Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 12, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | CELADON GROUP INC | ||
Entity Central Index Key | 865,941 | ||
Trading Symbol | cgi | ||
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) | 28,715,140 | ||
Entity Public Float | $ 263 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Revenue: | |||
Freight revenue | $ 968,668 | $ 769,950 | $ 615,411 |
Fuel surcharge revenue | 96,688 | 130,806 | 143,900 |
Total revenue | 1,065,356 | 900,756 | 759,311 |
Operating expenses: | |||
Salaries, wages, and employee benefits | 323,864 | 261,216 | 209,938 |
Fuel | 103,017 | 144,687 | 171,695 |
Purchased transportation | 354,143 | 245,352 | 173,940 |
Revenue equipment rentals | 17,574 | 7,429 | 6,621 |
Operations and maintenance | 71,294 | 56,237 | 49,709 |
Insurance and claims | 36,670 | 29,091 | 19,252 |
Depreciation and amortization | 79,555 | 75,317 | 64,579 |
Communications and utilities | 10,145 | 8,361 | 6,409 |
Operating taxes and licenses | 20,718 | 16,443 | 13,275 |
General and other operating | 18,565 | 14,457 | 11,195 |
Gain on disposition of equipment | (22,395) | (23,619) | (6,736) |
Total operating expenses | 1,013,150 | 834,971 | 719,877 |
Operating income | 52,206 | 65,785 | 39,434 |
Interest expense | 13,794 | 7,776 | 5,071 |
Interest income | (7) | (12) | |
Other (income) expenses, net | 257 | 154 | (15,996) |
Income from equity method investment | (253) | ||
Income before income taxes | 38,408 | 57,862 | 50,371 |
Income tax expense | 13,564 | 20,645 | 19,690 |
Net income | $ 24,844 | $ 37,217 | $ 30,681 |
Earnings per common share: | |||
Diluted earnings per share (in dollars per share) | $ 0.88 | $ 1.52 | $ 1.29 |
Basic earnings per share (in dollars per share) | $ 0.90 | $ 1.56 | $ 1.33 |
Weighted average shares outstanding: | |||
Diluted (in shares) | 28,081 | 24,471 | 23,755 |
Basic (in shares) | 27,507 | 23,844 | 23,014 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income | $ 24,844 | $ 37,217 | $ 30,681 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on fuel derivative instruments, net of tax | (29) | (45) | |
Unrealized gain (loss) on currency derivative instruments, net of tax | (36) | 105 | |
Foreign currency translation adjustments | (10,850) | (16,212) | (784) |
Total other comprehensive loss | (10,879) | (16,248) | (724) |
Comprehensive income | $ 13,965 | $ 20,969 | $ 29,957 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 9,077,000 | $ 24,699,000 |
Trade receivables, net of allowance for doubtful accounts of $1,588 and $1,002 at June 30, 2016 and June 30, 2015, respectively | 134,572,000 | 130,892,000 |
Prepaid expenses and other current assets | 38,498,000 | 33,267,000 |
Tires in service | 3,175,000 | 1,857,000 |
Leased revenue equipment held for sale | 24,937,000 | 52,591,000 |
Revenue equipment held for sale | 44,876,000 | 49,856,000 |
Income tax receivable | 473,000 | 17,926,000 |
Total current assets | 255,608,000 | 311,088,000 |
Property and equipment, net of accumulated depreciation and amortization of $142,423 and $147,446 at June 30, 2016 and June 30, 2015, respectively | 636,733,000 | 788,530,000 |
Leased assets, net of accumulated depreciation and amortization of $9,717 at June 30, 2016 | 99,300,000 | |
Tires in service | 3,603,000 | 2,173,000 |
Goodwill | 62,451,000 | 55,357,000 |
Investment in unconsolidated companies | 2,253,000 | |
Other assets | 43,342,000 | 11,458,000 |
Total assets | 1,103,290,000 | 1,168,606,000 |
Current liabilities: | ||
Accounts payable | 26,499,000 | 13,699,000 |
Accrued salaries and benefits | 17,090,000 | 16,329,000 |
Accrued insurance and claims | 20,727,000 | 14,808,000 |
Accrued fuel expense | 8,258,000 | 10,979,000 |
Accrued purchase transportation | 22,046,000 | 16,259,000 |
Accrued equipment purchases | 775,000 | |
Deferred leasing revenue | 15,918,000 | 31,872,000 |
Other accrued expenses | 29,560,000 | 31,835,000 |
Current maturities of long-term debt | 0 | 948,000 |
Current maturities of capital lease obligations | 51,397,000 | 62,992,000 |
Total current liabilities | 191,495,000 | 200,496,000 |
Long term debt, net of current maturities | 152,032,000 | 133,199,000 |
Capital lease obligations, net of current maturities | 247,383,000 | 366,452,000 |
Other long term liabilities | 22,227,000 | 953,000 |
Deferred income taxes | 109,138,000 | 101,163,000 |
Stockholders' equity: | ||
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 28,715 and 28,342 shares at June 30, 2016 and 2015, respectively | 948,000 | 935,000 |
Treasury stock at cost; 500 shares at June 30, 2016 and 2015, respectively | (3,453,000) | (3,453,000) |
Additional paid-in capital | 198,576,000 | 195,682,000 |
Retained earnings | 218,056,000 | 195,412,000 |
Accumulated other comprehensive loss | (33,112,000) | (22,233,000) |
Total stockholders' equity | 381,015,000 | 366,343,000 |
Total liabilities and stockholders' equity | $ 1,103,290,000 | $ 1,168,606,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Trade receivables, allowance for doubtful accounts | $ 1,588 | $ 1,002 |
Property and equipemnt, accumulated depreciation and amortization | 142,423 | 147,446 |
Leased assets, accumulated depreciation and amortization | $ 9,717 | |
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) | 28,715 | 28,342 |
Common stock, shares outstanding (in shares) | 28,715 | 28,342 |
Treasury stock, shares (in shares) | 500 | 500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 24,844 | $ 37,217 | $ 30,681 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 79,606 | 75,624 | 64,800 |
Gain on disposition of equipment | (22,395) | (23,619) | (6,736) |
Gain from sale of minority investment | (17,143) | ||
Deferred income taxes | 8,259 | 32,391 | 5,210 |
Provision for doubtful accounts | 825 | 240 | 100 |
Stock based compensation expense | 2,855 | 2,772 | 2,077 |
Changes in operating assets and liabilities: | |||
Trade receivables | 165 | (6,198) | (17,125) |
Income tax receivable and payable | 17,589 | (11,426) | 7,905 |
Tires in service | (2,771) | 860 | (1,917) |
Prepaid expenses and other current assets | (5,461) | (4,538) | (10,409) |
Other assets | (34,944) | 240 | 886 |
Leased and revenue equipment held for sale | (60,707) | (85,331) | |
Accounts payable and accrued expenses | (13,076) | 26,333 | 11,988 |
Net cash provided by (used in) operating activities | (5,211) | 44,565 | 70,317 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (87,597) | (118,422) | (82,826) |
Proceeds on sale of property and equipment | 143,688 | 172,354 | 103,926 |
Proceeds from sale of minority interest | 21,000 | ||
Investment in unconsolidated companies | (2,000) | ||
Purchase of businesses, net of cash acquired | (18,264) | (114,682) | (36,602) |
Net cash provided by (used in) investing activities | 35,827 | (60,750) | 5,498 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 51 | 85,353 | 2,985 |
Borrowings on long-term debt | 824,750 | 847,285 | 325,520 |
Payments on long-term debt | (807,762) | (789,847) | (358,466) |
Borrowings on other long-term liabilities | 29,980 | ||
Payments on other long-term liabilities | (597) | ||
Dividends paid | (2,200) | (1,873) | (1,837) |
Principal payments on capital lease obligations | (90,638) | (113,624) | (29,190) |
Net cash provided by (used in) financing activities | (46,416) | 27,294 | (60,988) |
Effect of exchange rates on cash and cash equivalents | 178 | (1,918) | (634) |
Increase (decrease) in cash and cash equivalents | (15,622) | 9,191 | 14,193 |
Cash and cash equivalents at beginning of year | 24,699 | 15,508 | 1,315 |
Cash and cash equivalents at end of year | 9,077 | 24,699 | 15,508 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 13,794 | 7,776 | 4,802 |
Income taxes paid | 259 | 5,627 | 9,901 |
Obligations incurred under capital leases | 90,415 | 304,261 | |
Conversion of capital leases to operating leases | $ 130,440 |
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, 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 | |||||
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 | |||
Issuance of common stock | $ (116) | (78,760) | (78,876) | |||
Net Income | 24,844 | 24,844 | ||||
Other comprehensive income (loss) | (10,879) | (10,879) | ||||
Comprehensive income | 24,844 | (10,879) | 13,965 | |||
Restricted stock and options expense (in shares) | 357,893 | |||||
Restricted stock and options expense | $ 12 | 2,843 | 2,855 | |||
Dividends paid | (2,200) | $ (2,200) | ||||
