Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Jan. 26, 2014 | |
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 | ' | 23,282,773 |
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 | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUE: | ' | ' | ' | ' |
Freight revenue | $157,241 | $116,794 | $299,197 | $238,910 |
Fuel surcharge revenue | 36,354 | 31,318 | 69,500 | 62,499 |
Total revenue | 193,595 | 148,112 | 368,697 | 301,409 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries, wages, and employee benefits | 53,905 | 41,639 | 100,558 | 82,040 |
Fuel | 43,679 | 36,422 | 80,522 | 73,875 |
Purchased transportation | 45,599 | 28,638 | 87,343 | 56,975 |
Revenue equipment rentals | 1,577 | 1,653 | 3,229 | 3,650 |
Operations and maintenance | 11,652 | 7,713 | 22,925 | 15,779 |
Insurance and claims | 4,595 | 3,988 | 8,735 | 7,489 |
Depreciation and amortization | 15,921 | 9,534 | 30,849 | 22,208 |
Communications and utilities | 1,475 | 1,349 | 2,839 | 2,641 |
Operating taxes and licenses | 3,293 | 2,509 | 6,125 | 5,097 |
General and other operating | 2,956 | 2,076 | 5,098 | 3,924 |
Total operating expenses | 184,652 | 135,521 | 348,223 | 273,678 |
Operating income | 8,943 | 12,591 | 20,474 | 27,731 |
Interest expense | 1,263 | 1,172 | 2,487 | 2,663 |
Interest income | -4 | ' | -4 | ' |
Other income | -159 | -316 | -400 | -279 |
Income before income taxes | 7,843 | 11,735 | 18,391 | 25,347 |
Income tax expense | 2,717 | 4,355 | 6,699 | 9,706 |
Net income | $5,126 | $7,380 | $11,692 | $15,641 |
Income per common share: | ' | ' | ' | ' |
Diluted (in Dollars per share) | $0.22 | $0.32 | $0.49 | $0.67 |
Basic (in Dollars per share) | $0.22 | $0.33 | $0.51 | $0.70 |
Diluted weighted average shares outstanding (in Shares) | 23,679 | 23,248 | 23,671 | 23,214 |
Basic weighted average shares outstanding (in Shares) | 22,995 | 22,587 | 22,963 | 22,485 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $5,126 | $7,380 | $11,692 | $15,641 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on fuel derivative instruments, net of tax | -47 | -309 | -45 | 278 |
Unrealized gain (loss) on currency derivative instruments, net of tax | -20 | -27 | 145 | 97 |
Foreign currency translation adjustments, net of tax | -1,458 | -315 | -1,011 | 1,194 |
Total other comprehensive income (loss) | -1,525 | -651 | -911 | 1,569 |
Comprehensive income | $3,601 | $6,729 | $10,781 | $17,210 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,196 | $1,315 |
Trade receivables, net of allowance for doubtful accounts of $853 and $919 at December 31, 2013 and June 30, 2013, respectively | 93,227 | 77,623 |
Prepaid expenses and other current assets | 31,958 | 13,434 |
Tires in service | 1,434 | 1,245 |
Equipment for resale | 6,701 | 9,923 |
Income tax receivable | ' | 9,506 |
Deferred income taxes | 4,085 | 4,342 |
Total current assets | 152,601 | 117,388 |
Property and equipment | 675,985 | 612,236 |
Less accumulated depreciation and amortization | 132,100 | 115,366 |
Net property and equipment | 543,885 | 496,870 |
Tires in service | 2,098 | 1,785 |
Goodwill | 23,686 | 17,730 |
Investment in joint venture | 3,972 | 4,604 |
Other assets | 3,878 | 2,785 |
Total assets | 730,120 | 641,162 |
Current liabilities: | ' | ' |
Accounts payable | 8,166 | 10,401 |
Accrued salaries and benefits | 12,038 | 11,197 |
Accrued insurance and claims | 11,600 | 10,092 |
Accrued fuel expense | 9,158 | 7,461 |
Other accrued expenses | 31,274 | 20,070 |
Income taxes payable | 2,203 | ' |
Current maturities of capital lease obligations | 48,300 | 25,669 |
Total current liabilities | 122,739 | 84,890 |
Long-term debt | 151,908 | 78,137 |
Capital lease obligations, net of current maturities | 154,927 | 190,625 |
Deferred income taxes | 62,613 | 61,821 |
Stockholders' equity: | ' | ' |
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 23,827 and 23,887 shares at December 31, 2013 and June 30, 2013, respectively | 786 | 788 |
