Celadon (CGIP) 10-Q 9 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 31, 2014	Feb. 09, 2015
Entity Registrant Name	CELADON GROUP INC
Entity Central Index Key	865941
Current Fiscal Year End Date	-24
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		23,767,898
Document Type	10-Q
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	FALSE

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
OPERATING REVENUE:
Freight revenue	$187,205	$157,241	$344,909	$299,197
Fuel surcharge revenue	35,166	36,354	70,878	69,500
Total revenue	222,371	193,595	415,787	368,697
OPERATING EXPENSES:
Salaries, wages, and employee benefits	63,569	53,905	120,791	100,558
Fuel	39,199	43,679	79,184	80,522
Purchased transportation	58,228	45,599	101,865	87,343
Revenue equipment rentals	2,648	1,577	5,238	3,229
Operations and maintenance	12,990	11,652	24,229	22,925
Insurance and claims	7,221	4,595	12,898	8,735
Depreciation and amortization	17,734	16,693	33,291	32,769
Communications and utilities	2,097	1,475	3,927	2,839
Operating taxes and licenses	3,699	3,293	7,013	6,125
General and other operating	3,427	2,956	6,882	5,098
Gain on disposition of equipment	-4,010	-772	-8,568	-1,920
Total operating expenses	206,802	184,652	386,750	348,223
Operating income	15,569	8,943	29,037	20,474
Interest expense	2,008	1,263	3,177	2,487
Interest income	-3	-4	-7	-4
Other income	-36	-159	-110	-400
Income before income taxes	13,600	7,843	25,977	18,391
Income tax expense	5,057	2,717	9,387	6,699
Net income	$8,543	$5,126	$16,590	$11,692
Income per common share:
Diluted (in dollars per share)	$0.36	$0.22	$0.69	$0.49
Basic (in dollars per share)	$0.37	$0.22	$0.71	$0.51
Diluted weighted average shares outstanding (in shares)	23,991	23,679	23,963	23,671
Basic weighted average shares outstanding (in shares)	23,327	22,995	23,284	22,963

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Net income	$8,543	$5,126	$16,590	$11,692
Other comprehensive income (loss):
Unrealized gain (loss) on fuel derivative instruments, net of tax		-47		-45
Unrealized gain (loss) on currency derivative instruments, net of tax		-20	-35	145
Foreign currency translation adjustments, net of tax	-5,715	-1,458	-9,567	-1,011
Total other comprehensive loss	-5,715	-1,525	-9,602	-911
Comprehensive income	$2,828	$3,601	$6,988	$10,781

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$10,057,000	$15,508,000
Trade receivables, net of allowance for doubtful accounts of $918 and $942 at December 31, 2014 and June 30, 2014, respectively	119,965,000	105,968,000
Prepaid expenses and other current assets	36,241,000	26,288,000
Tires in service	2,066,000	2,227,000
Equipment for resale	26,330,000	3,148,000
Income tax receivable	3,539,000	6,395,000
Deferred income taxes	6,973,000	7,651,000
Total current assets	205,171,000	167,185,000
Property and equipment	771,727,000	643,888,000
Less accumulated depreciation and amortization	-147,772,000	-151,059,000
Net property and equipment	623,955,000	492,829,000
Tires in service	2,422,000	2,720,000
Goodwill	39,086,000	22,810,000
Other assets	4,922,000	5,271,000
Total assets	875,556,000	690,815,000
Current liabilities:
Accounts payable	11,360,000	11,017,000
Accrued salaries and benefits	10,327,000	13,902,000
Accrued insurance and claims	11,514,000	11,568,000
Accrued fuel expense	9,880,000	11,306,000
Accrued purchased transportation	10,657,000	10,213,000
Other accrued expenses	31,749,000	25,490,000
Current maturities of long-term debt	956,000	1,440,000
Less current maturities	62,715,000	67,439,000
Total current liabilities	149,158,000	152,375,000
Long-term debt, net of current maturities	167,953,000	75,436,000
Non-current portion	197,794,000	119,665,000
Other long term liabilities	11,804,000	8,061,000
Deferred income taxes	81,384,000	76,275,000
Stockholders' equity:
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 24,175 and 24,060 shares at December 31, 2014 and June 30, 2014, respectively	798,000	794,000
Treasury stock at cost; 500 and 500 shares at December 31, 2014 and June 30, 2014, respectively	-3,453,000	-3,453,000
Additional paid-in capital	109,977,000	107,579,000
Retained earnings	175,728,000	160,068,000
Accumulated other comprehensive loss	-15,587,000	-5,985,000
Total stockholders' equity	267,463,000	259,003,000
Total liabilities and stockholders' equity	$875,556,000	$690,815,000