Exercise of stock options (in shares) | 14,950 | 14,950 | ||||
Exercise of stock options | $ 1 | 169 | $ 170 | |||
Balance (in shares) at Jun. 30, 2016 | 28,215,140 | 28,715,000 | ||||
Balance at Jun. 30, 2016 | $ 948 | 198,576 | $ (3,453) | $ 218,056 | $ (33,112) | $ 381,015 |
Issuance of common stock | 118 | 118 | ||||
Issuance of common stock | $ (118) | $ (118) |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
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 a 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, 2016. 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 4 - 10 Furniture and office equipment (in years) 4 - 5 Buildings (in years) 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. Leased revenue equipment held for sale Leased revenue equipment held for sale is recorded at the lower of carrying value and fair market value less costs to sell. Leased revenue equipment held for sale is depreciated during months the assets are under leases. The majority of the assets included in leased revenue equipment held for sale were acquired to be sold and those assets have been recorded at cost. Management has a plan to sell these leased assets in their current condition to third party financing parties and is currently marketing these units at a reasonable price compared to their fair value. The sale is probable within one year. Revenue equipment held for sale Revenue equipment held for sale 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 revenue equipment held for sale were acquired to be resold and those assets have been recorded at cost. As of June 30, 2016, 33% of the units held for sale was comprised of old Celadon fleet equipment no longer in service versus newly purchased equipment. Newly purchased equipment is defined as equipment purchased for the sole purpose of being leased to a third party fleet or an independent contractor and then sold to a third party financing company. The newly purchased equipment has not operated in Celadon’s fleet. Management has a plan to sell these assets in their current condition to third party purchasers and is currently marketing these units at a reasonable price compared to their fair value. The sale is probable within one year. Leased Assets Leased assets consist of assets leased to independent contractors or third party fleets within our Equipment Leasing and Services segment. These assets are depreciated over their estimated useful lives or the remaining lease term during months that the units are under lease. Leased assets are tested for impairment whenever an event occurs that indicates impairment may exist. 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. Also included in leased assets are assets for which we received proceeds and transferred title to 19 th th th 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, 2016 and 2015 included goodwill of acquired businesses of approximately $62.5 million and $55.4 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 exposures 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 Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment, loss and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Revenue Recognition Freight revenue, fuel surcharge 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. Driver wages and other direct operating expenses are recognized when freight is delivered. The Company recognizes operating lease revenue from leasing tractors and related equipment to independent contractors as a component of freight revenue in the consolidated statements of operations. Operating lease revenue from rental operations is recognized as payments come due and collectability of the minimum lease payments is reasonably assured. Revenue from our asset-light segment is recognized upon completion of the services provided. R ent and purchased transportation expense for transportation costs we pay to the third-party provider are recognized upon completion of services provided. Advertising Advertising costs are expensed as incurred by the Company. Advertising expense primarily consists of recruiting for new drivers. Advertising expenses for fiscal 2016, 2015, and 2014 were $6.6 million, $5.2 million, and $3.2 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. Income Taxes Deferred income 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 the Canadian dollar and currently has derivative financial instruments in place to reduce exposure to fuel price fluctuations. 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 Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition in accordance with ASC Topic 805 Business Combinations. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires us to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board ("the FASB") issued ASU No. 2015-14 deferring the effective date of ASU No. 2014-09, "Revenue from Contracts with Customers" (ASC Topic 606): ("ASU 2014-09"), which requires the recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will affect any organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. In November 2015, the FASB issued ASU No. 2015-17 "Income Taxes"(ASC Topic 740), to simplify the presentation of deferred income taxes. The guidance in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance will affect any entity that presents a classified statement of financial position. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, and early adoption is permitted. The Company has early adopted this update. Adoption of this update impacted our consolidated balance sheet by reclassifying current deferred tax assets of approximately $5 million and $7 million to offset our long term deferred tax liabilities for the fiscal 2016 and fiscal 2015 periods respectively. In February 2016, the FASB issued ASU No. 2016-02 "Leases"(ASC Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance will affect any entity that enters into a lease. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2018, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. In March 2016, the FASB issued ASU No. 2016-09 "Compensation - Stock Compensation"(ASC Topic 718), to simplify various aspects of accounting for stock-based compensation, including income tax consequences, classification of awards as equity or liability, as well as classification of activities within the statement of cash flows. This guidance will affect any entity that issues share-based payment awards to their employees. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. |
Note 2 - Property, Equipment, a
Note 2 - Property, Equipment, and Leases | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (2) PROPERTY, EQUIPMENT, AND LEASES Property and equipment as of June 30, 2016 and 2015, respectively, consists of the following (in thousands): 2016 2015 Revenue equipment owned $ 257,782 $ 325,859 Revenue equipment under capital leases 352,910 478,606 Furniture and office equipment 17,648 12,516 Land and buildings 142,586 112,533 Service equipment 4,144 2,345 Leasehold improvements 4,086 4,117 779,156 935,976 Accumulated depreciation and amortization 142,423 147,446 $ 636,733 $ 788,530 Included in accumulated depreciation and amortization was $50.9 million and $54.8 million in 2016 and 2015, respectively, related to revenue equipment under capital leases. In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain tractors and trailers were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective October 1, 2015, the Company changed its estimates of the useful lives and salvage value of certain tractors and trailers to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the tractors and trailers that previously were 3 years for tractors and 7 years for trailers were increased to 4 years for tractors and 10 years for trailers. The effect of this change in estimate was to reduce depreciation expense for the year ended June 30, 2016 by $7.0 million, increase net income by $4.5 million, and increase basic and diluted earnings per share by $0.16. |
Note 3 - Leased Equipment