Treasury stock at cost; 537 and 696 shares at December 31, 2013 and June 30, 2013, respectively | -3,711 | -4,811 |
Additional paid-in capital | 105,029 | 103,749 |
Retained earnings | 142,001 | 131,224 |
Accumulated other comprehensive loss | -6,172 | -5,261 |
Total stockholders' equity | 237,933 | 225,689 |
Total liabilities and stockholders' equity | $730,120 | $641,162 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts (in Dollars) | $853 | $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 | 23,827 | 23,887 |
Common stock, shares outstanding | 23,827 | 23,887 |
Treasury stock at cost; shares | 537 | 696 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $11,692 | $15,641 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 32,829 | 28,197 |
Gain on sale of equipment | -1,920 | -5,883 |
Stock based compensation | 1,053 | 2,817 |
Deferred income taxes | -1,985 | 5,971 |
Provision for doubtful accounts | ' | 2 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | -7,953 | 7,573 |
Income taxes | 11,361 | -2,188 |
Tires in service | -501 | 2,369 |
Prepaid expenses and other current assets | -9,936 | -2,395 |
Other assets | 31 | -2,373 |
Accounts payable and accrued expenses | 2,253 | -2,063 |
Net cash provided by operating activities | 36,924 | 47,668 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -44,766 | -90,924 |
Proceeds on sale of property and equipment | 23,338 | 69,669 |
Purchase of businesses, net of cash | -40,745 | -32,578 |
Net cash used in investing activities | -62,173 | -53,833 |
Cash flows from financing activities: | ' | ' |
Proceeds from bank borrowings and debt | 182,640 | 216,580 |
Payments on bank borrowings and debt | -130,949 | -187,235 |
Dividends paid | -915 | -895 |
Principal payments under capital lease obligations | -13,067 | -48,386 |
Proceeds from issuance of stock | 1,325 | 215 |
Net cash provided by (used in) financing activities | 39,034 | -19,721 |
Effect of exchange rates on cash and cash equivalents | 96 | 334 |
Increase (Decrease) in cash and cash equivalents | 13,881 | -25,552 |
Cash and cash equivalents at beginning of period | 1,315 | 33,646 |
Cash and cash equivalents at end of period | 15,196 | 8,094 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 2,487 | 2,664 |
Income taxes paid | 1,646 | 5,596 |
Lease obligation incurred in the purchase of equipment | ' | $26,415 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Dec. 31, 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,” or 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 condensed consolidated unaudited 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 fiscal year ended June 30, 2013. | |
The preparation of the financial statements in conformity with 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 | 6 Months Ended | ||||||||||||||||
Dec. 31, 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 | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding – basic | 22,995 | 22,587 | 22,963 | 22,485 | |||||||||||||
Dilutive effect of stock options and unvested restricted stock units | 684 | 661 | 708 | 729 | |||||||||||||
Weighted average common shares outstanding – diluted | 23,679 | 23,248 | 23,671 | 23,214 | |||||||||||||
Net income | $ | 5,126 | $ | 7,380 | $ | 11,692 | $ | 15,641 | |||||||||
Earnings per common share | |||||||||||||||||
Diluted | $ | 0.22 | $ | 0.32 | $ | 0.49 | $ | 0.67 | |||||||||
Basic | $ | 0.22 | $ | 0.33 | $ | 0.51 | $ | 0.7 | |||||||||
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 | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of anti-dilutive shares | -- | 74 | -- | 81 | |||||||||||||
Note_3_Stock_Based_Compensatio
Note 3 - Stock Based Compensation | 6 Months Ended | ||||||||||||||||
Dec. 31, 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 share based compensation program expense (in thousands): | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock compensation expense for options, net of forfeitures | $ | 49 | $ | 208 | $ | 123 | $ | 314 | |||||||||