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, except Per Share data, unless otherwise specified
Trade receivables, allowance for doubtful accounts	$918	$942
Common stock, par value (in dollars per share)	$0.03	$0.03
Common stock, shares authorized (in shares)	40	40
Common stock, shares issued (in shares)	24,175	24,060
Common stock, shares outstanding (in shares)	24,175	24,060

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$16,590,000	$11,692,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,419,000	32,829,000
Gain on sale of equipment	-8,568,000	-1,920,000
Stock based compensation	1,334,000	1,053,000
Deferred income taxes	5,437,000	-1,985,000
Provision for doubtful accounts	120,000	0
Changes in operating assets and liabilities:
Trade receivables	1,781,000	-7,953,000
Income taxes	3,028,000	11,361,000
Tires in service	423,000	-501,000
Prepaid expenses and other current assets	-7,531,000	-9,936,000
Other assets	-56,000	31,000
Equipment held for resale	-20,362,000	0
Accounts payable and accrued expenses	-3,261,000	2,253,000
Net cash provided by operating activities	22,354,000	36,924,000
Cash flows from investing activities:
Purchase of property and equipment	-72,792,000	-44,766,000
Proceeds on sale of property and equipment	75,783,000	23,338,000
Purchase of businesses, net of cash acquired	-66,705,000	-40,745,000
Net cash used in investing activities	-63,714,000	-62,173,000
Cash flows from financing activities:
Proceeds from bank borrowings and debt	346,350,000	182,640,000
Payments on bank borrowings and debt	-255,162,000	-130,949,000
Dividends paid	-930,000	-915,000
Principal payments under capital lease obligations	-54,760,000	-13,067,000
Proceeds from issuance of stock	1,068,000	1,325,000
Net cash provided by financing activities	36,566,000	39,034,000
Effect of exchange rates on cash and cash equivalents	-658,000	96,000
Increase (Decrease) in cash and cash equivalents	-5,451,000	13,881,000
Cash and cash equivalents at beginning of period	15,508,000	1,315,000
Cash and cash equivalents at end of period	10,057,000	15,196,000
Supplemental disclosure of cash flow information:
Interest paid	3,178,000	2,487,000
Income taxes paid	5,432,000	1,646,000
Lease obligation incurred in the purchase of equipment	$76,102,000	$0

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1.     Basis of Presentation
	References in this Report on Form 10-Q to “we,” “us,” “our,” “Celadon,” or the “Company” or similar terms refer to Celadon Group, Inc. and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
	The accompanying condensed consolidated unaudited financial statements of Celadon Group, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10-Q, and other relevant rules and regulations of the Securities and Exchange Commission (the “SEC”), as applicable to the preparation and presentation of interim financial information. Certain information and footnote disclosures have been omitted or condensed pursuant to such rules and regulations. We believe all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations in interim periods are not necessarily indicative of results for a full year. These condensed consolidated unaudited financial statements and notes thereto should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2014.
	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Note_2_Earnings_Per_Share

Note 2 - Earnings Per Share	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Earnings Per Share [Text Block]	2.     Earnings Per Share (in thousands, except per share
	amounts
	)
	A reconciliation of the basic and diluted earnings per share is as follows:
		Three months ended				Six months ended
		December 31,				December 31,
		2014		2013		2014		2013
	Weighted average common shares outstanding – basic		23,327		22,995		23,284		22,963
	Dilutive effect of stock options and unvested restricted stock units		664		684		679		708
	Weighted average common shares outstanding – diluted		23,991		23,679		23,963		23,671
	Net income	$	8,543	$	5,126	$	16,590	$	11,692
	Earnings per common share:
	Diluted	$	0.36	$	0.22	$	0.69	$	0.49
	Basic	$	0.37	$	0.22	$	0.71	$	0.51
	There were no shares that were considered anti-dilutive for the three month or six month period ended December 31, 2014 or December 31, 2013.