Note 3 - Leased Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | ( 3 ) LEASED EQUIPMENT Leased revenue equipment as of June 30, 2016 consists of the following (in thousands): 2016 Tractors 92,378 Trailers 16,639 109,017 Accumulated depreciation 9,717 $ 99,300 Included in this balance is approximately $37 million of assets for which we received $30.0 million in proceeds from 19 th The majority of our leased assets would qualify for capital lease treatment under ASC 840, however due to the collectability of the minimum lease payments not being reasonably predictable we treat our leased assets as operating leases and record revenue upon collection of payment. Due to the unpredictability of collections we are not able to reasonably estimate lease payment collections over the next five years. Our tractor leases generally are up to 60 month term leases ranging from $2,000 to $4,000 in monthly payments with $0 to $70,000 residuals. Upon default we may choose to re-lease the assets at new terms or dispose of the unit. At June 30, 2016 this account consisted of approximately 1,300 tractors and 900 trailers. |
Note 4 - Lease Obligations and
Note 4 - Lease Obligations and Long-term Debt | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | ( 4 ) 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 leases bears interest at rates ranging from 1.6% 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 2023. The Company leases warehouse and office space under non-cancellable operating leases expiring at various dates through 2019. Certain real estate leases contain renewal options. Total rental expense under operating leases was as follows for 2016, 2015, and 2014 (in thousands): 2016 2015 2014 Revenue and service equipment $ 19,481 $ 9,109 $ 6,351 Office facilities and terminals 6,741 5,041 3,353 $ 26,222 $ 14,150 $ 9,704 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 2017 $ 58,163 $ 25,788 2018 128,879 19,145 2019 39,891 8,079 2020 16,997 7,654 2021 9,885 5,168 Thereafter 65,813 9,072 Total minimum lease payments $ 319,628 $ 74,906 Less amounts representing interest 20,848 Present value of minimum lease payments $ 298,780 Less current maturities 51,397 Non-current portion $ 247,383 The Company is obligated for lease residual value guarantees of $62.0 million, with $0 due in fiscal 2017. The guarantees are not included in the future minimum lease payments above. To the extent the expected equipment 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, 2016, the Company believes the expected equipment value at lease termination date is greater than the residual value guarantee. During the second quarter of fiscal 2016, we converted capital leases pertaining to approximately 530 tractors to operating leases, which reduced our on balance sheet debt by $61.2 million. Our future minimum lease payments relating to this agreement are $21.9 million and are included in the table above and go through June 2018. During the fourth quarter of fiscal 2016, we completed a sale-leaseback transaction of approximately 4,700 trailers, which reduced our debt obligations by $69.2 million and resulted in a deferred gain of $1.2 million. The purpose of the arrangement was to dispose of the units while providing enough time to turn in the units to the purchaser and minimally disrupt our operations. Of these trailers, we expect to refresh approximately 2,700, starting in the second half of calendar year 2017. The base lease term is twelve months and we are to pay a rental fee on each unit until turned in to the purchaser. Once the unit is turned in, we have no further obligation on the unit. Our future minimum lease payments relating to this agreement are $5.7 million and included in the table above. Debt The Company had debt, excluding its line of credit, of $0.7 million at June 30, 2016, of which $0 is classified as current, compared to $1.8 million at June 30, 2015, of which $0.9 million was classified as current. Debt includes revenue equipment installment notes of $0.7 million with an average interest rate of 6.2 percent at June 30, 2016 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 our ongoing working capital needs and other general corporate purposes. Bank of America, N.A. serves as the lead agent in the facility and Wells Fargo Bank, N.A. also participates in the new facility. In December 2014, we increased our credit facility and extended the maturity. The facility permits borrowings up to a maximum of $300.0 million and 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, 2016, the credit facility had an outstanding balance of $151.4 million and $3.2 million utilized for letters of credit compared to an outstanding balance of $132.4 million and $1.7 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, 2016. |
Note 5 - Employee Benefit Plans
Note 5 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ( 5 ) 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 2016, 2015, and 2014 amounted to $415,000, $358,000, and $278,000, respectively. |
Note 6 - Stock Plans
Note 6 - Stock Plans | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 6 ) STOCK PLANS All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based upon the grant-date fair value of the awards. In January 2006, stockholders approved the 2006 Omnibus Incentive Plan ("2006 Plan") that provides various alternatives to compensate the Company's key employees. The 2006 Plan utilizes stock options, restricted stock grants, and stock appreciation rights. The 2006 Plan through its November 2008 and December 2013 amendments has authorized a total of 3,437,500 shares for grant. The Company granted restricted stock grants covering 441,642 shares in fiscal 2016, 181,894 shares in fiscal 2015, and 148,500 shares in fiscal 2014. As of June 30, 2016, the Company is authorized to grant an additional 200,629 shares. The total compensation cost that has been recorded for such stock-based awards was an expense of $2.9 million in fiscal 2016, $2.8 million in fiscal 2015, and $2.1 million in fiscal 2014. The total income tax benefit recognized in the statement of operations for share-based compensation arrangements was $0.9 million in fiscal 2016, $1.9 million in fiscal 2015, and $1.1 million in fiscal 2014. A summary of the activity of the Company's stock option plans as of June 30, 2016, 2015, and 2014 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, 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 Granted --- --- Forfeited or expired (5,670 ) $ 12.81 Exercised (14,950 ) $ 11.33 Outstanding at June 30, 2016 275,169 $ 9.30 1.7 $ (310,740 ) Exercisable at June 30, 2016 275,169 $ 9.30 1.7 $ (310,740 ) The total intrinsic value of options exercised during fiscal 2016, 2015, and 2014 was $0.1 million, $8.4 million, and $1.9 million, respectively. Restricted Shares Number of Shares Weighted-Average Grant Date Fair Value 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 Granted 441,642 $ 8.03 Forfeited (83,749) $ 21.14 Vested (152,465) $ 17.14 Unvested at June 30, 2016 601,794 $ 11.92 Restricted shares have been granted to employees 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, 2016, we had $5.9 million of total unrecognized compensation expense related to restricted shares that is expected to be recognized over the remaining weighted average period of approximately 3.1 years. |
Note 7 - Stock Repurchase Progr
Note 7 - Stock Repurchase Programs | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | ( 7 ) 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 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 8 ) 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): 2016 2015 2014 Net income $ 24,844 $ 37,217 $ 30,681 Basic earnings per share: Weighted - average number of common shares outstanding 27,507 23,844 23,014 Basic earnings per share $ 0.90 $ 1.56 $ 1.33 Diluted earnings per share: Weighted - average number of common shares outstanding 27,507 23,844 23,014 Effect of stock options and other incremental shares 574 627 741 Weighted-average number of common shares outstanding – diluted 28,081 24,471 23,755 Diluted earnings per share $ 0.88 $ 1.52 $ 1.29 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 9 ) COMMITMENTS AND CONTINGENCIES The Company is party to certain lawsuits in the ordinary course of business. We are not currently party to any proceedings which we believe will have a material adverse effect on our consolidated financial position or operations. The Company's subsidiary has been named as the defendant in Wilmoth et al. v. Celadon Trucking Services, Inc., a class action proceeding. A summary judgment was granted in favor of the plaintiffs. We have appealed this judgment. We believe that we will be successful on appeal, but it is also reasonably possible the judgment will be upheld. We estimate the possible range of financial exposure associated with this claim to be between $0 and approximately $5.9 million. We currently do not have a contingency