Celadon (CGIP) 10-Q 12 Nov 13 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CELADON GROUP INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--06-30	'
Entity Common Stock, Shares Outstanding	'	23,843,953
Amendment Flag	'false	'
Entity Central Index Key	'0000865941	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
REVENUE:	'	'
Freight revenue	$141,956	$122,108
Fuel surcharge revenue	33,146	31,189
Total revenue	175,102	153,297
OPERATING EXPENSES:	'	'
Salaries, wages, and employee benefits	46,654	40,401
Fuel	36,843	37,452
Purchased transportation	41,744	28,337
Revenue equipment rentals	1,652	1,998
Operations and maintenance	11,274	8,066
Insurance and claims	4,140	3,501
Depreciation and amortization	14,928	12,675
Communications and utilities	1,364	1,292
Operating taxes and licenses	2,832	2,588
General and other operating	2,139	1,848
Total operating expenses	163,570	138,158
Operating Income	11,532	15,139
Interest expense	1,224	1,490
Other (income) expense	-241	38
Income before income taxes	10,549	13,611
Income tax expense	3,983	5,349
Net income	$6,566	$8,262
Income per common share:	'	'
Diluted (in Dollars per share)	$0.28	$0.36
Basic (in Dollars per share)	$0.29	$0.37
Diluted weighted average shares outstanding (in Shares)	23,662	23,185
Basic weighted average shares outstanding (in Shares)	22,930	22,383

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net income	$6,566	$8,262
Unrealized gain (loss) on fuel derivative instruments, net of tax	2	587
Unrealized gain (loss) on currency derivative instruments, net of tax	165	124
Foreign currency translation adjustments, net of tax	447	1,509
Total other comprehensive income (loss)	614	2,220
Comprehensive income	$7,180	$10,482

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$3,610	$1,315
Trade receivables, net of allowance for doubtful accounts of $869 and $919 at September 30, 2013 and June 30, 2013, respectively	81,518	77,623
Prepaid expenses and other current assets	33,058	13,434
Tires in service	1,015	1,245
Equipment held for resale	7,746	9,923
Income tax receivable	3,056	9,506
Deferred income taxes	4,236	4,342
Total current assets	134,239	117,388
Property and equipment	621,155	612,236
Less accumulated depreciation and amortization	119,542	115,366
Net property and equipment	501,613	496,870
Tires in service	1,527	1,785
Goodwill	20,415	17,730
Investment in unconsolidated companies	4,346	4,604
Other assets	3,201	2,785
Total assets	665,341	641,162
Current liabilities:	'	'
Accounts payable	5,785	10,401
Accrued salaries and benefits	10,416	11,197
Accrued insurance and claims	10,262	10,092
Accrued fuel expense	8,414	7,461
Other accrued expenses	21,988	20,070
Current maturities of capital lease obligations	30,631	25,669
Total current liabilities	87,496	84,890
Capital lease obligations, net of current maturities	179,186	190,625
Long term debt	104,591	78,137
Deferred income taxes	59,808	61,821
Stockholders' equity:	'	'
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 23,882 and 23,887 shares at September 30, 2013 and June 30, 2013, respectively	788	788
Treasury stock at cost; 595 and 696 shares at September 30, 2013 and June 30, 2013, respectively	-4,104	-4,811
Additional paid-in capital	104,890	103,749
Retained earnings	137,333	131,224
Accumulated other comprehensive loss	-4,647	-5,261
Total stockholders' equity	234,260	225,689
Total liabilities and stockholders' equity	$665,341	$641,162

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified
Trade receivables, allowance for doubtful accounts (in Dollars)	$869	$919
Common stock, par value (in Dollars per share)	$0.03	$0.03
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	23,882	23,887
Common stock, shares outstanding	23,882	23,887
Treasury stock at cost; shares	595	696

