||||
Exercisable at September 30, 2014 | 1,377,704 | $ | 5.71 | 4.3 | |||||||||
At September 30, 2014, outstanding time-based options and performance-based options totaled 1,208,950 and 917,270, respectively. Also at that date, the Company’s market price for its common stock was $8.87 per share, which was above the exercise prices of substantially all of the outstanding stock options. As a result, the intrinsic value of the outstanding stock options at that date was $8,121,000. Share-based compensation of $5,468,000 related to stock options has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through September 30, 2014. At that date, there remains $1,144,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 1.3 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. | |||||||||||||
At September 30, 2014, there were 205,320 non-vested equity shares outstanding that were granted to non-employee members of the Board of Directors, officers and key employees of the Company. Share-based compensation of $385,000 related to non-vested equity shares has been recognized in the consolidated statements of operations, with a corresponding benefit to equity, from inception through September 30, 2014. At that date, there remains $895,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining vesting period of over approximately 0.24 years – 2.25 years for the non-vested equity shares. | |||||||||||||
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 September 30, 2014, the Royal Wolf Board of Directors has granted 1,359,000 performance rights to key management personnel under the LTI Plan, of which 375,000 have been converted into RWH capital stock that were purchased by Royal Wolf in the open market. In FY 2014 and FY 2015, share-based compensation of $133,000 and $196,000, respectively, related to the LTI Plan has been recognized in the consolidated statements of operations, with a corresponding benefit to equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2014 | |
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 | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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): | |||||||||
Quarter Ended | |||||||||
September 30, | |||||||||
2013 | 2014 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 2,202 | $ | 6,401 | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||
Gain on sales and disposals of property, plant and equipment | (9 | ) | (80 | ) | |||||
Gain on sales of lease fleet | (1,742 | ) | (1,560 | ) | |||||
Unrealized foreign exchange gain (loss) | (51 | ) | 328 | ||||||
Unrealized loss (gain) on forward exchange contracts | 698 | (790 | ) | ||||||
Unrealized loss on interest rate swaps and options | 30 | 6 | |||||||
Depreciation and amortization | 5,659 | 9,495 | |||||||
Amortization of deferred financing costs | 137 | 384 | |||||||
Accretion of interest | 54 | 501 | |||||||
Share-based compensation expense | 406 | 524 | |||||||
Deferred income taxes | 1,267 | 3,231 | |||||||
Changes in operating assets and liabilities: | |||||||||
Trade and other receivables, net | (9,444 | ) | 7,372 | ||||||
Inventories | (18,297 | ) | (10,593 | ) | |||||
Prepaid expenses and other | 1,555 | (1,422 | ) | ||||||
Trade payables, accrued liabilities and unearned revenues | 16,154 | (1,783 | ) | ||||||
Income taxes | (215 | ) | 31 | ||||||
Net cash provided by (used in) operating activities | $ | (1,596 | ) | $ | 12,045 | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||
Note 11. Segment Reporting | |||||||||||||||||||||||||||||||||
Due to the acquisition of Lone Star in April 2014, the Company re-evaluated the identification of its reportable segments. As a result of this evaluation, the Company added Lone Star as an operating segment and, along with Pac-Van, includes it as a part of the North American leasing operations. Southern Frac, which is also an operating segment, is the Company’s North American manufacturing operations and, along with the North American leasing operations, forms the North America geographic segment. These changes to our reporting segments are consistent with the way management evaluates the performance of operations, develops strategy and allocates capital resources. All prior period disclosures have been adjusted to conform to the new presentation. | |||||||||||||||||||||||||||||||||
We have two geographic areas that include four operating segments; the Asia-Pacific area, consisting of the leasing operations of Royal Wolf, and, as discussed above, North America, consisting of the combined leasing operations of Pac-Van and Lone Star, and the manufacturing operations of Southern Frac. Discrete financial data on each of the Company’s products is not available and it would be impractical to collect and maintain financial data in such a manner. In managing the Company’s business, senior management focuses on primarily growing its leasing revenues and operating cash flow (EBITDA), and investing in its lease fleet through capital purchases and acquisitions. | |||||||||||||||||||||||||||||||||
The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, 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 geographic and operating segments (in thousands): | |||||||||||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||
Leasing | |||||||||||||||||||||||||||||||||
Pac-Van | Lone Star | Combined | Manufacturing | Corporate | Total | Asia – Pacific | Consolidated | ||||||||||||||||||||||||||
and | Leasing | ||||||||||||||||||||||||||||||||
Intercompany | |||||||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Sales | $ | 8,143 | $ | — | $ | 8,143 | $ | 14,767 | $ | (12,792 | ) | $ | 10,118 | $ | 14,650 | $ | 24,768 | ||||||||||||||||
Leasing | 18,954 | 17,747 | 36,701 | — | — | 36,701 | 18,973 | 55,674 | |||||||||||||||||||||||||
$ | 27,097 | $ | 17,747 | $ | 44,844 | $ | 14,767 | $ | (12,792 | ) | $ | 46,819 | $ | 33,623 | $ | 80,442 | |||||||||||||||||
Share-based compensation | $ | 78 | $ | 5 | $ | 83 | $ | 28 | $ | 213 | $ | 324 | $ | 200 | $ | 524 | |||||||||||||||||
Depreciation and amortization | $ | 2,448 | $ | 2,856 | $ | 5,304 | $ | 277 | $ | (135 | ) | $ | 5,446 | $ | 4,049 | $ | 9,495 | ||||||||||||||||
Operating income | $ | 5,040 | $ | 6,539 | $ | 11,579 | $ | 2,811 | $ | (3,929 | ) | $ | 10,461 | $ | 5,007 | $ | 15,468 | ||||||||||||||||
Interest income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14 | $ | 14 | |||||||||||||||||
Interest expense | $ | 813 | $ | 688 | $ | 1,501 | $ | 97 | $ | 2,151 | $ | 3,749 | $ | 1,577 | $ | 5,326 | |||||||||||||||||
Additions to long-lived assets | $ | 17,440 | $ | 13,072 | $ | 30,512 | $ | 285 | $ | (3,142 | ) | $ | 27,655 | $ | 5,623 | $ | 33,278 | ||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||
Long-lived assets | $ | 190,048 | $ | 66,310 | $ | 256,358 | $ | 5,887 | $ | (9,994 | ) | $ | 252.251 | $ | 179,811 | $ | 432,062 | ||||||||||||||||