reserved for this claim, but will continue to monitor its progress to determine if a reserve is necessary in the future. We had also been named as the defendant in in Day et al. v. Celadon Trucking Services, Inc., a second class action proceeding. A judgment was granted in favor of the plaintiffs. We appealed this judgment, but the judgment was subsequently upheld. The estimated damages of $2.4 million were fully reserved at June 30, 2016. We have planned commitments to add $24 million of tractor operating leases over the next twelve months as of June 30, 2016. Generally, our purchase orders do not become firm commitment orders for which we are irrevocably obligated until shortly before purchase. We may also choose to adjust the timing of our purchases based on performance of existing equipment throughout the year. Our plans to purchase equipment are reevaluated on a quarter-by-quarter basis. As of June 30, 2016, the Company had outstanding planned purchase commitments of approximately $41 million to $44 million for facilities and land. Factors such as costs and opportunities for future terminal expansions may change the amount of such expenditures. Standby letters of credit, not reflected in the accompanying consolidated financial statements, aggregated approximately $3.2 million at June 30, 2016. In addition, at June 30, 2016, 500,000 treasury shares were held in a trust as collateral for self-insurance reserves. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 ) INCOME TAXES The income tax provision for operations in fiscal 2016, 2015, and 2014, consisted of the following (in thousands): 2016 2015 2014 Current: Federal $ 2,692 $ (7,476 ) $ 12,958 State and local 123 (2,634 ) 1,013 Foreign 2,490 (1,636 ) 509 Total current $ 5,305 $ (11,746 ) $ 14,480 Deferred: Federal 6,892 21,869 3,703 State and local 601 3,807 576 Foreign 766 6,715 931 Total deferred 8,259 32,391 5,210 Total $ 13,564 $ 20,645 $ 19,690 No benefit or expense has been recognized for U.S. federal income taxes on current undistributed earnings of foreign subsidiaries of approximately $8.6 million, $10.9 million, and $3.8 million at June 30, 2016, 2015, and 2014, respectively. This exception is allowable under ASC 740-30-50-2. The Company's income tax expense in fiscal 2016, 2015, and 2014 varies from the statutory federal tax rate of 35% applied to income before income taxes as follows (in thousands): 2016 2015 2014 Computed "expected" income tax expense $ 13,443 $ 20,255 $ 17,630 State taxes, net of federal benefit 391 763 1,033 Non-deductible expenses 1,002 818 1,705 Foreign tax rate differential (861 ) (479 ) (383 ) Other, net (411 ) (712 ) (295 ) Actual income tax expense $ 13,564 $ 20,645 $ 19,690 The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at June 30, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Deferred tax assets: Net Operating Loss Carry Forwards $ 39,111 $ 0 Insurance reserves 5,446 4,328 Accrued Expenses Not Deductible Until Paid 4,028 0 Deferred equity compensation 891 862 Other 228 5,195 Total deferred tax assets $ 49,704 $ 10,385 Deferred tax liabilities: Property and equipment $ (149,339 ) $ (104,186 ) Goodwill (6,357 ) (4,442 ) Other (3,146 ) (2,920 ) Total deferred tax liabilities $ (158,842 ) $ (111,548 ) Total net deferred tax liabilities $ (109,138 ) $ (101,163 ) As of June 30, 2016, the Company had operating loss carryforwards for income tax purposes of approximately $120 million, which have expiration dates in 2034 and after. As of June 30, 2016 and June 30, 2015, the Company recorded a $0.5 million income tax liability for unrecognized tax benefits, a portion of which represents penalties and interest. The only periods subject to examination for our federal returns are the 2012, 2013, and 2014 tax years. |
Note 11 - Segment Information a
Note 11 - Segment Information and Significant Customers | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (1 1 ) SEGMENT INFORMATION AND SIGNIFICANT CUSTOMERS We have three reportable segments comprised of an asset-based segment, an asset-light based segment, and an equipment leasing and services segment. Our asset-based segment includes our asset-based dry van carrier and rail services, which are geographically diversified but have similar economic and other relevant characteristics, as they all provide truckload carrier services of general commodities to a similar class of customers. Our asset-light based segment consists of our warehousing, brokerage, and less-than-truckload ("LTL") operations. Our third segment is being presented separately for the first time in the June 30, 2016 fiscal year due to increased focus by management on this segment as a major focal point of our business. Our equipment leasing and services segment consists primarily of leasing activities with independent contractors and other trucking fleets. This segment also includes revenues from insurance, maintenance, and other ancillary services that we provide for, or make available to, independent contractors. In previous fiscal years our equipment leasing and services segment was included within our asset-based segment. Results of the equipment leasing and services segment prior to the current fiscal year are impracticable to determine due to the way we had costs integrated with our asset-based segment. We have determined that these segments qualify as reportable segments under ASC 280-10, Segment Reporting Fiscal Year Ended June 30, (Dollars in thousands) 2016 2015 2014 Total revenues Asset-based $ 910,569 $ 810,208 $ 706,726 Asset-light 126,900 90,548 52,585 Equipment leasing and services 27,887 --- --- 1,065,356 900,756 759,311 Operating income Asset-based 31,235 54,824 34,179 Asset-light 12,782 10,961 5,255 Equipment leasing and services 8,189 --- --- 52,206 65,785 39,434 Depreciation and amortization Asset-based 73,797 75,317 64,579 Asset-light --- --- --- Equipment leasing and services 5,758 --- --- 79,555 75,317 64,579 Gain on disposition of equipment Asset-based --- (23,619 ) (6,736 ) Equipment leasing and services (22,395 ) --- --- (22,395 ) (23,619 ) (6,736 ) Income before taxes Asset-based 18,402 51,474 29,121 Asset-light 12,525 6,388 21,250 Equipment leasing and services 7,481 --- --- 38,408 57,862 50,371 Goodwill Asset-based 61,083 53,989 21,442 Asset-light 1,368 1,368 1,368 Equipment leasing and services --- --- --- 62,451 55,357 22,810 Total assets Asset-based 935,234 1,160,550 684,548 Asset-light 10,977 8,056 6,267 Equipment leasing and services 157,079 --- --- 1,103,290 1,168,606 690,815 The Company allocates total revenue based on the country of origin of the tractor hauling the freight. Information as to the Company's operations by geographic area for fiscal years 2016, 2015, and 2014 is summarized below (in thousands): 2016 2015 2014 Total revenue: United States $ 941,115 $ 753,208 $ 609,512 Canada 82,918 102,106 115,678 Mexico 41,323 45,442 34,121 Total $ 1,065,356 $ 900,756 $ 759,311 Long-lived assets: United States $ 757,198 $ 756,393 $ 439,043 Canada 58,414 76,025 65,719 Mexico 32,070 25,100 18,868 Total $ 847,682 $ 857,518 $ 523,630 No customer accounted for more than 10% of the Company's total revenue during its three most recent fiscal years. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (1 2 ) 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 accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of June 30, 2016 and June 30, 2015 (in thousands). Total Level 1 Level 2 Level 3 Balance at June 30, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Fuel derivatives (95 ) --- --- --- (95 ) --- --- --- Our other financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, long term debt, and capital lease obligations. At June 30, 2016, the fair values of these instruments were approximated by their carrying values. |
Note 13 - Fuel Derivatives