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income	$6,566	$8,262
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	16,083	14,642
Gain on sale of equipment	-1,157	-1,911
Stock based compensation	545	537
Deferred income taxes	-2,395	2,341
Provision for doubtful accounts	'	3
Changes in assets and liabilities:	'	'
Trade receivables	295	-590
Income taxes	5,690	-127
Tires in service	490	-174
Prepaid expenses and other current assets	-5,411	-4,989
Other assets	-261	927
Accounts payable and accrued expenses	-4,561	935
Net cash provided by operating activities	15,884	19,856
Cash flows from investing activities:	'	'
Purchase of property and equipment	-19,758	-63,084
Proceeds on sale of property and equipment	8,833	28,504
Purchase of businesses	-9,284	-24,094
Net cash used in investing activities	-20,209	-58,674
Cash flows from financing activities:	'	'
Proceeds from borrowings on long-term debt	81,510	107,480
Payments on bank borrowing on long-term debt	-69,882	-78,890
Principal payments under capital lease obligations	-6,476	-20,007
Dividends paid	-457	-448
Proceeds from issuance of common stock	1,304	39
Net cash provided by financing activities	5,999	8,174
Effect of exchange rates on cash and cash equivalents	621	351
Increase (Decrease) in cash and cash equivalents	2,295	-30,293
Cash and cash equivalents at beginning of period	1,315	33,646
Cash and cash equivalents at end of period	3,610	3,353
Supplemental disclosure of cash flow information:	'	'
Interest paid	1,224	1,490
Income taxes paid	94	3,035
Lease obligation incurred in the purchase of equipment	'	$24,280

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1.            Basis of Presentation
	References in this Report on Form 10-Q to "we," "us," "our," "Celadon," the "Company," or similar terms refer to Celadon Group, Inc. and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
	The accompanying condensed consolidated unaudited financial statements of Celadon Group, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10-Q, and other relevant rules and regulations of the Securities and Exchange Commission (the "SEC"), as applicable to the preparation and presentation of interim financial information. Certain information and footnote disclosures have been omitted or condensed pursuant to such rules and regulations. We believe all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations in interim periods are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2013.
	The preparation of the financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Note_2_Earnings_Per_Share

Note 2 - Earnings Per Share	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	2.             Earnings Per Share (in thousands, except per share data)
	A reconciliation of the basic and diluted earnings per share is as follows:
		Three months ended
		September 30,
		2013		2012
	Weighted average common shares outstanding – basic		22,930		22,383
	Dilutive effect of stock options and unvested restricted stock units		732		802
	Weighted average common shares outstanding – diluted		23,662		23,185
	Net income	$	6,566	$	8,262
	Earnings per common share
	Basic	$	0.29	$	0.37
	Diluted	$	0.28	$	0.36
	Certain shares of common stock were excluded from the computation of diluted earnings per share because the options exercise prices were greater than the average market price of the common shares, and therefore, the effect would be anti-dilutive. A summary of those options follows:
		Three months ended
		September 30,
		2013		2012
	Number of anti-dilutive shares		---		90

Note_3_Stock_Based_Compensatio

Note 3 - Stock Based Compensation	3 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	3.     Stock Based Compensation
	The following table summarizes the components of our stock based compensation program expense (in thousands):
		For three months ended
		September 30,
		2013		2012
	Stock compensation expense for options, net of forfeitures	$	74	$	106
	Stock compensation expense for restricted stock, net of forfeitures		471		475
	Stock compensation income for stock appreciation rights, including forfeitures		---		(44	)
	Total stock compensation expense (income)	$	545	$	537
	As of September 30, 2013, we have approximately $0.2 million of unrecognized compensation cost related to unvested options granted under the Company's 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). This cost is expected to be recognized over a weighted-average period of 0.6 year and a total period of 1.5 years.
	A summary of the award activity of the Company's stock option plans as of September 30, 2012, and changes during the three-month period then ended is presented below:
	Options	Option Totals		Weighted-Average
				Exercise
				Price per Share
	Outstanding at July 1, 2013		1,148,790	$	10.76
	Granted		---		---
	Exercised		100,037	$	12.81
	Forfeited or expired		1,750	$	12.79
	Outstanding at September 30, 2013		1,047,003	$	9.62
	Exercisable at September 30, 2013		989,003	$	9.73
	As of September 30, 2013, we also have approximately $4.0 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.4 years and a total period of 3.3 years. A summary of the restricted stock award activity under the 2006 Plan as of September 30, 2013, and changes during the three-month period then ended is presented below:
		Number of Restricted		Weighted-Average
		Stock Awards		Grant Date Fair Value
	Unvested at July 1, 2013		355,963	$	15.75
	Granted		---		---
	Vested and Issued		---		---
	Forfeited		4,525	$	12.4
	Outstanding at September 30, 2013		351,438	$	15.79
	The fair value of each restricted stock award is based on the closing market price on the date of grant.
	The Company had no outstanding stock appreciation rights as of September 30, 2013 and 143,156 outstanding stock appreciation rights as of September 30, 2012. These stock appreciation rights were granted at a fair value market price of $8.64 based on the closing market price on the date of the grant. All stock rights vested and were paid out in the December 2012 quarter.

