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 |