Note 13 - Fuel Derivatives | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | (1 3 ) 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 Gulf Coast Diesel 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. We have entered into futures contracts relating to 3,906,000 total gallons of diesel fuel, or 300,000 gallons per month for July 2016 through July 2017, approximately 8.9% of our monthly projected fuel requirements through July 2017. Under these contracts, we pay a fixed rate per gallon of Gulf Coast Diesel and receive the monthly average price of New York Gulf Coast Diesel per the NYMEX. We have done retrospective and prospective regression analyses that showed the changes in the prices of diesel fuel and Gulf Coast Diesel were deemed to be highly effective based on the relevant authoritative guidance. Accordingly, we have designated the respective hedges as cash flow hedges. We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly. If our analysis shows that the derivatives are not highly effective as hedges, we will discontinue hedge accounting for the period and prospectively recognize changes in the fair value of the derivative being recognized through earnings. As a result of our effectiveness assessment at inception and at June 30, 2016, we believe our hedge contracts have been and will continue to be highly effective in offsetting changes in cash flows attributable to the hedged risk. We recognize all derivative instruments at fair value on our consolidated balance sheets in other assets or other accrued expenses. Our derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transactions affect earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in other income or expense on our consolidated statements of income. The amount recorded in accumulated other comprehensive income as of June 30, 2016 is $0.1 million of loss. The accumulated other comprehensive income loss will fluctuate with changes in fuel prices. Amounts ultimately recognized in the consolidated statements of income as fuel expense, due to the actual diesel fuel purchases, will depend on the fair value as of the date of settlement. Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties with which we have these agreements. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. To evaluate credit risk, we review each counterparty's audited financial statements and credit ratings and obtain references. Any credit valuation adjustments deemed necessary would be reflected in the fair value of the instrument. As of June 30, 2016, we have not made any such adjustments. |
Note 14 - Selected Quarterly Da
Note 14 - Selected Quarterly Data (Unaudited) | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | (1 4 ) SELECTED QUARTERLY DATA (Unaudited) Summarized quarterly data for fiscal 2016 and 2015 follows (in thousands except per share amounts): Fiscal Year 2016 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 266,121 $ 275,399 $ 259,574 $ 264,262 Operating expenses 244,949 261,320 248,043 258,838 Operating income 21,172 14,079 11,531 5,424 Other expense, net 3,252 3,779 3,632 3,135 Income before taxes 17,920 10,300 7,899 2,289 Income tax expense 6,553 3,685 2,660 666 Net income 11,367 6,615 $ 5,239 $ 1,623 Basic income per share $ 0.41 $ 0.24 $ 0.19 $ 0.06 Diluted income per share $ 0.41 $ 0.24 $ 0.19 $ 0.06 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 (income), 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 |
Note 15 - Acquisitions
Note 15 - Acquisitions | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (1 5 ) ACQUISITIONS Immaterial acquisitions for the year ended June 30, 201 6 In July 2015, we acquired certain assets of Buckler Transport, Inc. ("Buckler") in Roulette, PA, for $15.4 million. The assets acquired include tractors and trailers that we intend to operate in the short term. We used borrowings under our existing credit facility to fund the purchase price. The purposes of the acquisition were to continue service to Buckler customers and to diversify into the hot asphalt and fracking industry. In November 2015, we acquired certain assets of Distribution, Inc. dba FTL, Inc. ("FTL") in Clackamas, OR, for $5.4 million. The assets acquired include tractors and trailers that we intend to operate in the short term. We used borrowings under our existing credit facility to fund the purchase price. The purpose of the acquisition was to continue dry-van service for the FTL customers. The two acquisitions above were determined to be immaterial individually and in the aggregate. Material acquisitions for the year ended June 30, 2015 In October 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, 2016, 2015, and 2014 assume that the acquisition of A&S occurred as of July 1, 2013 (in thousands). (Unaudited) Years ended June 30, 2016 Jun 30, 2015 June 30, 2014 Total revenue $ 1,065,356 $ 944,511 $ 868,537 Net income $ 24,844 $ 37,650 $ 32,706 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 In September 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. In December 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. In January 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. |
Note 16 - Goodwill and Other In
Note 16 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | (1 6 ) GOODWILL AND OTHER INTANGIBLE ASSETS The intangible assets relate to customer relations and trade names acquired through acquisitions in fiscal 2015. 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, 2015 Current year Additions June 30, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Amortization 1,048 $ 162 1,210 Net carrying amount $ 7,048 $ 162 $ 6,886 The following table summarizes goodwill (in thousands): Goodwill June 30, 2015 Current year additions June 30, 2016 Asset-based $ 53,989 $ 7,094 $ 61,083 Asset-light 1,368 --- 1,368 Total Goodwill $ 55,357 $ 7,094 $ 62,451 The additions to goodwill mostly relate to the Buckler and FTL acquisitions of $3.4 million and $3.0 million, respectively. Another $0.7 million of additions are goodwill adjustments related to previously disclosed acquisitions. The Buckler and FTL related goodwill are tax deductible. |
Note 17 - Unconsolidated Relate
Note 17 - Unconsolidated Related-party Investments | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Unconsolidated Investments [Text Block] | (17) UNCONSOLIDATED RELATED-PARTY INVESTMENTS 19th Capital was established with capital contributions from us (33.33%) and Tiger ELS, LLC ("Tiger") (66.67%), an entity controlled by Larsen MacColl Partners, an unaffiliated investment firm, in exchange for Class A Interests. We account for our investment in 19 th th th In late September 2015, the Quality Companies entered into a Portfolio Purchase and Sale Agreement, a Fleet Program Agreement, a Service Agreement, and a Program Agreement with 19th Capital. Under the Portfolio Purchase and Sale Agreement, 19th Capital purchased portfolios of Quality's independent contractor leases and associated assets. The net sales proceeds of units total $58.8 million for the year ended June 30, 2016. The net gain as a result of these transactions was $2.3 million. Under the Program Agreement, 19 th th th th In a separate transaction we received $30.0 million in net proceeds from the disposition of leased equipment, with a book value of approximately $37.7 million. Although we transferred title of these assets, we retained certain risks of ownership through a deferred payment stream associated with the ultimate disposition of the equipment at the end of the lease period. We deemed that this transaction did not qualify for sales treatment under ASC 840-20-40-3. As a result, these assets were not removed from our balance sheet, but were reclassified to leased assets, as we retain approximately 20% of the net asset value. We recorded a liability of $30.0 million with the current portion in other accrued liabilities and the long term portion under other liabilities that will pay down over an estimated period of 49 months as lease payments from owner operators are collected and remitted to 19 th |
Note 18 - Equipment Leasing and
Note 18 - Equipment Leasing and Services Segment | 12 Months Ended |
Jun. 30, 2016 | |
