Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 29, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CELADON GROUP INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,640,868 | ' |
Entity Public Float | ' | ' | $405,000,000 |
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-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Revenue: | ' | ' | ' |
Freight revenue | $615,411 | $489,035 | $475,116 |
Fuel surcharges | 143,900 | 124,613 | 123,836 |
Total revenue | 759,311 | 613,648 | 598,952 |
Operating expenses: | ' | ' | ' |
Salaries, wages, and employee benefits | 209,938 | 165,485 | 158,948 |
Fuel | 171,695 | 143,807 | 156,207 |
Purchased transportation | 173,940 | 125,741 | 108,866 |
Revenue equipment rentals | 6,621 | 6,973 | 5,986 |
Operations and maintenance | 49,709 | 32,669 | 39,189 |
Insurance and claims | 19,252 | 15,251 | 13,899 |
Depreciation and amortization | 57,843 | 50,767 | 47,214 |
Communications and utilities | 6,409 | 5,408 | 4,292 |
Operating taxes and licenses | 13,275 | 10,451 | 10,308 |
General and other operating | 11,195 | 8,424 | 7,284 |
Total operating expenses | 719,877 | 564,976 | 552,193 |
Operating income | 39,434 | 48,672 | 46,759 |
Other (income) expense: | ' | ' | ' |
Interest expense | 5,071 | 4,931 | 5,684 |
Interest income | -12 | ' | -56 |
Other income, net | -15,996 | -994 | -412 |
Income before income taxes | 50,371 | 44,735 | 41,543 |
Provision for income taxes | 19,690 | 17,471 | 16,007 |
Net income | $30,681 | $27,264 | $25,536 |
Earnings per common share: | ' | ' | ' |
Diluted earnings per share (in Dollars per share) | $1.29 | $1.17 | $1.12 |
Basic earnings per share (in Dollars per share) | $1.33 | $1.20 | $1.15 |
Weighted average shares outstanding: | ' | ' | ' |
Diluted (in Shares) | 23,755 | 23,393 | 22,872 |
Basic (in Shares) | 23,014 | 22,641 | 22,264 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net Income | $30,681 | $27,264 | $25,536 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on fuel derivative instruments, net of tax | -45 | 104 | -446 |
Unrealized gain (loss) on currency derivative instruments, net of tax | 105 | -78 | -96 |
Foreign currency translation adjustments | -784 | -324 | -3,469 |
Total other comprehensive income (loss) | -724 | -298 | -4,011 |
Comprehensive income | $29,957 | $26,966 | $21,525 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,508 | $1,315 |
Trade receivables, net of allowance for doubtful accounts of $942 and $919 in 2014 and 2013, respectively | 105,968 | 77,623 |
Prepaid expenses and other current assets | 26,288 | 13,434 |
Tires in service | 2,227 | 1,245 |
Equipment held for resale | 3,148 | 9,923 |
Income tax receivable | 6,395 | 9,506 |
Deferred income taxes | 7,651 | 4,342 |
Total current assets | 167,185 | 117,388 |
Property and equipment | 643,888 | 612,236 |
Less accumulated depreciation and amortization | 151,059 | 115,366 |
Net property and equipment | 492,829 | 496,870 |
Tires in service | 2,720 | 1,785 |
Goodwill | 22,810 | 17,730 |
Investment in joint venture | ' | 4,604 |
Other assets | 5,271 | 2,785 |
Total assets | 690,815 | 641,162 |
Current liabilities: | ' | ' |
Accounts payable | 11,017 | 10,401 |
Accrued salaries and benefits | 13,902 | 11,197 |
Accrued insurance and claims | 11,568 | 10,092 |
Accrued fuel expense | 11,306 | 7,461 |
Other accrued expenses | 33,453 | 20,070 |
Current maturities of capital lease obligations | 67,439 | 25,669 |
Current maturities of long-term debt | 3,690 | ' |
Total current liabilities | 152,375 | 84,890 |
Capital lease obligations, net of current maturities | 119,665 | 190,625 |
Long-term debt | 83,497 | 78,137 |
Deferred income taxes | 76,275 | 61,821 |
Stockholders' equity: | ' | ' |
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 24,060 and 23,887 shares at June 30, 2014 and 2013, respectively | 794 | 788 |
Treasury stock at cost; 500 and 696 shares at June 30, 2014 and 2013, respectively | -3,453 | -4,811 |
Additional paid-in capital | 107,579 | 103,749 |
Retained earnings | 160,068 | 131,224 |
Accumulated other comprehensive loss | -5,985 | -5,261 |
Total stockholders' equity | 259,003 | 225,689 |
Total liabilities and stockholders' equity | $690,815 | $641,162 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts (in Dollars) | $942 | $919 |
Common stock, par value (in Dollars per share) | $0.03 | $0.03 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,060,000 | 23,887,000 |
Common stock, shares outstanding | 24,060,000 | 23,887,000 |
Treasury stock at cost; shares | 500,000 | 696,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $30,681 | $27,264 | $25,536 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 64,800 | 57,812 | 55,777 |
(Gain) / loss on sale of equipment | -6,736 | -6,813 | -8,221 |
Gain from sale of minority investment | -17,143 | ' | ' |
Deferred income taxes | 5,210 | 20,537 | 6,627 |
Provision for doubtful accounts | 100 | -1 | 10 |
Stock based compensation expense | 2,077 | 3,850 | 2,483 |
Changes in assets and liabilities: | ' | ' | ' |
Trade receivables | -17,125 | -2,129 | -3,124 |
Income tax receivable and payable | 7,905 | -11,124 | -410 |
Tires in service | -1,917 | 2,016 | 5,205 |
Prepaid expenses and other current assets | -10,409 | -1,058 | 2,631 |
Other assets | 886 | -1,200 | -910 |
Accounts payable and accrued expenses | 11,988 | -2,445 | -8,510 |
Net cash provided by operating activities | 70,317 | 86,709 | 77,094 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -82,826 | -169,511 | -95,457 |
Proceeds on sale of property and equipment | 103,926 | 105,444 | 155,528 |
Proceeds from sale of minority interest | 21,000 | ' | ' |
Purchase of available for sale securities | ' | ' | -4,661 |
Sale of securities | ' | ' | 4,922 |
Purchase of businesses, net of cash acquired | -36,602 | -39,484 | -41,856 |
Net cash provided by ( used in) investing activities | 5,498 | -103,551 | 18,476 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | 2,985 | 1,892 | 548 |
Borrowings on long-term debt | 325,520 | 388,009 | 256,667 |
Payments on long-term debt | -358,466 | -333,539 | -256,667 |
Dividends paid | -1,837 | -1,805 | -1,337 |
Principal payments on capital lease obligations | -29,190 | -70,066 | -86,115 |
Net cash used in financing activities | -60,988 | -15,509 | -86,904 |
Effect of exchange rates on cash and cash equivalents | -634 | 20 | -693 |
Increase (decrease) in cash and cash equivalents | 14,193 | -32,331 | 7,973 |
Cash and cash equivalents at beginning of year | 1,315 | 33,646 | 25,673 |
Cash and cash equivalents at end of year | 15,508 | 1,315 | 33,646 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest paid | 4,802 | 4,927 | 5,683 |
Income taxes paid | 9,901 | 8,752 | 10,692 |
Obligations incurred under capital lease | ' | $55,789 | $168,983 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Jun. 30, 2011 | $788 | $99,906 | ($9,408) | $81,566 | ($952) | $171,900 |
Balance (in Shares) at Jun. 30, 2011 | 22,522,237 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 25,536 | ' | 25,536 |
Other comprehensive income (loss) | ' | ' | ' | ' | -4,011 | -4,011 |
Comprehensive income | ' | ' | ' | 25,536 | -4,011 | 21,525 |
Treasury stock | ' | -1,047 | 1,048 | ' | ' | 1 |
Restricted stock and options expense | 3 | 2,141 | ' | ' | ' | 2,144 |
Restricted stock and options expense (in Shares) | 249,840 | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | -1,337 | ' | -1,337 |
Exercise of incentive stock options | ' | 154 | 394 | ' | ' | 548 |
Exercise of incentive stock options (in Shares) | 57,233 | ' | ' | ' | ' | 57,233 |
Balance at Jun. 30, 2012 | 791 | 101,154 | -7,966 | 105,765 | -4,963 | 194,781 |
Balance (in Shares) at Jun. 30, 2012 | 22,829,310 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 27,264 | ' | 27,264 |
Other comprehensive income (loss) | ' | ' | ' | ' | -298 | -298 |
Comprehensive income | ' | ' | ' | 27,264 | -298 | 26,966 |
Treasury stock | ' | -1,792 | 1,801 | ' | ' | 9 |
Restricted stock and options expense | -3 | 3,849 | ' | ' | ' | 3,846 |
Restricted stock and options expense (in Shares) | 164,851 | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | -1,805 | ' | -1,805 |
Exercise of incentive stock options | ' | 538 | 1,354 | ' | ' | 1,892 |
Exercise of incentive stock options (in Shares) | 196,575 | ' | ' | ' | ' | 195,575 |
Balance at Jun. 30, 2013 | 788 | 103,749 | -4,811 | 131,224 | -5,261 | 225,689 |
Balance (in Shares) at Jun. 30, 2013 | 23,190,736 | ' | ' | ' | ' | 23,887,000 |
Net income | ' | ' | ' | 30,681 | ' | 30,681 |
Other comprehensive income (loss) | ' | ' | ' | ' | -724 | -724 |
Comprehensive income | ' | ' | ' | 30,681 | -724 | 29,957 |
Treasury stock | ' | -634 | 634 | ' | ' | ' |
Restricted stock and options expense | 2 | 2,075 | ' | ' | ' | 2,077 |
Restricted stock and options expense (in Shares) | 132,400 | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | -1,837 | ' | -1,837 |
Exercise of incentive stock options | 4 | 2,389 | 724 | ' | ' | 3,117 |
Exercise of incentive stock options (in Shares) | 236,742 | ' | ' | ' | ' | 235,192 |
Balance at Jun. 30, 2014 | $794 | $107,579 | ($3,453) | $160,068 | ($5,985) | $259,003 |
Balance (in Shares) at Jun. 30, 2014 | 23,559,878 | ' | ' | ' | ' | 24,060,000 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Disclosure Text Block [Abstract] | ' | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||
-1 | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Organization | ||||
Celadon Group, Inc. (the "Company"), through its subsidiaries, provides transportation services between the United States, Canada, and Mexico. The Company's primary transportation subsidiaries are: Celadon Trucking Services, Inc. ("CTSI"), a U.S. based company; Celadon Logistics Services, Inc. ("CLSI"), a U.S. based company; Servicio de Transportation Jaguar, S.A. de C.V. ("Jaguar"), a Mexican based company; and Celadon Canada, Inc. ("CelCan"), a Canadian based company. | ||||
Summary of Significant Accounting Policies | ||||
Principles of Consolidation and Presentation | ||||
The consolidated financial statements include the accounts of Celadon Group, Inc. and its wholly and majority owned subsidiaries, all of which are wholly owned except for Jaguar in which the Company owns 75% of the shares. The entity was set up to allow the Company to operate in Mexico. The minority owner of Jaguar has been refunded all initial capital contributions and is not entitled to receive any future earnings or required to fund any losses of the subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, all references to annual periods refer to the respective fiscal years ended June 30. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Such estimates include provisions for liability claims and uncollectible accounts receivable. Actual results could differ from those estimates. | ||||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid instruments with maturity of three months or less when purchased to be cash equivalents. | ||||
Concentration of Credit Risk | ||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers and does not require collateral for its accounts receivable. The Company maintains reserves which management believes are adequate to provide for potential credit losses. Uncollectible accounts receivable are written off against the reserves. Concentrations of credit risk with respect to trade receivables are generally limited due to the Company's large number of customers and the diverse range of industries which they represent. Accounts receivable balances due from any single customer did not total more than 5% of the Company's gross trade receivables at June 30, 2014. | ||||
Property and Equipment | ||||
Property and equipment are stated at cost. Property and equipment under capital leases are stated at fair value at the inception of the lease. | ||||
