Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 08, 2015 | Dec. 31, 2014 | |
Entity Registrant Name | CELADON GROUP INC | ||
Entity Central Index Key | 865,941 | ||
Current Fiscal Year End Date | --06-30 | ||
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) | 28,352,247 | ||
Entity Public Float | $ 490 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Revenue: | |||
Freight revenue | $ 769,950 | $ 615,411 | $ 489,035 |
Fuel surcharges | 130,806 | 143,900 | 124,613 |
Total revenue | 900,756 | 759,311 | 613,648 |
Operating expenses: | |||
Salaries, wages, and employee benefits | 261,216 | 209,938 | 165,485 |
Fuel | 144,687 | 171,695 | 143,807 |
Purchased transportation | 245,352 | 173,940 | 125,741 |
Revenue equipment rentals | 7,429 | 6,621 | 6,973 |
Operations and maintenance | 56,237 | 49,709 | 32,669 |
Insurance and claims | 29,091 | 19,252 | 15,251 |
Depreciation and amortization | 75,317 | 64,579 | 57,580 |
Communications and utilities | 8,361 | 6,409 | 5,408 |
Operating taxes and licenses | 16,443 | 13,275 | 10,451 |
General and other operating | 14,457 | 11,195 | 8,424 |
Gain on disposition of equipment | (23,619) | (6,736) | (6,813) |
Total operating expenses | 834,971 | 719,877 | 564,976 |
Operating income | 65,785 | 39,434 | 48,672 |
Other (income) expense: | |||
Interest expense | 7,776 | 5,071 | $ 4,931 |
Interest income | (7) | (12) | |
Other (income) expense, net | 154 | (15,996) | $ (994) |
Income before income taxes | 57,862 | 50,371 | 44,735 |
Provision for income taxes | 20,645 | 19,690 | 17,471 |
Net income | $ 37,217 | $ 30,681 | $ 27,264 |
Earnings per common share: | |||
Diluted earnings per share (in dollars per share) | $ 1.52 | $ 1.29 | $ 1.17 |
Basic earnings per share (in dollars per share) | $ 1.56 | $ 1.33 | $ 1.20 |
Weighted average shares outstanding: | |||
Diluted (in shares) | 24,471 | 23,755 | 23,393 |
Basic (in shares) | 23,844 | 23,014 | 22,641 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Income | $ 37,217 | $ 30,681 | $ 27,264 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on fuel derivative instruments, net of tax | (45) | 104 | |
Unrealized gain (loss) on currency derivative instruments, net of tax | $ (36) | 105 | (78) |
Foreign currency translation adjustments | (16,212) | (784) | (324) |
Total other comprehensive loss | (16,248) | (724) | (298) |
Comprehensive income | $ 20,969 | $ 29,957 | $ 26,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 24,699 | $ 15,508 |
Trade receivables, net of allowance for doubtful accounts of $1,002 and $942 in 2015 and 2014, respectively | 130,892 | 105,968 |
Prepaid expenses and other current assets | 33,267 | 26,288 |
Tires in service | 1,857 | 2,227 |
Equipment held for resale | 102,447 | 3,148 |
Income tax receivable | 17,926 | 6,395 |
Deferred income taxes | 7,083 | 7,651 |
Total current assets | 318,171 | 167,185 |
Property, plant, and equipment, gross | 935,976 | 643,888 |
Less accumulated depreciation and amortization | 147,446 | 151,059 |
Net property and equipment | 788,530 | 492,829 |
Tires in service | 2,173 | 2,720 |
Goodwill | 55,357 | 22,810 |
Other assets | 11,458 | 5,271 |
Total assets | 1,175,689 | 690,815 |
Current liabilities: | ||
Accounts payable | 13,699 | 11,017 |
Accrued salaries and benefits | 16,329 | 13,902 |
Accrued insurance and claims | 14,808 | 11,568 |
Accrued fuel expense | 10,979 | 11,306 |
Accrued purchase transportation | 16,259 | 10,213 |
Deferred leasing revenue | 31,872 | 6,581 |
Other accrued expenses | 32,610 | 18,909 |
Current maturities of capital lease obligations | 62,992 | 67,439 |
Current maturities of long-term debt | 948 | 1,440 |
Total current liabilities | 200,496 | 152,375 |
Capital lease obligations, net of current maturities | 366,452 | 119,665 |
Long-term debt | 133,199 | 75,436 |
Other long term liabilities | 953 | 8,061 |
Deferred income taxes | 108,246 | 76,275 |
Stockholders' equity: | ||
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 28,342 and 24,060 shares at June 30, 2015 and 2014, respectively | 935 | 794 |
Treasury stock at cost; 500 shares at June 30, 2015 and 2014, respectively | (3,453) | (3,453) |
Additional paid-in capital | 195,682 | 107,579 |
Retained earnings | 195,412 | 160,068 |
Accumulated other comprehensive loss | (22,233) | (5,985) |
Total stockholders' equity | 366,343 | 259,003 |
Total liabilities and stockholders' equity | $ 1,175,689 | $ 690,815 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Trade receivables, allowance for doubtful accounts | $ 1,002 | $ 942 |
Common stock, par value (in dollars per share) | $ 0.033 | $ 0.033 |
Common stock, shares authorized (in shares) | 40,000 | 40,000 |
Common stock, shares issued (in shares) | 28,342 | 24,060 |
Common stock, shares outstanding (in shares) | 28,342 | 24,060 |
Treasury stock, shares (in shares) | 500 | 500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 37,217 | $ 30,681 | $ 27,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 75,624 | 64,800 | 57,812 |
Gain on sale of equipment | $ (23,619) | (6,736) | $ (6,813) |
Gain from sale of minority investment | (17,143) | ||
Deferred income taxes | $ 32,391 | 5,210 | $ 20,537 |
Provision for doubtful accounts | 240 | 100 | (1) |
Stock based compensation expense | 2,772 | 2,077 | 3,850 |
Changes in operating assets and liabilities: | |||
Trade receivables | (6,198) | (17,125) | (2,129) |
Income tax receivable and payable | (11,426) | 7,905 | (11,124) |
Tires in service | 860 | (1,917) | 2,016 |
Prepaid expenses and other current assets | (4,538) | (10,409) | (1,058) |
Other assets | 240 | $ 886 | $ (1,200) |
Equipment held for resale | (85,331) | ||
Accounts payable and accrued expenses | 26,333 | $ 11,988 | $ (2,445) |
Net cash provided by operating activities | 44,565 | 70,317 | 86,709 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (118,422) | (82,826) | (169,511) |
Proceeds on sale of property and equipment | $ 172,354 | 103,926 | $ 105,444 |
Proceeds from sale of minority interest | 21,000 | ||
Purchase of businesses, net of cash acquired | $ (114,682) | (36,602) | $ (39,484) |
Net cash provided by (used in) investing activities | (60,750) | 5,498 | (103,551) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 85,353 | 2,985 | 1,892 |
Borrowings on long-term debt | 847,285 | 325,520 | 388,009 |
Payments on long-term debt | (789,847) | (358,466) | (333,539) |
Dividends paid | (1,873) | (1,837) | (1,805) |
Principal payments on capital lease obligations | (113,624) | (29,190) | (70,066) |
Net cash provided by/ (used in) financing activities | 27,294 | (60,988) | (15,509) |
Effect of exchange rates on cash and cash equivalents | (1,918) | (634) | 20 |
Increase (decrease) in cash and cash equivalents | 9,191 | 14,193 | (32,331) |
Cash and cash equivalents at beginning of year | 15,508 | 1,315 | 33,646 |
Cash and cash equivalents at end of year | 24,699 | 15,508 | 1,315 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 7,776 | 4,802 | 4,927 |
Income taxes paid | 5,627 | $ 9,901 | 8,752 |
Obligations incurred under capital lease | $ 304,261 | $ 55,789 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Jun. 30, 2012 | 22,829,310 | |||||
Balance at Jun. 30, 2012 | $ 791 | $ 101,154 | $ (7,966) | $ 105,765 | $ (4,963) | $ 194,781 |
Net income | 27,264 | 27,264 | ||||
Other comprehensive income (loss) | (298) | (298) | ||||
Comprehensive income | 27,264 | (298) | 26,966 | |||
Treasury stock issued | (1,792) | 1,801 | 9 | |||
Restricted stock and options expense (in shares) | 164,851 | |||||
Restricted stock and options expense | $ (3) | 3,849 | 3,846 | |||
Dividends paid | (1,805) | $ (1,805) | ||||
Exercise of stock options (in shares) | 196,575 | 195,575 | ||||
Exercise of stock options | 538 | 1,354 | $ 1,892 | |||
Balance (in shares) at Jun. 30, 2013 | 23,190,736 | |||||
Balance at Jun. 30, 2013 | $ 788 | 103,749 | (4,811) | 131,224 | (5,261) | 225,689 |
Net income | 30,681 | 30,681 | ||||
Other comprehensive income (loss) | (724) | (724) | ||||
Comprehensive income | 30,681 | (724) | 29,957 | |||
Treasury stock issued | (634) | 634 | ||||
Restricted stock and options expense (in shares) | 132,400 | |||||
Restricted stock and options expense | $ 2 | 2,075 | 2,077 | |||
Dividends paid | (1,837) | $ (1,837) | ||||
Exercise of stock options (in shares) | 236,742 | 235,192 | ||||
Exercise of stock options | $ 4 | 2,389 | 724 | $ 3,117 | ||
Balance (in shares) at Jun. 30, 2014 | 23,559,878 | 24,060,000 | ||||
Balance at Jun. 30, 2014 | $ 794 | 107,579 | (3,453) | 160,068 | (5,985) | $ 259,003 |
Net income | 37,217 | 37,217 | ||||
Other comprehensive income (loss) | (16,248) | (16,248) | ||||
Comprehensive income | 37,217 | (16,248) | 20,969 | |||
Restricted stock and options expense (in shares) | 176,465 | |||||
Restricted stock and options expense | $ 5 | 2,767 | 2,772 | |||
Dividends paid | (1,873) | $ (1,873) | ||||
Exercise of stock options (in shares) | 605,954 | 609,309 | ||||
Exercise of stock options | $ 20 | 6,576 | $ 6,596 | |||
Balance (in shares) at Jun. 30, 2015 | 27,842,297 | 28,342,000 | ||||
Balance at Jun. 30, 2015 | $ 935 | 195,682 | $ (3,453) | $ 195,412 | $ (22,233) | $ 366,343 |
Issuance of common stock (in shares) | 3,500,000 | |||||