Note_4_Segment_Information

Note 4 - Segment Information	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	4.     Segment Information (in thousands)
	We have two reportable segments comprised of an asset-based segment and an asset-light-based segment. Our asset-based segment includes our asset-based dry van carrier and rail services, which are geographically diversified but have similar economic and other relevant characteristics, as they all provide truckload carrier services of general commodities to a similar class of customers. Our asset-light-based segment consists of our warehousing, brokerage, and less-than-truckload ("LTL") operations, which we have determined qualifies as a reportable segment under ASC 280-10, Segment Reporting.
		Operating Revenues
		Three Months Ended
		September 30,
		2013		2012
	Asset-Based	$	162,621	$	142,435
	Asset-light-Based		12,481		10,862
	Total	$	175,102	$	153,297
		Operating Income
		Three Months Ended
		September 30,
		2013		2012
	Asset-Based	$	10,376	$	14,309
	Asset-light-Based		1,155		830
	Total	$	11,532	$	15,139
	Information as to the Company's operating revenue by geographic area is summarized below. The Company allocates operating revenue based on the country of origin of the tractor hauling the freight:
		Operating Revenue
		Three Months Ended
		September 30,
		2013		2012
	United States	$	146,205	$	134,131
	Canada		21,087		10,903
	Mexico		7,810		8,263
	Consolidated	$	175,102	$	153,297

Note_5_Income_Taxes

Note 5 - Income Taxes	3 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	5.             Income Taxes
	Our effective income tax rate was 37.8% for the three-month period ended September 30, 2013, compared with 39.3% for the three-month period ended September 30, 2012. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on our expected annual income, statutory tax rates, nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. Income tax expense varies from the amount computed by applying the statutory federal tax rate to income before income taxes primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers.  Drivers may elect to receive non-taxable per diem pay in lieu of a portion of their taxable wages.  This per diem program increases our drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes.  As a result, salaries, wages and employee benefits are slightly lower, and our effective income tax rate is higher than the statutory rate.  Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases because aggregate per diem pay becomes smaller in relation to pre-tax income.  Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to receive this pay structure.
	The Company follows ASC Topic 740-10-25 in accounting for uncertainty in income taxes ("Topic 740"). Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We account for any uncertainty in income taxes by determining whether it is more likely than not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the appropriate taxing authority based on the technical merits of the position.  In that regard, we have analyzed filing positions in our federal and applicable state tax returns as well as in all open tax years.  The only periods subject to examination for our federal returns are the 2009 through 2011 tax years.  We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position, results of operations and cash flows.  As of September 30, 2013, the Company recorded a $0.5 million liability for unrecognized tax benefits, a portion of which represents penalties and interest.

Note_6_Commitments_and_Conting

Note 6 - Commitments and Contingencies	3 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	6.             Commitments and Contingencies
	The Company has outstanding commitments to purchase approximately $18.6 million of revenue equipment at September 30, 2013.
	Standby letters of credit, not reflected in the accompanying consolidated financial statements, aggregated approximately $0.8 million at September 30, 2013.

Note_7_Lease_Obligations_and_L

Note 7 - Lease Obligations and Long-Term Debt	3 Months Ended
	Sep. 30, 2013
Leases [Abstract]	'
Leases of Lessee Disclosure [Text Block]	'
	7.          Lease Obligations and Long-Term Debt
	The Company leases certain revenue and service equipment under long-term lease agreements, payable in monthly installments.
	Equipment obtained under a capital lease is reflected on the Company's balance sheet as owned and the related leases mature at various dates through 2020.
	Assets held under operating leases are not recorded on the Company's balance sheet. The Company leases revenue and service equipment under non-cancellable operating leases expiring at various dates through April 2019.
	Long-Term Debt
	The Company had outstanding borrowings, excluding capital leases, of $104.6 million at September 30, 2013 compared with $28.6 million at September 30, 2012 and $78.1 million at June 30, 2013.
	Future minimum lease payments relating to capital leases and operating leases as of September 30, 2013 (in thousands):
		Capital		Operating
		Leases		Leases
	2014	$	34,130	$	4,941
	2015		74,343		20,301
	2016		12,877		2,555
	2017		12,860		2,540
	2018		27,691		2,540
	Thereafter		59,919		14,360
	Total minimum lease payments		221,820	$	47,237
	Less amounts representing interest		12,003
	Present value of minimum lease payments		209,817
	Less current maturities		30,631
	Non-current portion	$	179,186