Stock compensation for restricted stock, net of forfeitures | 460 | 2,032 | 930 | 2,507 | |||||||||||||
Stock compensation (income) expense for stock appreciation rights, net of forfeitures | --- | 40 | --- | (4 | ) | ||||||||||||
Total stock compensation expense | $ | 509 | $ | 2,280 | $ | 1,053 | $ | 2,817 | |||||||||
As of December 31, 2013, we have approximately $0.1 million of unrecognized compensation cost related to unvested options granted under our 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). This cost is expected to be recognized over a weighted-average period of 0.5 years and a total period of 1.3 years. | |||||||||||||||||
A summary of the award activity of our stock option plans as of December 31, 2013, and changes during the 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 | (102,537 | ) | $ | 12.71 | |||||||||||||
Forfeited or expired | (5,500 | ) | $ | 13.88 | |||||||||||||
Outstanding at December 31, 2013 | 1,040,753 | $ | 10.62 | ||||||||||||||
Exercisable at December 31, 2013 | 986,503 | $ | 10.48 | ||||||||||||||
We also have approximately $3.6 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.3 years and a total period of 3.1 years. A summary of the restricted stock award activity under the 2006 Plan as of December 31, 2013, and changes during the six-month period 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 | (53,783 | ) | $ | 13.77 | |||||||||||||
Forfeited | (6,050 | ) | $ | 12.61 | |||||||||||||
Unvested at December 31, 2013 | 296,130 | $ | 16.17 | ||||||||||||||
The fair value of each restricted stock award is based on the closing market price on the date of grant. |
Note_4_Segment_Information
Note 4 - Segment Information | 6 Months Ended | ||||||||||||||||
Dec. 31, 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 | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Asset-based | $ | 181,043 | $ | 137,435 | $ | 343,664 | $ | 279,870 | |||||||||
Asset-light | 12,552 | 10,677 | 25,033 | 21,539 | |||||||||||||
Total | $ | 193,595 | $ | 148,112 | $ | 368,697 | $ | 301,409 | |||||||||
Operating Income | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Asset-based | $ | 8,143 | $ | 11,482 | $ | 18,519 | $ | 25,791 | |||||||||
Asset-light | 800 | 1,109 | 1,955 | 1,940 | |||||||||||||
Total | $ | 8,943 | $ | 12,591 | $ | 20,474 | $ | 27,731 | |||||||||
Information as to our operating revenue by geographic area is summarized below (in thousands). We allocate operating revenue based on country of origin of the tractor hauling the freight: | |||||||||||||||||
Operating Revenues | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 154,218 | $ | 129,770 | $ | 300,423 | $ | 263,901 | |||||||||
Canada | 31,241 | 10,907 | 52,328 | 21,810 | |||||||||||||
Mexico | 8,136 | 7,435 | 15,946 | 15,698 | |||||||||||||
Consolidated | $ | 193,595 | $ | 148,112 | $ | 368,697 | $ | 301,409 | |||||||||
Note_5_Income_Taxes
Note 5 - Income Taxes | 6 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
5. Income Taxes | |
During the three months ended December 31, 2013 and 2012, our effective tax rates were 34.6% and 37.1%, respectively. During the six months ended December 31, 2013 and 2012, our effective tax rates were 36.4% and 38.3%, respectively. 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 decreases, the impact of the driver per diem program on our effective tax rate increases because aggregate per diem pay becomes larger 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. | |
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 2010 through 2013 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 December 31, 2013, we 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 | 6 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
6. Commitments and Contingencies | |
The Company has outstanding commitments to purchase approximately $9.3 million of revenue equipment at December 31, 2013. | |
Standby letters of credit, not reflected in the accompanying consolidated financial statements, aggregated approximately $0.8 million at December 31, 2013. |