Note_3_Stock_Based_Compensatio

Note 3 - Stock Based Compensation	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	3.     Stock Based Compensation
	The following table summarizes the components of our stock based compensation program expense (in thousands):
		Three months ended					Six months ended
		December 31,					December 31,
		2014			2013		2014		2013
	Stock compensation expense for options, net of forfeitures	$	24		$	49	$	48	$	123
	Stock compensation expense for restricted stock, net of forfeitures		590			460		1,286		930
	Total stock compensation expense	$	614		$	509	$	1,334	$	1,053
	As of December 31, 2014, we have approximately $0.1 million of unrecognized compensation cost related to unvested options granted under the Celadon Group, Inc. 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). This cost is expected to be recognized over a weighted-average period of 0.1 years and a total period of 0.1 years.
	A summary of the award activity of our stock option plans as of December 31, 2014, and changes during the six-month period then ended is presented below:
	Options	Option Totals			Weighted-Average Exercise
					Price per Share
	Outstanding at July 1, 2014		905,098		$	10.25
	Granted		---			---
	Exercised		(99,775	)	$	10.71
	Forfeited or expired		---			---
	Outstanding at December 31, 2014		805,323		$	10.19
	Exercisable at December 31, 2014		792,823		$	10.13
	We also have approximately $4.8 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.5 years and a total period of 4.2 years. A summary of the restricted stock award activity under the 2006 Plan as of December 31, 2014, and changes during the six-month period is presented below:
		Number of Restricted Stock Awards			Weighted-Average Grant Date Fair Value
	Unvested at July 1, 2014		356,705		$	18.88
	Granted		22,574		$	20.3
	Vested		(40,620	)	$	15.35
	Forfeited		(7,754	)	$	18.74
	Unvested at December 31, 2014		330,905		$	19.41
	The fair value of each restricted stock award is based on the closing market price on the date of grant.

Note_4_Segment_Information

Note 4 - Segment Information	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4.     Segment Information (in thousands)
	We have two reportable segments comprised of an asset-based segment and an asset-light-based segment. Our asset-based segment includes our asset-based dry van, temperature-controlled, and flatbed carrier and rail services, which are geographically diversified but have similar economic and other relevant characteristics, as they all provide truckload carrier services of general commodities to a similar class of customers. Our asset-light-based segment consists of our warehousing, brokerage, and less-than-truckload ("LTL") operations, which we have determined qualifies as a reportable segment under ASC 280-10, Segment Reporting.
		Operating Revenues
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	Asset-based	$	200,596	$	181,043	$	377,465	$	343,664
	Asset-light		21,775		12,552		38,322		25,033
	Total	$	222,371	$	193,595	$	415,787	$	368,697
		Operating Income
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	Asset-based	$	12,853	$	8,143	$	24,102	$	18,519
	Asset-light		2,716		800		4,935		1,955
	Total	$	15,569	$	8,943	$	29,037	$	20,474
	Information as to our operating revenue by geographic area is summarized below (in thousands). We allocate operating revenue based on country of origin of the tractor hauling the freight:
		Operating Revenues
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	United States	$	184,123	$	154,218	$	337,309	$	300,423
	Canada		26,859		31,241		56,065		52,328
	Mexico		11,389		8,136		22,413		15,946
	Consolidated	$	222,371	$	193,595	$	415,787	$	368,697

Note_5_Income_Taxes

Note 5 - Income Taxes	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Income Tax Disclosure [Text Block]	5
	.     Income Taxes
	During the three months ended December 31, 2014 and 2013, our effective tax rates were 37.2% and 34.6%, respectively.  During the six months ended December 31, 2014 and 2013, our effective tax rates were 36.1% and 36.4%, respectively.  In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on our expected annual income, statutory tax rates, nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. The change in the proportion of income from domestic and foreign sources affects our effective tax rate. Income tax expense also varies from the amount computed by applying the statutory federal tax rate to income before income taxes primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers.  Under this pay structure, drivers who meet the requirements and elect to receive per diem are generally required to receive non-taxable per diem pay in lieu of a portion of their taxable wages.  This per diem program increases our drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes.  As a result, salaries, wages, and employee benefits are slightly lower, and our effective income tax rate is higher than the statutory rate.  Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases because aggregate per diem pay becomes smaller in relation to pre-tax income.  Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to be paid under this pay structure.
	We follow ASC Topic 740-10-25 in accounting for uncertainty in income taxes ("Topic 740"). Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We account for any uncertainty in income taxes by determining whether it is more likely than not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the appropriate taxing authority based on the technical merits of the position.  In that regard, we have analyzed filing positions in our federal and applicable state tax returns as well as in all open tax years.  The only periods subject to examination for our federal returns are the 2010 through 2013 tax years. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position, results of operations, or cash flows.  As of December 31, 2014, we recorded a $0.5 million liability for unrecognized tax benefits, a portion of which represents penalties and interest.