Depreciation of property and equipment and amortization of assets under capital leases are computed using the straight-line method and are based on the lesser of the life of the lease or the estimated useful lives of the related assets (net of salvage value) as follows: | ||||
Revenue and service equipment (years) | 3 | - | 7 | |
Furniture and office equipment (years) | 4 | - | 5 | |
Buildings (years) | 20 | |||
Leasehold improvements | Lesser of life of lease (including expected renewals) or useful life of improvement | |||
Initial delivery costs relating to placing tractors in service are expensed as incurred. The cost of maintenance and repairs is charged to expense as incurred. | ||||
Long-lived assets are depreciated over estimated useful lives based on historical experience and prevailing industry practice. Estimated useful lives are periodically reviewed to ensure they remain appropriate. Long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may exist. Future cash flows and operating performance are used for analyzing potential impairment losses. If the sum of expected undiscounted cash flows is less than the carrying value an impairment loss is recognized. The Company measures the impairment loss by comparing the fair value of the asset to its carrying value. Fair value is determined based on a discounted cash flow analysis or appraised or estimated market values as appropriate. Long-lived assets that are held for sale are recorded at the lower of carrying value or the fair value less costs to sell. | ||||
Equipment held for resale | ||||
Equipment held for resale is recorded at the lower of carrying value and fair market value less costs to sell. The Company also ceases the depreciation on these assets. | ||||
Tires in Service | ||||
Replacement tires on tractors and trailers are included in tires in service and are amortized over 18 to 36 months. | ||||
Goodwill | ||||
The consolidated balance sheets at June 30, 2014 and 2013 included goodwill of acquired businesses of approximately $22.8 million and $17.7 million respectively. Under ASC Topic 350-20 Intangibles – Goodwill and Other, goodwill is not amortized but is tested for impairment annually (or more often, if an event or circumstance indicates that an impairment loss has been incurred). On April 1, 2014, we completed our most recent qualitative annual impairment test (under ASU 2011-08) for the fiscal year and concluded that there was no indication of impairment. | ||||
Insurance Reserves | ||||
The primary claims arising for us consist of cargo liability, personal injury, property damage, collision and comprehensive, workers' compensation, and employee medical expenses. We maintain self-insurance levels for these various areas of risk and have established reserves to cover these self-insured liabilities. We also maintain insurance to cover liabilities in excess of these self-insurance amounts. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Reported claims and related loss reserves are estimated by third party administrators, and we refer to these estimates in establishing our reserves. Claims incurred but not reported are estimated based on our historical experience and industry trends, which are continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. In establishing our reserves we must take into account and estimate various factors, including, but not limited to, assumptions concerning the nature and severity of the claim, the effect of the jurisdiction on any award or settlement, the length of time until ultimate resolution, inflation rates in health care, and in general interest rates, legal expenses, and other factors. Our actual experience may be different than our estimates, sometimes significantly. Changes in assumptions as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period. The administrative expenses associated with these reserves are expensed when paid. | ||||
Litigation | ||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | ||||
Revenue Recognition | ||||
Trucking revenue and related direct costs are recognized on the date freight is delivered by the Company to the customer and collectability is reasonably assured. Prior to commencement of shipment, the Company will negotiate an agreed upon price for services to be rendered. | ||||
Advertising | ||||
Advertising costs are expensed as incurred by the Company. Advertising expense primarily consists of recruiting for new drivers. Advertising expenses for fiscal 2014, 2013, and 2012 were $3.2 million, $2.9 million, and $2.2 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. | ||||
Income Taxes | ||||
Deferred taxes are recognized for tax loss and credit carry forwards and the future tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting, based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the United States. | ||||
The Company follows ASC Topic 740-10-25 Income Taxes, in accounting for uncertainty in income taxes. ASC 740-10-25 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. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. | ||||
Accounting for Derivatives | ||||
The Company has derivative financial instruments in place to reduce currency exposure for the Mexican Peso and has at times had derivative financial instruments in place to reduce exposure to fuel price fluctuations and currency exposure for Canadian Dollars. Derivative gains/(losses), initially reported as a component of other comprehensive income with an offset to accrued liabilities or other assets, are reclassified to earnings in the period when the forecasted transaction affects earnings. ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be recorded on the balance sheet at their respective fair values. | ||||
Earnings per Share ("EPS") | ||||
The Company applies the provisions of ASC Topic 260, Earnings per Share, which requires companies to present basic EPS and diluted EPS. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Dilutive common stock options are included in the diluted EPS calculation using the treasury stock method. | ||||
Stock-based Employee Compensation Plans | ||||
The Company applies the provisions of ASC Topic 718, Compensation – Stock Compensation, which requires companies to recognize the grant date fair value of stock options and other equity-based compensation issued to employees in its consolidated statement of operations. | ||||
Foreign Currency Translation | ||||
Foreign financial statements are translated into U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters. Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at year-end exchange rates. Statement of operations accounts are translated at the average exchange rate prevailing during the year. Resulting translation adjustments are included in other comprehensive income. | ||||
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 adoption of this guidance did not have a material impact on our consolidated financial statements. |
Note_2_Property_Equipment_and_
Note 2 - Property, Equipment, and Leases | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
-2 | PROPERTY, EQUIPMENT, AND LEASES | ||||||||
Property and equipment consists of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Revenue equipment owned | $ | 318,533 | $ | 302,052 | |||||
Revenue equipment under capital leases | 243,519 | 249,703 | |||||||
Furniture and office equipment | 11,498 | 9,083 | |||||||
Land and buildings | 64,987 | 46,377 | |||||||
Service equipment | 1,245 | 1,125 | |||||||
Leasehold improvements | 4,106 | 3,896 | |||||||
$ | 643,888 | $ | 612,236 | ||||||
Included in accumulated depreciation was $55.8 million and $34.2 million in 2014 and 2013, respectively, related to revenue equipment under capital leases. Depreciation and amortization expense relating to property and equipment owned and revenue equipment under capital leases, including gains on disposition of equipment, was $57.8 million in fiscal 2014, $50.8 million in fiscal 2013, and $47.2 million in fiscal 2012. |
Note_3_Lease_Obligations_and_L
Note 3 - Lease Obligations and Long-Term Debt | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||||||
(3) LEASE OBLIGATIONS AND LONG-TERM DEBT | |||||||||||||
Lease Obligations | |||||||||||||
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 and the related lease bears interest at rates ranging from 1.4% to 5.4% per annum, maturing at various dates through 2020. | |||||||||||||
Assets held under operating leases are not recorded on the Company's consolidated balance sheet. The Company leases revenue and service equipment under non-cancellable operating leases expiring at various dates through February 2019. | |||||||||||||
The Company leases warehouse and office space under non-cancellable operating leases expiring at various dates through July 2017. Certain real estate leases contain renewal options. | |||||||||||||
Total rental expense under operating leases was as follows for 2014, 2013, and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue and service equipment | $ | 6,351 | $ | 6,973 | $ | 5,986 | |||||||
Office facilities and terminals | 3,353 | 2,386 | 2,185 | ||||||||||
$ | 9,704 | $ | 9,359 | $ | 8,171 | ||||||||
Future minimum lease payments relating to capital leases and to operating leases with initial or remaining terms in excess of one year are as follows (in thousands): | |||||||||||||
Year ended June 30, | Capital | Operating | |||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 70,264 | $ | 23,489 | |||||||||
2016 | 22,580 | 6,182 | |||||||||||
2017 | 12,845 | 3,139 | |||||||||||
2018 | 22,798 | 2,534 | |||||||||||
2019 | 39,002 | 14,325 | |||||||||||
Thereafter | 28,928 | --- | |||||||||||
Total minimum lease payments | $ | 196,417 | $ | 49,669 | |||||||||
Less amounts representing interest | 9,313 | ||||||||||||
Present value of minimum lease payments | $ | 187,104 | |||||||||||
Less current maturities | 67,439 | ||||||||||||
Non-current portion | $ | 119,665 | |||||||||||
The Company is obligated for lease residual value guarantees of $22.3 million, with $12.3 million due in fiscal 2015. The guarantees are included in the future minimum lease payments above. To the extent the expected value at lease termination date is lower than the residual value guarantee; we would accrue for the difference over the remaining lease term. As of June 30, 2014, the Company believes the expected value at lease termination date is greater than the residual value guarantee. | |||||||||||||
Debt | |||||||||||||
The Company had debt, excluding lines of credit, of $13.3 million at June 30, 2014, of which $3.7 million is classified as current. Debt includes revenue equipment installment notes of $2.3 million with an average interest rate of 4.12 percent at June 30, 2014 due in monthly installments with final maturities at various dates through June 2019. Included in debt is $5.9 million related to our escrow agreement from the sale of lease purchase units sold to Element Financial Corp. that carry no interest rate. Additionally, $4.4 million of debt relates to non-compete agreement payments related to acquisitions that carry no interest rates. The remainder of the balance relates to miscellaneous items acquired through acquisitions that carry no interest rate. | |||||||||||||
Lines of Credit | |||||||||||||