Issuance of common stock | $ 116 | $ 78,760 | $ 78,876 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Celadon Group, Inc. (the "Company"), through its subsidiaries, provides transportation services between the United States, Canada, and Mexico. The Company's primary transportation subsidiaries are: Celadon Trucking Services, Inc. ("CTSI"), a U.S. based company; Celadon Logistics Services, Inc. ("CLSI"), a U.S. based company; Servicio de Transportation Jaguar, S.A. de C.V. ("Jaguar"), a Mexican based company; and Celadon Canada, Inc. ("CelCan"), a Canadian based company. Summary of Significant Accounting Policies Principles of Consolidation and Presentation The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries, all of which are wholly owned except for Jaguar in which the Company owns 75% of the shares. The entity was set up to allow the Company to operate in Mexico. The minority owner of Jaguar has been refunded all initial capital contributions and is not entitled to receive any future earnings or required to fund any losses of the subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, all references to annual periods refer to the respective fiscal years ended June 30. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Such estimates include provisions for liability claims and uncollectible accounts receivable. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less when purchased to be cash equivalents. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers and does not require collateral for its accounts receivable. The Company maintains reserves which management believes are adequate to provide for potential credit losses. Uncollectible accounts receivable are written off against the reserves. Concentrations of credit risk with respect to trade receivables are generally limited due to the Company's large number of customers and the diverse range of industries which they represent. Accounts receivable balances due from any single customer did not total more than 5% of the Company's gross trade receivables at June 30, 2015. Property and Equipment Property and equipment are stated at cost. Property and equipment under capital leases are stated at fair value at the inception of the lease. Depreciation of property and equipment and amortization of assets under capital leases are computed using the straight-line method and are based on the lesser of the life of the lease or the estimated useful lives of the related assets (net of salvage value) as follows: Revenue and service equipment (years) 3 - 7 Furniture and office equipment 4 - 5 Buildings 20 Leasehold improvements Lesser of life of lease (including expected renewals) or useful life of improvement The cost of maintenance and repairs is charged to expense as incurred. Long-lived assets are depreciated over estimated useful lives based on historical experience and prevailing industry practice. Estimated useful lives are periodically reviewed to ensure they remain appropriate. Long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may exist. Future cash flows and operating performance are used for analyzing potential impairment losses. If the sum of expected undiscounted cash flows is less than the carrying value an impairment loss is recognized. The Company measures the impairment loss by comparing the fair value of the asset to its carrying value. Fair value is determined based on a discounted cash flow analysis or appraised or estimated market values as appropriate. Long-lived assets that are held for sale are recorded at the lower of carrying value or the fair value less costs to sell. Equipment held for resale Equipment held for resale is recorded at the lower of carrying value and fair market value less costs to sell. The Company also ceases the depreciation on these assets. The majority of the assets included in equipment held for resale were acquired to be resold and those assets have been recorded at cost. Tires in Service Replacement tires on tractors and trailers are included in tires in service and are amortized over 18 to 36 months. Goodwill The consolidated balance sheets at June 30, 2015 and 2014 included goodwill of acquired businesses of approximately $55.4 million and $22.8 million respectively. Under ASC Topic 350-20 Intangibles – Goodwill and Other , Insurance Reserves The primary claims arising for us consist of cargo liability, personal injury, property damage, collision and comprehensive, workers' compensation, and employee medical expenses. We maintain self-insurance levels for these various areas of risk and have established reserves to cover these self-insured liabilities. We also maintain insurance to cover liabilities in excess of these self-insurance amounts. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Reported claims and related loss reserves are estimated by third party administrators, and we refer to these estimates in establishing our reserves. Claims incurred but not reported are estimated based on our historical experience and industry trends, which are continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. In establishing our reserves we take into account and estimate various factors, including, but not limited to, assumptions concerning the nature and severity of the claim, the effect of the jurisdiction on any award or settlement, the length of time until ultimate resolution, inflation rates in health care, and in general interest rates, legal expenses, and other factors. Our actual experience may be different than our estimates, sometimes significantly. Changes in assumptions as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period. The administrative expenses associated with these reserves are expensed when incurred. Litigation Revenue Recognition Trucking revenue and related direct costs are recognized on the date freight is delivered to the customer and collectability is reasonably assured. Prior to commencement of shipment, the Company's subsidiaries will negotiate an agreed upon price for services to be rendered. Advertising Advertising costs are expensed as incurred by the Company. Advertising expense primarily consists of recruiting for new drivers. Advertising expenses for fiscal 2015, 2014, and 2013 were $5.2 million, $3.2 million, and $2.9 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. Income Taxes Deferred taxes are recognized for tax loss and credit carryforwards and the future tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting, based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the United States. The Company follows ASC Topic 740-10-25 Income Taxes Accounting for Derivatives In previous years, the Company has had derivative financial instruments in place to reduce currency exposure for the Mexican peso and has at times had derivative financial instruments in place to reduce exposure to fuel price fluctuations and currency exposure for Canadian dollars. Derivative gains/(losses), initially reported as a component of other comprehensive income with an offset to accrued liabilities or other assets, are reclassified to earnings in the period when the forecasted transaction affects earnings. ASC Topic 815, Derivatives and Hedging, Earnings per Share ("EPS") The Company applies the provisions of ASC Topic 260, Earnings per Share Stock-based Employee Compensation Plans The Company applies the provisions of ASC Topic 718, Compensation – Stock Compensation requires companies to recognize the grant date fair value of stock options and other equity-based compensation issued to employees in its consolidated statement of operations. Foreign Currency Translation Foreign financial statements are translated into U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters Business Combinations . Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-11, " Taxes Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14 deferring the effective date of ASU No. 2014-09, " Revenue from Contracts with Customers ” which |
Note 2 - Property, Equipment, a
Note 2 - Property, Equipment, and Leases | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (2) PROPERTY, EQUIPMENT, AND LEASES Property and equipment as of June 30, 2015 consists of the following (in thousands): 2015 2014 Revenue equipment owned $ 325,859 $ 318,533 Revenue equipment under capital leases 478,606 243,519 Furniture and office equipment 12,516 11,498 Land and buildings 112,533 64,987 Service equipment 2,345 1,245 Leasehold improvements 4,117 4,106 $ 935,976 $ 643,888 Included in accumulated depreciation was $54.8 million and $55.8 million in 2015 and 2014, respectively, related to revenue equipment under capital leases. |
Note 3 - Lease Obligations and
Note 3 - Lease Obligations and Long-Term Debt | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | (3) LEASE OBLIGATIONS AND LONG-TERM DEBT Lease Obligations The Company leases certain revenue and service equipment under long-term lease agreements, payable in monthly installments. Equipment obtained under a capital lease is reflected on the Company's consolidated balance sheet and the related lease bears interest at rates ranging from 1.4% to 3.6% per annum, maturing at various dates through 2022. Assets held under operating leases are not recorded on the Company's consolidated balance sheet. The Company leases revenue and service equipment under non-cancellable operating leases expiring at various dates through December 2018. The Company leases warehouse and office space under non-cancellable operating leases expiring at various dates through July 2017. Certain real estate leases contain renewal options. Total rental expense under operating leases was as follows for 2015, 2014, and 2013 (in thousands): 2015 2014 2013 Revenue and service equipment $ 9,109 $ 6,351 $ 6,973 Office facilities and terminals 5,041 3,353 2,386 $ 14,150 $ 9,704 $ 9,359 Future minimum lease payments relating to capital leases and to operating leases with initial or remaining terms in excess of one year are as follows (in thousands): Year ended June 30, Capital Leases Operating Leases 2016 $ 71,901 $ 13,945 2017 73,832 2,153 2018 180,227 1,539 2019 60,519 6,261 2020 34,423 --- Thereafter 35,007 --- Total minimum lease payments $ 455,909 $ 23,898 Less amounts representing interest 26,465 Present value of minimum lease payments $ 429,444 Less current maturities 62,992 Non-current portion $ 366,452 The Company is obligated for lease residual value guarantees of $13.1 million, with $7.1 million due in fiscal 2016. The guarantees are included in the future minimum lease payments above. To the extent the expected value at lease termination date is lower than the residual value guarantee; we would accrue for the difference over the remaining lease term. As of June 30, 2015, the Company believes the expected value at lease termination date is greater than the residual value guarantee. Debt The Company had debt, excluding its line of credit, of $1.8 million at June 30, 2015, of which $0.9 million is classified as current, compared to $3.0 million at June 30, 2014, of which $1.4 million was classified as current. Debt includes revenue equipment installment notes of $1.8 million with an average interest rate of 4.4 percent at June 30, 2015 due in monthly installments with final maturities at various dates through June 2019. Line of Credit In December 2010, the Company entered into a five-year revolving credit facility agented by Bank of America, N.A. The facility refinanced our previous credit facility and provides for ongoing working capital needs and general corporate purposes. Bank of America, N.A. served as the lead agent in the facility and Wells Fargo Bank, N.A. also participated in the new facility. In December 2014, the Company increased its credit facility and extended the maturity. At June 30, 2015, the Company was authorized to borrow up to $300.0 million under this credit facility, which expires December 2019. The applicable interest rate under this agreement is based on either a base rate equal to Bank of America, N.A.'s prime rate or LIBOR plus an applicable margin between 0.825% and 1.45% that is adjusted quarterly based on our lease adjusted total debt to EBITDAR ratio. At June 30, 2015, the credit facility had an outstanding balance of $132.4 million and $1.7 million utilized for letters of credit compared to an outstanding balance of $73.9 million and $0.8 million utilized for letters of credit as of June 30, 2015. The facility is collateralized by the assets of all the U.S. and Canadian subsidiaries of the Company. The Company is obligated to comply with certain financial covenants under the credit agreement and the Company was in compliance with these covenants at June 30, 2015. |