Note_8_Fair_Value_Measurements

Note 8 - Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	8.             Fair Value Measurements
	ASC 820-10 Fair Value Measurements and Disclosure for non-recurring fair value measurements of non-financial assets and liabilities. This standard defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. This standard establishes a three-level hierarchy for fair value measurements based upon the significant inputs used to determine fair value. Observable inputs are those which are obtained from marked participants external to the Company, while unobservable inputs are generally developed internally, utilizing management’s estimates assumptions, and specific knowledge of the nature of the assets or liabilities and related markets. The three levels are defined as follows:
	Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
	Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company's assumptions about the pricing of an asset or liability.
	In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company's financial assets and liabilities (in thousands) that are required to be measured at fair value as of September 30, 2013, and June 30, 2013.
							Level 1				Level 2					Level 3
		Balance		Balance			Balance		Balance		Balance		Balance			Balance		Balance
		at		at			at		at		at		at			at		at
		September		June			September		June		September		June			September		June
		30,		30,			30,		30,		30,		30,			30,		30,
		2013		2013			2013		2013		2013		2013			2013		2013
	Foreign currency derivatives	$	95	$	(70	)	$	---	$	---	$	95	$	(70	)	$	---	$	---
	Fuel derivatives		47		45			---		---		47		45			---		---
	Our other financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and capital lease obligations. At September 30, 2013 the fair value of these instruments were approximated by their carrying values.

Note_9_Dividend

Note 9 - Dividend	3 Months Ended
	Sep. 30, 2013
Dividend [Abstract]	'
Dividend [Text Block]	'
	9.             Dividend
	On July 28, 2013, the Company declared a cash dividend of $0.02 per share of common stock. The dividend was payable to shareholders of record on October 4, 2013, and was paid on October 18, 2013. Future payment of cash dividends, and the amount of any such dividends, will depend on our financial condition, results of operations, cash requirements, tax treatment, and certain corporate law requirements, as well as other factors deemed relevant by our Board of Directors.

Note_10_Fuel_Derivatives

Note 10 - Fuel Derivatives	3 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	10.           Fuel Derivatives
	In the Company’s day to day business activities we are exposed to certain market risks, including the effects of changes in fuel prices. The Company continually reviews new ways to reduce the potentially adverse effects that the volatility of fuel markets may have on operating results.  In an effort to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, the Company has begun to enter into futures contracts.  These instruments will be heating oil futures contracts as the related index, New York Mercantile Exchange ("NYMEX"), generally exhibits high correlation with the changes in the dollars of the forecasted purchase of diesel fuel. The Company does not engage in speculative transactions, nor does it hold or issue financial instruments for trading purposes.
	We have entered into futures contracts, which pertain to 378,000 total gallons, 126,000 gallons per month for October 2013 through December 2013, approximately 4.0% of our monthly projected fuel requirements.   Under these contracts, we pay a fixed rate per gallon of heating oil and receive the monthly average price of New York heating oil per the NYMEX. The Company has done retrospective and prospective regression analyses that showed the changes in the prices of diesel fuel and heating oil were deemed to be highly effective based on the relevant authoritative guidance. Accordingly, we have designated the respective hedges as cash flow hedges.
	We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly. If our analysis shows that the derivatives are not highly effective as hedges, we will discontinue hedge accounting for the period and prospectively recognize changes in the fair value of the derivative being recognized through earnings.  As a result of our effectiveness assessment at inception and at September 30, 2013, we believe our hedge contracts have been and will continue to be highly effective in offsetting changes in cash flows attributable to the hedged risk.
	We recognize all derivative instruments at fair value on our condensed consolidated balance sheets in other assets or other accrued expenses.  The Company's derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transactions affect earnings.  The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item.  To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in other  income or expense on our consolidated condensed statements of income. The ineffective portion of the hedge for the quarter was immaterial and therefore not recognized through earnings.
	Based on the amounts in accumulated other comprehensive income as of September 30, 2013, and the expected timing of the purchases of the diesel hedged, we expect to reclassify $0.1 million of gain on derivative instruments from accumulated other comprehensive income to the statement of income, as an offset to fuel expense, due to the actual diesel fuel purchases.  The amounts actually realized will depend on the fair values as of the date of settlement.
	Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the companies with which we have these agreements. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets.  To evaluate credit risk, we review each counterparty's audited financial statements and credit ratings and obtain references. Any credit valuation adjustments deemed necessary would be reflected in the fair value of the instrument. As of September 30, 2013, we have not made any adjustments.