In December 2010, we entered into a five-year revolving credit facility agented by Bank of America, N.A. The facility refinanced our previous credit facility and provides for ongoing working capital needs and general corporate purposes. Bank of America, N.A. served as the lead arranger in the facility and Wells Fargo Bank, N.A. also participated in the new facility. The facility provides for ongoing working capital needs and general corporate purposes. In May 2013, we increased our credit facility and extended the maturity. At June 30, 2014, we were authorized to borrow up to $200.0 million under this credit facility, which expires May 2018. The applicable interest rate under this agreement is based on either a base rate equal to Bank of America, N.A.'s prime rate or LIBOR plus an applicable margin between 0.75% and 1.375% that is adjusted quarterly based on our lease adjusted total debt to EBITDAR ratio. At June 30, 2014, the credit facility had an outstanding balance of $73.8 million and $0.8 million utilized for letters of credit. The facility is collateralized by the assets of all the U.S. and Canadian subsidiaries of the Company. We are obligated to comply with certain financial covenants under our credit agreement and we were in compliance with these covenants at June 30, 2014. |
Note_4_Employee_Benefit_Plans
Note 4 - Employee Benefit Plans | 12 Months Ended | |
Jun. 30, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ' | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |
-4 | EMPLOYEE BENEFIT PLANS | |
401(k) Profit Sharing Plan | ||
The Company has a 401(k) profit sharing plan, which permits U.S. employees of the Company to contribute up to 50% of their annual compensation, up to certain Internal Revenue Service limits, on a pretax basis. The contributions made by each employee are fully vested immediately and are not subject to forfeiture. The Company makes a discretionary matching contribution of up to 50% of the employee's contribution up to 5% of their annual compensation. Employees vest in the Company's contribution to the plan at the rate of 20% per year from the date of employment anniversary. Contributions made by the Company during fiscal 2014, 2013, and 2012 amounted to $278,000, $202,000, and $128,000, respectively. |
Note_5_Stock_Plans
Note 5 - Stock Plans | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
-5 | STOCK PLANS | ||||||||||||||||
All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based upon a grant-date fair value of an award. | |||||||||||||||||
In January 2006, stockholders approved the 2006 Omnibus Incentive Plan ("2006 Plan") that provides various vehicles to compensate the Company's key employees. The 2006 Plan utilizes such vehicles as stock options, restricted stock grants, and stock appreciation rights ("SARs"). The 2006 Plan authorized the Company to grant 1,687,500 shares. In November 2008, an additional 1,000,000 shares were authorized under an amendment to the 2006 Plan. In December 2013, a second amendment to the plan was approved by stockholders authorizing an additional 750,000 shares to be available for grant under the 2006 plan. In fiscal 2014, the Company granted restricted stock grants covering 148,500 shares. In fiscal 2013, the Company granted restricted stock grants covering 189,413 shares. In fiscal 2012, the Company granted stock options covering 87,500 shares and restricted stock grants covering 187,417 shares. As of June 30, 2014, the Company is authorized to grant an additional 685,526 shares. | |||||||||||||||||
The total compensation cost that has been recorded for such stock-based awards was an expense of $2.1 million in fiscal 2014, $3.9 million in fiscal 2013, and $2.4 million in fiscal 2012. The total income tax benefit recognized in the statement of operations for share-based compensation arrangements was $1.1 million in fiscal 2014, $1.9 million in fiscal 2013, and $1.5 million in fiscal 2012. | |||||||||||||||||
The Company has granted a number of stock options under various plans. Options granted to employees have been granted with an exercise price equal to the market price on the grant date and expire on the tenth anniversary of the grant date. The majority of options granted to employees vest 25 percent per year, commencing with the first anniversary of the grant date. Under the 2006 Plan options granted have been granted with an exercise price equal to the market price on the grant date, vest over three years for non-employee directors and four years with respect to all other grants, commencing with the first anniversary of the grant date, and expire on the tenth anniversary of the grant date. | |||||||||||||||||
A summary of the activity of the Company's stock option plans as of June 30, 2014, 2013, and 2012 and changes during the period then ended is presented below: | |||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average Remaining Contractual Term | Aggregate | |||||||||||||
Exercise Price | Intrinsic Value | ||||||||||||||||
Outstanding at June 30, 2011 | 1,432,083 | $ | 10.6 | 6.06 | $ | 4,866,334 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (12,560 | ) | $ | 11.21 | |||||||||||||
Exercised | (57,233 | ) | $ | 9.58 | |||||||||||||
Outstanding at June 30, 2012 | 1,362,290 | $ | 10.63 | 5.1 | $ | 7,829,713 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (17,925 | ) | $ | 13.77 | |||||||||||||
Exercised | (195,575 | ) | $ | 9.57 | |||||||||||||
Outstanding at June 30, 2013 | 1,148,790 | $ | 10.76 | 4.1 | $ | 8,606,841 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (8,500 | ) | $ | 13.88 | |||||||||||||
Exercised | (235,192 | ) | $ | 12.6 | |||||||||||||
Outstanding at June 30, 2014 | 905,098 | $ | 10.25 | 3.5 | $ | 10,018,958 | |||||||||||
Exercisable at June 30, 2014 | 892,598 | $ | 10.19 | 3.4 | $ | 9,932,333 | |||||||||||
The total intrinsic value of options exercised during fiscal 2014, 2013, and 2012 was $1.9 million, $2.0 million, and $0.3 million, respectively. | |||||||||||||||||
As of June 30, 2014, we had $0.1 million of total unrecognized compensation expense related to stock options that is expected to be amortized over a remaining 0.6 years and a weighted average period of 0.6 years. | |||||||||||||||||
Restricted Shares | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested at June 30, 2011 | 355,630 | $ | 12.27 | ||||||||||||||
Granted | 252,593 | $ | 12.6 | ||||||||||||||
Forfeited | (2,753 | ) | $ | 11.44 | |||||||||||||
Vested | (152,045 | ) | $ | 12.09 | |||||||||||||
Unvested at June 30, 2012 | 453,425 | $ | 12.36 | ||||||||||||||
Granted | 189,413 | $ | 18.58 | ||||||||||||||
Forfeited | (24,437 | ) | $ | 11.33 | |||||||||||||
Vested | (262,438 | ) | $ | 12.64 | |||||||||||||
Unvested at June 30, 2013 | 355,963 | $ | 15.75 | ||||||||||||||
Granted | 148,500 | $ | 22.13 | ||||||||||||||
Forfeited | (16,975 | ) | $ | 13.49 | |||||||||||||
Vested | (130,783 | ) | $ | 14.75 | |||||||||||||
Unvested at June 30, 2014 | 356,705 | $ | 18.88 | ||||||||||||||
Restricted shares granted to employees have been granted subject to achievement of certain time-based targets and vest evenly over a four or five year period, commencing with the first anniversary of the grant date. | |||||||||||||||||
As of June 30, 2014, we had $5.7 million of total unrecognized compensation expense related to restricted stock that is expected to be recognized over the remaining weighted average period of approximately 3.3 years. |
Note_6_Stock_Repurchase_Progra
Note 6 - Stock Repurchase Programs | 12 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Treasury Stock [Text Block] | ' | |
-6 | STOCK REPURCHASE PROGRAMS | |
On October 24, 2007, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company purchased 2,000,000 shares of the Company's common stock in open market transactions at an aggregate cost of approximately $13.8 million. We intend to hold repurchased shares in treasury for general corporate purposes, including issuances under stock option plans. We account for treasury stock using the cost method. At June 30, 2014, 500,000 shares remained in treasury stock. | ||
On August 25, 2010, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company is authorized to repurchase up to 2,000,000 shares of our common stock. The Company has not repurchased any shares of the Company's common stock under this program. |
Note_7_Earnings_Per_Share
Note 7 - Earnings Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
(7) EARNINGS PER SHARE | |||||||||||||
The following is a reconciliation of the numerators and denominators used in computing earnings per share (in thousands except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 30,681 | $ | 27,264 | $ | 25,536 | |||||||
Basic earnings per share: | |||||||||||||
Weighted - average number of common shares outstanding | 23,014 | 22,641 | 22,264 | ||||||||||
Basic earnings per share | $ | 1.33 | $ | 1.2 | $ | 1.15 | |||||||
Diluted earnings per share: | |||||||||||||
Weighted - average number of common shares outstanding | 23,014 | 22,641 | 22,264 | ||||||||||
Effect of stock options and other incremental shares | 741 | 752 | 608 | ||||||||||
Weighted-average number of common shares outstanding – diluted | 23,755 | 23,393 | 22,872 | ||||||||||
Diluted earnings per share | $ | 1.29 | $ | 1.17 | $ | 1.12 | |||||||
The Company has grants that remain outstanding covering zero options in fiscal 2014, 39,150 options in fiscal 2013, and 90,500 options in fiscal 2012 that could potentially dilute basic earnings per share that were excluded from the EPS calculation as they are anti-dilutive in the current year. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 12 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
-8 | COMMITMENTS AND CONTINGENCIES | |
The Company has outstanding commitments to purchase approximately $72.0 million of revenue equipment at June 30, 2014. | ||
Standby letters of credit, not reflected in the accompanying consolidated financial statements, aggregated approximately $0.8 million at June 30, 2014. In addition, at June 30, 2014, 500,000 treasury shares were held in a trust as collateral for self-insurance reserves. | ||
The Company has an employment agreement with the Chairman of the Board providing for minimum combined annual compensation of $300,000 in fiscal 2015. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
-9 | INCOME TAXES | ||||||||||||
The income tax provision for operations in fiscal 2014, 2013, and 2012, consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 12,958 | $ | (3,127 | ) | $ | 7,285 | ||||||
State and local | 1,013 | (2,110 | ) | 220 | |||||||||
Foreign | 509 | 2,180 | 1,900 | ||||||||||
Total Current | $ | 14,480 | (3,057 | ) | 9,405 | ||||||||
Deferred: | |||||||||||||
Federal | 3,703 | 16,122 | 5,950 | ||||||||||
State and local | 576 | 3,145 | 659 | ||||||||||
Foreign | 931 | 1,261 | (7 | ) | |||||||||
Total Deferred | 5,210 | 20,528 | 6,602 | ||||||||||
Total | $ | 19,690 | $ | 17,471 | $ | 16,007 | |||||||
No benefit or expense has been recognized for U.S. federal income taxes on undistributed earnings of foreign subsidiaries of approximately $3.8 million, $4.3 million, and $2.4 million at June 30, 2014, 2013, and 2012, respectively. This exception is allowable under ASC 740-30-50-2. | |||||||||||||
The Company's income tax expense varies from the statutory federal tax rate of 35% applied to income before income taxes as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed "expected" income tax expense | $ | 17,630 | $ | 15,484 | $ | 14,540 | |||||||
State taxes, net of federal benefit | 1,033 | 676 | 571 | ||||||||||
Non-deductible expenses | 1,705 | 383 | 1,092 | ||||||||||
Other, net | (678 | ) | 928 | (196 | ) | ||||||||
Actual income tax expense | $ | 19,690 | $ | 17,471 | $ | 16,007 | |||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at June 30, 2014 and 2013 consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred equity compensation | $ | 1,755 | $ | 1,988 | |||||||||
Insurance reserves | 4,167 | 3,741 | |||||||||||
Other | 4,998 | 1,508 | |||||||||||
Total deferred tax assets | $ | 10,920 | $ | 7,237 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | (72,235 | ) | $ | (58,513 | ) | |||||||
Goodwill | (5,742 | ) | (5,204 | ) | |||||||||
Other | (1,567 | ) | (999 | ) | |||||||||
Total deferred tax liabilities | $ | (79,544 | ) | $ | (64,716 | ) | |||||||