Note_6_Commitments_and_Conting

Note 6 - Commitments and Contingencies	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6
	Commitments and Contingencies
	We are party to certain lawsuits in the ordinary course of business. We are currently not party to any proceedings which we believe will have a material adverse effect. The Company is part of a litigation claim, Wilmoth et al. v. Celadon Trucking Services, Inc. in which there was a Summary Judgment granted in favor of the Plaintiffs. However, the case is currently in the appeals process and although the Company believes it could be reasonably possible for the Judgment to be upheld, we believe it to be probable we will be successful in our appeal. Therefore the Company does not have a contingency reserved for this claim at this time. The Company estimates a potential range for this claim between $0 and approximately $5 million. The Company will continue to analyze future developments in the litigation as well as the probability of any contingency in future periods.
	We have outstanding commitments to purchase approximately $91.5 million of revenue equipment at December 31, 2014.
	Standby letters of credit, not reflected in the accompanying condensed consolidated financial statements, aggregated approximately $1.7 million at December 31, 2014. In addition, at December 31, 2014, 500,000 treasury shares were held in a trust as collateral for self-insurance reserves.

Note_7_Lease_Obligations_and_L

Note 7 - Lease Obligations and Long-term Debt	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	7
	Lease Obligations and
	Long-Term Debt
	L
	ease Obligations
	We lease certain revenue and service equipment under long-term lease agreements, payable in monthly installments.
	Equipment obtained under capital leases is reflected on our consolidated balance sheet as owned and the related leases mature at various dates through 2020.
	Assets held under operating leases are not recorded on the consolidated balance sheet. We lease revenue and service equipment under non-cancellable operating leases expiring at various dates through 2019.
	Long-Term Debt
	We had debt, excluding capital leases, of $168.9 million at December 31, 2014, of which $166.1 million relates to our credit facility. Debt includes revenue equipment installment notes of $2.8 million with an average interest rate of approximately 4 percent at December 31, 2014, due in monthly installments with final maturities at various dates through June 2019.
	Future minimum lease payments relating to capital leases and operating leases as of December 31, 2014 (in thousands) follow:
		Capital		Operating
		Leases		Leases
	2015	$	68,039	$	15,145
	2016		38,323		4,972
	2017		80,182		2,541
	2018		34,520		8,026
	2019		37,898		3,976
	Thereafter		15,718		---
	Total minimum lease payments		274,680	$	34,660
	Less amounts representing interest		14,171
	Present value of minimum lease payments		260,509
	Less current maturities		62,715
	Non-current portion	$	197,794

Note_8_Fair_Value_Measurements

Note 8 - Fair Value Measurements

6 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Fair Value Disclosures [Text Block]

8

Fair Value Measurements

ASC 820-10

Fair Value Measurements and Disclosure

defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. This standard establishes a three-level hierarchy for fair value measurements based upon the significant inputs used to determine fair value. Observable inputs are those which are obtained from market participants external to us, while unobservable inputs are generally developed internally, utilizing management’s estimates assumptions, and specific knowledge of the nature of the assets or liabilities and related markets. The three levels are defined as follows:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of December 31, 2014 and June 30, 2014.

Level 1

Level 2

Level 3

Balance

Balance

Balance

Balance

Balance

Balance

Balance

Balance

at

at

at

at

at

at

at

at

December

June

December

June

December

June

December

June

31,

30,

31,

30,

31,

30,

31,

30,

2014

2014

2014

2014

2014

2014

2014

2014

Foreign

---

$

35

---

---

---

$

35

---

---

currency

derivatives

Note_9_Dividend

Note 9 - Dividend	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Dividend [Text Block]	9.     Dividend
	On October 29, 2014, we declared a cash dividend of $0.02 per share of common stock. The dividend was payable to stockholders of record on January 9, 2015 and was paid on January 23, 2015. Future payment of cash dividends, and the amount of any such dividends, will depend on our financial condition, results of operations, cash requirements, tax treatment, and certain corporate law requirements, as well as other factors deemed relevant by our Board of Directors.