Note_7_Lease_Obligations_and_L
Note 7 - Lease Obligations and Long-Term Debt | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||
7. Lease Obligations andLong-Term Debt | |||||||||
We lease certain revenue and service equipment under long-term lease agreements, payable in monthly installments. | |||||||||
Equipment obtained under a capital lease is reflected on our balance sheet as owned and the related leases mature at various dates through 2020. | |||||||||
Assets held under operating leases are not recorded on the balance sheet. We lease revenue and service equipment under non-cancellable operating leases expiring at various dates through 2019. | |||||||||
Long-Term Debt | |||||||||
We had outstanding borrowings, excluding capital leases, of $151.9 million at December 31, 2013 compared to $29.3 million outstanding borrowings at June 30, 2013 | |||||||||
Future minimum lease payments relating to capital leases and operating leases as of December 31, 2013 (in thousands): | |||||||||
Capital | Operating | ||||||||
Leases | Leases | ||||||||
2014 | $ | 51,613 | $ | 10,044 | |||||
2015 | 52,600 | 14,830 | |||||||
2016 | 12,874 | 2,546 | |||||||
2017 | 12,857 | 2,540 | |||||||
2018 | 33,825 | 10,214 | |||||||
Thereafter | 50,537 | 5,416 | |||||||
Total minimum lease payments | 214,306 | $ | 45,590 | ||||||
Less amounts representing interest | 11,079 | ||||||||
Present value of minimum lease payments | 203,227 | ||||||||
Less current maturities | 48,300 | ||||||||
Non-current portion | $ | 154,927 | |||||||
Note_8_Fair_Value_Measurements
Note 8 - Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||||||
8. Fair Value Measurements | |||||||||||||||||||||||||||||||||
ASC 820-10 Fair Value Measurements and Disclosure 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 market participants external to us 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 we have 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 our 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 our financial assets and liabilities that are required to be measured at fair value as of December 31, 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 | ||||||||||||||||||||||||||
December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Foreign currency derivatives | $ | 75 | $ | (70 | ) | --- | --- | $ | 75 | $ | (70 | ) | --- | --- | |||||||||||||||||||
Fuel derivatives | --- | 45 | --- | --- | --- | 45 | --- | --- | |||||||||||||||||||||||||
Note_9_Dividend
Note 9 - Dividend | 6 Months Ended |
Dec. 31, 2013 | |
Dividend [Abstract] | ' |
Dividend [Text Block] | ' |
9. Dividend | |
On October 24, 2013, we declared a cash dividend of $0.02 per share of common stock. The dividend was payable to shareholders of record on January 6, 2014 and was paid on January 17, 2014. 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 | 6 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' |
10. Fuel Derivatives | |
In our day to day business activities we are exposed to certain market risks, including the effects of changes in fuel prices. We continually review 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, we 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. We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes. | |
As of December 31, 2013, we had no future contracts pertaining to heating oil outstanding. Previously under such contracts, we would pay a fixed rate per gallon of heating oil and receive the monthly average price of New York heating oil per the NYMEX. We previously had 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 had designated the respective hedges as cash flow hedges. | |
We performed both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly. If our analysis had shown that the derivatives were not highly effective as hedges, we would have discontinued hedge accounting for the period and prospectively recognized changes in the fair value of the derivative through earnings. | |