Net current deferred tax assets | $ | 7,651 | $ | 4,342 | |||||||||
Net non-current deferred tax liabilities | (76,275 | ) | (61,821 | ) | |||||||||
Total net deferred tax liabilities | (68,624 | ) | $ | (57,479 | ) | ||||||||
As of June 30, 2014, the Company had operating loss carry-forwards for income tax purposes of $1.5 million, which have expiration dates of 2034 and after. | |||||||||||||
The Company follows ASC Topic 740-10-25 Income Taxes in accounting for uncertainty in income taxes. Topic 740-10-25 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. As of June 30, 2014 and June 30, 2013, the Company recorded a $0.5 million liability in each year for unrecognized tax benefits, a portion of which represents penalties and interest. The only periods subject to examination for our federal returns are the 2011, 2012, and 2013 tax years. |
Note_10_Segment_Information_an
Note 10 - Segment Information and Significant Customers | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
-10 | SEGMENT INFORMATION AND SIGNIFICANT CUSTOMERS | ||||||||||||
We have two reportable segments comprised of our two operating segments, an asset-based segment and an asset-light 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 segment consists of our warehousing, brokerage, and less-than-load ("LTL") operations, as well as our interest in TruckersB2B, which we have determined qualifies as a reportable segment under ASC 280-10 Segment Reporting. | |||||||||||||
Fiscal Year Ended | |||||||||||||
June 30, | |||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | |||||||||||||
Asset-based | $ | 706,726 | $ | 569,688 | $ | 556,770 | |||||||
Asset-light | 52,585 | 43,960 | 42,182 | ||||||||||
759,311 | 613,648 | 598,952 | |||||||||||
Operating income | |||||||||||||
Asset-based | 34,179 | 45,190 | 43,723 | ||||||||||
Asset-light | 5,255 | 3,482 | 3,036 | ||||||||||
39,434 | 48,672 | 46,759 | |||||||||||
Depreciation and amortization | |||||||||||||
Asset-based | 57,843 | 50,767 | 47,214 | ||||||||||
Asset-light | --- | --- | --- | ||||||||||
57,843 | 50,767 | 47,214 | |||||||||||
Interest income | |||||||||||||
Asset-based | --- | --- | (56 | ) | |||||||||
Interest expense | |||||||||||||
Asset-based | 5,071 | 4,931 | 5,684 | ||||||||||
Income before taxes | |||||||||||||
Asset-based | 29,121 | 40,259 | 38,085 | ||||||||||
Asset-light | 21,250 | 4,476 | 3,458 | ||||||||||
50,371 | 44,735 | 41,543 | |||||||||||
Goodwill | |||||||||||||
Asset-based | 21,442 | 16,362 | 15,334 | ||||||||||
Asset-light | 1,368 | 1,368 | 1,368 | ||||||||||
22,810 | 17,730 | 16,702 | |||||||||||
Total assets | |||||||||||||
Asset-based | 684,548 | 635,968 | 516,106 | ||||||||||
Asset-light | 6,267 | 5,194 | 4,605 | ||||||||||
690,815 | 641,162 | 520,711 | |||||||||||
Information as to the Company's operations by geographic area is summarized below (in thousands). The Company allocates total revenue based on the country of origin of the tractor hauling the freight. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenue: | |||||||||||||
United States | $ | 609,512 | $ | 534,463 | $ | 520,951 | |||||||
Canada | 115,678 | 48,667 | 46,698 | ||||||||||
Mexico | 34,121 | 30,518 | 31,303 | ||||||||||
Total | $ | 759,311 | $ | 613,648 | $ | 598,952 | |||||||
Long-lived assets: | |||||||||||||
United States | $ | 439,043 | $ | 479,852 | $ | 371,967 | |||||||
Canada | 65,719 | 30,094 | 9,698 | ||||||||||
Mexico | 18,868 | 13,828 | 13,002 | ||||||||||
Total | $ | 523,630 | $ | 523,774 | $ | 394,667 | |||||||
No customer accounted for more than 10% of the Company's total revenue during its three most recent fiscal years. |
Note_11_Fair_Value_Measurement
Note 11 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||||||
-11 | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
ASC 820-10 Fair Value Measurement defines fair value, establishes a framework for measuring fair value in United States 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 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 (dollar amounts below in thousands) | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Balance | Balance | Balance | Balance | Balance | Balance | Balance | Balance | ||||||||||||||||||||||||||
at | at | at | at | at | at | at | at | ||||||||||||||||||||||||||
June | June | June | June | June | June | June | June | ||||||||||||||||||||||||||
30, | 30, | 30, | 30, | 30, | 30, | 30, | 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Foreign currency derivatives | $ | 35 | $ | (70 | ) | --- | --- | $ | 35 | $ | (70 | ) | --- | --- | |||||||||||||||||||
Fuel derivatives | --- | 45 | --- | --- | --- | 45 | --- | --- | |||||||||||||||||||||||||
The Company pays a fixed contract rate for foreign currency. The fair value of foreign currency forward contracts is based on the valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. |
Note_12_Fuel_Derivatives
Note 12 - Fuel Derivatives | 12 Months Ended | |
Jun. 30, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |
-12 | 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 June 30, 2014, 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_13_Disposition_of_Minorit
Note 13 - Disposition of Minority Interest in Subsidiary | 12 Months Ended | |
Jun. 30, 2014 | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |
-13 | DISPOSITION OF MINORITY INTEREST IN SUBSIDIARY | |
In May 2014, the Company sold its minority ownership interest in TruckersB2B, LLC. The sales price of the transaction was approximately $21 million with a pre-tax gain on the sale of $17.1 million, not including expenses related to the sale. |
Note_14_Selected_Quarterly_Dat
Note 14 - Selected Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
-14 | SELECTED QUARTERLY DATA (Unaudited) | ||||||||||||||||
Summarized quarterly data for fiscal 2014 and 2013 follows (in thousands except per share amounts): | |||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||
Total revenues | $ | 175,102 | $ | 193,595 | $ | 193,228 | $ | 197,386 | |||||||||
Operating expenses | 163,570 | 184,652 | 186,446 | 185,208 | |||||||||||||
Operating income | 11,532 | 8,943 | 6,782 | 12,178 | |||||||||||||
Other expense (income), net | 983 | 1,100 | 1,053 | (14,072 | ) | ||||||||||||
Income before taxes | 10,549 | 7,843 | 5,729 | 26,250 | |||||||||||||
Income tax expense | 3,983 | 2,717 | 2,247 | 10,743 | |||||||||||||
Net income | $ | 6,566 | $ | 5,126 | $ | 3,482 | $ | 15,507 | |||||||||
Basic income per share | $ | 0.29 | $ | 0.22 | $ | 0.15 | $ | 0.67 | |||||||||
Diluted income per share | $ | 0.28 | $ | 0.22 | $ | 0.15 | $ | 0.65 | |||||||||
Fiscal Year 2013 | |||||||||||||||||
1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||
Total revenues | $ | 153,297 | $ | 148,112 | $ | 149,638 | $ | 162,601 | |||||||||
Operating expenses | 138,158 | 135,521 | 141,602 | 149,695 | |||||||||||||
Operating income | 15,139 | 12,591 | 8,036 | 12,906 | |||||||||||||
Other expense, net | 1,528 | 856 | 680 | 873 | |||||||||||||
Income before taxes | 13,611 | 11,735 | 7,356 | 12,033 | |||||||||||||
Income tax expense | 5,349 | 4,355 | 2,978 | 4,789 | |||||||||||||
Net income | $ | 8,262 | $ | 7,380 | $ | 4,378 | $ | 7,244 | |||||||||
Basic income per share | $ | 0.37 | $ | 0.33 | $ | 0.19 | $ | 0.31 | |||||||||
Diluted income per share | $ | 0.36 | $ | 0.32 | $ | 0.19 | $ | 0.3 | |||||||||
Note_15_Acquisitions
Note 15 - Acquisitions | 12 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | |
-15 | ACQUISITIONS | |
Acquisitions for the year ended June 30, 2014 | ||
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 $2.6 million, goodwill of $1.1 million, and 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, and 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, goodwill of $1.7 million, and cash and other assets of $0.5 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 $1.2 million. We acquired property and equipment of $1.2 million. 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, including $5.5 million to be paid out in future payments. Osborn had cash of $4.9 million, trade receivables of $3.8 million, prepaid expenses of $3.0 million, deferred tax assets of $2.2 million, property and equipment of $11.2 million, goodwill of $1.1 million, and other assets of $1.1 million offset by debt of $2.0 million, deferred tax liabilities of $2.7 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, and 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. | ||
On June 24, 2014, we acquired certain assets and assumed certain liabilities of Evans Group, Inc. (“Evans”) in Butler, IN. We acquired trade receivables of $3.5 million, property and equipment of $5.4 million, goodwill of $1.1 million, and other assets of $0.8 million, offset by the assumption of $8.7 million in debt and $2.1 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 Evans drivers and continue dry-van and flatbed services for the Evans 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. The assets and liabilities acquired were recorded at fair value at the time of acquisition. The goodwill recorded for each acquisition relates to anticipated future cash flows and operating efficiencies. | ||
Acquisitions for the year ended June 30, 2013 | ||
On August 3, 2012, we acquired certain assets of USA Dry Van Logistics, LLC ("USA"). We acquired 271 tractors and 1,213 trailers, which were recorded at their estimated fair value of $18.5 million. The value of equipment that has not been disposed of is classified as equipment held for resale. The purposes of the acquisition were to offer employment opportunities to former USA drivers and to evaluate freight transportation opportunities from USA customers. | ||
On September 27, 2012, we acquired certain assets of Robinson Transport, Inc. ("Robinson"). We acquired 155 tractors and 280 trailers, which were recorded at their estimated fair value of $8.2 million. Approximately $4.6 million of that equipment has been classified as property and equipment as it consists of equipment we plan to utilize in our operations. The value of equipment that has not been disposed of is classified as equipment held for resale. In addition, we purchased the terminal and land in Columbus, Ohio of approximately 10 acres, for approximately $1.1 million, which we intend to continue to operate. The purposes of the acquisition were to offer employment opportunities to former Robinson drivers and to evaluate freight transportation opportunities from Robinson customers. | ||
On December 31, 2012, we acquired the stock of Rock Leasing, Inc. ("Rock") in Warren, IN for $4.1 million. Through acquiring the stock we acquired trade receivables of $1.5 million, property and equipment of $3.1 million, intangible assets of $1.4 million, and cash and other assets of $0.7 million offset by approximately $2.6 million of various liabilities. The property and equipment includes tractors and trailers that we intend to continue to utilize. We also purchased additional land and warehouse assets separately held for $0.8 million. In a separate transaction we acquired the office and approximately 150,000 square feet of warehouse space in Warren, IN. 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 Rock drivers, and continue dry-van, temperature controlled, and warehouse services for the Rock customers. | ||
On April 1, 2013, we acquired certain assets and assumed certain liabilities of Freight Systems, Inc. ("FSI") in Little Rock, AR for $2.6 million. We acquired trade receivables of $1.2 million, property and equipment of $13.8 million, cash and other assets of $0.9 million offset by $12.8 million in debt and $0.5 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 FSI drivers and continue dry-van services for the FSI customers. | ||