Note_10_Acquisitions_and_Asset

Note 10 - Acquisitions and Assets Held for Sale	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	10.     Acquisitions
	On September 3, 2014, we acquired certain assets of Furniture Row Express, LLC (“FRE”) in Denver, CO for $10.0 million. The acquired assets include tractors and trailers that we intend to operate in the short term. We used borrowings under our existing credit facility to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to FRE drivers and continue dry-van and temperature-controlled services for the FRE customers.
	On October 26, 2014, we acquired the outstanding membership interests of A&S Services Group, LLC (“A&S”) in New Freedom, PA for $55.0 million. We acquired trade receivables and other current assets of $18.9 million, property and equipment of $79.8 million, and goodwill of $14.4 million offset by $52.4 million in debt including capital leases and $5.7 million of various other liabilities. The property and equipment includes tractors, trailers, buildings, and land that we intend to operate for the foreseeable future. We used borrowings under our existing credit facility to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to A&S drivers and continue dry-van, warehouse, and brokerage services for the A&S customers.
	On December 12, 2014, we acquired the stock of Bee Line, Inc. (“Bee Line”) in Ottoville, OH for $4.5 million. The property and equipment owned by Bee Line includes tractors, trailers, buildings, and land that we intend to operate for the foreseeable future. We used borrowings under our existing credit facility to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Bee Line drivers and continue dry-van services for the Bee Line 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.

Note_11_Goodwill_and_Other_Int

Note 11 - Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	11.     Goodwill and Other Intangible Assets
	The acquired intangible assets relate to customer relations acquired through acquisition in fiscal 2014. There have been no additions to intangible assets in fiscal 2015. We did not have any amortizable intangible assets prior to fiscal 2014.
	The following table summarizes intangible assets, included as a component of other assets in the accompanying condensed consolidated financial statements (in thousands):
		30-Jun-14			Current Year Additions		31-Dec-14
	Gross carrying amount	$	650			---	$	650
	Accumulated amortization		( 237	)	$	81		(318	)
	Net carrying amount	$	413				$	332
	We had additions to goodwill of $14.4 million and $1.9 million relating to the A&S and Bee Line acquisitions, respectively.
	The following table summarized goodwill (in thousands):
		30-Jun-14			Current year additions		Foreign currency translation effect			31-Dec-14
	Asset based	$	21,442		$	16,298	$	(22	)	$	37,740
	Asset light	$	1,368			---		---		$	1,368
	Total Goodwill	$	22,810		$	16,298	$	(22	)	$	39,086

Note_12_Gain_on_Disposition_of

Note 12 - Gain on Disposition of Equipment	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	12. Gain on Disposition of Equipment
	We routinely sell equipment to Element Financial Corp. ("Element") under our agreement with Element for use by independent contractors. Total net sales proceeds from these transactions during the fiscal 2015 period were $127.7 million. The primary purpose of these transactions is to reduce our debt, facilitate continued use of independent contractors, and reduce the administrative burdens associated with the administration of independent contractor leases. In accordance with ASC 605-45, we recorded these transactions on a net basis as an agent versus grossing up the sales in revenue and costs of goods sold as a principal. The net gain in the fiscal 2015 period as a result of these transactions was $5.6 million. As the transactions with Element began during the second half of fiscal 2014, no comparable sales proceeds were realized during the first quarter of fiscal 2014.

Note_13_Equipment_Held_for_Res

Note 13 - Equipment Held for Resale	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Equipment Held for Resale [Text Block]	13
	Equipment Held for Resale
	Equipment held for resale relates to equipment purchased to sell to Element. There are timing differences between when we fund for equipment and the equipment is seated and sold to Element. This balance relates to units that were subsequently sold to Element.

Note_14_Reclassifications_and_

Note 14 - Reclassifications and Adjustments	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Reclassifications [Text Block]	1
	4
	. Reclassifications and Adjustments
	Certain items in the prior year's consolidated financial statements have been reclassified to conform to the current presentation.

Note_15_Subsequent_Events

Note 15 - Subsequent Events	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Subsequent Events [Text Block]	1
	5
	. Subsequent Events
	On January 20, 2015, we entered into a definitive Stock Purchase Agreement (the "Agreement") to acquire all of the outstanding stock of Taylor Express, Inc. ("Taylor"). We paid $49.7 million under the Agreement. The Agreement contains customary representations, warranties, covenants, and indemnification provisions. At closing, $2.2 million of the closing cash consideration was placed in escrow to secure Taylor’s indemnification obligations to us. The acquisition was funded through our existing credit facility.