Note 4 - Employee Benefit Plans
Note 4 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (4) EMPLOYEE BENEFIT PLANS 401(k) Profit Sharing Plan The Company has a 401(k) profit sharing plan, which permits U.S. employees of the Company to contribute up to 50% of their annual compensation, up to certain Internal Revenue Service limits, on a pretax basis. The contributions made by each employee are fully vested immediately and are not subject to forfeiture. The Company makes a discretionary matching contribution of up to 50% of the employee's contribution up to 5% of their annual compensation. Employees vest in the Company's contribution to the plan at the rate of 20% per year from the date of employment anniversary. Contributions made by the Company during fiscal 2015, 2014, and 2013 amounted to $358,000, $278,000, and $202,000, respectively. |
Note 5 - Stock Plans
Note 5 - Stock Plans | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (5) STOCK PLANS All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based upon a grant-date fair value of an award. In January 2006, stockholders approved the 2006 Omnibus Incentive Plan ("2006 Plan") that provides various vehicles to compensate the Company's key employees. The 2006 Plan utilizes such vehicles as stock options, restricted stock grants, and stock appreciation rights ("SARs"). The 2006 Plan authorized the Company to grant 1,687,500 shares. In November 2008, an additional 1,000,000 shares were authorized under an amendment to the 2006 Plan. In December 2013, a second amendment to the plan was approved by stockholders authorizing an additional 750,000 shares to be available for grant under the 2006 plan. The Company granted restricted stock grants covering 181,894 shares in fiscal 2015, 148,500 shares in fiscal 2014, and 189,413 shares in fiscal 2013. As of June 30, 2015, the Company is authorized to grant an additional 553,352 shares. The total compensation cost that has been recorded for such stock-based awards was an expense of $2.8 million in fiscal 2015, $2.1 million in fiscal 2014, and $3.9 million in fiscal 2013. The total income tax benefit recognized in the statement of operations for share-based compensation arrangements was $1.9 million in fiscal 2015, $1.1 million in fiscal 2014, and $1.9 million in fiscal 2013. The Company has granted a number of stock options under various plans. Options granted to employees have been granted with an exercise price equal to the market price on the grant date and expire on the tenth anniversary of the grant date. The majority of options granted to employees vest 25 percent per year, commencing with the first anniversary of the grant date. Under the 2006 Plan options have been granted with an exercise price equal to the market price on the grant date, vest over three years for non-employee directors and four years with respect to all other grants, commencing with the first anniversary of the grant date, and expire on the tenth anniversary of the grant date. A summary of the activity of the Company's stock option plans as of June 30, 2015, 2014, and 2013 and changes during the fiscal years then ended is presented below: Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2012 1,362,290 $ 10.63 5.1 $ 7,829,713 Granted --- --- Forfeited or expired (17,925 ) $ 13.77 Exercised (195,575 ) $ 9.57 Outstanding at June 30, 2013 1,148,790 $ 10.76 4.1 $ 8,606,841 Granted --- --- Forfeited or expired (8,500 ) $ 13.88 Exercised (235,192 ) $ 12.60 Outstanding at June 30, 2014 905,098 $ 10.25 3.5 $ 10,018,958 Granted --- --- Forfeited or expired --- --- Exercised (609,309 ) $ 10.63 Outstanding at June 30, 2015 295,789 $ 9.47 2.6 $ 3,316,030 Exercisable at June 30, 2015 295,789 $ 9.47 2.6 $ 3,316,030 The total intrinsic value of options exercised during fiscal 2015, 2014, and 2013 was $8.4 million, $1.9 million, and $2.0 million, respectively. As of June 30, 2015, we have no unrecognized compensation expense related to stock options. Restricted Shares Number of Shares Weighted-Average Grant Date Fair Value Unvested at June 30, 2012 453,425 $ 12.36 Granted 189,413 $ 18.58 Forfeited (24,437 ) $ 11.33 Vested (262,438 ) $ 12.64 Unvested at June 30, 2013 355,963 $ 15.75 Granted 148,500 $ 22.13 Forfeited (16,975 ) $ 13.49 Vested (130,783 ) $ 14.75 Unvested at June 30, 2014 356,705 $ 18.88 Granted 181,894 $ 22.75 Forfeited (8,784 ) $ 18.85 Vested (133,449 ) $ 17.53 Unvested at June 30, 2015 396,366 $ 21.13 Restricted shares granted to employees have been granted subject to achievement of certain time-based targets and vest evenly over a four or five-year period, commencing with the first anniversary of the grant date. As of June 30, 2015, we had $7.0 million of total unrecognized compensation expense related to restricted shares that is expected to be recognized over the remaining weighted average period of approximately 2.7 years. |
Note 6 - Stock Repurchase Progr
Note 6 - Stock Repurchase Programs | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | (6) STOCK REPURCHASE PROGRAMS On August 25, 2010, the Company's Board of Directors authorized a stock repurchase program pursuant to which the Company is authorized to repurchase up to 2,000,000 shares of our common stock. The Company has not repurchased any shares of the Company's common stock under this program. |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (7) EARNINGS PER SHARE The following is a reconciliation of the numerators and denominators used in computing earnings per share (in thousands except per share amounts): 2015 2014 2013 Net income $ 37,217 $ 30,681 $ 27,264 Basic earnings per share: Weighted - average number of common shares outstanding 23,844 23,014 22,641 Basic earnings per share $ 1.56 $ 1.33 $ 1.20 Diluted earnings per share: Weighted - average number of common shares outstanding 23,844 23,014 22,641 Effect of stock options and other incremental shares 627 741 752 Weighted-average number of common shares outstanding – diluted 24,471 23,755 23,393 Diluted earnings per share $ 1.52 $ 1.29 $ 1.17 The Company has grants that remain outstanding covering zero options in fiscal 2015 and 2014, and 39,150 options in fiscal 2013 that could potentially dilute basic earnings per share that were excluded from the EPS calculation as they were anti-dilutive in the respective years. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (8) COMMITMENTS AND CONTINGENCIES The Company is party to certain lawsuits in the ordinary course of business. The Company is not currently party to any proceedings which we believe will have a material adverse effect on our consolidated financial position or operations. Its subsidiary has been named as the defendant in Wilmoth et al. v. Celadon Trucking Services, Inc., a class action proceeding. A summary judgment was recently granted in favor of the plaintiffs. The Company has appealed this judgment. The Company believes that it will be successful on appeal, but that it is also reasonably possible the judgment will be upheld. The Company estimates the possible range of financial exposure associated with this claim to be between $0 and approximately $5 million. The Company currently does not have a contingency reserved for this claim, but will continue to monitor the progress of this claim to determine if a reserve is necessary in the future. The Company has been named as the defendant in Day et al. v. Celadon Trucking Services, Inc., a class action proceeding. A judgment was recently granted in favor of the plaintiffs. The Company has appealed this judgment. The Company believes that it will be successful on appeal, but that it is also reasonably possible the judgment will be upheld. The Company estimates the possible range of financial exposure associated with this claim to be between $0 and approximately $2 million. The Company currently does not have a contingency reserved for this claim, but will continue to monitor the progress of this claim to determine if a reserve is necessary in the future. The Company had outstanding commitments to purchase approximately $60.7 million of revenue equipment at June 30, 2015. Standby letters of credit, not reflected in the accompanying consolidated financial statements, aggregated to approximately $1.7 million at June 30, 2015. In addition, at June 30, 2015, 500,000 treasury shares were held in a trust as collateral for self-insurance reserves. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (9) INCOME TAXES The income tax provision for operations in fiscal 2015, 2014, and 2013, consisted of the following (in thousands): 2015 2014 2013 Current: Federal $ (7,476 ) $ 12,958 $ (3,127 ) State and local (2,634 ) 1,013 (2,110 ) Foreign (1,636 ) 509 2,180 Total current $ (11,746 ) $ 14,480 $ (3,057 ) Deferred: Federal 21,869 3,703 16,122 State and local 3,807 576 3,145 Foreign 6,715 931 1,261 Total deferred 32,391 5,210 20,528 Total $ 20,645 $ 19,690 $ 17,471 No benefit or expense has been recognized for U.S. federal income taxes on current undistributed earnings of foreign subsidiaries of approximately $10.9 million, $3.8 million, and $4.3 million at June 30, 2015, 2014, and 2013, respectively. This exception is allowable under ASC 740-30-50-2. The Company's income tax expense varies from the statutory federal tax rate of 35% applied to income before income taxes as follows (in thousands): 2015 2014 2013 Computed "expected" income tax expense $ 20,255 $ 17,630 $ 15,484 State taxes, net of federal benefit 763 1,033 676 Non-deductible expenses 818 1,705 383 Foreign tax rate differential (479 ) (383 ) 364 Other, net (712 ) (295 ) 564 Actual income tax expense $ 20,645 $ 19,690 $ 17,471 The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at June 30, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Deferred tax assets: Deferred equity compensation $ 862 $ 1,755 Insurance reserves 4,328 4,167 Other 5,195 4,998 Total deferred tax assets $ 10,385 $ 10,920 Deferred tax liabilities: Property and equipment $ (104,186 ) $ (72,235 ) Goodwill (4,442 ) (5,742 ) Other (2,920 ) (1,567 ) Total deferred tax liabilities $ (111,548 ) $ (79,544 ) Net current deferred tax assets $ 7,083 $ 7,651 Net non-current deferred tax liabilities (108,246 ) (76,275 ) Total net deferred tax liabilities $ (101,163 ) $ (68,624 ) As of June 30, 2015, the Company had operating loss carryforwards for income tax purposes of $12.5 million, which have expiration dates in 2031 and after. The Company follows ASC Topic 740-10-25 Income Taxes 740-10-25 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of June 30, 2015 and June 30, 2014, the Company recorded a $0.5 million liability in each year for unrecognized tax benefits, a portion of which represents penalties and interest. The only periods subject to examination for our federal returns are the 2011, 2012, and 2013 tax years . |
Note 10 - Segment Information a
Note 10 - Segment Information and Significant Customers | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (1 0) SEGMENT INFORMATION AND SIGNIFICANT CUSTOMERS We have two reportable segments comprised of our two operating segments, an asset based segment and an asset light segment. Our asset based segment includes our asset based dry van carrier and rail services, which are geographically diversified but have similar economic and other relevant characteristics, as they all provide truckload carrier services of general commodities to a similar class of customers. Our asset light segment consists of our warehousing, brokerage, and less-than-load ("LTL") operations, which we have determined qualifies as a reportable segment under ASC 280-10 Segment Reporting. Fiscal Year Ended June 30, (Dollars in thousands) 2015 2014 2013 Total revenues Asset based $ 810,208 $ 706,726 $ 569,688 Asset light 90,548 52,585 43,960 900,756 759,311 613,648 Operating income Asset based 54,824 34,179 45,190 Asset light 10,961 5,255 3,482 65,785 39,434 48,672 Depreciation and amortization Asset based 75,317 64,579 57,580 Asset light --- --- --- 75,317 64,579 57,580 Interest income Asset based --- --- --- Interest expense Asset based 7,776 5,071 4,931 Income before taxes Asset based 51,474 29,121 40,259 Asset light 6,388 21,250 4,476 57,862 50,371 44,735 Goodwill Asset based 53,989 21,442 16,362 Asset light 1,368 1,368 1,368 55,357 22,810 17,730 Total assets Asset based 1,167,633 684,548 635,968 Asset light 8,056 6,267 5,194 1,175,689 690,815 641,162 Information as to the Company's operations by geographic area is summarized below (in thousands). The Company allocates total revenue based on the country of origin of the tractor hauling the freight. 2015 2014 2013 Total revenue: United States $ 753,208 $ 609,512 $ 534,463 Canada 102,106 115,678 48,667 Mexico 45,442 34,121 30,518 Total $ 900,756 $ 759,311 $ 613,648 Long-lived assets: United States $ 756,393 $ 439,043 $ 479,852 Canada 76,025 65,719 30,094 Mexico 25,100 18,868 13,828 Total $ 857,518 $ 523,630 $ 523,774 No customer accounted for more than 10% of the Company's total revenue during its three most recent fiscal years. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (11) FAIR VALUE MEASUREMENTS ASC 820-10 Fair Value Measurement Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company's assumptions about the pricing of an asset or liability (in thousands). Total Level 1 Level 2 Level 3 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Foreign currency derivatives --- $ 35 --- --- --- $ 35 --- --- Fuel derivatives --- --- --- --- --- --- --- --- The Company pays a fixed contract rate for foreign currency. The fair value of foreign currency forward contracts is based on the valuation model that discounts cash flows resulting from the differential between the contract price and the market-based forward rate. |
Note 12 - Fuel Derivative
Note 12 - Fuel Derivative | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | (12) FUEL DERIVATIVES In our day to day business activities we are exposed to certain market risks, including the effects of changes in fuel prices. We review new ways to reduce the potentially adverse effects that the volatility of fuel markets may have on operating results. In an effort to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we may enter into futures contracts. These instruments will be heating oil futures contracts as the related index, New York Mercantile Exchange ("NYMEX"), generally exhibits high correlation with the changes in the dollars of the forecasted purchase of diesel fuel. We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes. As of June 30, 2015, we had no future contracts pertaining to heating oil outstanding. Previously under such contracts, we would pay a fixed rate per gallon of heating oil and receive the monthly average price of New York heating oil per the NYMEX. We previously had done retrospective and prospective regression analyses that showed the changes in the prices of diesel fuel and heating oil were deemed to be highly correlated based on the relevant authoritative guidance. Accordingly, we had designated the respective hedges as cash flow hedges. We performed both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly. If our analysis had shown that the derivatives were not highly effective as hedges, we would have discontinued hedge accounting for the period and prospectively recognized changes in the fair value of the derivatives through earnings. We recognized all derivative instruments at fair value on our consolidated condensed balance sheets in other assets or other accrued expenses. Our derivative instruments were designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative was reported as a component of accumulated other comprehensive income and was reclassified into earnings in the same period during which the hedged transactions affected earnings. |
Note 13 - Selected Quarterly Da
Note 13 - Selected Quarterly Data (Unaudited) | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | (13) SELECTED QUARTERLY DATA (Unaudited) Summarized quarterly data for fiscal 2015 and 2014 follows (in thousands except per share amounts): Fiscal Year 2015 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 193,416 $ 222,371 $ 231,702 $ 253,267 Operating expenses 179,948 206,802 216,374 231,846 Operating income 13,468 15,569 15,328 21,421 Other expense, net 1,092 1,969 2,066 2,797 Income before taxes 12,376 13,600 13,262 18,624 Income tax expense 4,329 5,057 4,670 6,589 Net income $ 8,047 $ 8,543 $ 8,592 $ 12,035 Basic income per share $ 0.35 $ 0.37 $ 0.37 $ 0.48 Diluted income per share $ 0.34 $ 0.36 $ 0.36 $ 0.47 Fiscal Year 2014 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 175,102 $ 193,595 $ 193,228 $ 197,386 Operating expenses 163,570 184,652 186,446 185,208 Operating income 11,532 8,943 6,782 12,178 Other expense (income), net 983 1,100 1,053 (14,072 ) Income before taxes 10,549 7,843 5,729 26,250 Income tax expense 3,983 2,717 2,247 10,743 Net income $ 6,566 $ 5,126 $ 3,482 $ 15,507 Basic income per share $ 0.29 $ 0.22 $ 0.15 $ 0.67 Diluted income per share $ 0.28 $ 0.22 $ 0.15 $ 0.65 |
Note 14 - Acquisitions
Note 14 - Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (14) ACQUISITIONS Material acquisitions for the year ended June 30, 2015 On October 24, 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 $19.3 million, property and equipment of $79.2 million, identifiable intangible assets of $4.5 million, and goodwill of $10.2 million and assumed $52.2 million in debt including capital leases and $6.0 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. Results of the acquired business have been included in our consolidated financial statements since the date of acquisition. The amount of revenue and earnings generated by A&S is impracticable to discern due to the way we integrated the acquired company since acquisition. The following unaudited pro forma consolidated results of operations for the fiscal years ended June 30, 2015, 2014, and 2013 assume that the acquisition of A&S occurred as of July 1, 2012 (in thousands). (Unaudited) Years ended June 30, 2015 Jun 30, 2014 June 30, 2013 Total revenue $ 944,511 $ 868,537 $ 695,986 Net income $ 37,650 $ 32,706 $ 29,451 The supplemental unaudited pro forma financial information above is presented for information purposes only. It is not necessarily indicative of what the Company's financial position or results of operations actually would have been had the Company completed the acquisitions at the dates indicated, nor is it intended to project the future financial position or operating results of the combined company. Immaterial acquisitions for the year ended June 30, 2015 On September 3, 2014, we acquired certain assets of Furniture Row Express, LLC ("FRE") in Denver, CO for $10.0 million. 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 December 12, 2014, we acquired the stock of Bee Line, Inc. ("Bee Line") in Ottoville, OH for $4.5 million. 