On May 15, 2013, we acquired the stock of Hyndman Holdings, Inc. ("Hyndman") in Wroxeter, ON Canada for $6.3 million. Through acquiring the stock we acquired trade receivables of $5.3 million, property and equipment of $14.9 million, goodwill of $0.3 million, other assets of $0.8 million, debt of $9.6 million and $5.4 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 Hyndman drivers, and continue dry-van services for the Hyndman customers. |
Note_16_Goodwill_and_Other_Int
Note 16 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
-16 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||
The acquired intangible assets relate to customer relations acquired through acquisition in fiscal 2013 that will be amortized over a period of 4 years. The company did not record any new intangible assets in fiscal 2014. | |||||||||||||
Intangibles | |||||||||||||
30-Jun-13 | Current year Additions | 30-Jun-14 | |||||||||||
Gross carrying amount | $ | 650 | --- | $ | 650 | ||||||||
Amortization | 75 | 162 | 237 | ||||||||||
Net carrying amount | $ | 575 | $ | 413 | |||||||||
The additions to goodwill relate to the Houg, TCI, Osborn, and Evans acquisitions of $1.1 million, $1.7 million, $1.1 million, and $1.1 million respectively. The Houg and Evans related goodwill is tax deductible. | |||||||||||||
Goodwill | |||||||||||||
June 30, 2013 | Current year additions | 30-Jun-14 | |||||||||||
Asset based | $ | 16,362 | $ | 5,080 | $ | 21,442 | |||||||
Asset light | 1,368 | --- | 1,368 | ||||||||||
Total Goodwill | $ | 17,730 | $ | 5,080 | $ | 22,810 | |||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
SCHEDULE II | |||||||||||||||||
CELADON GROUP, INC. | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Years ended June 30, 2014, 2013, and 2012 | |||||||||||||||||
Description | Balance at | Charged to | Deductions | Balance at | |||||||||||||
Beginning of Period | Costs and Expenses | End of Period | |||||||||||||||
Year ended June 30, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,045,122 | $ | 10,000 | $ | 48,433 | (a) | $ | 1,006,689 | ||||||||
Reserves for claims payable as self-insurer | $ | 14,334,276 | $ | 12,252,489 | $ | 15,243,696 | (b) | $ | 11,343,069 | ||||||||
Year ended June 30, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,006,689 | $ | 0 | $ | 87,880 | (a) | $ | 918,809 | ||||||||
Reserves for claims payable as self-insurer | $ | 11,343,069 | $ | 14,669,698 | $ | 14,783,848 | (b) | $ | 11,228,919 | ||||||||
Year ended June 30, 2014: | |||||||||||||||||
Allowance for doubtful accounts | $ | 918,809 | $ | 100,000 | $ | 76,689 | (a) | $ | 942,120 | ||||||||
Reserves for claims payable as self-insurer | $ | 11,228,919 | $ | 14,892,657 | $ | 13,126,649 | (b) | $ | 12,994,927 | ||||||||
(a) | Represents accounts receivable net write-offs. | ||||||||||||||||
(b) | Represents claims paid. | ||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Consolidation, Policy [Policy Text Block] | ' | |||
Principles of Consolidation and Presentation | ||||
The consolidated financial statements include the accounts of Celadon Group, Inc. and its wholly and majority owned subsidiaries, all of which are wholly owned except for Jaguar in which the Company owns 75% of the shares. The entity was set up to allow the Company to operate in Mexico. The minority owner of Jaguar has been refunded all initial capital contributions and is not entitled to receive any future earnings or required to fund any losses of the subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, all references to annual periods refer to the respective fiscal years ended June 30. | ||||
Use of Estimates, Policy [Policy Text Block] | ' | |||
Use of Estimates | ||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Such estimates include provisions for liability claims and uncollectible accounts receivable. Actual results could differ from those estimates. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid instruments with maturity of three months or less when purchased to be cash equivalents. | ||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||
Concentration of Credit Risk | ||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers and does not require collateral for its accounts receivable. The Company maintains reserves which management believes are adequate to provide for potential credit losses. Uncollectible accounts receivable are written off against the reserves. Concentrations of credit risk with respect to trade receivables are generally limited due to the Company's large number of customers and the diverse range of industries which they represent. Accounts receivable balances due from any single customer did not total more than 5% of the Company's gross trade receivables at June 30, 2014. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||
Property and Equipment | ||||
Property and equipment are stated at cost. Property and equipment under capital leases are stated at fair value at the inception of the lease. | ||||
Depreciation of property and equipment and amortization of assets under capital leases are computed using the straight-line method and are based on the lesser of the life of the lease or the estimated useful lives of the related assets (net of salvage value) as follows: | ||||
Revenue and service equipment (years) | 3 | - | 7 | |
Furniture and office equipment (years) | 4 | - | 5 | |
Buildings (years) | 20 | |||
Leasehold improvements | Lesser of life of lease (including expected renewals) or useful life of improvement | |||
Initial delivery costs relating to placing tractors in service are expensed as incurred. The cost of maintenance and repairs is charged to expense as incurred. | ||||
Long-lived assets are depreciated over estimated useful lives based on historical experience and prevailing industry practice. Estimated useful lives are periodically reviewed to ensure they remain appropriate. Long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may exist. Future cash flows and operating performance are used for analyzing potential impairment losses. If the sum of expected undiscounted cash flows is less than the carrying value an impairment loss is recognized. The Company measures the impairment loss by comparing the fair value of the asset to its carrying value. Fair value is determined based on a discounted cash flow analysis or appraised or estimated market values as appropriate. Long-lived assets that are held for sale are recorded at the lower of carrying value or the fair value less costs to sell. | ||||
Equipment Held for Resale [Policy Text Block] | ' | |||
Equipment held for resale | ||||
Equipment held for resale is recorded at the lower of carrying value and fair market value less costs to sell. The Company also ceases the depreciation on these assets. | ||||
Inventory, Policy [Policy Text Block] | ' | |||
Tires in Service | ||||
Replacement tires on tractors and trailers are included in tires in service and are amortized over 18 to 36 months. | ||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | |||
Goodwill | ||||
The consolidated balance sheets at June 30, 2014 and 2013 included goodwill of acquired businesses of approximately $22.8 million and $17.7 million respectively. Under ASC Topic 350-20 Intangibles – Goodwill and Other, goodwill is not amortized but is tested for impairment annually (or more often, if an event or circumstance indicates that an impairment loss has been incurred). On April 1, 2014, we completed our most recent qualitative annual impairment test (under ASU 2011-08) for the fiscal year and concluded that there was no indication of impairment. | ||||
Self Insurance Reserve [Policy Text Block] | ' | |||
Insurance Reserves | ||||
The primary claims arising for us consist of cargo liability, personal injury, property damage, collision and comprehensive, workers' compensation, and employee medical expenses. We maintain self-insurance levels for these various areas of risk and have established reserves to cover these self-insured liabilities. We also maintain insurance to cover liabilities in excess of these self-insurance amounts. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Reported claims and related loss reserves are estimated by third party administrators, and we refer to these estimates in establishing our reserves. Claims incurred but not reported are estimated based on our historical experience and industry trends, which are continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. In establishing our reserves we must take into account and estimate various factors, including, but not limited to, assumptions concerning the nature and severity of the claim, the effect of the jurisdiction on any award or settlement, the length of time until ultimate resolution, inflation rates in health care, and in general interest rates, legal expenses, and other factors. Our actual experience may be different than our estimates, sometimes significantly. Changes in assumptions as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period. The administrative expenses associated with these reserves are expensed when paid. | ||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | |||
Litigation | ||||
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | ||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||
Revenue Recognition | ||||
Trucking revenue and related direct costs are recognized on the date freight is delivered by the Company to the customer and collectability is reasonably assured. Prior to commencement of shipment, the Company will negotiate an agreed upon price for services to be rendered. | ||||
Advertising Costs, Policy [Policy Text Block] | ' | |||
Advertising | ||||
Advertising costs are expensed as incurred by the Company. Advertising expense primarily consists of recruiting for new drivers. Advertising expenses for fiscal 2014, 2013, and 2012 were $3.2 million, $2.9 million, and $2.2 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. | ||||
Income Tax, Policy [Policy Text Block] | ' | |||
Income Taxes | ||||
Deferred taxes are recognized for tax loss and credit carry forwards and the future tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting, based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the United States. | ||||
The Company follows ASC Topic 740-10-25 Income Taxes, in accounting for uncertainty in income taxes. ASC 740-10-25 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. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. | ||||
Derivatives, Policy [Policy Text Block] | ' | |||
Accounting for Derivatives | ||||
The Company has derivative financial instruments in place to reduce currency exposure for the Mexican Peso and has at times had derivative financial instruments in place to reduce exposure to fuel price fluctuations and currency exposure for Canadian Dollars. Derivative gains/(losses), initially reported as a component of other comprehensive income with an offset to accrued liabilities or other assets, are reclassified to earnings in the period when the forecasted transaction affects earnings. ASC Topic 815, Derivatives and Hedging, requires that all derivative instruments be recorded on the balance sheet at their respective fair values. | ||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||
Earnings per Share ("EPS") | ||||
The Company applies the provisions of ASC Topic 260, Earnings per Share, which requires companies to present basic EPS and diluted EPS. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Dilutive common stock options are included in the diluted EPS calculation using the treasury stock method. | ||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||
Stock-based Employee Compensation Plans | ||||
The Company applies the provisions of ASC Topic 718, Compensation – Stock Compensation, which requires companies to recognize the grant date fair value of stock options and other equity-based compensation issued to employees in its consolidated statement of operations. | ||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||