Note_2_Earnings_Per_Share_Tabl

Note 2 - Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three months ended				Six months ended
		December 31,				December 31,
		2014		2013		2014		2013
	Weighted average common shares outstanding – basic		23,327		22,995		23,284		22,963
	Dilutive effect of stock options and unvested restricted stock units		664		684		679		708
	Weighted average common shares outstanding – diluted		23,991		23,679		23,963		23,671
	Net income	$	8,543	$	5,126	$	16,590	$	11,692
	Earnings per common share:
	Diluted	$	0.36	$	0.22	$	0.69	$	0.49
	Basic	$	0.37	$	0.22	$	0.71	$	0.51

Note_3_Stock_Based_Compensatio1

Note 3 - Stock Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]		Three months ended					Six months ended
		December 31,					December 31,
		2014			2013		2014		2013
	Stock compensation expense for options, net of forfeitures	$	24		$	49	$	48	$	123
	Stock compensation expense for restricted stock, net of forfeitures		590			460		1,286		930
	Total stock compensation expense	$	614		$	509	$	1,334	$	1,053
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Options	Option Totals			Weighted-Average Exercise
					Price per Share
	Outstanding at July 1, 2014		905,098		$	10.25
	Granted		---			---
	Exercised		(99,775	)	$	10.71
	Forfeited or expired		---			---
	Outstanding at December 31, 2014		805,323		$	10.19
	Exercisable at December 31, 2014		792,823		$	10.13
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]		Number of Restricted Stock Awards			Weighted-Average Grant Date Fair Value
	Unvested at July 1, 2014		356,705		$	18.88
	Granted		22,574		$	20.3
	Vested		(40,620	)	$	15.35
	Forfeited		(7,754	)	$	18.74
	Unvested at December 31, 2014		330,905		$	19.41

Note_4_Segment_Information_Tab

Note 4 - Segment Information (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]		Operating Revenues
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	Asset-based	$	200,596	$	181,043	$	377,465	$	343,664
	Asset-light		21,775		12,552		38,322		25,033
	Total	$	222,371	$	193,595	$	415,787	$	368,697
		Operating Income
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	Asset-based	$	12,853	$	8,143	$	24,102	$	18,519
	Asset-light		2,716		800		4,935		1,955
	Total	$	15,569	$	8,943	$	29,037	$	20,474
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]		Operating Revenues
		Three Months Ended				Six Months Ended
		December 31,				December 31,
		2014		2013		2014		2013
	United States	$	184,123	$	154,218	$	337,309	$	300,423
	Canada		26,859		31,241		56,065		52,328
	Mexico		11,389		8,136		22,413		15,946
	Consolidated	$	222,371	$	193,595	$	415,787	$	368,697

Note_7_Lease_Obligations_and_L1

Note 7 - Lease Obligations and Long-term Debt (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]		Capital		Operating
		Leases		Leases
	2015	$	68,039	$	15,145
	2016		38,323		4,972
	2017		80,182		2,541
	2018		34,520		8,026
	2019		37,898		3,976
	Thereafter		15,718		---
	Total minimum lease payments		274,680	$	34,660
	Less amounts representing interest		14,171
	Present value of minimum lease payments		260,509
	Less current maturities		62,715
	Non-current portion	$	197,794

Note_8_Fair_Value_Measurements1

Note 8 - Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]						Level 1				Level 2				Level 3
		Balance		Balance		Balance		Balance		Balance		Balance		Balance		Balance
		at		at		at		at		at		at		at		at
		December		June		December		June		December		June		December		June
		31,		30,		31,		30,		31,		30,		31,		30,
		2014		2014		2014		2014		2014		2014		2014		2014
	Foreign		---	$	35		---		---		---	$	35		---		---
	currency
	derivatives

Note_11_Goodwill_and_Other_Int1

Note 11 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]		30-Jun-14			Current Year Additions		31-Dec-14
	Gross carrying amount	$	650			---	$	650
	Accumulated amortization		( 237	)	$	81		(318	)
	Net carrying amount	$	413				$	332
Schedule of Goodwill [Table Text Block]		30-Jun-14			Current year additions		Foreign currency translation effect			31-Dec-14
	Asset based	$	21,442		$	16,298	$	(22	)	$	37,740
	Asset light	$	1,368			---		---		$	1,368
	Total Goodwill	$	22,810		$	16,298	$	(22	)	$	39,086

Note_2_Earnings_Per_Share_Deta

Note 2 - Earnings Per Share (Details Textual)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0

Note_2_Earnings_Per_Share_Reco

Note 2 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Basic weighted average shares outstanding (in shares)	23,327	22,995	23,284	22,963
Dilutive effect of stock options and unvested restricted stock units (in shares)	664	684	679	708
Weighted average common shares outstanding b diluted (in shares)	23,991	23,679	23,963	23,671
Net income	$8,543	$5,126	$16,590	$11,692
Income per common share:
Diluted (in dollars per share)	$0.36	$0.22	$0.69	$0.49
Basic (in dollars per share)	$0.37	$0.22	$0.71	$0.51