Goodwill | $ | 38,195 | $ | 20,400 | $ | 58,595 | $ | 2,681 | $ | — | $ | 61,276 | $ | 31,051 | $ | 92,327 | |||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Long-lived assets | $ | 175,890 | $ | 55,438 | $ | 231,328 | $ | 5,820 | $ | (6,987 | ) | $ | 230,161 | $ | 197,005 | $ | 427,166 | ||||||||||||||||
Goodwill | $ | 36,832 | $ | 20,111 | $ | 56,943 | $ | 2,681 | $ | — | $ | 59,624 | $ | 33,542 | $ | 93,166 | |||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||
Leasing | Manufacturing | Corporate | Total | Asia – Pacific | Consolidated | ||||||||||||||||||||||||||||
(Pac-Van) | and | Leasing | |||||||||||||||||||||||||||||||
Intercompany | |||||||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Sales | $ | 7,869 | $ | 9,873 | $ | (6,428 | ) | $ | 11,314 | $ | 23,360 | $ | 34,674 | ||||||||||||||||||||
Leasing | 14,286 | — | — | 14,286 | 16,786 | 31,072 | |||||||||||||||||||||||||||
$ | 22,155 | $ | 9,873 | $ | (6,428 | ) | $ | 25,600 | $ | 40,146 | $ | 65,746 | |||||||||||||||||||||
Share-based compensation | $ | 98 | $ | 26 | $ | 144 | $ | 268 | $ | 138 | $ | 406 | |||||||||||||||||||||
Depreciation and amortization | $ | 1,656 | $ | 259 | $ | 1 | $ | 1,916 | $ | 3,743 | $ | 5,659 | |||||||||||||||||||||
Operating income | $ | 2,913 | $ | 768 | $ | (1,965 | ) | $ | 1,716 | $ | 5,052 | $ | 6,768 | ||||||||||||||||||||
Interest income | $ | — | $ | — | $ | — | $ | — | $ | 12 | $ | 12 | |||||||||||||||||||||
Interest expense | $ | 744 | $ | 154 | $ | — | $ | 898 | $ | 1,494 | $ | 2,392 | |||||||||||||||||||||
Additions to long-lived assets | $ | 13,893 | $ | 230 | $ | (2,487 | ) | $ | 11,636 | $ | 8,405 | $ | 20,041 | ||||||||||||||||||||
Intersegment net revenues related to the sales of portable liquid storage containers from Southern Frac to the North American leasing operations totaled $6,428,000 and $12,792,000 during FY 2014 and FY 2015, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
On October 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 July 31, 2014 through October 30, 2014, and is payable on October 31, 2014 to holders of record as of October 30, 2014. | |
On October 20, 2014, the Company, through Pac-Van, purchased the business of LongVANS, Inc. (“LongVANS”) for approximately $14,000,000. LongVANS designs, manufactures, leases and sells portable storage containers, portable security containers and modular office trailers from two locations in Wisconsin. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, although the Condensed Consolidated Balance Sheet at June 30, 2014 was derived from the audited Consolidated Balance Sheet at that date. 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, 2015. 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, 2014 filed with the Securities and Exchange Commission (“SEC”). | |||||||||||||
Unless otherwise indicated, references to “FY 2014” and “FY 2015” are to the quarter ended September 30, 2013 and 2014, respectively. | |||||||||||||
The FY 2014 segment information in Note 11 has been reclassified to reflect the current segment presentation. | |||||||||||||
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 accounting principles generally accepted in the United States 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 fair value (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, | September 30, | ||||||||||||
2014 | 2014 | ||||||||||||
Finished goods | $ | 24,157 | $ | 35,174 | |||||||||
Work in progress | 2,011 | 1,606 | |||||||||||
Raw materials | 1,234 | 1,933 | |||||||||||
$ | 27,402 | $ | 38,713 | ||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||
Estimated | June 30, | September 30, | |||||||||||
Useful Life | |||||||||||||
2014 | 2014 | ||||||||||||
Land | — | $ | 2,423 | $ | 2,190 | ||||||||
Building and improvements | 10 — 40 years | 4,608 | 4,706 | ||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 34,934 | 34,950 | ||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 7,286 | 7,353 | ||||||||||
Construction in-process | 134 | 29 | |||||||||||
49,385 | 49,228 | ||||||||||||
Less accumulated depreciation and amortization | (18,771 | ) | (19,295 | ) | |||||||||
$ | 30,614 | $ | 29,933 | ||||||||||
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, 2014 and September 30, 2014, the gross costs of the lease fleet were $453,362,000 and $460,907,000, 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 September 30, | |||||||||||||
2013 | 2014 | ||||||||||||
Basic | 24,334,531 | 25,677,389 | |||||||||||
Assumed exercise of stock options | 582,589 | 915,574 | |||||||||||
Diluted | 24,917,120 | 26,592,963 | |||||||||||
Potential common stock equivalents totaling 1,588,007 and 1,210,646 for FY 2014 and FY 2015, respectively, 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. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers: Topic 606. ASU 2014-09 completes the joint effort by the FASB and IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on its consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Services Period (ASU 2014-12). The amendments in ASU 2014-12 provide guidance for determining compensation cost under specific circumstances when an employee is eligible to vest in an award regardless of whether the employee is rendering service on the date the performance target is achieved. ASU 2014-12 becomes effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the effects of ASU 2014-12 on its financial statements and disclosures, if any. | |||||||||||||
In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Under U.S.GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not believe that ASU 2014-15 will have a material effect in the presentation of its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Inventories | ' | ||||||||||||
Inventories are comprised of the following (in thousands): | |||||||||||||
June 30, | September 30, | ||||||||||||
2014 | 2014 | ||||||||||||
Finished goods | $ | 24,157 | $ | 35,174 | |||||||||
Work in progress | 2,011 | 1,606 | |||||||||||
Raw materials | 1,234 | 1,933 | |||||||||||
$ | 27,402 | $ | 38,713 | ||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||||||
Estimated | June 30, | September 30, | |||||||||||
Useful Life | |||||||||||||
2014 | 2014 | ||||||||||||
Land | — | $ | 2,423 | $ | 2,190 | ||||||||
Building and improvements | 10 — 40 years | 4,608 | 4,706 | ||||||||||
Transportation and plant equipment (including capital lease assets) | 3 — 20 years | 34,934 | 34,950 | ||||||||||
Furniture, fixtures and office equipment | 3 — 10 years | 7,286 | 7,353 | ||||||||||
Construction in-process | 134 | 29 | |||||||||||
49,385 | 49,228 | ||||||||||||
Less accumulated depreciation and amortization | (18,771 | ) | (19,295 | ) | |||||||||
$ | 30,614 | $ | 29,933 | ||||||||||
Reconciliation of Weighted Average Shares Outstanding | ' | ||||||||||||
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 September 30, | |||||||||||||
2013 | 2014 | ||||||||||||
Basic | 24,334,531 | 25,677,389 | |||||||||||
Assumed exercise of stock options | 582,589 | 915,574 | |||||||||||
Diluted | 24,917,120 | 26,592,963 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Sep. 30, 2014 | |||||