We recognized all derivative instruments at fair value on our consolidated condensed balance sheets in other assets or other accrued expenses. Our derivative instruments were designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative was reported as a component of accumulated other comprehensive income and was reclassified into earnings in the same period during which the hedged transactions affected earnings. |
Note_11_Acquisitions_and_Asset
Note 11 - Acquisitions and Assets Held for Sale | 6 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
11. Acquisitions and Assets Held for Sale | |
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. Additionally on November 13, 2013 we purchased land and building from Hoss for $1.8 million. | |
On November 1, 2013, we acquired the stock of Osborn Transportation, Inc. (“Osborn”) in Gadsden, AL for $21.0 million. Osborn had cash of $4.9 million, trade receivables of $3.9 million, prepaid expenses of $3.0 million, property and equipment of $11.2 million, intangible assets of $3.1 million, and other assets of $1.1 million offset by debt of $2.0 million, deferred taxes of $2.6 million, and $1.6 million of various liabilities. The property and equipment owned by Osborn 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 Osborn drivers and continue dry-van services for the Osborn customers. | |
On November 15, 2013, we acquired certain assets and assumed certain liability of N. Yanke Transfer Ltd. (“Yanke”) in Saskatchewan, Canada for $17.9 million. We acquired property and equipment of $22.1 million, $0.2 million in parts inventory, paid $0.9 million in Canadian Goods and Services Tax (GST). Additionally, we assumed and subsequently paid off $5.3 million in debt related to the equipment. The property and equipment includes tractors, trailers, containers, and chassis 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 Yanke drivers and continue dry-van services for the Yanke customers. | |
The recorded amounts of assets acquired in the above transactions are subject to change upon the finalization of our determination of acquisition date fair values. Equipment held for resale is not being depreciated. |
Note_12_Recent_Accounting_Pron
Note 12 - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 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 | 6 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
31-Dec-13 | |||||||||||||
Gross carrying amount | Amortization period (years) | Accumulated amortization | |||||||||||
Amortizing intangible assets: Customer list | $ | 494 | 4 | $ | 156 | ||||||||
The additions to goodwill relate to the Houg, TCI, Osborn acquisitions of $1.0 million, $1.6 million, and $3.1 million respectively. The Houg related goodwill is tax deductible. | |||||||||||||
Goodwill | |||||||||||||
30-Jun-13 | Current year additions | 31-Dec-13 | |||||||||||
Asset based | $ | 16,362 | $ | 5,956 | $ | 22,318 | |||||||
Asset light | $ | 1,368 | --- | $ | 1,368 | ||||||||
Total Goodwill | $ | 17,730 | $ | 5,956 | $ | 23,686 | |||||||
Note_14_Reclassifications_and_
Note 14 - Reclassifications and Adjustments | 6 Months Ended |
Dec. 31, 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) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average common shares outstanding – basic | 22,995 | 22,587 | 22,963 | 22,485 | |||||||||||||
Dilutive effect of stock options and unvested restricted stock units | 684 | 661 | 708 | 729 | |||||||||||||
Weighted average common shares outstanding – diluted | 23,679 | 23,248 | 23,671 | 23,214 | |||||||||||||
Net income | $ | 5,126 | $ | 7,380 | $ | 11,692 | $ | 15,641 | |||||||||
Earnings per common share | |||||||||||||||||
Diluted | $ | 0.22 | $ | 0.32 | $ | 0.49 | $ | 0.67 | |||||||||
Basic | $ | 0.22 | $ | 0.33 | $ | 0.51 | $ | 0.7 | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of anti-dilutive shares | -- | 74 | -- | 81 |
Note_3_Stock_Based_Compensatio1