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. On January 20, 2015, we acquired the stock of Taylor Express, Inc. ("Taylor") in Hope Mills, NC for $50.6 million. The purposes of the acquisition were to offer employment opportunities to Taylor drivers and continue dry-van and dry bulk services for the Taylor customers. The recorded amounts of assets acquired in this transaction are subject to change upon the finalization of our determination of acquisition date fair values. The three acquisitions above were determined to be immaterial individually and in the aggregate. The assets and liabilities acquired were recorded at fair value at the time of acquisition. The goodwill recorded for each acquisition relates to anticipated future cash flows and operating efficiencies. Acquisitions for the year ended June 30, 2014 On August 26, 2013, we acquired certain assets and assumed certain liabilities of Houg, LLC ("Houg") in Denver, CO. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Houg drivers and continue dry-van and temperature-controlled services for the Houg customers. On August 26, 2013, we acquired certain assets and assumed certain liabilities of Land Span Motor Equipment, Inc. ("Land Span") in Lakeland, FL for $5.4 million. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Land Span drivers and continue dry-van services for the Land Span customers. On September 13, 2013, we acquired the stock of TCI Logistics, Inc. ("TCI") in Kernersville, NC for $2.9 million. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to continue employment of TCI drivers and continue dry-van services for the TCI customers. On September 16, 2013, we acquired certain assets and assumed certain liabilities of Hoss Cartage & Distribution Systems, Inc. ("Hoss") in Ayr, Ontario, Canada for $1.2 million. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Hoss drivers and continue dry-van services for the Hoss customers. Additionally, on November 13, 2013, we purchased land and a building from Hoss for $1.8 million. On November 1, 2013, we acquired the stock of Osborn Transportation, Inc. ("Osborn") in Gadsden, AL for $21.0 million, including $5.5 million to be paid out in future payments. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to continue employment of Osborn drivers and continue dry-van services for the Osborn customers. On November 15, 2013, we acquired certain assets and assumed certain liability of N. Yanke Transfer Ltd. ("Yanke") in Saskatchewan, Canada for $17.9 million. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to continue employment of Yanke drivers and continue dry-van services for the Yanke customers. On June 24, 2014, we acquired certain assets and assumed certain liabilities of Evans Group, Inc. ("Evans") in Butler, IN. We used borrowings under our existing line of credit to fund the purchase price. The purposes of the acquisition were to offer employment opportunities to Evans drivers and continue dry-van and flatbed services for the Evans customers. The above acquisitions were determined to be immaterial individually and in the aggregate. |
Note 15 - Goodwill and Other In
Note 15 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | (15) GOODWILL AND OTHER INTANGIBLE ASSETS The acquired intangible assets relate to customer relations and trade names acquired through acquisitions in fiscal 2015 and 2014. All acquired intangible assets relate to our asset based business. The intangible assets acquired will be amortized on a straight-line basis through 2041 (dollar amounts below in thousands). Intangibles June 30, 2014 Current year Additions June 30, 2015 Gross carrying amount $ 650 $ 7,446 $ 8,096 Amortization 237 811 1,048 Net carrying amount $ 413 $ 8,257 $ 7,048 The additions to goodwill relate to the A&S, Bee Line, and Taylor acquisitions of $10.2 million, $2.0 million, and $20.4 million respectively. The A&S and Taylor related goodwill is tax deductible (dollar amounts below in thousands). Goodwill June 30, 2014 Current year additions June 30, 2015 Asset based $ 21,442 $ 32,547 $ 53,989 Asset light 1,368 --- 1,368 Total Goodwill $ 22,810 $ 32,547 $ 55,357 |
Note 16 - Gain on Disposition o
Note 16 - Gain on Disposition of Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Element [Member] | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (16) 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 of units purchased with the intent to sell during the fiscal year ended June 30, 2015 were $329.0 million. 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 as a result of these transactions in the fiscal year ended June 30, 2015 was $21.5 million. We had sales of previously operated Celadon units to Element of $65.3 million for the fiscal year ended June 30, 2015 compared to $76.5M for the fiscal year ended June 30, 2014. All sales to Element for the fiscal year ended June 30, 2014 consisted entirely of previously operated Celadon units. |
Property, Plant and Equipment Disclosure [Text Block] | (2) PROPERTY, EQUIPMENT, AND LEASES Property and equipment as of June 30, 2015 consists of the following (in thousands): 2015 2014 Revenue equipment owned $ 325,859 $ 318,533 Revenue equipment under capital leases 478,606 243,519 Furniture and office equipment 12,516 11,498 Land and buildings 112,533 64,987 Service equipment 2,345 1,245 Leasehold improvements 4,117 4,106 $ 935,976 $ 643,888 Included in accumulated depreciation was $54.8 million and $55.8 million in 2015 and 2014, respectively, related to revenue equipment under capital leases. |
Note 17 - Reclassification and
Note 17 - Reclassification and Adjustments | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | (17) RECLASSIFICATION AND ADJUSTMENTS Certain items in the fiscal 2014 and fiscal 2013 consolidated financial statements have been reclassified to conform to the current presentation. The reclassifications had no impact on earnings. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II CELADON GROUP, INC. VALUATION AND QUALIFYING ACCOUNTS Years ended June 30, 2015, 2014, and 2013 Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Year ended June 30, 2013: Allowance for doubtful accounts $ 1,006,689 $ 0 $ 87,880 (a) $ 918,809 Reserves for claims payable as self-insurer $ 11,343,069 $ 14,669,698 $ 14,783,848 (b) $ 11,228,919 Year ended June 30, 2014: Allowance for doubtful accounts $ 918,809 $ 100,000 $ 76,689 (a) $ 942,120 Reserves for claims payable as self-insurer $ 11,228,919 $ 14,892,657 $ 13,126,649 (b) $ 12,994,927 Year ended June 30, 2015: Allowance for doubtful accounts $ 942,120 $ 240,116 $ 180,151 (a) $ 1,002,085 Reserves for claims payable as self-insurer $ 12,994,927 $ 22,371,877 $ 19,750,176 (b) $ 15,616,628 (a) Represents accounts receivable net write-offs. (b) Represents claims paid. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Presentation The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries, all of which are wholly owned except for Jaguar in which the Company owns 75% of the shares. The entity was set up to allow the Company to operate in Mexico. The minority owner of Jaguar has been refunded all initial capital contributions and is not entitled to receive any future earnings or required to fund any losses of the subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, all references to annual periods refer to the respective fiscal years ended June 30. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Such estimates include provisions for liability claims and uncollectible accounts receivable. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less when purchased to be cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of trade receivables. The Company performs ongoing credit evaluations of its customers and does not require collateral for its accounts receivable. The Company maintains reserves which management believes are adequate to provide for potential credit losses. Uncollectible accounts receivable are written off against the reserves. Concentrations of credit risk with respect to trade receivables are generally limited due to the Company's large number of customers and the diverse range of industries which they represent. Accounts receivable balances due from any single customer did not total more than 5% of the Company's gross trade receivables at June 30, 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Property and equipment under capital leases are stated at fair value at the inception of the lease. Depreciation of property and equipment and amortization of assets under capital leases are computed using the straight-line method and are based on the lesser of the life of the lease or the estimated useful lives of the related assets (net of salvage value) as follows: Revenue and service equipment (years) 3 - 7 Furniture and office equipment 4 - 5 Buildings 20 Leasehold improvements Lesser of life of lease (including expected renewals) or useful life of improvement The cost of maintenance and repairs is charged to expense as incurred. Long-lived assets are depreciated over estimated useful lives based on historical experience and prevailing industry practice. Estimated useful lives are periodically reviewed to ensure they remain appropriate. Long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may exist. Future cash flows and operating performance are used for analyzing potential impairment losses. If the sum of expected undiscounted cash flows is less than the carrying value an impairment loss is recognized. The Company measures the impairment loss by comparing the fair value of the asset to its carrying value. Fair value is determined based on a discounted cash flow analysis or appraised or estimated market values as appropriate. Long-lived assets that are held for sale are recorded at the lower of carrying value or the fair value less costs to sell. |
Equipment Held for Resale [Policy Text Block] | Equipment held for resale Equipment held for resale is recorded at the lower of carrying value and fair market value less costs to sell. The Company also ceases the depreciation on these assets. |
Inventory, Policy [Policy Text Block] | Tires in Service Replacement tires on tractors and trailers are included in tires in service and are amortized over 18 to 36 months. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The consolidated balance sheets at June 30, 2015 and 2014 included goodwill of acquired businesses of approximately $55.4 million and $22.8 million respectively. Under ASC Topic 350-20 Intangibles – Goodwill and Other , |