Note_3_Stock_Based_Compensatio2

Note 3 - Stock Based Compensation (Details Textual) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Two Thousand and Six Omnibus Incentive Plan [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	0.1
Two Thousand and Six Omnibus Incentive Plan [Member] | Weighted Average [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	36 days
Two Thousand and Six Omnibus Incentive Plan [Member] | Total Period [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	36 days
Restricted Stock [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	4.8
Restricted Stock [Member] | Weighted Average [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 182 days
Restricted Stock [Member] | Total Period [Member]
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	4 years 73 days

Note_3_Stock_Based_Compensatio3

Note 3 - Stock Based Compensation - Components of Share Based Compensation Expense (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Stock compensation expense	$614	$509	$1,334	$1,053
Employee Stock Option [Member]
Stock compensation expense	24	49	48	123
Restricted Stock [Member]
Stock compensation expense	$590	$460	$1,286	$930

Note_3_Stock_Based_Compensatio4

Note 3 - Stock Based Compensation - Summary of the Award Activity of the Stock Option Plans (Details) (USD $)	6 Months Ended
	Dec. 31, 2014
Outstanding at July 1, 2014 (in shares)	905,098
Outstanding at July 1, 2014 (in dollars per share)	$10.25
Exercised (in shares)	-99,775
Exercised (in dollars per share)	$10.71
Outstanding at December 31, 2014 (in shares)	805,323
Outstanding at December 31, 2014 (in dollars per share)	$10.19
Exercisable at December 31, 2014 (in shares)	792,823
Exercisable at December 31, 2014 (in dollars per share)	$10.13

Note_3_Stock_Based_Compensatio5

Note 3 - Stock Based Compensation - Summary of the Restricted Stock Award Activity (Details) (USD $)	6 Months Ended
	Dec. 31, 2014
Unvested at July 1, 2014 (in shares)	356,705
Unvested at July 1, 2014 (in dollars per share)	$18.88
Granted (in shares)	22,574
Granted (in dollars per share)	$20.30
Vested (in shares)	-40,620
Vested (in dollars per share)	$15.35
Forfeited (in shares)	-7,754
Forfeited (in dollars per share)	$18.74
Unvested at December 31, 2014 (in shares)	330,905
Unvested at December 31, 2014 (in dollars per share)	$19.41

Note_4_Segment_Information_Det

Note 4 - Segment Information (Details Textual)	6 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Number of Operating Segments	2

Note_4_Segment_Information_Seg

Note 4 - Segment Information - Segment Reporting Information (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Operating revenues	$222,371	$193,595	$415,787	$368,697
Operating Income	15,569	8,943	29,037	20,474
Asset Based [Member]
Operating revenues	200,596	181,043	377,465	343,664
Operating Income	12,853	8,143	24,102	18,519
Asset Light Based [Member]
Operating revenues	21,775	12,552	38,322	25,033
Operating Income	$2,716	$800	$4,935	$1,955

Note_4_Segment_Information_Ope

Note 4 - Segment Information - Operating Revenue by Geographic Area (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Operating revenues	$222,371	$193,595	$415,787	$368,697
MEXICO
Operating revenues	11,389	8,136	22,413	15,946
UNITED STATES
Operating revenues	184,123	154,218	337,309	300,423
Canada [Member]
Operating revenues	$26,859	$31,241	$56,065	$52,328

Note_5_Income_Taxes_Details_Te

Note 5 - Income Taxes (Details Textual) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	37.20%	34.60%	36.10%	36.40%
Unrecognized Tax Benefits	$0.50		$0.50
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Income Tax Disclosure [Abstract]
Open Tax Year			2010
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Income Tax Disclosure [Abstract]
Open Tax Year			2013

Note_6_Commitments_and_Conting1

Note 6 - Commitments and Contingencies (Details Textual) (USD $)	6 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment, Amount	$91,500,000
Letters of Credit Outstanding, Amount	1,700,000
Wilmoth et al. v. Celadon Trucking Services [Member]
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Range of Possible Loss, Minimum	0
Loss Contingency, Range of Possible Loss, Maximum	$5,000,000
Held In Trust [Member]
Commitments and Contingencies Disclosure [Abstract]
Treasury Stock, Shares	500,000