Fair Market Values of Tangible and Intangible Assets and Liabilities | ' | ||||
The preliminary allocation for the acquisition in FY 2014 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values was as follows (in thousands): | |||||
Black Angus | |||||
July 1, 2014 | |||||
Fair value of the net tangible assets acquired and liabilities assumed: | |||||
Trade and other receivables | $ | 148 | |||
Inventories | |||||
Prepaid expenses and other | — | ||||
Property, plant and equipment | 249 | ||||
Lease fleet | 2,020 | ||||
Accounts payables and accrued liabilities | — | ||||
Deferred income taxes | — | ||||
Unearned revenue and advance payments | (85 | ) | |||
Total net tangible assets acquired and liabilities assumed | 2,332 | ||||
Fair value of intangible assets acquired: | |||||
Non-compete agreement | 261 | ||||
Customer lists/relationships | 851 | ||||
Goodwill | 1,417 | ||||
Total intangible assets acquired | 2,529 | ||||
Total purchase consideration | $ | 4,861 | |||
Lone Star [Member] | ' | ||||
Schedule of Unaudited Pro Forma Information | ' | ||||
The following unaudited pro forma information for FY 2014 assumes the acquisition of Lone Star occurred at the beginning of the period presented (in thousands, except per share data): | |||||
Quarter Ended | |||||
September 30, | |||||
2013 | |||||
(Unaudited) | |||||
Revenues | $ | 77,012 | |||
Net income | 2,858 | ||||
Net income attributable to common stockholders | 1,058 | ||||
Pro forma net income per common share: | |||||
Basic | $ | 0.04 | |||
Diluted | 0.04 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets | ' | ||||||||||||||||
Derivative instruments measured at fair value and their classification in the 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, 2014 | September 30, 2014 | ||||||||||||||
Contract | |||||||||||||||||
Swap Contracts and Options (Caps and Collars) | Trade payables and accrued liabilities | $ | 1,535 | $ | 1,353 | ||||||||||||
Forward-Exchange Contracts | Trade payables and accrued liabilities | 230 | — | ||||||||||||||
Forward-Exchange Contracts | Trade and other receivables | — | 581 | ||||||||||||||
Derivative Instruments at Fair Value, Statements of Operations | ' | ||||||||||||||||
Type of Derivative | Statement of Operations | Quarter Ended | Quarter Ended | ||||||||||||||
Contract | Classification | September 30, 2013 | September 30, 2014 | ||||||||||||||
Swap Contracts and Options (Caps and Collars) | Unrealized gain (loss) included in interest expense | $ | (30 | ) | $ | (6 | ) | ||||||||||
Forward-Exchange Contracts | Unrealized foreign currency exchange gain (loss) and other | (698 | ) | 790 | |||||||||||||
Open Interest Rate Swap Contract | ' | ||||||||||||||||
As of June 30, 2014 and September 30, 2014, 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, 2014 | September 30, 2014 | ||||||||||||||||
Swap | Option (Cap) | Swap | Option | ||||||||||||||
Notional amounts | $ | 47,195 | $ | — | $ | 43,635 | $ | — | |||||||||
Fixed/Strike Rates | 3.98 | % | — | 3.98 | % | — | |||||||||||
Floating Rates | 2.72 | % | — | 2.72 | % | — | |||||||||||
Fair Value of Combined Contracts | $ | (1,535 | ) | $ | — | $ | (1,353 | ) | $ | — | |||||||
Open Forward Exchange and Participating Forward Contracts | ' | ||||||||||||||||
As of June 30, 2014, there were 58 open forward exchange contracts that mature between July 2014 and April 2015; and as of September 30, 2014, there were 62 open forward exchange contracts that mature between October 2014 and April 2015, as follows (dollars in thousands): | |||||||||||||||||
June 30, 2014 | September 30, 2014 | ||||||||||||||||
Forward Exchange | Participating | Forward Exchange | Participating | ||||||||||||||
Forward | Forward | ||||||||||||||||
Notional amounts | $ | 14,405 | $ | — | $ | 10,903 | $ | — | |||||||||
Exchange/Strike Rates (AUD to USD) | 0.8774 – 0.93357 | — | 0.85009 – 0.93357 | — | |||||||||||||
Fair Value of Combined Contracts | $ | (230 | ) | $ | — | $ | 581 | $ | — | ||||||||
Equity_Plans_Tables
Equity Plans (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based 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 - $6.35 | |||||||||||
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 2015 follows: | |||||||||||||
Number of | Weighted- | Weighted- | |||||||||||
Options | Average | Average | |||||||||||
(Shares) | Exercise | Remaining | |||||||||||
Price | Contractual | ||||||||||||
Term (Years) | |||||||||||||
Outstanding at June 30, 2014 | 2,152,820 | $ | 5.03 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (26,600 | ) | 1.06 | ||||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at September 30, 2014 | 2,126,220 | $ | 5.08 | 5.4 | |||||||||
Vested and expected to vest at September 30, 2014 | 2,126,220 | $ | 5.08 | 5.4 | |||||||||
Exercisable at September 30, 2014 | 1,377,704 | $ | 5.71 | 4.3 | |||||||||
Cash_Flows_from_Operating_Acti1
Cash Flows from Operating Activities and Other Financial Information (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Cash Flows from Operating Activities | ' | ||||||||
The following table provides a detail of cash flows from operating activities (in thousands): | |||||||||
Quarter Ended | |||||||||
September 30, | |||||||||
2013 | 2014 | ||||||||
Cash flows from operating activities | |||||||||
Net income | $ | 2,202 | $ | 6,401 | |||||
Adjustments to reconcile net income to cash flows from operating activities: | |||||||||
Gain on sales and disposals of property, plant and equipment | (9 | ) | (80 | ) | |||||
Gain on sales of lease fleet | (1,742 | ) | (1,560 | ) | |||||
Unrealized foreign exchange gain (loss) | (51 | ) | 328 | ||||||
Unrealized loss (gain) on forward exchange contracts | 698 | (790 | ) | ||||||
Unrealized loss on interest rate swaps and options | 30 | 6 | |||||||
Depreciation and amortization | 5,659 | 9,495 | |||||||
Amortization of deferred financing costs | 137 | 384 | |||||||
Accretion of interest | 54 | 501 | |||||||
Share-based compensation expense | 406 | 524 | |||||||
Deferred income taxes | 1,267 | 3,231 | |||||||
Changes in operating assets and liabilities: | |||||||||
Trade and other receivables, net | (9,444 | ) | 7,372 | ||||||
Inventories | (18,297 | ) | (10,593 | ) | |||||
Prepaid expenses and other | 1,555 | (1,422 | ) | ||||||
Trade payables, accrued liabilities and unearned revenues | 16,154 | (1,783 | ) | ||||||
Income taxes | (215 | ) | 31 | ||||||
Net cash provided by (used in) operating activities | $ | (1,596 | ) | $ | 12,045 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Segment Reporting Information | ' | ||||||||||||||||||||||||||||||||
The tables below represent the Company’s revenues from external customers, share-based compensation expense, depreciation and amortization, operating income, interest income and expense, 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 geographic and operating segments (in thousands): | |||||||||||||||||||||||||||||||||
Quarter Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||
Leasing | |||||||||||||||||||||||||||||||||