Foreign Currency Translation | ||||
Foreign financial statements are translated into U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters. Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at year-end exchange rates. Statement of operations accounts are translated at the average exchange rate prevailing during the year. Resulting translation adjustments are included in other comprehensive income. | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||
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 adoption of this guidance did not have a material impact on our consolidated financial statements. |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Disclosure Text Block [Abstract] | ' | |||
Schedule of Estimated Useful Lives [Table Text Block] | ' | |||
Revenue and service equipment (years) | 3 | - | 7 | |
Furniture and office equipment (years) | 4 | - | 5 | |
Buildings (years) | 20 | |||
Leasehold improvements | Lesser of life of lease (including expected renewals) or useful life of improvement |
Note_2_Property_Equipment_and_1
Note 2 - Property, Equipment, and Leases (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Revenue equipment owned | $ | 318,533 | $ | 302,052 | |||||
Revenue equipment under capital leases | 243,519 | 249,703 | |||||||
Furniture and office equipment | 11,498 | 9,083 | |||||||
Land and buildings | 64,987 | 46,377 | |||||||
Service equipment | 1,245 | 1,125 | |||||||
Leasehold improvements | 4,106 | 3,896 | |||||||
$ | 643,888 | $ | 612,236 |
Note_3_Lease_Obligations_and_L1
Note 3 - Lease Obligations and Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue and service equipment | $ | 6,351 | $ | 6,973 | $ | 5,986 | |||||||
Office facilities and terminals | 3,353 | 2,386 | 2,185 | ||||||||||
$ | 9,704 | $ | 9,359 | $ | 8,171 | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||
Year ended June 30, | Capital | Operating | |||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 70,264 | $ | 23,489 | |||||||||
2016 | 22,580 | 6,182 | |||||||||||
2017 | 12,845 | 3,139 | |||||||||||
2018 | 22,798 | 2,534 | |||||||||||
2019 | 39,002 | 14,325 | |||||||||||
Thereafter | 28,928 | --- | |||||||||||
Total minimum lease payments | $ | 196,417 | $ | 49,669 | |||||||||
Less amounts representing interest | 9,313 | ||||||||||||
Present value of minimum lease payments | $ | 187,104 | |||||||||||
Less current maturities | 67,439 | ||||||||||||
Non-current portion | $ | 119,665 |
Note_5_Stock_Plans_Tables
Note 5 - Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average Remaining Contractual Term | Aggregate | |||||||||||||
Exercise Price | Intrinsic Value | ||||||||||||||||
Outstanding at June 30, 2011 | 1,432,083 | $ | 10.6 | 6.06 | $ | 4,866,334 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (12,560 | ) | $ | 11.21 | |||||||||||||
Exercised | (57,233 | ) | $ | 9.58 | |||||||||||||
Outstanding at June 30, 2012 | 1,362,290 | $ | 10.63 | 5.1 | $ | 7,829,713 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (17,925 | ) | $ | 13.77 | |||||||||||||
Exercised | (195,575 | ) | $ | 9.57 | |||||||||||||
Outstanding at June 30, 2013 | 1,148,790 | $ | 10.76 | 4.1 | $ | 8,606,841 | |||||||||||
Granted | --- | --- | |||||||||||||||
Forfeited or expired | (8,500 | ) | $ | 13.88 | |||||||||||||
Exercised | (235,192 | ) | $ | 12.6 | |||||||||||||
Outstanding at June 30, 2014 | 905,098 | $ | 10.25 | 3.5 | $ | 10,018,958 | |||||||||||
Exercisable at June 30, 2014 | 892,598 | $ | 10.19 | 3.4 | $ | 9,932,333 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested at June 30, 2011 | 355,630 | $ | 12.27 | ||||||||||||||
Granted | 252,593 | $ | 12.6 | ||||||||||||||
Forfeited | (2,753 | ) | $ | 11.44 | |||||||||||||
Vested | (152,045 | ) | $ | 12.09 | |||||||||||||
Unvested at June 30, 2012 | 453,425 | $ | 12.36 | ||||||||||||||
Granted | 189,413 | $ | 18.58 | ||||||||||||||
Forfeited | (24,437 | ) | $ | 11.33 | |||||||||||||
Vested | (262,438 | ) | $ | 12.64 | |||||||||||||
Unvested at June 30, 2013 | 355,963 | $ | 15.75 | ||||||||||||||
Granted | 148,500 | $ | 22.13 | ||||||||||||||
Forfeited | (16,975 | ) | $ | 13.49 | |||||||||||||
Vested | (130,783 | ) | $ | 14.75 | |||||||||||||
Unvested at June 30, 2014 | 356,705 | $ | 18.88 |
Note_7_Earnings_Per_Share_Tabl
Note 7 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 30,681 | $ | 27,264 | $ | 25,536 | |||||||
Basic earnings per share: | |||||||||||||
Weighted - average number of common shares outstanding | 23,014 | 22,641 | 22,264 | ||||||||||
Basic earnings per share | $ | 1.33 | $ | 1.2 | $ | 1.15 | |||||||
Diluted earnings per share: | |||||||||||||
Weighted - average number of common shares outstanding | 23,014 | 22,641 | 22,264 | ||||||||||
Effect of stock options and other incremental shares | 741 | 752 | 608 | ||||||||||
Weighted-average number of common shares outstanding – diluted | 23,755 | 23,393 | 22,872 | ||||||||||
Diluted earnings per share | $ | 1.29 | $ | 1.17 | $ | 1.12 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 12,958 | $ | (3,127 | ) | $ | 7,285 | ||||||
State and local | 1,013 | (2,110 | ) | 220 | |||||||||
Foreign | 509 | 2,180 | 1,900 | ||||||||||
Total Current | $ | 14,480 | (3,057 | ) | 9,405 | ||||||||
Deferred: | |||||||||||||
Federal | 3,703 | 16,122 | 5,950 | ||||||||||
State and local | 576 | 3,145 | 659 | ||||||||||
Foreign | 931 | 1,261 | (7 | ) | |||||||||
Total Deferred | 5,210 | 20,528 | 6,602 | ||||||||||
Total | $ | 19,690 | $ | 17,471 | $ | 16,007 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed "expected" income tax expense | $ | 17,630 | $ | 15,484 | $ | 14,540 | |||||||
State taxes, net of federal benefit | 1,033 | 676 | 571 | ||||||||||
Non-deductible expenses | 1,705 | 383 | 1,092 | ||||||||||
Other, net | (678 | ) | 928 | (196 | ) | ||||||||
Actual income tax expense | $ | 19,690 | $ | 17,471 | $ | 16,007 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred equity compensation | $ | 1,755 | $ | 1,988 | |||||||||
Insurance reserves | 4,167 | 3,741 | |||||||||||
Other | 4,998 | 1,508 | |||||||||||
Total deferred tax assets | $ | 10,920 | $ | 7,237 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | (72,235 | ) | $ | (58,513 | ) | |||||||
Goodwill | (5,742 | ) | (5,204 | ) | |||||||||
Other | (1,567 | ) | (999 | ) | |||||||||
Total deferred tax liabilities | $ | (79,544 | ) | $ | (64,716 | ) | |||||||
Net current deferred tax assets | $ | 7,651 | $ | 4,342 | |||||||||
Net non-current deferred tax liabilities | (76,275 | ) | (61,821 | ) | |||||||||
Total net deferred tax liabilities | (68,624 | ) | $ | (57,479 | ) |
Note_10_Segment_Information_an1
Note 10 - Segment Information and Significant Customers (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Fiscal Year Ended | |||||||||||||
June 30, | |||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | |||||||||||||
Asset-based | $ | 706,726 | $ | 569,688 | $ | 556,770 | |||||||
Asset-light | 52,585 | 43,960 | 42,182 | ||||||||||
759,311 | 613,648 | 598,952 | |||||||||||
Operating income | |||||||||||||
Asset-based | 34,179 | 45,190 | 43,723 | ||||||||||
Asset-light | 5,255 | 3,482 | 3,036 | ||||||||||
39,434 | 48,672 | 46,759 | |||||||||||
Depreciation and amortization | |||||||||||||
Asset-based | 57,843 | 50,767 | 47,214 | ||||||||||
Asset-light | --- | --- | --- | ||||||||||
57,843 | 50,767 | 47,214 | |||||||||||
Interest income | |||||||||||||
Asset-based | --- | --- | (56 | ) | |||||||||
Interest expense | |||||||||||||
Asset-based | 5,071 | 4,931 | 5,684 | ||||||||||
Income before taxes | |||||||||||||
Asset-based | 29,121 | 40,259 | 38,085 | ||||||||||
Asset-light | 21,250 | 4,476 | 3,458 | ||||||||||
50,371 | 44,735 | 41,543 | |||||||||||
Goodwill | |||||||||||||
Asset-based | 21,442 | 16,362 | 15,334 | ||||||||||
Asset-light | 1,368 | 1,368 | 1,368 | ||||||||||
22,810 | 17,730 | 16,702 | |||||||||||
Total assets | |||||||||||||
Asset-based | 684,548 | 635,968 | 516,106 | ||||||||||
Asset-light | 6,267 | 5,194 | 4,605 | ||||||||||
690,815 | 641,162 | 520,711 | |||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenue: | |||||||||||||
United States | $ | 609,512 | $ | 534,463 | $ | 520,951 | |||||||
Canada | 115,678 | 48,667 | 46,698 | ||||||||||
Mexico | 34,121 | 30,518 | 31,303 | ||||||||||
Total | $ | 759,311 | $ | 613,648 | $ | 598,952 | |||||||
Long-lived assets: | |||||||||||||
United States | $ | 439,043 | $ | 479,852 | $ | 371,967 | |||||||
Canada | 65,719 | 30,094 | 9,698 | ||||||||||
Mexico | 18,868 | 13,828 | 13,002 | ||||||||||
Total | $ | 523,630 | $ | 523,774 | $ | 394,667 |
Note_11_Fair_Value_Measurement1
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
June | June | June | June | June | June | June | June | ||||||||||||||||||||||||||
30, | 30, | 30, | 30, | 30, | 30, | 30, | 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Foreign currency derivatives | $ | 35 | $ | (70 | ) | --- | --- | $ | 35 | $ | (70 | ) | --- | --- | |||||||||||||||||||
Fuel derivatives | --- | 45 | --- | --- | --- | 45 | --- | --- |
Note_14_Selected_Quarterly_Dat1
Note 14 - Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||
Total revenues | $ | 175,102 | $ | 193,595 | $ | 193,228 | $ | 197,386 | |||||||||
Operating expenses | 163,570 | 184,652 | 186,446 | 185,208 | |||||||||||||
Operating income | 11,532 | 8,943 | 6,782 | 12,178 | |||||||||||||
Other expense (income), net | 983 | 1,100 | 1,053 | (14,072 | ) | ||||||||||||
Income before taxes | 10,549 | 7,843 | 5,729 | 26,250 | |||||||||||||
Income tax expense | 3,983 | 2,717 | 2,247 | 10,743 | |||||||||||||
Net income | $ | 6,566 | $ | 5,126 | $ | 3,482 | $ | 15,507 | |||||||||
Basic income per share | $ | 0.29 | $ | 0.22 | $ | 0.15 | $ | 0.67 | |||||||||
Diluted income per share | $ | 0.28 | $ | 0.22 | $ | 0.15 | $ | 0.65 | |||||||||
Fiscal Year 2013 | |||||||||||||||||
1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||
Total revenues | $ | 153,297 | $ | 148,112 | $ | 149,638 | $ | 162,601 | |||||||||
Operating expenses | 138,158 | 135,521 | 141,602 | 149,695 | |||||||||||||
Operating income | 15,139 | 12,591 | 8,036 | 12,906 | |||||||||||||
Other expense, net | 1,528 | 856 | 680 | 873 | |||||||||||||
Income before taxes | 13,611 | 11,735 | 7,356 | 12,033 | |||||||||||||
Income tax expense | 5,349 | 4,355 | 2,978 | 4,789 | |||||||||||||
Net income | $ | 8,262 | $ | 7,380 | $ | 4,378 | $ | 7,244 | |||||||||
Basic income per share | $ | 0.37 | $ | 0.33 | $ | 0.19 | $ | 0.31 | |||||||||
Diluted income per share | $ | 0.36 | $ | 0.32 | $ | 0.19 | $ | 0.3 |
Note_16_Goodwill_and_Other_Int1
Note 16 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||
Intangibles | |||||||||||||
30-Jun-13 | Current year Additions | 30-Jun-14 | |||||||||||
Gross carrying amount | $ | 650 | --- | $ | 650 | ||||||||
Amortization | 75 | 162 | 237 | ||||||||||
Net carrying amount | $ | 575 | $ | 413 | |||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
Goodwill | |||||||||||||
June 30, 2013 | Current year additions | 30-Jun-14 | |||||||||||
Asset based | $ | 16,362 | $ | 5,080 | $ | 21,442 | |||||||
Asset light | 1,368 | --- | 1,368 | ||||||||||
Total Goodwill | $ | 17,730 | $ | 5,080 | $ | 22,810 |
Note_1_Organization_and_Summar2
Note 1 - Organization and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ' | ' |
Goodwill | $22,810,000 | $17,730,000 | $16,702,000 |
Advertising Expense | $3,200,000 | $2,900,000 | $2,200,000 |
Tires in Service [Member] | Minimum [Member] | ' | ' | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '18 months | ' | ' |
Tires in Service [Member] | Maximum [Member] | ' | ' | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '36 months | ' | ' |
Note_1_Organization_and_Summar3
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed | 12 Months Ended |
Jun. 30, 2014 | |