Note_11_Acquisitions_and_Asset

Note 11 - Acquisitions and Assets Held for Sale	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	'
	11.           Acquisitions and Equipment Held for Resale
	On August 26, 2013, we acquired certain assets and assumed certain liabilities of Houg, LLC (“Houg”) in Denver, CO. We acquired trade receivables of $2.3 million, property and equipment of $2.7 million, intangible assets of $1.0 million, other assets of $0.3 million offset by $4.4 million in debt and $1.9 million of various liabilities. The property and equipment includes tractors and trailers that we intend to operate in the short term. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Houg drivers and continue dry-van and temperature controlled services for the Houg customers.
	On August 26, 2013, we acquired certain assets and assumed certain liabilities of Land Span Motor Equipment, Inc. (“Land Span”) in Lakeland, FL for $5.4 million. We acquired property and equipment of $11.4 million, other assets of $0.1 million offset by $6.1 million in debt. The property and equipment includes tractors and trailers that we intend to operate in the short term. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Land Span drivers and continue dry-van services for the Land Span customers.
	On September 13, 2013, we acquired the stock of TCI Logistics, Inc. (“TCI”) in Kernersville, NC for $2.9 million. TCI had trade receivables of $1.8 million, property and equipment of $4.0 million, intangible assets of $1.6 million, cash and other assets of $0.6 million offset by debt of $4.0 million and $1.1 million of various liabilities. The property and equipment owned by TCI includes tractors and trailers that we intend to continue to utilize. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to continue employment of TCI drivers and continue dry-van services for the TCI customers.
	On September 16, 2013, we acquired certain assets and assumed certain liabilities of Hoss Cartage & Distribution Systems, Inc. (“Hoss”) in Ayr, Ontario, Canada for $1.0 million. We acquired property and equipment of $1.2 million, offset by $0.2 million in debt. The property and equipment includes tractors and trailers that we intend to operate in the short term. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Hoss drivers and continue dry-van services for the Hoss customers.

Note_12_Recent_Accounting_Pron

Note 12 - Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	12.           Recent Accounting Pronouncements
	In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which amends current comprehensive income guidance. The Company will be required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required that provide additional detail about those amounts. The amendment is effective prospectively for public entities in fiscal years, and interim periods within those years, beginning after December 15, 2012. The amendments do not change the existing requirements for reporting net income or other comprehensive income in financial statements and the adoption of this guidance has not had a material impact on our consolidated financial statements.

Note_13_Goodwill_and_Other_Int

Note 13 - Goodwill and Other Intangible Assets	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets Disclosure [Text Block]	'
	13.           Goodwill and Other Intangible Assets
	The acquired intangible assets relate to customer relations acquired through acquisition in fiscal 2013. There have been no additions to intangible assets in fiscal 2014. The Company did not have any amortizable intangible assets prior to fiscal 2013.
		30-Sep-13
		Gross carrying amount		Amortization period (years)		Accumulated amortization
	Amortizing intangible assets: Customer list	$	650		4	$	116
	The additions to goodwill relate to the Houg and TCI acquisitions of $1.1 million and $1.6 million respectively. The Houg related goodwill is tax deductible.
		Goodwill
		30-Jun-13		Current year additions		30-Sep-13
	Asset based	$	16,362	$	2,685	$	19,047
	Asset light	$	1,368		---	$	1,368
	Total Goodwill	$	17,730	$	2,685	$	20,415

Note_14_Reclassifications_and_

Note 14 - Reclassifications and Adjustments	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Reclassifications [Text Block]	'
	14.     Reclassifications and Adjustments
	Certain items in the prior year's consolidated financial statements have been reclassified to conform to the current presentation.