Pac-Van | Lone Star | Combined | Manufacturing | Corporate | Total | Asia – Pacific | Consolidated | ||||||||||||||||||||||||||
and | Leasing | ||||||||||||||||||||||||||||||||
Intercompany | |||||||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Sales | $ | 8,143 | $ | — | $ | 8,143 | $ | 14,767 | $ | (12,792 | ) | $ | 10,118 | $ | 14,650 | $ | 24,768 | ||||||||||||||||
Leasing | 18,954 | 17,747 | 36,701 | — | — | 36,701 | 18,973 | 55,674 | |||||||||||||||||||||||||
$ | 27,097 | $ | 17,747 | $ | 44,844 | $ | 14,767 | $ | (12,792 | ) | $ | 46,819 | $ | 33,623 | $ | 80,442 | |||||||||||||||||
Share-based compensation | $ | 78 | $ | 5 | $ | 83 | $ | 28 | $ | 213 | $ | 324 | $ | 200 | $ | 524 | |||||||||||||||||
Depreciation and amortization | $ | 2,448 | $ | 2,856 | $ | 5,304 | $ | 277 | $ | (135 | ) | $ | 5,446 | $ | 4,049 | $ | 9,495 | ||||||||||||||||
Operating income | $ | 5,040 | $ | 6,539 | $ | 11,579 | $ | 2,811 | $ | (3,929 | ) | $ | 10,461 | $ | 5,007 | $ | 15,468 | ||||||||||||||||
Interest income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14 | $ | 14 | |||||||||||||||||
Interest expense | $ | 813 | $ | 688 | $ | 1,501 | $ | 97 | $ | 2,151 | $ | 3,749 | $ | 1,577 | $ | 5,326 | |||||||||||||||||
Additions to long-lived assets | $ | 17,440 | $ | 13,072 | $ | 30,512 | $ | 285 | $ | (3,142 | ) | $ | 27,655 | $ | 5,623 | $ | 33,278 | ||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||
Long-lived assets | $ | 190,048 | $ | 66,310 | $ | 256,358 | $ | 5,887 | $ | (9,994 | ) | $ | 252.251 | $ | 179,811 | $ | 432,062 | ||||||||||||||||
Goodwill | $ | 38,195 | $ | 20,400 | $ | 58,595 | $ | 2,681 | $ | — | $ | 61,276 | $ | 31,051 | $ | 92,327 | |||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||
Long-lived assets | $ | 175,890 | $ | 55,438 | $ | 231,328 | $ | 5,820 | $ | (6,987 | ) | $ | 230,161 | $ | 197,005 | $ | 427,166 | ||||||||||||||||
Goodwill | $ | 36,832 | $ | 20,111 | $ | 56,943 | $ | 2,681 | $ | — | $ | 59,624 | $ | 33,542 | $ | 93,166 | |||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||
Leasing | Manufacturing | Corporate | Total | Asia – Pacific | Consolidated | ||||||||||||||||||||||||||||
(Pac-Van) | and | Leasing | |||||||||||||||||||||||||||||||
Intercompany | |||||||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||
Sales | $ | 7,869 | $ | 9,873 | $ | (6,428 | ) | $ | 11,314 | $ | 23,360 | $ | 34,674 | ||||||||||||||||||||
Leasing | 14,286 | — | — | 14,286 | 16,786 | 31,072 | |||||||||||||||||||||||||||
$ | 22,155 | $ | 9,873 | $ | (6,428 | ) | $ | 25,600 | $ | 40,146 | $ | 65,746 | |||||||||||||||||||||
Share-based compensation | $ | 98 | $ | 26 | $ | 144 | $ | 268 | $ | 138 | $ | 406 | |||||||||||||||||||||
Depreciation and amortization | $ | 1,656 | $ | 259 | $ | 1 | $ | 1,916 | $ | 3,743 | $ | 5,659 | |||||||||||||||||||||
Operating income | $ | 2,913 | $ | 768 | $ | (1,965 | ) | $ | 1,716 | $ | 5,052 | $ | 6,768 | ||||||||||||||||||||
Interest income | $ | — | $ | — | $ | — | $ | — | $ | 12 | $ | 12 | |||||||||||||||||||||
Interest expense | $ | 744 | $ | 154 | $ | — | $ | 898 | $ | 1,494 | $ | 2,392 | |||||||||||||||||||||
Additions to long-lived assets | $ | 13,893 | $ | 230 | $ | (2,487 | ) | $ | 11,636 | $ | 8,405 | $ | 20,041 | ||||||||||||||||||||
Organization_and_Business_Oper1
Organization and Business Operations - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | 31-May-11 | 31-May-11 | Sep. 30, 2014 | |
Segment | RWH [Member] | RWH [Member] | GFN U.S. [Member] | |
Organization And Business Operations [Line Items] | ' | ' | ' | ' |
Number of distinct business units | 3 | ' | ' | ' |
Number of geographic units | 2 | ' | ' | ' |
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 $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Finished goods | $35,174 | $24,157 |
Work in progress | 1,606 | 2,011 |
Raw materials | 1,933 | 1,234 |
Total | $38,713 | $27,402 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
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] | Furniture, fixtures and office equipment [Member] | Furniture, fixtures and office equipment [Member] | Construction in-process [Member] | Construction in-process [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 | $49,228 | $49,385 | $2,190 | $2,423 | $4,706 | $4,608 | ' | ' | $34,950 | $34,934 | ' | ' | $7,353 | $7,286 | ' | ' | $29 | $134 |
Less accumulated depreciation and amortization | -19,295 | -18,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $29,933 | $30,614 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Percentage of depreciation of lease fleet to cost | 70.00% | ' |
Gross costs of the lease fleet | $460,907,000 | $453,362,000 |
Period for anticipation for change in total unrecognized tax benefit related to any particular tax position period | '12 months | ' |
Potential common stock equivalents excluded from computation of diluted earnings per share | 1,210,646 | 1,588,007 |
Minimum [Member] | Lease fleet [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life of lease fleet | '5 years | ' |
Maximum [Member] | Lease fleet [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life of lease fleet | '20 years | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Basic | 25,677,389 | 24,334,531 |
Assumed exercise of stock options | 915,574 | 582,589 |
Diluted | 26,592,963 | 24,917,120 |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Aug. 12, 2014 | Aug. 13, 2013 | 24-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | 24-May-13 | 17-May-13 | Sep. 30, 2014 | 24-May-13 | 17-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
AUD | AUD | USD ($) | USD ($) | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Pac-Van [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | $0.00 | ' | $0.00 | ' |
Cumulative Preferred Stock, liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | $50 | ' | $1,000 | ' |
Preferred Stock, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,900 | ' | 100 | 100 |
Preferred Stock, outstanding, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,295,000 | ' | $100,000 | $100,000 |
Cumulative Preferred Stock, dividend percentage | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | 12.50% | ' | 8.00% | ' |
Preferred stock, voting rights | ' | ' | ' | ' | ' | ' | ' | 'No voting rights | ' | ' | ' | ' | ' | 'No voting rights | ' |
Preferred Stock issued | ' | ' | ' | ' | ' | 50,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Preferred Stock | ' | ' | 37,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, underwriting discount | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Net proceeds used to reduce indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' |
Stated liquidation value for every increase in dividend rate | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' |
Dividend on Preferred Stock | ' | ' | ' | $922,000 | $4,400,000 | ' | ' | $5,000,000 | ' | ' | ' | ' | $63,000 | ' | ' |