Note_7_Lease_Obligations_and_L2

Note 7 - Lease Obligations and Long-term Debt (Details Textual) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Leases [Abstract]
Long-term Debt	$168.90
Long-term Line of Credit	166.1
Revenue Equipment Installment Notes [Member]
Leases [Abstract]
Other Long-term Debt	$2.80
Long-term Debt, Weighted Average Interest Rate	4.00%

Note_7_Lease_Obligations_and_L3

Note 7 - Lease Obligations and Long-term Debt - Future Minimum Leases Payments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
2015	$68,039
2015	15,145
2016	38,323
2016	4,972
2017	80,182
2017	2,541
2018	34,520
2018	8,026
2019	37,898
2019	3,976
Thereafter	15,718
Total minimum lease payments	274,680
Total minimum lease payments	34,660
Less amounts representing interest	14,171
Present value of minimum lease payments	260,509
Less current maturities	62,715
Non-current portion	$197,794

Note_8_Fair_Value_Measurements2

Note 8 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Foreign currency derivatives		$35
Fair Value, Inputs, Level 1 [Member]
Foreign currency derivatives
Fair Value, Inputs, Level 2 [Member]
Foreign currency derivatives		35
Fair Value, Inputs, Level 3 [Member]
Foreign currency derivatives

Note_9_Dividend_Details_Textua

Note 9 - Dividend (Details Textual) (USD $)	0 Months Ended
	Oct. 29, 2014	Jan. 23, 2015	Jan. 09, 2015
Dividends Payable, Date Declared	29-Oct-14
Common Stock, Dividends, Per Share, Declared	$0.02
Subsequent Event [Member]
Dividends Payable, Date of Record			9-Jan-15
Dividends Payable, Date to be Paid		23-Jan-15

Note_10_Acquisitions_and_Asset1

Note 10 - Acquisitions and Assets Held for Sale (Details Textual) (USD $)	0 Months Ended
	Oct. 26, 2014	Dec. 12, 2014	Dec. 31, 2014	Jun. 30, 2014	Sep. 03, 2014
Business Combinations [Abstract]
Goodwill			$39,086,000	$22,810,000
AS Services Group LLC [Member]
Business Combinations [Abstract]
Payments to Acquire Businesses, Gross	55,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	18,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment	79,800,000
Goodwill	14,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	52,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	5,700,000
Bee Line, Inc [Member]
Business Combinations [Abstract]
Payments to Acquire Businesses, Gross		4,500,000
Furniture Row Express LLC [Member]
Business Combinations [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					$10,000,000

Note_11_Goodwill_and_Other_Int2

Note 11 - Goodwill and Other Intangible Assets (Details Textual) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
AS Services Group LLC [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Acquired During Period	$14.40
Bee Line, Inc [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Acquired During Period	$1.90

Note_11_Goodwill_and_Other_Int3

Note 11 - Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Jun. 30, 2014
Gross carrying amount	$650	$650
Accumulated amortization	-318	-237
Accumulated amortization	81
Net carrying amount	$332	$413

Note_11_Goodwill_and_Other_Int4

Note 11 - Goodwill and Other Intangible Assets - Additions to Goodwill (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Jun. 30, 2014
Goodwill	$39,086	$22,810
Asset based	16,298
Asset based	-22
Asset Based [Member]
Goodwill	37,740	21,442
Asset based	16,298
Asset based	-22
Asset Light Based [Member]
Goodwill	$1,368	$1,368

Note_12_Gain_on_Disposition_of1

Note 12 - Gain on Disposition of Equipment (Details Textual) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013
Property, Plant and Equipment [Abstract]
Proceeds from Sale of Property, Plant, and Equipment			$75,783,000	$23,338,000
Gain (Loss) on Disposition of Property Plant Equipment	4,010,000	772,000	8,568,000	1,920,000
Tractors [Member]
Property, Plant and Equipment [Abstract]
Proceeds from Sale of Property, Plant, and Equipment			127,700,000		0
Gain (Loss) on Disposition of Property Plant Equipment			$5,600,000

Note_15_Subsequent_Events_Deta

Note 15 - Subsequent Events (Details Textual) (Taylor Express, Inc. [Member], Subsequent Event [Member], USD $)	0 Months Ended
In Millions, unless otherwise specified	Jan. 20, 2015
Taylor Express, Inc. [Member] | Subsequent Event [Member]
Subsequent Events [Abstract]
Payments to Acquire Businesses, Gross	$49.70
Escrow Deposit	$2.20