Note_2_Earnings_Per_Share_Tabl

Note 2 - Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three months ended
		September 30,
		2013		2012
	Weighted average common shares outstanding – basic		22,930		22,383
	Dilutive effect of stock options and unvested restricted stock units		732		802
	Weighted average common shares outstanding – diluted		23,662		23,185
	Net income	$	6,566	$	8,262
	Earnings per common share
	Basic	$	0.29	$	0.37
	Diluted	$	0.28	$	0.36
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
		Three months ended
		September 30,
		2013		2012
	Number of anti-dilutive shares		---		90

Note_3_Stock_Based_Compensatio1

Note 3 - Stock Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	'
		For three months ended
		September 30,
		2013		2012
	Stock compensation expense for options, net of forfeitures	$	74	$	106
	Stock compensation expense for restricted stock, net of forfeitures		471		475
	Stock compensation income for stock appreciation rights, including forfeitures		---		(44	)
	Total stock compensation expense (income)	$	545	$	537
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	Options	Option Totals		Weighted-Average
				Exercise
				Price per Share
	Outstanding at July 1, 2013		1,148,790	$	10.76
	Granted		---		---
	Exercised		100,037	$	12.81
	Forfeited or expired		1,750	$	12.79
	Outstanding at September 30, 2013		1,047,003	$	9.62
	Exercisable at September 30, 2013		989,003	$	9.73
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	'
		Number of Restricted		Weighted-Average
		Stock Awards		Grant Date Fair Value
	Unvested at July 1, 2013		355,963	$	15.75
	Granted		---		---
	Vested and Issued		---		---
	Forfeited		4,525	$	12.4
	Outstanding at September 30, 2013		351,438	$	15.79

Note_4_Segment_Information_Tab

Note 4 - Segment Information (Tables)	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Operating Revenues
		Three Months Ended
		September 30,
		2013		2012
	Asset-Based	$	162,621	$	142,435
	Asset-light-Based		12,481		10,862
	Total	$	175,102	$	153,297
		Operating Income
		Three Months Ended
		September 30,
		2013		2012
	Asset-Based	$	10,376	$	14,309
	Asset-light-Based		1,155		830
	Total	$	11,532	$	15,139
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	'
		Operating Revenue
		Three Months Ended
		September 30,
		2013		2012
	United States	$	146,205	$	134,131
	Canada		21,087		10,903
	Mexico		7,810		8,263
	Consolidated	$	175,102	$	153,297

Note_7_Lease_Obligations_and_L1

Note 7 - Lease Obligations and Long-Term Debt (Tables)	3 Months Ended
	Sep. 30, 2013
Leases [Abstract]	'
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	'
		Capital		Operating
		Leases		Leases
	2014	$	34,130	$	4,941
	2015		74,343		20,301
	2016		12,877		2,555
	2017		12,860		2,540
	2018		27,691		2,540
	Thereafter		59,919		14,360
	Total minimum lease payments		221,820	$	47,237
	Less amounts representing interest		12,003
	Present value of minimum lease payments		209,817
	Less current maturities		30,631
	Non-current portion	$	179,186

Note_8_Fair_Value_Measurements1

Note 8 - Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
							Level 1				Level 2					Level 3
		Balance		Balance			Balance		Balance		Balance		Balance			Balance		Balance
		at		at			at		at		at		at			at		at
		September		June			September		June		September		June			September		June
		30,		30,			30,		30,		30,		30,			30,		30,
		2013		2013			2013		2013		2013		2013			2013		2013
	Foreign currency derivatives	$	95	$	(70	)	$	---	$	---	$	95	$	(70	)	$	---	$	---
	Fuel derivatives		47		45			---		---		47		45			---		---

Note_13_Goodwill_and_Other_Int1

Note 13 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	'
		30-Sep-13
		Gross carrying amount		Amortization period (years)		Accumulated amortization
	Amortizing intangible assets: Customer list	$	650		4	$	116
Schedule of Goodwill [Table Text Block]	'
		Goodwill
		30-Jun-13		Current year additions		30-Sep-13
	Asset based	$	16,362	$	2,685	$	19,047
	Asset light	$	1,368		---	$	1,368
	Total Goodwill	$	17,730	$	2,685	$	20,415