Dividend declared | 0.055 | 0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | 3-Oct-14 | 3-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable record date | 18-Sep-14 | 24-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information - 2014 Acquisitions (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Apr. 07, 2014 | Sep. 30, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 | Apr. 07, 2014 |
Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | Lone Star [Member] | |||
Amended Wells Fargo Credit Facility [Member] | Credit Suisse [Member] | Non-compete Agreement [Member] | Non-compete Agreement [Member] | General indemnity holdback [Member] | General indemnity holdback [Member] | Working Capital And Other Adjustments [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | ' | ' | ' | $102,418,000 | ' | ' | ' | ' | ' | ' | ' |
Effective date of acquisition | ' | ' | ' | 1-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration in cash | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, value of common stock issued | 156,000 | ' | ' | ' | 9,865,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, number of common stock issued | ' | ' | 1,230,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration, common stock price per share | ' | ' | ' | ' | $8.13 | ' | ' | ' | ' | ' | ' | ' |
Amount payable under purchase consideration | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 5,000,000 | 10,481,000 |
Business acquisition cost holdback note discounted | ' | ' | ' | ' | ' | ' | ' | ' | 3,694,000 | ' | 4,243,000 | 9,616,000 |
Purchase consideration payable term | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '2 years | ' | ' |
Line of credit borrowings | ' | ' | ' | ' | ' | 50,000,000 | 25,000,000 | ' | ' | ' | ' | ' |
Transaction costs | $56,000 | $84,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Schedule_of_Unaud
Acquisitions - Schedule of Unaudited Pro Forma Information (Detail) (Lone Star [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Lone Star [Member] | ' |
Business Acquisition [Line Items] | ' |
Revenues | $77,012 |
Net income | 2,858 |
Net income attributable to common stockholders | $1,058 |
Pro forma net income per common share: | ' |
Basic | $0.04 |
Diluted | $0.04 |
Acquisitions_Additional_Inform1
Acquisitions - Additional Information - 2015 Acquisitions (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2014 | Jul. 01, 2014 |
Black Angus Steel & Supply Co. [Member] | Black Angus Steel & Supply Co. [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Payments to acquire businesses, gross | ' | ' | $4,861,000 | ' |
Issuance of common stock for business acquisition | ' | ' | 16,002 | ' |
Business acquisition cost holdback | $1,468,000 | $763,000 | ' | $1,468,000 |
Acquisitions_Fair_Market_Value
Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | Black Angus Steel & Supply Co. [Member] | Black Angus Steel & Supply Co. [Member] | Black Angus Steel & Supply Co. [Member] | ||
Non-compete Agreement [Member] | Customer Lists/relationships [Member] | ||||
Fair value of the net tangible assets acquired and liabilities assumed: | ' | ' | ' | ' | ' |
Trade and other receivables | ' | ' | $148 | ' | ' |
Inventories | ' | ' | ' | ' | ' |
Prepaid expenses and other | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | 249 | ' | ' |
Lease fleet | ' | ' | 2,020 | ' | ' |
Accounts payables and accrued liabilities | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' |
Unearned revenue and advance payments | ' | ' | -85 | ' | ' |
Total net tangible assets acquired, liabilities assumed and noncontrolling interest | ' | ' | 2,332 | ' | ' |
Fair value of intangible assets acquired: | ' | ' | ' | ' | ' |
Total intangible assets acquired | ' | ' | ' | 261 | 851 |
Goodwill | 92,327 | 93,166 | 1,417 | ' | ' |
Total intangible assets acquired | ' | ' | 2,529 | ' | ' |
Total purchase consideration | ' | ' | $4,861 | ' | ' |
Senior_and_Other_Debt_ANZCBA_C
Senior and Other Debt - ANZ/CBA Credit Facility and North American Leasing Senior Credit Facility - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Sep. 30, 2014 | 8-May-14 | 8-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 8-May-14 | 8-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 8-May-14 | 8-May-14 | 8-May-14 | 8-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | 8-May-14 | 8-May-14 | |
USD ($) | Wells Fargo Credit Facility [Member] | Credit Suisse [Member] | Credit Suisse [Member] | Minimum [Member] | Maximum [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Unsecured senior notes [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | Pac-Van [Member] | ANZ or CBA Credit Facility A [Member] | ANZ or CBA Credit Facility A [Member] | ANZ or CBA Credit Facility A [Member] | ANZ or CBA Credit Facility A [Member] | ANZ or CBA Credit Facility A [Member] | ANZ or CBA Credit Facility B [Member] | ANZ or CBA Credit Facility B [Member] | ANZ or CBA Credit Facility B [Member] | ANZ or CBA Credit Facility B [Member] | ANZ or CBA Credit Facility B [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | ANZ/CBA Credit Facility [Member] | Refinanced RWH Credit Facility [Member] | Refinanced RWH Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Wells Fargo Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Wells Fargo Credit Facility [Member] | Credit Suisse [Member] | Minimum [Member] | Maximum [Member] | USD ($) | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | USD ($) | AUD | Minimum [Member] | Maximum [Member] | USD ($) | AUD | Minimum [Member] | Maximum [Member] | USD ($) | AUD | Sub-Facility [Member] | Sub-Facility [Member] | Commonwealth Bank of Australia [Member] | Commonwealth Bank of Australia [Member] | Commonwealth Bank of Australia [Member] | ANZ Credit Facility [Member] | ANZ Credit Facility [Member] | Australia [Member] | Australia [Member] | USD ($) | AUD | ||||||
Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | Wells Fargo Credit Facility [Member] | USD ($) | USD ($) | Prior To Amendment [Member] | Post Amendment [Member] | USD ($) | AUD | USD ($) | AUD | USD ($) | AUD | Australian Dollars [Member] | U.S. Dollars [Member] | ||||||||||||||||||||||||||||
USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | $200,000,000 | ' | $109,088,000 | 125,000,000 | ' | ' | ' | $43,635,000 | 50,000,000 | ' | ' | ' | ' | $2,618,000 | 3,000,000 | ' | $61,089,000 | 70,000,000 | $91,634,000 | 105,000,000 | ' | ' | $152,723,000 | 175,000,000 |
Line of credit facility maturity date | ' | 7-Sep-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-17 | ' | ' | ' | ' | 31-Jul-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 1.50% | 1.00% | 7.50% | 2.50% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.85% | ' | ' | ' | 1.35% | 2.15% | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility base rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The 30-day and 90-day BBSY and BKBM was 2.715% and 2.79% and 3.718% and 3.75%, respectively. | 'The 30-day and 90-day BBSY and BKBM was 2.715% and 2.79% and 3.718% and 3.75%, respectively. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,354,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,677,000 | 121,092,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under ANZ credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,518,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,103,000 | 29,911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate, translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.8727 | ' | ' |