Note 3 - Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 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] | ' | ||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Stock compensation expense for options, net of forfeitures | $ | 49 | $ | 208 | $ | 123 | $ | 314 | |||||||||
Stock compensation for restricted stock, net of forfeitures | 460 | 2,032 | 930 | 2,507 | |||||||||||||
Stock compensation (income) expense for stock appreciation rights, net of forfeitures | --- | 40 | --- | (4 | ) | ||||||||||||
Total stock compensation expense | $ | 509 | $ | 2,280 | $ | 1,053 | $ | 2,817 | |||||||||
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 | (102,537 | ) | $ | 12.71 | |||||||||||||
Forfeited or expired | (5,500 | ) | $ | 13.88 | |||||||||||||
Outstanding at December 31, 2013 | 1,040,753 | $ | 10.62 | ||||||||||||||
Exercisable at December 31, 2013 | 986,503 | $ | 10.48 | ||||||||||||||
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 | (53,783 | ) | $ | 13.77 | |||||||||||||
Forfeited | (6,050 | ) | $ | 12.61 | |||||||||||||
Unvested at December 31, 2013 | 296,130 | $ | 16.17 |
Note_4_Segment_Information_Tab
Note 4 - Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Operating Revenues | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Asset-based | $ | 181,043 | $ | 137,435 | $ | 343,664 | $ | 279,870 | |||||||||
Asset-light | 12,552 | 10,677 | 25,033 | 21,539 | |||||||||||||
Total | $ | 193,595 | $ | 148,112 | $ | 368,697 | $ | 301,409 | |||||||||
Operating Income | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Asset-based | $ | 8,143 | $ | 11,482 | $ | 18,519 | $ | 25,791 | |||||||||
Asset-light | 800 | 1,109 | 1,955 | 1,940 | |||||||||||||
Total | $ | 8,943 | $ | 12,591 | $ | 20,474 | $ | 27,731 | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
Operating Revenues | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
United States | $ | 154,218 | $ | 129,770 | $ | 300,423 | $ | 263,901 | |||||||||
Canada | 31,241 | 10,907 | 52,328 | 21,810 | |||||||||||||
Mexico | 8,136 | 7,435 | 15,946 | 15,698 | |||||||||||||
Consolidated | $ | 193,595 | $ | 148,112 | $ | 368,697 | $ | 301,409 |
Note_7_Lease_Obligations_and_L1
Note 7 - Lease Obligations and Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||
Capital | Operating | ||||||||
Leases | Leases | ||||||||
2014 | $ | 51,613 | $ | 10,044 | |||||
2015 | 52,600 | 14,830 | |||||||
2016 | 12,874 | 2,546 | |||||||
2017 | 12,857 | 2,540 | |||||||
2018 | 33,825 | 10,214 | |||||||
Thereafter | 50,537 | 5,416 | |||||||
Total minimum lease payments | 214,306 | $ | 45,590 | ||||||
Less amounts representing interest | 11,079 | ||||||||
Present value of minimum lease payments | 203,227 | ||||||||
Less current maturities | 48,300 | ||||||||
Non-current portion | $ | 154,927 |
Note_8_Fair_Value_Measurements1
Note 8 - Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 | ||||||||||||||||||||||||||
December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | ||||||||||||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Foreign currency derivatives | $ | 75 | $ | (70 | ) | --- | --- | $ | 75 | $ | (70 | ) | --- | --- | |||||||||||||||||||
Fuel derivatives | --- | 45 | --- | --- | --- | 45 | --- | --- |
Note_13_Goodwill_and_Other_Int1
Note 13 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||
31-Dec-13 | |||||||||||||
Gross carrying amount | Amortization period (years) | Accumulated amortization | |||||||||||
Amortizing intangible assets: Customer list | $ | 494 | 4 | $ | 156 | ||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
Goodwill | |||||||||||||
30-Jun-13 | Current year additions | 31-Dec-13 | |||||||||||
Asset based | $ | 16,362 | $ | 5,956 | $ | 22,318 | |||||||
Asset light | $ | 1,368 | --- | $ | 1,368 | ||||||||
Total Goodwill | $ | 17,730 | $ | 5,956 | $ | 23,686 |
Note_2_Earnings_Per_Share_Deta
Note 2 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding b basic | 22,995 | 22,587 | 22,963 | 22,485 |
Dilutive effect of stock options and unvested restricted stock units | 684 | 661 | 708 | 729 |