Note_2_Earnings_Per_Share_Deta

Note 2 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Earnings Per Share (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Reconciliation of Basic and Diluted Earnings Per Share [Abstract]	'	'
Weighted average common shares outstanding b basic	22,930	22,383
Dilutive effect of stock options and unvested restricted stock units	732	802
Weighted average common shares outstanding b diluted	23,662	23,185
Net income (in Dollars)	$6,566	$8,262
Basic (in Dollars per share)	$0.29	$0.37
Diluted (in Dollars per share)	$0.28	$0.36

Note_2_Earnings_Per_Share_Deta1

Note 2 - Earnings Per Share (Details) - Antidilutive Securities	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012
Antidilutive Securities [Abstract]	'
Number of anti-dilutive shares	90

Note_3_Stock_Based_Compensatio2

Note 3 - Stock Based Compensation (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)	0.2
Stock Appreciation Rights Outstanding (in Shares)	143,156
Grant Date Fair Value of Stock Appreciation Rights (in Dollars per share)	8.64
2006 Omnibus Incentive Plan [Member] | Weighted-Average Period [Member]	'
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'219 days
2006 Omnibus Incentive Plan [Member] | Total Period [Member]	'
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'1 year 6 months
Restricted Stock [Member]	'
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars)	4
Restricted Stock [Member] | Weighted-Average Period [Member]	'
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'2 years 146 days
Restricted Stock [Member] | Total Period [Member]	'
Note 3 - Stock Based Compensation (Details) [Line Items]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term	'3 years 109 days

Note_3_Stock_Based_Compensatio3

Note 3 - Stock Based Compensation (Details) - Components of Share Based Compensation Expense (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock Compensation Expense	$545	$537
Employee Stock Option [Member]	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock Compensation Expense	74	106
Restricted Stock [Member]	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock Compensation Expense	471	475
Stock Appreciation Rights (SARs) [Member]	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock Compensation Expense	'	($44)

Note_3_Stock_Based_Compensatio4

Note 3 - Stock Based Compensation (Details) - Summary of the Award Activity of the Stock Option Plans (USD $)	3 Months Ended
	Sep. 30, 2013
Summary of the Award Activity of the Stock Option Plans [Abstract]	'
Outstanding at July 1, 2013	1,148,790
Outstanding at July 1, 2013 (in Dollars per share)	$10.76
Outstanding at September 30, 2013	1,047,003
Outstanding at September 30, 2013 (in Dollars per share)	$9.62
Exercisable at September 30, 2013	989,003
Exercisable at September 30, 2013 (in Dollars per share)	$9.73
Exercised	100,037
Exercised (in Dollars per share)	$12.81
Forfeited or expired	1,750
Forfeited or expired (in Dollars per share)	$12.79

Note_3_Stock_Based_Compensatio5

Note 3 - Stock Based Compensation (Details) - Summary of the Restricted Stock Award Activity (Restricted Stock [Member], USD $)	3 Months Ended
	Sep. 30, 2013
Restricted Stock [Member]	'
Note 3 - Stock Based Compensation (Details) - Summary of the Restricted Stock Award Activity [Line Items]	'
Unvested at July 1, 2013	355,963
Unvested at July 1, 2013 (in Dollars per share)	$15.75
Outstanding at September 30, 2013	351,438
Outstanding at September 30, 2013 (in Dollars per share)	$15.79
Forfeited	4,525
Forfeited (in Dollars per share)	$12.40

Note_4_Segment_Information_Det

Note 4 - Segment Information (Details)	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Number of Reportable Segments	2

Note_4_Segment_Information_Det1

Note 4 - Segment Information (Details) - Segment Reporting Information (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]	'	'
Operating Revenues	$175,102	$153,297
Operating Income	11,532	15,139
Asset Based [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Operating Revenues	162,621	142,435
Operating Income	10,376	14,309
Asset-light Based [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Operating Revenues	12,481	10,862
Operating Income	$1,155	$830

Note_4_Segment_Information_Det2

Note 4 - Segment Information (Details) - Operating Revenue by Geographic Area (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Operating Revenues	$175,102	$153,297
United States [Member]	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Operating Revenues	146,205	134,131
Canada [Member]	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Operating Revenues	21,087	10,903
Mexico [Member]	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Operating Revenues	$7,810	$8,263

Note_5_Income_Taxes_Details

Note 5 - Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]	'	'
Effective Income Tax Rate Reconciliation, Percent	37.80%	39.30%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued (in Dollars)	$0.50	'