Self Insurance Reserve [Policy Text Block] | Insurance Reserves The primary claims arising for us consist of cargo liability, personal injury, property damage, collision and comprehensive, workers' compensation, and employee medical expenses. We maintain self-insurance levels for these various areas of risk and have established reserves to cover these self-insured liabilities. We also maintain insurance to cover liabilities in excess of these self-insurance amounts. Claims reserves represent accruals for the estimated uninsured portion of reported claims, including adverse development of reported claims, as well as estimates of incurred but not reported claims. Reported claims and related loss reserves are estimated by third party administrators, and we refer to these estimates in establishing our reserves. Claims incurred but not reported are estimated based on our historical experience and industry trends, which are continually monitored, and accruals are adjusted when warranted by changes in facts and circumstances. In establishing our reserves we take into account and estimate various factors, including, but not limited to, assumptions concerning the nature and severity of the claim, the effect of the jurisdiction on any award or settlement, the length of time until ultimate resolution, inflation rates in health care, and in general interest rates, legal expenses, and other factors. Our actual experience may be different than our estimates, sometimes significantly. Changes in assumptions as well as changes in actual experience could cause these estimates to change. Insurance and claims expense will vary from period to period based on the severity and frequency of claims incurred in a given period. The administrative expenses associated with these reserves are expensed when incurred. |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Trucking revenue and related direct costs are recognized on the date freight is delivered to the customer and collectability is reasonably assured. Prior to commencement of shipment, the Company's subsidiaries will negotiate an agreed upon price for services to be rendered. |
Advertising Costs, Policy [Policy Text Block] | Advertising Advertising costs are expensed as incurred by the Company. Advertising expense primarily consists of recruiting for new drivers. Advertising expenses for fiscal 2015, 2014, and 2013 were $5.2 million, $3.2 million, and $2.9 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred taxes are recognized for tax loss and credit carryforwards and the future tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting, based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the United States. The Company follows ASC Topic 740-10-25 Income Taxes |
Derivatives, Policy [Policy Text Block] | Accounting for Derivatives In previous years, the Company has had derivative financial instruments in place to reduce currency exposure for the Mexican peso and has at times had derivative financial instruments in place to reduce exposure to fuel price fluctuations and currency exposure for Canadian dollars. Derivative gains/(losses), initially reported as a component of other comprehensive income with an offset to accrued liabilities or other assets, are reclassified to earnings in the period when the forecasted transaction affects earnings. ASC Topic 815, Derivatives and Hedging, |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share ("EPS") The Company applies the provisions of ASC Topic 260, Earnings per Share |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Employee Compensation Plans The Company applies the provisions of ASC Topic 718, Compensation – Stock Compensation requires companies to recognize the grant date fair value of stock options and other equity-based compensation issued to employees in its consolidated statement of operations. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Foreign financial statements are translated into U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters |
Business Combinations Policy [Policy Text Block] | Business Combinations . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-11, " Taxes Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14 deferring the effective date of ASU No. 2014-09, " Revenue from Contracts with Customers ” which |
Note 1 - Organization and Sum27
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Estimated Useful Lives [Table Text Block] | Revenue and service equipment (years) 3 - 7 Furniture and office equipment 4 - 5 Buildings 20 Leasehold improvements Lesser of life of lease (including expected renewals) or useful life of improvement |
Note 2 - Property, Equipment,28
Note 2 - Property, Equipment, and Leases (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | 2015 2014 Revenue equipment owned $ 325,859 $ 318,533 Revenue equipment under capital leases 478,606 243,519 Furniture and office equipment 12,516 11,498 Land and buildings 112,533 64,987 Service equipment 2,345 1,245 Leasehold improvements 4,117 4,106 $ 935,976 $ 643,888 |
Note 3 - Lease Obligations an29
Note 3 - Lease Obligations and Long-Term Debt (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Rent Expense [Table Text Block] | 2015 2014 2013 Revenue and service equipment $ 9,109 $ 6,351 $ 6,973 Office facilities and terminals 5,041 3,353 2,386 $ 14,150 $ 9,704 $ 9,359 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ended June 30, Capital Leases Operating Leases 2016 $ 71,901 $ 13,945 2017 73,832 2,153 2018 180,227 1,539 2019 60,519 6,261 2020 34,423 --- Thereafter 35,007 --- Total minimum lease payments $ 455,909 $ 23,898 Less amounts representing interest 26,465 Present value of minimum lease payments $ 429,444 Less current maturities 62,992 Non-current portion $ 366,452 |
Note 5 - Stock Plans (Tables)
Note 5 - Stock Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2012 1,362,290 $ 10.63 5.1 $ 7,829,713 Granted --- --- Forfeited or expired (17,925 ) $ 13.77 Exercised (195,575 ) $ 9.57 Outstanding at June 30, 2013 1,148,790 $ 10.76 4.1 $ 8,606,841 Granted --- --- Forfeited or expired (8,500 ) $ 13.88 Exercised (235,192 ) $ 12.60 Outstanding at June 30, 2014 905,098 $ 10.25 3.5 $ 10,018,958 Granted --- --- Forfeited or expired --- --- Exercised (609,309 ) $ 10.63 Outstanding at June 30, 2015 295,789 $ 9.47 2.6 $ 3,316,030 Exercisable at June 30, 2015 295,789 $ 9.47 2.6 $ 3,316,030 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Shares Weighted-Average Grant Date Fair Value Unvested at June 30, 2012 453,425 $ 12.36 Granted 189,413 $ 18.58 Forfeited (24,437 ) $ 11.33 Vested (262,438 ) $ 12.64 Unvested at June 30, 2013 355,963 $ 15.75 Granted 148,500 $ 22.13 Forfeited (16,975 ) $ 13.49 Vested (130,783 ) $ 14.75 Unvested at June 30, 2014 356,705 $ 18.88 Granted 181,894 $ 22.75 Forfeited (8,784 ) $ 18.85 Vested (133,449 ) $ 17.53 Unvested at June 30, 2015 396,366 $ 21.13 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Net income $ 37,217 $ 30,681 $ 27,264 Basic earnings per share: Weighted - average number of common shares outstanding 23,844 23,014 22,641 Basic earnings per share $ 1.56 $ 1.33 $ 1.20 Diluted earnings per share: Weighted - average number of common shares outstanding 23,844 23,014 22,641 Effect of stock options and other incremental shares 627 741 752 Weighted-average number of common shares outstanding – diluted 24,471 23,755 23,393 Diluted earnings per share $ 1.52 $ 1.29 $ 1.17 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Federal $ (7,476 ) $ 12,958 $ (3,127 ) State and local (2,634 ) 1,013 (2,110 ) Foreign (1,636 ) 509 2,180 Total current $ (11,746 ) $ 14,480 $ (3,057 ) Deferred: Federal 21,869 3,703 16,122 State and local 3,807 576 3,145 Foreign 6,715 931 1,261 Total deferred 32,391 5,210 20,528 Total $ 20,645 $ 19,690 $ 17,471 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Computed "expected" income tax expense $ 20,255 $ 17,630 $ 15,484 State taxes, net of federal benefit 763 1,033 676 Non-deductible expenses 818 1,705 383 Foreign tax rate differential (479 ) (383 ) 364 Other, net (712 ) (295 ) 564 Actual income tax expense $ 20,645 $ 19,690 $ 17,471 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets: Deferred equity compensation $ 862 $ 1,755 Insurance reserves 4,328 4,167 Other 5,195 4,998 Total deferred tax assets $ 10,385 $ 10,920 Deferred tax liabilities: Property and equipment $ (104,186 ) $ (72,235 ) Goodwill (4,442 ) (5,742 ) Other (2,920 ) (1,567 ) Total deferred tax liabilities $ (111,548 ) $ (79,544 ) Net current deferred tax assets $ 7,083 $ 7,651 Net non-current deferred tax liabilities (108,246 ) (76,275 ) Total net deferred tax liabilities $ (101,163 ) $ (68,624 ) |
Note 10 - Segment Information33
Note 10 - Segment Information and Significant Customers (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, (Dollars in thousands) 2015 2014 2013 Total revenues Asset based $ 810,208 $ 706,726 $ 569,688 Asset light 90,548 52,585 43,960 900,756 759,311 613,648 Operating income Asset based 54,824 34,179 45,190 Asset light 10,961 5,255 3,482 65,785 39,434 48,672 Depreciation and amortization Asset based 75,317 64,579 57,580 Asset light --- --- --- 75,317 64,579 57,580 Interest income Asset based --- --- --- Interest expense Asset based 7,776 5,071 4,931 Income before taxes Asset based 51,474 29,121 40,259 Asset light 6,388 21,250 4,476 57,862 50,371 44,735 Goodwill Asset based 53,989 21,442 16,362 Asset light 1,368 1,368 1,368 55,357 22,810 17,730 Total assets Asset based 1,167,633 684,548 635,968 Asset light 8,056 6,267 5,194 1,175,689 690,815 641,162 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2015 2014 2013 Total revenue: United States $ 753,208 $ 609,512 $ 534,463 Canada 102,106 115,678 48,667 Mexico 45,442 34,121 30,518 Total $ 900,756 $ 759,311 $ 613,648 Long-lived assets: United States $ 756,393 $ 439,043 $ 479,852 Canada 76,025 65,719 30,094 Mexico 25,100 18,868 13,828 Total $ 857,518 $ 523,630 $ 523,774 |
Note 11 - Fair Value Measurem34
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Balance at June 30, 2015 Balance at June 30, 2014 Foreign currency derivatives --- $ 35 --- --- --- $ 35 --- --- Fuel derivatives --- --- --- --- --- --- --- --- |
Note 13 - Selected Quarterly 35