Payment of intercompany dividends from Pac-Van and Lone Star | 922,000 | 5,000,000 | 3,125,000 | ' | ' | ' | 4,400,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | 1.25 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividend description | 'The maximum amount of intercompany dividends that Pac-Van and Lone Star are allowed to pay in each fiscal year to GFN for the funding requirements of GFNbs senior and other debt and the Series C Preferred Stock are (a) the lesser of $5,000,000 for the Series C Preferred Stock 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; (b) the lesser of $3,125,000 for the term loan with Credit Suisse AG, Singapore Branch or the actual annual interest to be paid; and (c) $6,120,000 for the public offering of unsecured senior notes or the actual amount of annual interest required to be paid; provided that (i) the payment of such dividends does not cause a default or event of default; (ii) each of Pac-Van and Lone Star is solvent; (iii) excess availability, as defined, is $5,000,000 or more under the Wells Fargo Credit Facility; and (iv) the fixed charge coverage ratio, as defined, will be greater than 1.25 to 1.00 and the dividends are paid no earlier than ten business days prior to the date they are due. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity, additional increase authorized | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity, after increase | ' | $220,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_and_Other_Debt_Southern
Senior and Other Debt - Southern Frac Senior Credit Facility and Credit Suisse Term Loan - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2014 | Apr. 03, 2014 | Apr. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Credit Suisse [Member] | Credit Suisse [Member] | London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo SF Credit Facility [Member] | Southern Frac [Member] | Southern Frac [Member] | Southern Frac [Member] | Southern Frac [Member] | Southern Frac [Member] | Southern Frac [Member] | |
Credit Suisse [Member] | Wells Fargo SF Credit Facility [Member] | Wells Fargo SF Credit Facility [Member] | Restricted Equipment Term Loan [Member] | Restricted Equipment Term Loan [Member] | Term Loan B [Member] | Term Loan B [Member] | ||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | ' | $25,000,000 | ' | ' | $12,000,000 | ' | $860,000 | ' | $1,500,000 | ' |
Line of credit facility, maturity period | '2 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Line of credit facility, amortization period | ' | ' | ' | ' | ' | ' | '48 months | ' | '18 months | ' |
Interest rate | ' | ' | 7.50% | ' | ' | 3.50% | ' | 4.00% | ' | 7.00% |
Borrowings under the credit facility | ' | ' | ' | 675,000 | ' | ' | ' | ' | ' | ' |
Availability under ANZ credit facility | ' | ' | ' | $5,327,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility description | 'An amount equal to six-months interest be deposited in an interest reserve account pledged to secure repayment of all amounts borrowed. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior_and_Other_Debt_8125_Sen
Senior and Other Debt - 8.125 Senior Notes and Other Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 18, 2014 | Sep. 30, 2014 | Jun. 18, 2014 | |
Other [Member] | Other [Member] | Other [Member] | Other [Member] | On or after July 31, 2017 [Member] | Maximum [Member] | Cash [Member] | Unsecured senior notes [Member] | Unsecured senior notes [Member] | Unsecured senior notes [Member] | ||
Asia-Pacific [Member] | Asia-Pacific [Member] | North America [Member] | North America [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principle amount of senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72,000,000 |
Underwriters full exercise of over-allotment option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 |
Proceeds from issuance of unsecured senior notes net off underwriting discounts and offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 69,069,000 | ' | ' |
Underwriting discounts and offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,931,000 | ' | ' |
Percentage of senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Notes issued denominations and multiples of denominations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 |
Interest rate of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.13% |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-21 | ' |
Frequency of interest payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' |
Interest payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest on the Senior Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31, commencing on July 31, 2014 | ' |
Repayment of indebtedness | 68,600,000 | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' |
Intercompany dividends percentage on senior notes gross proceeds | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of intercompany dividends from Pac-Van and Lone Star | 57,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of principal amount redemption | 'The Company may, at its option, prior to July 31, 2017, redeem the Senior Notes in whole or in part upon the payment of 100% of the principal amount of the Senior Notes being redeemed plus any additional amount required by the Indenture. In addition, the Company may from time to time redeem up to 35% of the aggregate outstanding principal amount of the Senior Notes before July 31, 2017 with the net cash proceeds from certain equity offerings at a redemption price of 108.125% of the principal amount plus accrued and unpaid interest. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes redemption percentage on principal amount | 35.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Redemption price percentage on principal amount plus accrued and unpaid interest | 108.13% | ' | ' | ' | ' | 106.09% | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Other debt | $12,895,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate | ' | 5.50% | 5.90% | 5.70% | 3.80% | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Derivati
Financial Instruments - Derivative Instruments at Fair Value, Classification in Consolidated Balances Sheets (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
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 | $1,353 | $1,535 |
Forward-Exchange Contracts, Trade payables and accrued liabilities | ' | 230 |
Forward-Exchange Contracts, Trade and other receivables | $581 | ' |
Financial_Instruments_Derivati1
Financial Instruments - Derivative Instruments at Fair Value, Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Swap Contracts and Options (Caps and Collars) [Member] | Unrealized gain (loss) included in interest expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative Instruments, Gain (Loss) in Income | ($6) | ($30) |