Note_6_Commitments_and_Conting1

Note 6 - Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
Purchase Commitment, Remaining Minimum Amount Committed	$18.60
Letters of Credit Outstanding, Amount	$0.80

Note_7_Lease_Obligations_and_L2

Note 7 - Lease Obligations and Long-Term Debt (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
Leases [Abstract]	'	'	'
Long-term Debt, Excluding Current Maturities	$104,591	$78,137	$28,600

Note_7_Lease_Obligations_and_L3

Note 7 - Lease Obligations and Long-Term Debt (Details) - Future Minimum Leases Payments (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Future Minimum Leases Payments [Abstract]	'	'
2014	$34,130	'
2014	4,941	'
2015	74,343	'
2015	20,301	'
2016	12,877	'
2016	2,555	'
2017	12,860	'
2017	2,540	'
2018	27,691	'
2018	2,540	'
Thereafter	59,919	'
Thereafter	14,360	'
Total minimum lease payments	221,820	'
Total minimum lease payments	47,237	'
Less amounts representing interest	12,003	'
Present value of minimum lease payments	209,817	'
Less current maturities	30,631	25,669
Non-current portion	$179,186	$190,625

Note_8_Fair_Value_Measurements2

Note 8 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities (USD $)	Sep. 30, 2012	Jun. 30, 2012
In Thousands, unless otherwise specified
Note 8 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities [Line Items]	'	'
Foreign currency derivatives	$95	($70)
Fuel derivatives	47	45
Fair Value, Inputs, Level 2 [Member]	'	'
Note 8 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities [Line Items]	'	'
Foreign currency derivatives	95	-70
Fuel derivatives	$47	$45

Note_9_Dividend_Details

Note 9 - Dividend (Details) (USD $)	1 Months Ended
	Jul. 28, 2013
Dividend [Abstract]	'
Common Stock, Dividends, Per Share, Declared	$0.02

Note_10_Fuel_Derivatives_Detai

Note 10 - Fuel Derivatives (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Number of Gallons of Fuel Covered by Futures Contracts	378,000	'
Number of Gallons of Fuel Per Month Covered by Futures Contracts	126,000	'
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (in Dollars)	'	$0.10

Note_11_Acquisitions_and_Asset1

Note 11 - Acquisitions and Assets Held for Sale (Details) (USD $)	Aug. 26, 2013	Aug. 26, 2013	Sep. 13, 2013	Sep. 16, 2013
In Millions, unless otherwise specified	Houg [Member]	Land Span [Member]	TCI [Member]	Hoss [Member]
Note 11 - Acquisitions and Assets Held for Sale (Details) [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$2.30	'	$1.80	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	2.7	11.4	4	1.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	1	'	1.6	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0.3	0.1	0.6	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	4.4	6.1	4	0.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	1.9	'	1.1	'
Payments to Acquire Businesses, Gross	'	$5.40	$2.90	$1

Note_13_Goodwill_and_Other_Int2

Note 13 - Goodwill and Other Intangible Assets (Details) (USD $)	Aug. 26, 2013	Aug. 26, 2013	Sep. 13, 2013	Sep. 13, 2013
In Millions, unless otherwise specified	Houg [Member]	Houg [Member]	TCI [Member]	TCI [Member]
	Goodwill [Member]		Goodwill [Member]
Note 13 - Goodwill and Other Intangible Assets (Details) [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$1.10	$1	$1.60	$1.60

Note_13_Goodwill_and_Other_Int3

Note 13 - Goodwill and Other Intangible Assets (Details) - Acquired Intangible Assets (Customer Lists [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Customer Lists [Member]	'
Acquired Finite-Lived Intangible Assets [Line Items]	'
Amortizing intangible assets: Customer list	$650
Amortizing intangible assets: Customer list	'4 years
Amortizing intangible assets: Customer list	$116

Note_13_Goodwill_and_Other_Int4

Note 13 - Goodwill and Other Intangible Assets (Details) - Additions to Goodwill (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013
Goodwill [Line Items]	'	'
Goodwill	$20,415	$17,730
Current year additions	2,685	'
Asset Based [Member]	'	'
Goodwill [Line Items]	'	'
Goodwill	19,047	16,362
Current year additions	2,685	'
Asset-light Based [Member]	'	'
Goodwill [Line Items]	'	'
Goodwill	$1,368	$1,368