Element [Member] | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (18) EQUIPMENT LEASING AND SERVICES SEGMENT We routinely enter into leases with independent contractors which we classify and record as operating leases. From time to time we will assign these leases and sell the underlying assets to third party financing companies. Total net proceeds and net gain as a result of these transactions during the year ended June 30, 2016 was $328.6 million and $22.4 million, respectively, compared to $329.0 million and $21.5 million during the year ended June 30, 2015. Total net proceeds and net gains are inclusive of the amounts recorded from 19 th We have recorded leased revenue equipment held for resale on our consolidated balance sheet of $24.9 million. These assets are current under lease with and independent contractor or fleet and our equipment leasing and services segment has a plan to sell these leased assets in their current condition to a third party financing part and are currently marketing these units at a reasonable price compared to their fair value. The sale of these units is probable within one year. We have recorded equipment held for resale of $44.9 million on our consolidated balance sheet. These units are not currently operating in the Celadon fleet, nor are they under a current lease with an independent contractor or fleet. Our equipment leasing and services segment plans to sell these assets in their current condition to a third party purchaser and is currently marketing these units at a reasonable price compared to their fair value. The sale is probable within one year. We have recorded leased equipment on our consolidated balance sheet of $99.3 million. Our leasing and services segment leases this equipment to independent contractors and fleets. Assets in this balance that were previously classified as a current asset have changed classification due to a change in relationships with our third party leasing providers. We have reevaluated this equipment and no longer believe it is probable that those assets will be sold within the next year. Included in this balance is approximately $37 million of assets for which we received $30.0 million in proceeds from 19 th We have recorded in our assets on our consolidated balance sheet an amount that represents advances made to Element relating to our Lease Shortfall Advance arrangement. These advances are for shortfalls between the required lease payments and the amount actually collected from the independent contractor or fleet. Element is required to reimburse us for Lease Shortfall Advance payments and, accordingly, we have accounted for the related receivable under other assets on our consolidated balance sheet, in the amount of $31.9 million as of June 30, 2016. We entered into a Letter Agreement Regarding Additional Reserve Account Contributions on December 29, 2015 with Element which makes us responsible for an additional $2.5 million of reserve funds to the extent that we are unable to recoup this amount from the reseating of trucks and sale proceeds for trucks pursuant to our agreements with Element. We have evaluated this contingency under ASC 450 – Contingencies and determined that it is not probable that we will incur this amount at this time and therefore have not reserved this amount. |
Property, Plant and Equipment Disclosure [Text Block] | (2) PROPERTY, EQUIPMENT, AND LEASES Property and equipment as of June 30, 2016 and 2015, respectively, consists of the following (in thousands): 2016 2015 Revenue equipment owned $ 257,782 $ 325,859 Revenue equipment under capital leases 352,910 478,606 Furniture and office equipment 17,648 12,516 Land and buildings 142,586 112,533 Service equipment 4,144 2,345 Leasehold improvements 4,086 4,117 779,156 935,976 Accumulated depreciation and amortization 142,423 147,446 $ 636,733 $ 788,530 Included in accumulated depreciation and amortization was $50.9 million and $54.8 million in 2016 and 2015, respectively, related to revenue equipment under capital leases. In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain tractors and trailers were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective October 1, 2015, the Company changed its estimates of the useful lives and salvage value of certain tractors and trailers to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the tractors and trailers that previously were 3 years for tractors and 7 years for trailers were increased to 4 years for tractors and 10 years for trailers. The effect of this change in estimate was to reduce depreciation expense for the year ended June 30, 2016 by $7.0 million, increase net income by $4.5 million, and increase basic and diluted earnings per share by $0.16. |
Note 19 - Reclassifications and
Note 19 - Reclassifications and Adjustments | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | (19 ) RECLASSIFICATION AND ADJUSTMENTS Certain items in the fiscal 2015 and fiscal 2014 consolidated financial statements have been reclassified to conform to the current presentation. The reclassifications had no impact on earnings. |
Note 20 - Subsequent Event
Note 20 - Subsequent Event | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | (20 ) SUBSEQUENT EVENT On September 13, 2016, we signed an MOU with Quality's main third party financing provider, under which substantially all of Quality's tractors under management owned by such third party financing provider, 19 th th th |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | CELADON GROUP, INC. VALUATION AND QUALIFYING ACCOUNTS Years ended June 30, 2016, 2015, and 2014 Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period 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 Year ended June 30, 2016: Allowance for doubtful accounts $ 1,002,085 $ 819,949 $ 234,214 (a) $ 1,587,820 Reserves for claims payable as self-insurer $ 15,616,628 $ 27,604,344 $ 21,110,151 (b) $ 22,110,821 (a) Represents accounts receivable net write-offs. (b) Represents claims paid. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
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 a 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, 2016. |
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 4 - 10 Furniture and office equipment (in years) 4 - 5 Buildings (in years) 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] | Leased revenue equipment held for sale Leased revenue equipment held for sale is recorded at the lower of carrying value and fair market value less costs to sell. Leased revenue equipment held for sale is depreciated during months the assets are under leases. The majority of the assets included in leased revenue equipment held for sale were acquired to be sold and those assets have been recorded at cost. Management has a plan to sell these leased assets in their current condition to third party financing parties and is currently marketing these units at a reasonable price compared to their fair value. The sale is probable within one year. Revenue equipment held for sale Revenue equipment held for sale 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 revenue equipment held for sale were acquired to be resold and those assets have been recorded at cost. As of June 30, 2016, 33% of the units held for sale was comprised of old Celadon fleet equipment no longer in service versus newly purchased equipment. Newly purchased equipment is defined as equipment purchased for the sole purpose of being leased to a third party fleet or an independent contractor and then sold to a third party financing company. The newly purchased equipment has not operated in Celadon’s fleet. Management has a plan to sell these assets in their current condition to third party purchasers and is currently marketing these units at a reasonable price compared to their fair value. The sale is probable within one year. |
Lease, Policy [Policy Text Block] | Leased Assets Leased assets consist of assets leased to independent contractors or third party fleets within our Equipment Leasing and Services segment. These assets are depreciated over their estimated useful lives or the remaining lease term during months that the units are under lease. Leased assets are tested for impairment whenever an event occurs that indicates impairment may exist. 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. Also included in leased assets are assets for which we received proceeds and transferred title to 19 th th th |
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, 2016 and 2015 included goodwill of acquired businesses of approximately $62.5 million and $55.4 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 exposures 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 Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources, are recorded when it is probable that a liability has been incurred and the amount of the assessment, loss and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Freight revenue, fuel surcharge 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. Driver wages and other direct operating expenses are recognized when freight is delivered. The Company recognizes operating lease revenue from leasing tractors and related equipment to independent contractors as a component of freight revenue in the consolidated statements of operations. Operating lease revenue from rental operations is recognized as payments come due and collectability of the minimum lease payments is reasonably assured. Revenue from our asset-light segment is recognized upon completion of the services provided. R ent and purchased transportation expense for transportation costs we pay to the third-party provider are recognized upon completion of services provided. |