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 | $790 | ($698) |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) on ineffective portion of cash flow hedge | ($6,000) | $30,000 | ' |
Unrealized foreign exchange gains (losses) | 328,000 | -51,000 | 51,000 |
Realized foreign exchange gains (losses) | -29,000 | ' | 32,000 |
Interest rate swap contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of derivative contract | 1 | ' | 1 |
Interest rate swap contract, maturity date | 'June 2017 | ' | ' |
Forward-Exchange [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of derivative contract | 62 | ' | 58 |
Minimum [Member] | Forward-Exchange [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Forward exchange contracts, maturity date | '2014-10 | ' | '2014-07 |
Maximum [Member] | Forward-Exchange [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Forward exchange contracts, maturity date | '2015-04 | ' | '2015-04 |
Senior credit facilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of borrowings | ' | ' | 291,781,000 |
Other debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of borrowings | ' | ' | 12,199,000 |
Unrealized gain (loss) included in interest expense [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) on ineffective portion of cash flow hedge | ($6,000,000) | ' | ($30,000,000) |
Financial_Instruments_Open_Int
Financial Instruments - Open Interest Rate Swap Contract (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | $43,635 | $47,195 |
Fixed/Strike Rates | 3.98% | 3.98% |
Floating Rates | 2.72% | 2.72% |
Fair Value of Combined Contracts | -1,353 | -1,535 |
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 $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Forward-Exchange [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | $10,903 | $14,405 |
Fair Value of Combined Contracts | 581 | -230 |
Forward-Exchange [Member] | Minimum [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Exchange/Strike Rates (AUD to USD) | 0.85009 | 0.8774 |
Forward-Exchange [Member] | Maximum [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Exchange/Strike Rates (AUD to USD) | 0.93357 | 0.93357 |
Participating Forward [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amounts | ' | ' |
Exchange/Strike Rates (AUD to USD) | ' | ' |
Fair Value of Combined Contracts | ' | ' |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
sqft | |||
Pac-Van [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | ' | $0 | $10,000 |
Affiliate of Ronald F. Valenta [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rental payment | 7,393 | 28,000 | 28,000 |
Office space | ' | 3,000 | ' |
Term of lease | ' | '5 years | ' |
Renewal options of lease | ' | '5 years | ' |
Corporate office [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Total charges of services rendered | 7,000 | ' | 21,000 |
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 prior to the fiscal year end. | ' |
Pac Van Las Vegas [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Rental payment | ' | $30,000 | $30,000 |
Renewal options of lease | ' | '2 years | ' |
Lease expiration date | ' | 31-Dec-14 | ' |
Equity_Plans_Additional_Inform
Equity Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 21, 2009 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Maximum [Member] | Time-based options [Member] | Performance-based options [Member] | 2009 Plan [Member] | FY 2015 [Member] | Non-employee [Member] | Non-employee [Member] | Non-employee [Member] | 2006 Plan [Member] | Non-qualified stock options [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Non-vested equity shares [Member] | Non-vested equity shares [Member] | Non-vested equity shares [Member] | Royal Wolf Long Term Incentive Plan [Member] | Performance rights [Member] | ||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Officers and key employees [Member] | Officers and key employees [Member] | Officers and key employees [Member] | |||||||||||||||
Maximum [Member] | Minimum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options term | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plan termination date | ' | ' | ' | ' | ' | ' | 10-Dec-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '1 year 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | '4 years | ' |
Shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,860 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of the stock options granted to employee and non-employee consultants | ' | ' | ' | ' | ' | ' | ' | ' | $4.43 | ' | ' | ' | ' | ' | $6.35 | $0.81 | ' | ' | ' | ' | ' |
Risk-free interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | 2.18% | ' | ' | ' | ' | 1.19% | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 2.33% | ' | ' | ' | ' | 4.80% | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 8 months 12 days | '7 years 8 months 12 days | ' | ' | '7 years 6 months | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | 69.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock options | 2,126,220 | ' | 2,152,820 | ' | 1,208,950 | 917,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $8.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of the outstanding stock options | 8,121,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 524,000 | 406,000 | 133,000 | ' | ' | ' | ' | 196,000 | ' | ' | ' | ' | ' | 5,468,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense to be recorded on a straight-line basis | 1,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 895,000 | ' | ' | ' | ' |
Non-vested equity shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,320 | ' | ' | ' | ' |
Share-based compensation recognized in statements of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $385,000 | ' | ' | ' | ' |
Remaining vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months | '2 months 27 days | ' | ' |
Minimum percentage of outstanding shares in capital stock | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum outstanding capital stock | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of performance rights granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,359,000 |
Performance shares converted to capital stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000 |
Equity_Plans_Fair_Value_of_Sto
Equity Plans - Fair Value of Stock Options Granted (Detail) (Stock options [Member], USD $) | 3 Months Ended |
Sep. 30, 2014 | |
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% |
Expected dividends | ' |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of stock options | $0.81 |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of stock options | $6.35 |
Equity_Plans_Stock_Option_Acti
Equity Plans - Stock Option Activity and Related Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Number of Options (Shares) | ' |
Outstanding beginning balance | 2,152,820 |
Granted | ' |
Exercised | -26,600 |
Forfeited or expired | ' |