Revenue And Service Equipment [Member] | Minimum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Property, Plant and Equipment | '3 years |
Revenue And Service Equipment [Member] | Maximum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Property, Plant and Equipment | '7 years |
Furniture And Office Equipment [Member] | Minimum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Property, Plant and Equipment | '4 years |
Furniture And Office Equipment [Member] | Maximum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Property, Plant and Equipment | '5 years |
Building [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Property, Plant and Equipment | '20 years |
Leasehold Improvements [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed [Line Items] | ' |
Leasehold improvements | 'Lesser of life of lease (including expected renewals) or useful life of improvement |
Note_2_Property_Equipment_and_2
Note 2 - Property, Equipment, and Leases (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Note 2 - Property, Equipment, and Leases (Details) [Line Items] | ' | ' | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $55,800,000 | $34,200,000 | ' |
Depreciation, Depletion and Amortization | 57,843,000 | 50,767,000 | 47,214,000 |
Assets Held under Capital Leases [Member] | ' | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) [Line Items] | ' | ' | ' |
Depreciation, Depletion and Amortization | $57,800,000 | $50,800,000 | $47,200,000 |
Note_2_Property_Equipment_and_3
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $643,888 | $612,236 |
Revenue Equipment Owned [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 318,533 | 302,052 |
Revenue Equipment Under Capital Leases [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 243,519 | 249,703 |
Furniture And Office Equipment [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 11,498 | 9,083 |
Land and Building [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 64,987 | 46,377 |
Service Equipment [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 1,245 | 1,125 |
Leasehold Improvements [Member] | ' | ' |
Note 2 - Property, Equipment, and Leases (Details) - Property and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $4,106 | $3,896 |
Note_3_Lease_Obligations_and_L2
Note 3 - Lease Obligations and Long-Term Debt (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.40% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.40% |
Other Long-term Debt | $13,300,000 |
Other Long-term Debt, Current | 3,690,000 |
Long-term Line of Credit | 73,800,000 |
Letters of Credit Outstanding, Amount | 800,000 |
Lease Residual Value Guarantees [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Other Commitment | 22,300,000 |
Other Commitment, Due in Next Twelve Months | 12,300,000 |
Revenue Equipment Installment Notes [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Other Long-term Debt | 2,300,000 |
Long-term Debt, Weighted Average Interest Rate | 4.12% |
Escrow Agreement [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Other Long-term Debt | 5,900,000 |
Long-term Debt, Weighted Average Interest Rate | 0.00% |
Non-compete Agreement [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Other Long-term Debt | 4,400,000 |
Long-term Debt, Weighted Average Interest Rate | 0.00% |
Revolving Credit Facility [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Term | '5 years |
Line of Credit Facility, Maximum Borrowing Capacity | $200,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.38% |
Note_3_Lease_Obligations_and_L3
Note 3 - Lease Obligations and Long-Term Debt (Details) - Total Rental Expense Under Operating Leases (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Note 3 - Lease Obligations and Long-Term Debt (Details) - Total Rental Expense Under Operating Leases [Line Items] | ' | ' | ' |
Lease and rent expense | $9,704 | $9,359 | $8,171 |
Revenue And Service Equipment [Member] | ' | ' | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) - Total Rental Expense Under Operating Leases [Line Items] | ' | ' | ' |
Lease and rent expense | 6,351 | 6,973 | 5,986 |
Office Facilities And Terminals [Member] | ' | ' | ' |
Note 3 - Lease Obligations and Long-Term Debt (Details) - Total Rental Expense Under Operating Leases [Line Items] | ' | ' | ' |
Lease and rent expense | $3,353 | $2,386 | $2,185 |
Note_3_Lease_Obligations_and_L4
Note 3 - Lease Obligations and Long-Term Debt (Details) - Future Minimum Leases Payments (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Future Minimum Leases Payments [Abstract] | ' | ' |
2015 | $70,264 | ' |
2015 | 23,489 | ' |
2016 | 22,580 | ' |
2016 | 6,182 | ' |
2017 | 12,845 | ' |
2017 | 3,139 | ' |
2018 | 22,798 | ' |
2018 | 2,534 | ' |
2019 | 39,002 | ' |
2019 | 14,325 | ' |
Thereafter | 28,928 | ' |
Total minimum lease payments | 196,417 | ' |
Total minimum lease payments | 49,669 | ' |
Less amounts representing interest | 9,313 | ' |
Present value of minimum lease payments | 187,104 | ' |
Less current maturities | 67,439 | 25,669 |
Non-current portion | $119,665 | $190,625 |
Note_4_Employee_Benefit_Plans_
Note 4 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount (in Dollars) | $278,000 | $202,000 | $128,000 |
Note_5_Stock_Plans_Details
Note 5 - Stock Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2008 | Jun. 30, 2014 | Jun. 30, 2012 | Jan. 31, 2006 | Jun. 30, 2014 | Jun. 30, 2014 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | 2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | All Other Grants [Member] | Total Period [Member] | ||||
2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | 2006 Omnibus Incentive Plan [Member] | Minimum [Member] | Maximum [Member] | Weighted-Average Period [Member] | |||||||||||||||
Note 5 - Stock Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,687,500 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 1,000,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | 148,500 | 189,413 | 187,417 | 148,500 | 189,413 | 252,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,500 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 685,526 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $2.10 | $3.90 | $2.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1.1 | 1.9 | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '5 years | ' | ' | ' | ' | '3 years | ' | ' | '4 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.9 | 2 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 109 days | '219 days | ' | ' | ' | ' | ' | ' | '219 days |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | $5.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_Stock_Plans_Details_Sum
Note 5 - Stock Plans (Details) - Summary of the Award Activity of the Stock Option Plans (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Summary of the Award Activity of the Stock Option Plans [Abstract] | ' | ' | ' | ' |
Shares | 905,098 | 1,148,790 | 1,362,290 | 1,432,083 |
Weighted-Average Exercise Price | $10.25 | $10.76 | $10.63 | $10.60 |
Weighted-Average Remaining Contractual Term | '3 years 6 months | '4 years 36 days | '5 years 36 days | '6 years 21 days |
Aggregate Intrinsic Value | $10,018,958 | $8,606,841 | $7,829,713 | $4,866,334 |
Exercisable at June 30, 2014 | 892,598 | ' | ' | ' |
Exercisable at June 30, 2014 | $10.19 | ' | ' | ' |
Exercisable at June 30, 2014 | '3 years 146 days | ' | ' | ' |
Exercisable at June 30, 2014 | $9,932,333 | ' | ' | ' |
Shares, Forfeited or Expired | -8,500 | -17,925 | -12,560 | ' |
Weighted-Average Exercise Price, Forfeited or Expired | $13.88 | $13.77 | $11.21 | ' |
Shares, Exercised | -235,192 | -195,575 | -57,233 | ' |
Weighted-Average Exercise Price, Exercised | $12.60 | $9.57 | $9.58 | ' |
Note_5_Stock_Plans_Details_Sum1
Note 5 - Stock Plans (Details) - Summary of the Restricted Stock Award Activity (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 5 - Stock Plans (Details) - Summary of the Restricted Stock Award Activity [Line Items] | ' | ' | ' | ' |
Number of Shares | 356,705 | 355,963 | 453,425 | 355,630 |
Weighted-Average Grant Date Fair Value | $18.88 | $15.75 | $12.36 | $12.27 |
Number of Shares, Granted | 148,500 | 189,413 | 252,593 | ' |
Weighted-Average Grant Date Fair Value, Granted | $22.13 | $18.58 | $12.60 | ' |
Number of Shares, Forfeited | -16,975 | -24,437 | -2,753 | ' |
Weighted-Average Grant Date Fair Value, Forfeited | $13.49 | $11.33 | $11.44 | ' |
Number of Shares, Vested | -130,783 | -262,438 | -152,045 | ' |
Weighted-Average Grant Date Fair Value, Vested | $14.75 | $12.64 | $12.09 | ' |
Note_6_Stock_Repurchase_Progra1
Note 6 - Stock Repurchase Programs (Details) (USD $) | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 24, 2007 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 25, 2010 |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 2,000,000 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $13.80 | ' | ' | ' |
Treasury Stock, Shares | ' | 500,000 | 696,000 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 2,000,000 |
Note_7_Earnings_Per_Share_Deta
Note 7 - Earnings Per Share (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 39,150 | 90,500 |
Note_7_Earnings_Per_Share_Deta1
Note 7 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Reconciliation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in Dollars) | $15,507 | $3,482 | $5,126 | $6,566 | $7,244 | $4,378 | $7,380 | $8,262 | $30,681 | $27,264 | $25,536 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted - average number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 23,014 | 22,641 | 22,264 |
Effect of stock options and other incremental shares | ' | ' | ' | ' | ' | ' | ' | ' | 741 | 752 | 608 |
Weighted-average number of common shares outstanding b diluted | ' | ' | ' | ' | ' | ' | ' | ' | 23,755 | 23,393 | 22,872 |
Diluted earnings per share (in Dollars per share) | $0.65 | $0.15 | $0.22 | $0.28 | $0.30 | $0.19 | $0.32 | $0.36 | $1.29 | $1.17 | $1.12 |
Basic earnings per share (in Dollars per share) | $0.67 | $0.15 | $0.22 | $0.29 | $0.31 | $0.19 | $0.33 | $0.37 | $1.33 | $1.20 | $1.15 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | $72,000,000 | ' |
Letters of Credit Outstanding, Amount | 800,000 | ' |
Treasury Stock, Shares (in Shares) | 500,000 | 696,000 |
Contractual Obligation | $300,000 | ' |
Held in Trust [Member] | ' | ' |
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Treasury Stock, Shares (in Shares) | 500,000 | ' |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $0 | $0 | $0 |
Undistributed Earnings of Foreign Subsidiaries | 3,800,000 | 4,300,000 | 2,400,000 |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,500,000 | ' | ' |
Unrecognized Tax Benefits | $500,000 | $500,000 | ' |
Note_9_Income_Taxes_Details_In
Note 9 - Income Taxes (Details) - Income Tax Provision For Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $12,958 | ($3,127) | $7,285 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 1,013 | -2,110 | 220 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 509 | 2,180 | 1,900 |
Total Current | ' | ' | ' | ' | ' | ' | ' | ' | 14,480 | -3,057 | 9,405 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 3,703 | 16,122 | 5,950 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 576 | 3,145 | 659 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 931 | 1,261 | -7 |
Total Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 5,210 | 20,528 | 6,602 |
Total | $10,743 | $2,247 | $2,717 | $3,983 | $4,789 | $2,978 | $4,355 | $5,349 | $19,690 | $17,471 | $16,007 |
Note_9_Income_Taxes_Details_In1
Note 9 - Income Taxes (Details) - Income Tax Expense (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Computed "expected" income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $17,630 | $15,484 | $14,540 |
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,033 | 676 | 571 |