Note 13 - Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | Fiscal Year 2015 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 193,416 $ 222,371 $ 231,702 $ 253,267 Operating expenses 179,948 206,802 216,374 231,846 Operating income 13,468 15,569 15,328 21,421 Other expense, net 1,092 1,969 2,066 2,797 Income before taxes 12,376 13,600 13,262 18,624 Income tax expense 4,329 5,057 4,670 6,589 Net income $ 8,047 $ 8,543 $ 8,592 $ 12,035 Basic income per share $ 0.35 $ 0.37 $ 0.37 $ 0.48 Diluted income per share $ 0.34 $ 0.36 $ 0.36 $ 0.47 Fiscal Year 2014 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 175,102 $ 193,595 $ 193,228 $ 197,386 Operating expenses 163,570 184,652 186,446 185,208 Operating income 11,532 8,943 6,782 12,178 Other expense (income), net 983 1,100 1,053 (14,072 ) Income before taxes 10,549 7,843 5,729 26,250 Income tax expense 3,983 2,717 2,247 10,743 Net income $ 6,566 $ 5,126 $ 3,482 $ 15,507 Basic income per share $ 0.29 $ 0.22 $ 0.15 $ 0.67 Diluted income per share $ 0.28 $ 0.22 $ 0.15 $ 0.65 |
Note 14 - Acquisitions (Tables)
Note 14 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Years ended June 30, 2015 Jun 30, 2014 June 30, 2013 Total revenue $ 944,511 $ 868,537 $ 695,986 Net income $ 37,650 $ 32,706 $ 29,451 |
Note 15 - Goodwill and Other 37
Note 15 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangibles June 30, 2014 Current year Additions June 30, 2015 Gross carrying amount $ 650 $ 7,446 $ 8,096 Amortization 237 811 1,048 Net carrying amount $ 413 $ 8,257 $ 7,048 |
Schedule of Goodwill [Table Text Block] | Goodwill June 30, 2014 Current year additions June 30, 2015 Asset based $ 21,442 $ 32,547 $ 53,989 Asset light 1,368 --- 1,368 Total Goodwill $ 22,810 $ 32,547 $ 55,357 |
Schedule II - Valuation and Q38
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Year ended June 30, 2013: Allowance for doubtful accounts $ 1,006,689 $ 0 $ 87,880 (a) $ 918,809 Reserves for claims payable as self-insurer $ 11,343,069 $ 14,669,698 $ 14,783,848 (b) $ 11,228,919 Year ended June 30, 2014: Allowance for doubtful accounts $ 918,809 $ 100,000 $ 76,689 (a) $ 942,120 Reserves for claims payable as self-insurer $ 11,228,919 $ 14,892,657 $ 13,126,649 (b) $ 12,994,927 Year ended June 30, 2015: Allowance for doubtful accounts $ 942,120 $ 240,116 $ 180,151 (a) $ 1,002,085 Reserves for claims payable as self-insurer $ 12,994,927 $ 22,371,877 $ 19,750,176 (b) $ 15,616,628 |
Note 1 - Organization and Sum39
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Tires in Service [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 1 year 180 days | ||
Tires in Service [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||
Goodwill | $ 55,357 | $ 22,810 | $ 17,730 |
Advertising Expense | $ 5,200 | $ 3,200 | $ 2,900 |
Note 1 - Depreciation of Proper
Note 1 - Depreciation of Property and Equipment and Amortization of Assets Under Capital Leases Are Computed (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Revenue and Service Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Revenue and Service Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Furniture and Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Furniture and Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Leasehold Improvements [Member] | |
Leasehold improvements | Lesser of life of lease (including expected renewals) or useful life of improvement |
Note 2 - Property, Equipment,41
Note 2 - Property, Equipment, and Leases (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 54.8 | $ 55.8 |
Note 2 - Property and Equipment
Note 2 - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Revenue Equipment Owned [Member] | ||
Property, plant, and equipment, gross | $ 325,859 | $ 318,533 |
Revenue Equipment Under Capital Leases [Member] | ||
Property, plant, and equipment, gross | 478,606 | 243,519 |
Furniture and Office Equipment [Member] | ||
Property, plant, and equipment, gross | 12,516 | 11,498 |
Land and Building [Member] | ||
Property, plant, and equipment, gross | 112,533 | 64,987 |
Service Equipment [Member] | ||
Property, plant, and equipment, gross | 2,345 | 1,245 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 4,117 | 4,106 |
Property, plant, and equipment, gross | $ 935,976 | $ 643,888 |
Note 3 - Lease Obligations an43
Note 3 - Lease Obligations and Long-Term Debt (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Lease Residual Value Guarantees [Member] | ||
Other Commitment | $ 13,100,000 | |
Other Commitment, Due in Next Twelve Months | 7,100,000 | |
Revenue Equipment Installment Notes [Member] | ||
Other Long-term Debt | $ 1,800,000 | |
Long-term Debt, Weighted Average Interest Rate | 4.40% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.825% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |
Revolving Credit Facility [Member] | ||
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |
Long-term Line of Credit | 132,400,000 | $ 73,900,000 |
Letters of Credit Outstanding, Amount | $ 1,700,000 | 800,000 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.40% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.60% | |
Other Long-term Debt | $ 1,800,000 | 3,000,000 |
Other Long-term Debt, Current | 948,000 | $ 1,440,000 |
Letters of Credit Outstanding, Amount | $ 1,700,000 |
Note 3 - Total Rental Expense U
Note 3 - Total Rental Expense Under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue and Service Equipment [Member] | |||
Lease and rent expense | $ 9,109 | $ 6,351 | $ 6,973 |
Office Facilities and Terminals [Member] | |||
Lease and rent expense | 5,041 | 3,353 | 2,386 |
Lease and rent expense | $ 14,150 | $ 9,704 | $ 9,359 |
Note 3 - Future Minimum Leases
Note 3 - Future Minimum Leases Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 |
2,016 | $ 71,901 |
2,016 | 13,945 |
2,017 | 73,832 |
2,017 | 2,153 |
2,018 | 180,227 |
2,018 | 1,539 |
2,019 | 60,519 |
2,019 | 6,261 |
2,020 | 34,423 |
Thereafter | 35,007 |
Total minimum lease payments | 455,909 |
Total minimum lease payments | 23,898 |
Less amounts representing interest | 26,465 |
Present value of minimum lease payments | 429,444 |
Less current maturities | 62,992 |
Non-current portion | $ 366,452 |
Note 4 - Employee Benefit Pla46
Note 4 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 358,000 | $ 278,000 | $ 202,000 |
Note 5 - Stock Plans (Details T
Note 5 - Stock Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Nov. 30, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 31, 2006 | |
Two Thousand and Six Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 181,894 | 148,500 | 189,413 | |||
Two Thousand and Six Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,687,500 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 750,000 | 1,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 553,352 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
All Other Grants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Restricted Stock [Member] | Weighted Average [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 255 days | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 181,894 | 148,500 | 189,413 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,000,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 0 | |||||
Allocated Share-based Compensation Expense | 2,800,000 | $ 2,100,000 | $ 3,900,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,900,000 | 1,100,000 | 1,900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8,400,000 | $ 1,900,000 | $ 2,000,000 |
Note 5 - Summary of the Award A
Note 5 - Summary of the Award Activity of the Stock Option Plans (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Shares outstanding (in shares) | 295,789 | 905,098 | 1,148,790 | 1,362,290 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 9.47 | $ 10.25 | $ 10.76 | $ 10.63 |
Weighted-average remaining contractual term, outstanding | 2 years 219 days | 3 years 182 days | 4 years 36 days | 5 years 36 days |
Aggregate Intrinsic value, outstanding | $ 3,316,030 | $ 10,018,958 | $ 8,606,841 | $ 7,829,713 |
Shares Forfeited or expired (in shares) | (8,500) | (17,925) | ||
Weighted-average exercise price, forfeited or expired (in dollars per share) | $ 13.88 | $ 13.77 | ||
Shares Exercised (in shares) | (609,309) | (235,192) | (195,575) | |
Weighted-average exercise price, exercised (in dollars per share) | $ 10.63 | $ 12.60 | $ 9.57 | |
Exercisable at June 30, 2015 (in shares) | 295,789 | |||
Exercisable at June 30, 2015 (in dollars per share) | $ 9.47 | |||
Exercisable at June 30, 2015 | 2 years 219 days | |||
Exercisable at June 30, 2015 | $ 3,316,030 |
Note 5 - Summary of the Restric
Note 5 - Summary of the Restricted Stock Award Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of shares, unvested (in shares) | 396,366 | 356,705 | 355,963 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ 21.13 | $ 18.88 | $ 15.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 181,894 | 148,500 | 189,413 |
Weighted-average grant date fair value, granted (in dollars per share) | $ 22.75 | $ 22.13 | $ 18.58 |
Number of shares, forfeited (in shares) | (8,784) | (16,975) | (24,437) |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ 18.85 | $ 13.49 | $ 11.33 |
Number of shares, vested (in shares) | (133,449) | (130,783) | (262,438) |
Weighted-average grant date fair value, vested (in dollars per share) | $ 17.53 | $ 14.75 | $ 12.64 |
Note 6 - Stock Repurchase Pro50
Note 6 - Stock Repurchase Programs (Details Textual) - shares | 58 Months Ended | |
Jun. 30, 2015 | Aug. 25, 2010 | |
Treasury Stock, Shares, Acquired | 0 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 39,150 |
Note 7 - Reconciliation of Basi
Note 7 - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income | $ 37,217 | $ 30,681 | $ 27,264 |
Basic earnings per share: | |||
Weighted - average number of common shares outstanding (in shares) | 23,844 | 23,014 | 22,641 |
Basic earnings per share (in dollars per share) | $ 1.56 | $ 1.33 | $ 1.20 |
Weighted average shares outstanding: | |||
Weighted - average number of common shares outstanding (in shares) | 23,844 | 23,014 | 22,641 |
Effect of stock options and other incremental shares (in shares) | 627 | 741 | 752 |
Weighted-average number of common shares outstanding – diluted (in shares) | 24,471 | 23,755 | 23,393 |
Diluted earnings per share (in dollars per share) | $ 1.52 | $ 1.29 | $ 1.17 |
Note 8 - Commitments and Cont53
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | Day et al. Vs. Celadon Trucking Services, Inc. [Member] | ||
Estimated Litigation Liability | $ 0 | |
Minimum [Member] | ||