Outstanding ending balance | 2,126,220 |
Vested and expected to vest | 2,126,220 |
Exercisable | 1,377,704 |
Weighted-Average Exercise Price | ' |
Outstanding beginning balance | $5.03 |
Granted | ' |
Exercised | $1.06 |
Forfeited or expired | ' |
Outstanding ending balance | $5.08 |
Vested and expected to vest | $5.08 |
Exercisable | $5.71 |
Weighted-Average Remaining Contractual Term (Years) | ' |
Outstanding | '5 years 4 months 24 days |
Vested and expected to vest | '5 years 4 months 24 days |
Exercisable | '4 years 3 months 18 days |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Southern Frac [Member], GFNMC [Member], USD $) | 6 Months Ended |
Sep. 30, 2012 | |
Southern Frac [Member] | GFNMC [Member] | ' |
Business Acquisition [Line Items] | ' |
Noncontrolling interest | 10.00% |
Business acquisition cost | $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 | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Cash flows from operating activities | ' | ' | ' |
Net income | $6,401 | $2,202 | ' |
Adjustments to reconcile net income to cash flows from operating activities: | ' | ' | ' |
Gain on sales and disposals of property, plant and equipment | -80 | -9 | ' |
Gain on sales of lease fleet | -1,560 | -1,742 | ' |
Unrealized foreign exchange gain (loss) | 328 | -51 | 51 |
Unrealized loss (gain) on forward exchange contracts | -790 | 698 | ' |
Unrealized loss on interest rate swaps and options | 6 | 30 | ' |
Depreciation and amortization | 9,495 | 5,659 | ' |
Amortization of deferred financing costs | 384 | 137 | ' |
Accretion of interest | 501 | 54 | ' |
Share-based compensation expense | 524 | 406 | 133 |
Deferred income taxes | 3,231 | 1,267 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade and other receivables, net | 7,372 | -9,444 | ' |
Inventories | -10,593 | -18,297 | ' |
Prepaid expenses and other | -1,422 | 1,555 | ' |
Trade payables, accrued liabilities and unearned revenues | -1,783 | 16,154 | ' |
Income taxes | 31 | -215 | ' |
Net cash provided by (used in) operating activities | $12,045 | ($1,596) | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of geographic units | 2 | ' | ' |
Number of operating segments | 4 | ' | ' |
Sales revenue | $24,768 | $34,674 | ' |
North America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales revenue | 10,118 | 11,314 | ' |
North America [Member] | Corporate and Intercompany Adjustments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales revenue | ($12,792) | ($6,428) | $6,428 |
Segment_Reporting_Summary_of_S
Segment Reporting - Summary of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Revenues: | ' | ' | ' |
Sales | $24,768 | $34,674 | ' |
Leasing | 55,674 | 31,072 | ' |
Total revenues | 80,442 | 65,746 | ' |
Share-based compensation | 524 | 406 | 133 |
Depreciation and amortization | 9,495 | 5,659 | ' |
Operating income | 15,468 | 6,768 | ' |
Interest income | 14 | 12 | ' |
Interest expense | 5,326 | 2,392 | ' |
Additions to long-lived assets | 33,278 | 20,041 | ' |
Long-lived assets | 432,062 | ' | 427,166 |
Goodwill | 92,327 | ' | 93,166 |
North America [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | 10,118 | 11,314 | ' |
Leasing | 36,701 | 14,286 | ' |
Total revenues | 46,819 | 25,600 | ' |
Share-based compensation | 324 | 268 | ' |
Depreciation and amortization | 5,446 | 1,916 | ' |
Operating income | 10,461 | 1,716 | ' |
Interest expense | 3,749 | 898 | ' |
Additions to long-lived assets | 27,655 | 11,636 | ' |
Long-lived assets | 252,251 | ' | 230,161 |
Goodwill | 61,276 | ' | 59,624 |
North America [Member] | Corporate and Intercompany Adjustments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | -12,792 | -6,428 | 6,428 |
Total revenues | -12,792 | -6,428 | ' |
Share-based compensation | 213 | 144 | ' |
Depreciation and amortization | -135 | 1 | ' |
Operating income | -3,929 | -1,965 | ' |
Interest expense | 2,151 | ' | ' |
Additions to long-lived assets | -3,142 | -2,487 | ' |
Long-lived assets | -9,994 | ' | -6,987 |
North America [Member] | Leasing [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | 8,143 | ' | ' |
Leasing | 36,701 | ' | ' |
Total revenues | 44,844 | ' | ' |
Share-based compensation | 83 | ' | ' |
Depreciation and amortization | 5,304 | ' | ' |
Operating income | 11,579 | ' | ' |
Interest expense | 1,501 | ' | ' |
Additions to long-lived assets | 30,512 | ' | ' |
Long-lived assets | 256,358 | ' | 231,328 |
Goodwill | 58,595 | ' | 56,943 |
North America [Member] | Leasing [Member] | Pac-Van [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | 8,143 | 7,869 | ' |
Leasing | 18,954 | 14,286 | ' |
Total revenues | 27,097 | 22,155 | ' |
Share-based compensation | 78 | 98 | ' |
Depreciation and amortization | 2,448 | 1,656 | ' |
Operating income | 5,040 | 2,913 | ' |
Interest expense | 813 | 744 | ' |
Additions to long-lived assets | 17,440 | 13,893 | ' |
Long-lived assets | 190,048 | ' | 175,890 |
Goodwill | 38,195 | ' | 36,832 |
North America [Member] | Leasing [Member] | Lone Star [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Leasing | 17,747 | ' | ' |
Total revenues | 17,747 | ' | ' |
Share-based compensation | 5 | ' | ' |
Depreciation and amortization | 2,856 | ' | ' |
Operating income | 6,539 | ' | ' |
Interest expense | 688 | ' | ' |
Additions to long-lived assets | 13,072 | ' | ' |
Long-lived assets | 66,310 | ' | 55,438 |
Goodwill | 20,400 | ' | 20,111 |
North America [Member] | Manufacturing [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | 14,767 | 9,873 | ' |
Total revenues | 14,767 | 9,873 | ' |
Share-based compensation | 28 | 26 | ' |
Depreciation and amortization | 277 | 259 | ' |
Operating income | 2,811 | 768 | ' |
Interest expense | 97 | 154 | ' |
Additions to long-lived assets | 285 | 230 | ' |
Long-lived assets | 5,887 | ' | 5,820 |
Goodwill | 2,681 | ' | 2,681 |
Asia-Pacific [Member] | Leasing [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Sales | 14,650 | 23,360 | ' |
Leasing | 18,973 | 16,786 | ' |
Total revenues | 33,623 | 40,146 | ' |
Share-based compensation | 200 | 138 | ' |
Depreciation and amortization | 4,049 | 3,743 | ' |
Operating income | 5,007 | 5,052 | ' |
Interest income | 14 | 12 | ' |
Interest expense | 1,577 | 1,494 | ' |
Additions to long-lived assets | 5,623 | 8,405 | ' |
Long-lived assets | 179,811 | ' | 197,005 |
Goodwill | $31,051 | ' | $33,542 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
Aug. 12, 2014 | Aug. 13, 2013 | Oct. 20, 2014 | Oct. 17, 2014 | Oct. 17, 2014 | |
Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||
LongVANS, Inc. [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | |||
Location | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Cash dividend, amount per share | ' | ' | ' | ' | $2.30 |
Dividend declared date | ' | ' | ' | 17-Oct-14 | ' |
Dividends paid, date to be paid | 3-Oct-14 | 3-Oct-13 | ' | 31-Oct-14 | ' |
Dividends paid, date of record | 18-Sep-14 | 24-Sep-13 | ' | 30-Oct-14 | ' |
Payments to acquire businesses, gross | ' | ' | $14,000,000 | ' | ' |
Number of locations | ' | ' | 2 | ' | ' |