Weighted average common shares outstanding b diluted | 23,679 | 23,248 | 23,671 | 23,214 |
Net income (in Dollars) | $5,126 | $7,380 | $11,692 | $15,641 |
Diluted (in Dollars per share) | $0.22 | $0.32 | $0.49 | $0.67 |
Basic (in Dollars per share) | $0.22 | $0.33 | $0.51 | $0.70 |
Note_2_Earnings_Per_Share_Deta1
Note 2 - Earnings Per Share (Details) - Antidilutive Securities | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 |
Antidilutive Securities [Abstract] | ' | ' |
Number of anti-dilutive shares | 74 | 81 |
Note_3_Stock_Based_Compensatio2
Note 3 - Stock Based Compensation (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Note 3 - Stock Based Compensation (Details) [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 0.1 |
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 | '6 months |
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 109 days |
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) | 3.6 |
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 109 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 36 days |
Note_3_Stock_Based_Compensatio3
Note 3 - Stock Based Compensation (Details) - Components of Share Based Compensation Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Compensation Expense | $509 | $2,280 | $1,053 | $2,817 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Compensation Expense | 49 | 208 | 123 | 314 |
Restricted Stock [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Compensation Expense | 460 | 2,032 | 930 | 2,507 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock Compensation Expense | ' | $40 | ' | ($4) |
Note_3_Stock_Based_Compensatio4
Note 3 - Stock Based Compensation (Details) - Summary of the Award Activity of the Stock Option Plans (USD $) | 6 Months Ended |
Dec. 31, 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 |
Exercised | -102,537 |
Exercised (in Dollars per share) | $12.71 |
Forfeited or expired | -5,500 |
Forfeited or expired (in Dollars per share) | $13.88 |
Outstanding at December 31, 2013 | 1,040,753 |
Outstanding at December 31, 2013 (in Dollars per share) | $10.62 |
Exercisable at December 31, 2013 | 986,503 |
Exercisable at December 31, 2013 (in Dollars per share) | $10.48 |
Note_3_Stock_Based_Compensatio5
Note 3 - Stock Based Compensation (Details) - Summary of the Restricted Stock Award Activity (Restricted Stock [Member], USD $) | 6 Months Ended |
Dec. 31, 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 |
Vested | -53,783 |
Vested (in Dollars per share) | $13.77 |
Forfeited | -6,050 |
Forfeited (in Dollars per share) | $12.61 |
Unvested at December 31, 2013 | 296,130 |
Unvested at December 31, 2013 (in Dollars per share) | $16.17 |
Note_4_Segment_Information_Det
Note 4 - Segment Information (Details) | 6 Months Ended |
Dec. 31, 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenues | $193,595 | $148,112 | $368,697 | $301,409 |
Operating Income | 8,943 | 12,591 | 20,474 | 27,731 |
Asset Based [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenues | 181,043 | 137,435 | 343,664 | 279,870 |
Operating Income | 8,143 | 11,482 | 18,519 | 25,791 |
Asset-light Based [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Revenues | 12,552 | 10,677 | 25,033 | 21,539 |
Operating Income | $800 | $1,109 | $1,955 | $1,940 |
Note_4_Segment_Information_Det2
Note 4 - Segment Information (Details) - Operating Revenue by Geographic Area (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Operating Revenues | $193,595 | $148,112 | $368,697 | $301,409 |
United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Operating Revenues | 154,218 | 129,770 | 300,423 | 263,901 |
Canada [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Operating Revenues | 31,241 | 10,907 | 52,328 | 21,810 |
Mexico [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Operating Revenues | $8,136 | $7,435 | $15,946 | $15,698 |
Note_5_Income_Taxes_Details
Note 5 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 34.60% | 37.10% | 36.40% | 38.30% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued (in Dollars) | $0.50 | ' | $0.50 | ' |