Estimated Litigation Liability | 0 | |
Maximum [Member] | Day et al. Vs. Celadon Trucking Services, Inc. [Member] | ||
Estimated Litigation Liability | 2,000,000 | |
Maximum [Member] | ||
Estimated Litigation Liability | $ 5,000,000 | |
Held In Trust [Member] | ||
Treasury Stock, Shares | 500,000 | |
Long-term Purchase Commitment, Amount | $ 60,700,000 | |
Letters of Credit Outstanding, Amount | $ 1,700,000 | |
Treasury Stock, Shares | 500,000 | 500,000 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Tax Year 2011 [Member] | |||
Open Tax Year | 2,011 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Tax Year 2012 [Member] | |||
Open Tax Year | 2,012 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Tax Year 2013 [Member] | |||
Open Tax Year | 2,013 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 | $ 0 |
Unrecognized Tax Benefits | 500,000 | 500,000 | |
Undistributed Earnings of Foreign Subsidiaries | $ 10,900,000 | $ 3,800,000 | $ 4,300,000 |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ||
Operating Loss Carryforwards | $ 12,500,000 |
Note 9 - Income Tax Provision F
Note 9 - Income Tax Provision For Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Current: | |||
Federal | $ (7,476) | $ 12,958 | $ (3,127) |
State and local | (2,634) | 1,013 | (2,110) |
Foreign | (1,636) | 509 | 2,180 |
Total current | (11,746) | 14,480 | (3,057) |
Deferred: | |||
Federal | 21,869 | 3,703 | 16,122 |
State and local | 3,807 | 576 | 3,145 |
Foreign | 6,715 | 931 | 1,261 |
Total deferred | 32,391 | 5,210 | 20,528 |
Total | $ 20,645 | $ 19,690 | $ 17,471 |
Note 9 - Income Tax Expense (De
Note 9 - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Computed "expected" income tax expense | $ 20,255 | $ 17,630 | $ 15,484 |
State taxes, net of federal benefit | 763 | 1,033 | 676 |
Non-deductible expenses | 818 | 1,705 | 383 |
Foreign tax rate differential | (479) | (383) | 364 |
Other, net | (712) | (295) | 564 |
Total | $ 20,645 | $ 19,690 | $ 17,471 |
Note 9 - Deferred Tax Assets an
Note 9 - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Deferred equity compensation | $ 862 | $ 1,755 |
Insurance reserves | 4,328 | 4,167 |
Other | 5,195 | 4,998 |
Total deferred tax assets | 10,385 | 10,920 |
Deferred tax liabilities: | ||
Property and equipment | (104,186) | (72,235) |
Goodwill | (4,442) | (5,742) |
Other | (2,920) | (1,567) |
Total deferred tax liabilities | (111,548) | (79,544) |
Net current deferred tax assets | 7,083 | 7,651 |
Net non-current deferred tax liabilities | (108,246) | (76,275) |
Total net deferred tax liabilities | $ (101,163) | $ (68,624) |
Note 10 - Segment Information58
Note 10 - Segment Information and Significant Customers (Details Textual) | 12 Months Ended |
Jun. 30, 2015 | |
Number of Reportable Segments | 2 |
Number of Operating Segments | 2 |
Note 10 - Segment Reporting Inf
Note 10 - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Asset Based [Member] | |||
Total revenues | $ 810,208 | $ 706,726 | $ 569,688 |
Operating income | 54,824 | 34,179 | 45,190 |
Depreciation and amortization | 75,317 | 64,579 | 57,580 |
Asset based | 7,776 | 5,071 | 4,931 |
Income before taxes | 51,474 | 29,121 | 40,259 |
Goodwill | 53,989 | 21,442 | 16,362 |
Total assets | 1,167,633 | 684,548 | 635,968 |
Asset Light Based [Member] | |||
Total revenues | 90,548 | 52,585 | 43,960 |
Operating income | 10,961 | 5,255 | 3,482 |
Income before taxes | 6,388 | 21,250 | 4,476 |
Goodwill | 1,368 | 1,368 | 1,368 |
Total assets | 8,056 | 6,267 | 5,194 |
Total revenues | 900,756 | 759,311 | 613,648 |
Operating income | 65,785 | 39,434 | 48,672 |
Depreciation and amortization | 75,317 | 64,579 | 57,580 |
Asset based | 7,776 | 5,071 | 4,931 |
Income before taxes | 57,862 | 50,371 | 44,735 |
Goodwill | 55,357 | 22,810 | 17,730 |
Total assets | $ 1,175,689 | $ 690,815 | $ 641,162 |
Note 10 - Operating Revenue by
Note 10 - Operating Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
UNITED STATES | |||||
Total revenues | $ 753,208 | $ 609,512 | $ 534,463 | ||
Long lived assets | $ 756,393 | $ 439,043 | 756,393 | 439,043 | 479,852 |
CANADA | |||||
Total revenues | 102,106 | 115,678 | 48,667 | ||
Long lived assets | 76,025 | 65,719 | 76,025 | 65,719 | 30,094 |
MEXICO | |||||
Total revenues | 45,442 | 34,121 | 30,518 | ||
Long lived assets | 25,100 | 18,868 | 25,100 | 18,868 | 13,828 |
Total revenues | 253,267 | 197,386 | 900,756 | 759,311 | 613,648 |
Long lived assets | $ 857,518 | $ 523,630 | $ 857,518 | $ 523,630 | $ 523,774 |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
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 | ||
Foreign currency derivatives | $ 35 |
Note 13 - Summarized Quarterly
Note 13 - Summarized Quarterly Data for Fiscal 2015 and 2014 (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Total revenues | $ 253,267 | $ 231,702 | $ 222,371 | $ 193,416 | $ 197,386 | $ 193,228 | $ 193,595 | $ 175,102 |
Operating expenses | 231,846 | 216,374 | 206,802 | 179,948 | 185,208 | 186,446 | 184,652 | 163,570 |
Operating income | 21,421 | 15,328 | 15,569 | 13,468 | 12,178 | 6,782 | 8,943 | 11,532 |
Other expense, net | 2,797 | 2,066 | 1,969 | 1,092 | (14,072) | 1,053 | 1,100 | 983 |
Income before taxes | 18,624 | 13,262 | 13,600 | 12,376 | 26,250 | 5,729 | 7,843 | 10,549 |
Income tax expense | 6,589 | 4,670 | 5,057 | 4,329 | 10,743 | 2,247 | 2,717 | 3,983 |
Net Income | $ 12,035 | $ 8,592 | $ 8,543 | $ 8,047 | $ 15,507 | $ 3,482 | $ 5,126 | $ 6,566 |
Basic income per share (in dollars per share) | $ 0.48 | $ 0.37 | $ 0.37 | $ 0.35 | $ 0.67 | $ 0.15 | $ 0.22 | $ 0.29 |
Diluted income per share (in dollars per share) | $ 0.47 | $ 0.36 | $ 0.36 | $ 0.34 | $ 0.65 | $ 0.15 | $ 0.22 | $ 0.28 |
Note 14 - Acquisitions (Details
Note 14 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 20, 2015 | Dec. 12, 2014 | Oct. 26, 2014 | Nov. 15, 2013 | Nov. 13, 2013 | Nov. 01, 2013 | Sep. 16, 2013 | Sep. 13, 2013 | Aug. 26, 2013 | Jun. 30, 2015 | Sep. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
AS Services Group LLC [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 55,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 19,300 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 79,200 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,500 | ||||||||||||
Goodwill | 10,200 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 52,200 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 6,000 | ||||||||||||
Furniture Row Express LLC [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10,000 | ||||||||||||
Bee Line, Inc [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 4,500 | ||||||||||||
Taylor Express, Inc. [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 50,600 | ||||||||||||
Land Span [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 5,400 | ||||||||||||
TCI [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 2,900 | ||||||||||||
Hoss [Member] | Purchased Land and Building [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 1,800 | ||||||||||||
Hoss [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 1,200 | ||||||||||||
Osborn [Member] | |||||||||||||
Business Combination, Consideration Transferred | $ 21,000 | ||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,500 | ||||||||||||
Yanke [Member] | |||||||||||||
Payments to Acquire Businesses, Gross | $ 17,900 | ||||||||||||
Goodwill | $ 55,357 | $ 22,810 | $ 17,730 |
Note 14 - Pro Forma Information
Note 14 - Pro Forma Information (Details) - AS Services Group LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Total revenue | $ 944,511 | $ 868,537 | $ 695,986 |
Net income | $ 37,650 | $ 32,706 | $ 29,451 |
Note 15 - Goodwill and Other 65
Note 15 - Goodwill and Other Intangible Assets (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
AS Services Group LLC [Member] | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 10.2 |
Goodwill, Acquired During Period | 10.2 |
Taylor Express, Inc. [Member] | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 20.4 |
Goodwill, Acquired During Period | 20.4 |
Bee Line, Inc [Member] | |
Goodwill, Acquired During Period | $ 2 |
Note 15 - Acquired Intangible A
Note 15 - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Gross carrying amount | $ 8,096 | $ 650 |
Gross carrying amount | 7,446 | |
Amortization | 1,048 | 237 |
Amortization | 811 | |
Net carrying amount | $ 7,048 | $ 413 |
Note 15 - Additions to Goodwill
Note 15 - Additions to Goodwill (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Asset Based [Member] | |
Goodwill | $ 53,989 |
Goodwill Current year additions | 32,547 |
Asset Light Based [Member] | |
Goodwill | $ 1,368 |
Goodwill Current year additions | |
Goodwill | $ 55,357 |
Goodwill Current year additions | $ 32,547 |
Note 16 - Gain on Disposition68
Note 16 - Gain on Disposition of Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Element [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 329,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 21,500 | |||
Disposal Group, Including Discontinued Operation, Revenue | 65,300 | $ 76,500 | ||
Proceeds from Sale of Property, Plant, and Equipment | 172,354 | 103,926 | $ 105,444 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 23,619 | $ 6,736 | $ 6,813 |
Schedule II - Valuation and Q69
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Balance at Beginning of Period | $ 942,120 | $ 918,809 | $ 1,006,689 | |
Charged to Costs and Expenses | 240,116 | 100,000 | 0 | |
Deductions | [1] | 180,151 | 76,689 | 87,880 |
Balance at End of Period | 1,002,085 | 942,120 | 918,809 | |
Reserves for Claims Payable as Self Insurer [Member] | ||||
Balance at Beginning of Period | 12,994,927 | 11,228,919 | 11,343,069 | |
Charged to Costs and Expenses | 22,371,877 | 14,892,657 | 14,669,698 | |
Deductions | [2] | 19,750,176 | 13,126,649 | 14,783,848 |
Balance at End of Period | $ 15,616,628 | $ 12,994,927 | $ 11,228,919 | |
[1] | Represents accounts receivable net write-offs. | |||
[2] | Represents claims paid. |
Uncategorized Items - cgi-20150
Label | Element | Value |
Asset Based [Member] | ||
Goodwill | us-gaap_Goodwill | $ 21,442 |
Asset Light Based [Member] | ||
Goodwill | us-gaap_Goodwill | $ 1,368 |
Restricted Stock [Member] | ||
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 453,425 |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 12.36 |