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 2016, 2015, and 2014 were $6.6 million, $5.2 million, and $3.2 million, respectively, and are included in salaries, wages, and employee benefits and other operating expenses in the consolidated statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income 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 the Canadian dollar and currently has derivative financial instruments in place to reduce exposure to fuel price fluctuations. 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 Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition in accordance with ASC Topic 805 Business Combinations. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires us to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board ("the FASB") issued ASU No. 2015-14 deferring the effective date of ASU No. 2014-09, "Revenue from Contracts with Customers" (ASC Topic 606): ("ASU 2014-09"), which requires the recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance will affect any organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. In November 2015, the FASB issued ASU No. 2015-17 "Income Taxes"(ASC Topic 740), to simplify the presentation of deferred income taxes. The guidance in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance will affect any entity that presents a classified statement of financial position. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, and early adoption is permitted. The Company has early adopted this update. Adoption of this update impacted our consolidated balance sheet by reclassifying current deferred tax assets of approximately $5 million and $7 million to offset our long term deferred tax liabilities for the fiscal 2016 and fiscal 2015 periods respectively. In February 2016, the FASB issued ASU No. 2016-02 "Leases"(ASC Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance will affect any entity that enters into a lease. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2018, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. In March 2016, the FASB issued ASU No. 2016-09 "Compensation - Stock Compensation"(ASC Topic 718), to simplify various aspects of accounting for stock-based compensation, including income tax consequences, classification of awards as equity or liability, as well as classification of activities within the statement of cash flows. This guidance will affect any entity that issues share-based payment awards to their employees. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, and early adoption is permitted. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial impact at a future date. |
Note 1 - Organization and Sum30
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Estimated Useful Lives [Table Text Block] | Revenue and service equipment 4 - 10 Furniture and office equipment (in years) 4 - 5 Buildings (in years) 20 Leasehold improvements Lesser of life of lease (including expected renewals) or useful life of improvement |
Note 2 - Property, Equipment,31
Note 2 - Property, Equipment, and Leases (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Property and Equipment [Table Text Block] | 2016 2015 Revenue equipment owned $ 257,782 $ 325,859 Revenue equipment under capital leases 352,910 478,606 Furniture and office equipment 17,648 12,516 Land and buildings 142,586 112,533 Service equipment 4,144 2,345 Leasehold improvements 4,086 4,117 779,156 935,976 Accumulated depreciation and amortization 142,423 147,446 $ 636,733 $ 788,530 |
Note 3 - Leased Equipment (Tabl
Note 3 - Leased Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | 2016 Tractors 92,378 Trailers 16,639 109,017 Accumulated depreciation 9,717 $ 99,300 |
Note 4 - Lease Obligations an33
Note 4 - Lease Obligations and Long-term Debt (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Rent Expense [Table Text Block] | 2016 2015 2014 Revenue and service equipment $ 19,481 $ 9,109 $ 6,351 Office facilities and terminals 6,741 5,041 3,353 $ 26,222 $ 14,150 $ 9,704 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ended June 30, Capital Leases Operating Leases 2017 $ 58,163 $ 25,788 2018 128,879 19,145 2019 39,891 8,079 2020 16,997 7,654 2021 9,885 5,168 Thereafter 65,813 9,072 Total minimum lease payments $ 319,628 $ 74,906 Less amounts representing interest 20,848 Present value of minimum lease payments $ 298,780 Less current maturities 51,397 Non-current portion $ 247,383 |
Note 6 - Stock Plans (Tables)
Note 6 - Stock Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 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 Granted --- --- Forfeited or expired (5,670 ) $ 12.81 Exercised (14,950 ) $ 11.33 Outstanding at June 30, 2016 275,169 $ 9.30 1.7 $ (310,740 ) Exercisable at June 30, 2016 275,169 $ 9.30 1.7 $ (310,740 ) |
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, 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 Granted 441,642 $ 8.03 Forfeited (83,749) $ 21.14 Vested (152,465) $ 17.14 Unvested at June 30, 2016 601,794 $ 11.92 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Net income $ 24,844 $ 37,217 $ 30,681 Basic earnings per share: Weighted - average number of common shares outstanding 27,507 23,844 23,014 Basic earnings per share $ 0.90 $ 1.56 $ 1.33 Diluted earnings per share: Weighted - average number of common shares outstanding 27,507 23,844 23,014 Effect of stock options and other incremental shares 574 627 741 Weighted-average number of common shares outstanding – diluted 28,081 24,471 23,755 Diluted earnings per share $ 0.88 $ 1.52 $ 1.29 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current: Federal $ 2,692 $ (7,476 ) $ 12,958 State and local 123 (2,634 ) 1,013 Foreign 2,490 (1,636 ) 509 Total current $ 5,305 $ (11,746 ) $ 14,480 Deferred: Federal 6,892 21,869 3,703 State and local 601 3,807 576 Foreign 766 6,715 931 Total deferred 8,259 32,391 5,210 Total $ 13,564 $ 20,645 $ 19,690 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Computed "expected" income tax expense $ 13,443 $ 20,255 $ 17,630 State taxes, net of federal benefit 391 763 1,033 Non-deductible expenses 1,002 818 1,705 Foreign tax rate differential (861 ) (479 ) (383 ) Other, net (411 ) (712 ) (295 ) Actual income tax expense $ 13,564 $ 20,645 $ 19,690 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets: Net Operating Loss Carry Forwards $ 39,111 $ 0 Insurance reserves 5,446 4,328 Accrued Expenses Not Deductible Until Paid 4,028 0 Deferred equity compensation 891 862 Other 228 5,195 Total deferred tax assets $ 49,704 $ 10,385 Deferred tax liabilities: Property and equipment $ (149,339 ) $ (104,186 ) Goodwill (6,357 ) (4,442 ) Other (3,146 ) (2,920 ) Total deferred tax liabilities $ (158,842 ) $ (111,548 ) Total net deferred tax liabilities $ (109,138 ) $ (101,163 ) |
Note 11 - Segment Information37
Note 11 - Segment Information and Significant Customers (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fiscal Year Ended June 30, (Dollars in thousands) 2016 2015 2014 Total revenues Asset-based $ 910,569 $ 810,208 $ 706,726 Asset-light 126,900 90,548 52,585 Equipment leasing and services 27,887 --- --- 1,065,356 900,756 759,311 Operating income Asset-based 31,235 54,824 34,179 Asset-light 12,782 10,961 5,255 Equipment leasing and services 8,189 --- --- 52,206 65,785 39,434 Depreciation and amortization Asset-based 73,797 75,317 64,579 Asset-light --- --- --- Equipment leasing and services 5,758 --- --- 79,555 75,317 64,579 Gain on disposition of equipment Asset-based --- (23,619 ) (6,736 ) Equipment leasing and services (22,395 ) --- --- (22,395 ) (23,619 ) (6,736 ) Income before taxes Asset-based 18,402 51,474 29,121 Asset-light 12,525 6,388 21,250 Equipment leasing and services 7,481 --- --- 38,408 57,862 50,371 Goodwill Asset-based 61,083 53,989 21,442 Asset-light 1,368 1,368 1,368 Equipment leasing and services --- --- --- 62,451 55,357 22,810 Total assets Asset-based 935,234 1,160,550 684,548 Asset-light 10,977 8,056 6,267 Equipment leasing and services 157,079 --- --- 1,103,290 1,168,606 690,815 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2016 2015 2014 Total revenue: United States $ 941,115 $ 753,208 $ 609,512 Canada 82,918 102,106 115,678 Mexico 41,323 45,442 34,121 Total $ 1,065,356 $ 900,756 $ 759,311 Long-lived assets: United States $ 757,198 $ 756,393 $ 439,043 Canada 58,414 76,025 65,719 Mexico 32,070 25,100 18,868 Total $ 847,682 $ 857,518 $ 523,630 |