Non-deductible expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,705 | 383 | 1,092 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -678 | 928 | -196 |
Actual income tax expense | $10,743 | $2,247 | $2,717 | $3,983 | $4,789 | $2,978 | $4,355 | $5,349 | $19,690 | $17,471 | $16,007 |
Note_9_Income_Taxes_Details_De
Note 9 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred equity compensation | $1,755 | $1,988 |
Insurance reserves | 4,167 | 3,741 |
Other | 4,998 | 1,508 |
Total deferred tax assets | 10,920 | 7,237 |
Deferred tax liabilities: | ' | ' |
Property and equipment | -72,235 | -58,513 |
Goodwill | -5,742 | -5,204 |
Other | -1,567 | -999 |
Total deferred tax liabilities | -79,544 | -64,716 |
Net current deferred tax assets | 7,651 | 4,342 |
Net non-current deferred tax liabilities | -76,275 | -61,821 |
Total net deferred tax liabilities | ($68,624) | ($57,479) |
Note_10_Segment_Information_an2
Note 10 - Segment Information and Significant Customers (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Number of Reportable Segments | 2 |
Note_10_Segment_Information_an3
Note 10 - Segment Information and Significant Customers (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $197,386 | $193,228 | $193,595 | $175,102 | $162,601 | $149,638 | $148,112 | $153,297 | $759,311 | $613,648 | $598,952 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 12,178 | 6,782 | 8,943 | 11,532 | 12,906 | 8,036 | 12,591 | 15,139 | 39,434 | 48,672 | 46,759 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 57,843 | 50,767 | 47,214 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset-based | ' | ' | ' | ' | ' | ' | ' | ' | -12 | ' | -56 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset-based | ' | ' | ' | ' | ' | ' | ' | ' | 5,071 | 4,931 | 5,684 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 50,371 | 44,735 | 41,543 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 22,810 | ' | ' | ' | 17,730 | ' | ' | ' | 22,810 | 17,730 | 16,702 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 690,815 | ' | ' | ' | 641,162 | ' | ' | ' | 690,815 | 641,162 | 520,711 |
Asset Based [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 706,726 | 569,688 | 556,770 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 34,179 | 45,190 | 43,723 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 57,843 | 50,767 | 47,214 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset-based | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset-based | ' | ' | ' | ' | ' | ' | ' | ' | 5,071 | 4,931 | 5,684 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 29,121 | 40,259 | 38,085 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 21,442 | ' | ' | ' | 16,362 | ' | ' | ' | 21,442 | 16,362 | 15,334 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 684,548 | ' | ' | ' | 635,968 | ' | ' | ' | 684,548 | 635,968 | 516,106 |
Assetlight [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 52,585 | 43,960 | 42,182 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 5,255 | 3,482 | 3,036 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,250 | 4,476 | 3,458 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,368 | ' | ' | ' | 1,368 | ' | ' | ' | 1,368 | 1,368 | 1,368 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $6,267 | ' | ' | ' | $5,194 | ' | ' | ' | $6,267 | $5,194 | $4,605 |
Note_10_Segment_Information_an4
Note 10 - Segment Information and Significant Customers (Details) - Operating Revenue by Geographic Area (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Total revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $197,386 | $193,228 | $193,595 | $175,102 | $162,601 | $149,638 | $148,112 | $153,297 | $759,311 | $613,648 | $598,952 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long lived assets | 523,630 | ' | ' | ' | 523,774 | ' | ' | ' | 523,630 | 523,774 | 394,667 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 609,512 | 534,463 | 520,951 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long lived assets | 439,043 | ' | ' | ' | 479,852 | ' | ' | ' | 439,043 | 479,852 | 371,967 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 115,678 | 48,667 | 46,698 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long lived assets | 65,719 | ' | ' | ' | 30,094 | ' | ' | ' | 65,719 | 30,094 | 9,698 |
MEXICO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 34,121 | 30,518 | 31,303 |
Long-lived assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long lived assets | $18,868 | ' | ' | ' | $13,828 | ' | ' | ' | $18,868 | $13,828 | $13,002 |
Note_11_Fair_Value_Measurement2
Note 11 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Note 11 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities [Line Items] | ' | ' |
Foreign currency derivatives | $35 | ($70) |
Fuel derivatives | ' | 45 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 11 - Fair Value Measurements (Details) - Fair Value of Financial Assets and Liabilities [Line Items] | ' | ' |
Foreign currency derivatives | 35 | -70 |
Fuel derivatives | ' | $45 |
Note_13_Disposition_of_Minorit1
Note 13 - Disposition of Minority Interest in Subsidiary (Details) (TruckersB2B, LLC [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | 31-May-14 |
TruckersB2B, LLC [Member] | ' |
Note 13 - Disposition of Minority Interest in Subsidiary (Details) [Line Items] | ' |
Proceeds from Sales of Business, Affiliate and Productive Assets | $21 |
Deconsolidation, Gain (Loss), Amount | $17.10 |
Note_14_Selected_Quarterly_Dat2
Note 14 - Selected Quarterly Data (Unaudited) (Details) - Summarized Quarterly Data for Fiscal 2014 and 2013 (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Summarized Quarterly Data for Fiscal 2014 and 2013 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $197,386 | $193,228 | $193,595 | $175,102 | $162,601 | $149,638 | $148,112 | $153,297 | $759,311 | $613,648 | $598,952 |
Operating expenses | 185,208 | 186,446 | 184,652 | 163,570 | 149,695 | 141,602 | 135,521 | 138,158 | 719,877 | 564,976 | 552,193 |
Operating income | 12,178 | 6,782 | 8,943 | 11,532 | 12,906 | 8,036 | 12,591 | 15,139 | 39,434 | 48,672 | 46,759 |
Other expense (income), net | -14,072 | 1,053 | 1,100 | 983 | 873 | 680 | 856 | 1,528 | 15,996 | 994 | 412 |
Income before taxes | 26,250 | 5,729 | 7,843 | 10,549 | 12,033 | 7,356 | 11,735 | 13,611 | ' | ' | ' |
Income tax expense | 10,743 | 2,247 | 2,717 | 3,983 | 4,789 | 2,978 | 4,355 | 5,349 | 19,690 | 17,471 | 16,007 |
Net income | $15,507 | $3,482 | $5,126 | $6,566 | $7,244 | $4,378 | $7,380 | $8,262 | $30,681 | $27,264 | $25,536 |
Basic income per share (in Dollars per share) | $0.67 | $0.15 | $0.22 | $0.29 | $0.31 | $0.19 | $0.33 | $0.37 | $1.33 | $1.20 | $1.15 |
Diluted income per share (in Dollars per share) | $0.65 | $0.15 | $0.22 | $0.28 | $0.30 | $0.19 | $0.32 | $0.36 | $1.29 | $1.17 | $1.12 |
Note_15_Acquisitions_Details
Note 15 - Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Nov. 13, 2013 | Nov. 15, 2013 | Nov. 15, 2013 | Sep. 27, 2012 | Aug. 03, 2012 | Sep. 27, 2012 | Aug. 03, 2012 | Dec. 31, 2012 | Aug. 26, 2013 | Aug. 26, 2013 | Sep. 13, 2013 | Sep. 16, 2013 | Nov. 02, 2013 | Nov. 15, 2013 | Jun. 24, 2014 | Aug. 03, 2012 | Sep. 27, 2012 | Dec. 31, 2012 | Apr. 02, 2013 | 15-May-13 | |
Purchased Land and Building [Member] | Canadian Goods and Service Tax [Member] | Additional Debt Related to Equipment [Member] | Tractors [Member] | Tractors [Member] | Trailers [Member] | Trailers [Member] | Land And Warehouse Assets [Member] | Houg [Member] | Land Span [Member] | TCI [Member] | Hoss [Member] | Osborn [Member] | Yanke [Member] | Evans [Member] | USA Dry Van Logistics, LLC [Member] | Robinson Transport [Member] | Rock Acquisition [Member] | Freight Systems, Inc. [Member] | Hyndman Acquisition [Member] | ||||
Hoss [Member] | Yanke [Member] | Yanke [Member] | Rock Acquisition [Member] | acre | sqft | ||||||||||||||||||
Note 15 - Acquisitions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | ' | $1,800,000 | ' | $3,800,000 | ' | $3,500,000 | ' | ' | $1,500,000 | $1,200,000 | $5,300,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | 2,600,000 | 11,400,000 | 4,000,000 | 1,200,000 | 11,200,000 | 22,100,000 | 5,400,000 | ' | ' | 3,100,000 | 13,800,000 | 14,900,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 500,000 | ' | 1,100,000 | ' | 800,000 | ' | ' | ' | ' | 800,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 100,000 | 4,000,000 | ' | 2,700,000 | ' | 8,700,000 | ' | ' | 700,000 | 12,800,000 | 9,600,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 6,100,000 | 1,100,000 | ' | 1,600,000 | ' | 2,100,000 | ' | ' | 2,600,000 | 500,000 | 5,400,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | 1,800,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | 2,900,000 | 1,200,000 | ' | 17,900,000 | ' | ' | ' | 4,100,000 | 2,600,000 | 6,300,000 |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | 900,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 22,810,000 | 17,730,000 | 16,702,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | 1,100,000 | ' | ' | ' | ' | 300,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Number of Assets Acquired | ' | ' | ' | ' | ' | ' | 155 | 271 | 280 | 1,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded Fair Value of Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | 8,200,000 | ' | ' | ' |
Property, Plant and Equipment, Net | 492,829,000 | 496,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 150,000 | ' | ' |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $82,826,000 | $169,511,000 | $95,457,000 | ' | ' | ' | ' | ' | ' | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Goodwill_and_Other_Int2
Note 16 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Customer Relationships [Member] | ' |
Note 16 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '4 years |
Houg [Member] | ' |
Note 16 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' |
Goodwill, Acquired During Period | 1.1 |
TCI [Member] | ' |
Note 16 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' |
Goodwill, Acquired During Period | 1.7 |
Evans [Member] | ' |
Note 16 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' |
Goodwill, Acquired During Period | 1.1 |
Osborn [Member] | ' |
Note 16 - Goodwill and Other Intangible Assets (Details) [Line Items] | ' |
Goodwill, Acquired During Period | 1.1 |
Note_16_Goodwill_and_Other_Int3
Note 16 - Goodwill and Other Intangible Assets (Details) - Acquired Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Acquired Intangible Assets [Abstract] | ' | ' |
Gross carrying amount | $650 | $650 |
Amortization | 237 | 75 |
Amortization | 162 | ' |
Net carrying amount | $413 | $575 |
Note_16_Goodwill_and_Other_Int4
Note 16 - Goodwill and Other Intangible Assets (Details) - Additions to Goodwill (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $22,810 | $17,730 | $16,702 |
Current year additions | 5,080 | ' | ' |
Asset Based [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 21,442 | 16,362 | 15,334 |
Current year additions | 5,080 | ' | ' |
Assetlight [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $1,368 | $1,368 | $1,368 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $918,809 | $1,006,689 | $1,045,122 | |||
Charged to Costs and Expenses | 100,000 | 0 | 10,000 | |||
Deductions | 76,689 | [1] | 87,880 | [1] | 48,433 | [1] |
Balance at End of Period | 942,120 | 918,809 | 1,006,689 | |||
Reservesfor Claims Payableas Self Insurer [Member] | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 11,228,919 | 11,343,069 | 14,334,276 | |||
Charged to Costs and Expenses | 14,892,657 | 14,669,698 | 12,252,489 | |||
Deductions | 13,126,649 | [2] | 14,783,848 | [2] | 15,243,696 | [2] |
Balance at End of Period | $12,994,927 | $11,228,919 | $11,343,069 | |||
[1] | Represents accounts receivable net write-offs. | |||||
[2] | Represents claims paid. |