Note_6_Commitments_and_Conting1
Note 6 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Purchase Commitment, Remaining Minimum Amount Committed | $9.30 |
Letters of Credit Outstanding, Amount | $0.80 |
Note_7_Lease_Obligations_and_L2
Note 7 - Lease Obligations and Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Leases [Abstract] | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | $151,908 | $78,137 | $29,300 |
Note_7_Lease_Obligations_and_L3
Note 7 - Lease Obligations and Long-Term Debt (Details) - Future Minimum Leases Payments (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Future Minimum Leases Payments [Abstract] | ' | ' |
2014 | $51,613 | ' |
2014 | 10,044 | ' |
2015 | 52,600 | ' |
2015 | 14,830 | ' |
2016 | 12,874 | ' |
2016 | 2,546 | ' |
2017 | 12,857 | ' |
2017 | 2,540 | ' |
2018 | 33,825 | ' |
2018 | 10,214 | ' |
Thereafter | 50,537 | ' |
Thereafter | 5,416 | ' |
Total minimum lease payments | 214,306 | ' |
Total minimum lease payments | 45,590 | ' |
Less amounts representing interest | 11,079 | ' |
Present value of minimum lease payments | 203,227 | ' |
Less current maturities | 48,300 | 25,669 |
Non-current portion | $154,927 | $190,625 |
Note_8_Fair_Value_Measurements2
Note 8 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 8 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities [Line Items] | ' | ' |
Foreign currency derivatives | $75 | ($70) |
Fuel derivatives | ' | 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 | 75 | -70 |
Fuel derivatives | ' | $45 |
Note_9_Dividend_Details
Note 9 - Dividend (Details) (USD $) | 1 Months Ended |
Oct. 24, 2013 | |
Dividend [Abstract] | ' |
Common Stock, Dividends, Per Share, Declared | $0.02 |
Note_11_Acquisitions_and_Asset1
Note 11 - Acquisitions and Assets Held for Sale (Details) (USD $) | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 15, 2013 | Nov. 15, 2013 | Nov. 13, 2013 | Aug. 26, 2013 | Aug. 26, 2013 | Sep. 13, 2013 | Sep. 16, 2013 | Nov. 02, 2013 | Nov. 15, 2013 |
Canadian Goods and Service Tax [Member] | Additional Debt Related to Equipment [Member] | Purchased Land and Building [Member] | Houg [Member] | Land Span [Member] | TCI [Member] | Hoss [Member] | Osborn [Member] | Yanke [Member] | |
Yanke [Member] | Yanke [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 | ' | $3.90 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | 5.3 | ' | 2.7 | 11.4 | 4 | 1.2 | 11.2 | 22.1 |
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 | ' | 1.1 | ' |
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 | ' | 1.6 | ' |
Payments to Acquire Businesses, Gross | 0.9 | ' | 1.8 | ' | 5.4 | 2.9 | 1 | 21 | 17.9 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | 3.1 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | ' | 2.6 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 |
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 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Houg [Member] | Houg [Member] | TCI [Member] | TCI [Member] | Osborn [Member] |
Goodwill [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 | $1 | $1.60 | $1.60 | $3.10 |
Note_13_Goodwill_and_Other_Int3
Note 13 - Goodwill and Other Intangible Assets (Details) - Acquired Intangible Assets (Customer Lists [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Customer Lists [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortizing intangible assets: Customer list | $494 |
Amortizing intangible assets: Customer list | '4 years |
Amortizing intangible assets: Customer list | $156 |
Note_13_Goodwill_and_Other_Int4
Note 13 - Goodwill and Other Intangible Assets (Details) - Additions to Goodwill (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $23,686 | $17,730 |
Current year additions | 5,956 | ' |
Asset Based [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 22,318 | 16,362 |
Current year additions | 5,956 | ' |
Asset-light Based [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $1,368 | $1,368 |