Note 12 - Fair Value Measurem38
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Balance at June 30, 2016 Balance at June 30, 2015 Fuel derivatives (95 ) --- --- --- (95 ) --- --- --- |
Note 14 - Selected Quarterly 39
Note 14 - Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Year 2016 1 st Qtr. 2 nd Qtr. 3 rd Qtr. 4 th Qtr. Total revenues $ 266,121 $ 275,399 $ 259,574 $ 264,262 Operating expenses 244,949 261,320 248,043 258,838 Operating income 21,172 14,079 11,531 5,424 Other expense, net 3,252 3,779 3,632 3,135 Income before taxes 17,920 10,300 7,899 2,289 Income tax expense 6,553 3,685 2,660 666 Net income 11,367 6,615 $ 5,239 $ 1,623 Basic income per share $ 0.41 $ 0.24 $ 0.19 $ 0.06 Diluted income per share $ 0.41 $ 0.24 $ 0.19 $ 0.06 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 (income), 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 |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Years ended June 30, 2016 Jun 30, 2015 June 30, 2014 Total revenue $ 1,065,356 $ 944,511 $ 868,537 Net income $ 24,844 $ 37,650 $ 32,706 |
Note 16 - Goodwill and Other 41
Note 16 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangibles June 30, 2015 Current year Additions June 30, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Amortization 1,048 $ 162 1,210 Net carrying amount $ 7,048 $ 162 $ 6,886 |
Schedule of Goodwill [Table Text Block] | Goodwill June 30, 2015 Current year additions June 30, 2016 Asset-based $ 53,989 $ 7,094 $ 61,083 Asset-light 1,368 --- 1,368 Total Goodwill $ 55,357 $ 7,094 $ 62,451 |
Schedule II - Valuation and Q42
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 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 Year ended June 30, 2016: Allowance for doubtful accounts $ 1,002,085 $ 819,949 $ 234,214 (a) $ 1,587,820 Reserves for claims payable as self-insurer $ 15,616,628 $ 27,604,344 $ 21,110,151 (b) $ 22,110,821 |
Note 1 - Organization and Sum43
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | Tires in Service [Member] | |||
Property, Plant and Equipment, Useful Life | 1 year 180 days | ||
Maximum [Member] | Tires in Service [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Reclassification from Current Deferred Tax Assets to Offset Long Term Deferred Tax Liability [Member] | Fiscal Year Ended 2015 [Member] | |||
Prior Period Reclassification Adjustment | $ 7,000 | ||
Reclassification from Current Deferred Tax Assets to Offset Long Term Deferred Tax Liability [Member] | |||
Current Period Reclassification Adjustment | $ 5,000 | ||
Revenue Equipment Held for Sale, Old Equipment Percentage | 33.00% | ||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||
Goodwill | $ 62,451 | $ 55,357 | |
Advertising Expense | $ 6,600 | $ 5,200 | $ 3,200 |
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, 2016 | |
Minimum [Member] | Revenue and Service Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Minimum [Member] | Furniture and Office Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Maximum [Member] | Revenue and Service Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Furniture and Office Equipment [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,45
Note 2 - Property, Equipment, and Leases (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue Equipment Under Capital Leases [Member] | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 50.9 | $ 50.9 | $ 54.8 | |
Tractors [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | 4 years | ||
Trailers [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | 10 years | ||
Depreciation Expense [Member] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 7 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 4.5 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic and Diluted Earnings Per Share | $ 0.16 |
Note 2 - Property and Equipment
Note 2 - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Revenue Equipment Owned [Member] | ||
Property, plant, and equipment, gross | $ 257,782 | $ 325,859 |
Revenue Equipment Under Capital Leases [Member] | ||
Property, plant, and equipment, gross | 352,910 | 478,606 |
Furniture and Office Equipment [Member] | ||
Property, plant, and equipment, gross | 17,648 | 12,516 |
Land and Building [Member] | ||
Property, plant, and equipment, gross | 142,586 | 112,533 |
Equipment Leasing and Services [Member] | ||
Property, plant, and equipment, gross | 4,144 | 2,345 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 4,086 | 4,117 |
Property, plant, and equipment, gross | 779,156 | 935,976 |
Accumulated depreciation and amortization | (142,423) | (147,446) |
$ 636,733 | $ 788,530 |
Note 3 - Leased Equipment (Deta
Note 3 - Leased Equipment (Details Textual) | 12 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
19th Capital Group, LLC [Member] | Assets With Transferred Title [Member] | ||
Property Subject to or Available for Operating Lease, Net | $ 37,000,000 | |
Related Party Transaction, Amounts of Transaction | 30,000,000 | |
Tractors [Member] | Minimum [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Monthly Payments | 2,000 | |
Lessor Leasing Arrangements, Operating Leases, Residual Payments | 0 | |
Tractors [Member] | Maximum [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Monthly Payments | 4,000 | |
Lessor Leasing Arrangements, Operating Leases, Residual Payments | $ 70,000 | |
Tractors [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years | |
Property Subject to or Available for Operating Lease, Number of Units | 1,300 | |
Trailers [Member] | ||
Property Subject to or Available for Operating Lease, Number of Units | 900 | |
Property Subject to or Available for Operating Lease, Net | $ 99,300,000 |
Note 3 - Leased Revenue Equipme
Note 3 - Leased Revenue Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Tractors [Member] | ||
Leased assets | $ 92,378 | |
Trailers [Member] | ||
Leased assets | 16,639 | |
Leased assets | 109,017 | |
Accumulated depreciation | 9,717 | |
$ 99,300 |
Note 4 - Lease Obligations an49
Note 4 - Lease Obligations and Long-term Debt (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2018 | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.825% | ||||
Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | |||
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||
Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | 3.60% | |||
Lease Residual Value Guarantees [Member] | |||||
Other Commitment | $ 62,000,000 | $ 62,000,000 | |||
Other Commitment, Due in Next Twelve Months | $ 0 | 0 | |||
Tractors [Member] | |||||
Number of Capital Leased Units Converted to Operating Leased Units | 530 | ||||
Trailers [Member] | Scenario, Forecast [Member] | |||||
Sale Leaseback Transaction, Number of Leased Units | 2,700 | ||||
Trailers [Member] | |||||
Sale Leaseback Transaction, Number of Units | 4,700 | ||||
Conversion of Capital Leases to Operating Leases [Member] | |||||
Debt Instrument, Increase (Decrease), Other, Net | $ (61,200,000) | ||||
Operating Leases, Future Minimum Payments Due | $ 21,900,000 | 21,900,000 | |||
Sale Leaseback of Trailers [Member] | |||||
Debt Instrument, Increase (Decrease), Other, Net | (69,200,000) | ||||
Operating Leases, Future Minimum Payments Due | 5,700,000 | 5,700,000 | |||
Revenue Equipment Installment Notes [Member] | |||||
Other Long-term Debt | $ 700,000 | $ 700,000 | |||
Long-term Debt, Weighted Average Interest Rate | 6.20% | 6.20% | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 5 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | $ 300,000,000 | |||
Long-term Line of Credit | 151,400,000 | 151,400,000 | $ 132,400,000 | ||
Letters of Credit Outstanding, Amount | 3,200,000 | 3,200,000 | 1,700,000 | ||
Operating Leases, Future Minimum Payments Due | 74,906,000 | 74,906,000 | |||
Sale Leaseback Transaction, Deferred Gain, Net | $ 1,200,000 | 1,200,000 | |||
Sale Leaseback Transaction, Term of Contract | 1 year | ||||
Other Long-term Debt | $ 700,000 | 700,000 | 1,800,000 | ||
Other Long-term Debt, Current | 0 | 0 | $ 948,000 | ||
Letters of Credit Outstanding, Amount | $ 3,200,000 | $ 3,200,000 |
Note 4 - Total Rental Expense U
Note 4 - Total Rental Expense Under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue and Service Equipment [Member] | |||
Lease and rent expense | $ 19,481 | $ 9,109 | $ 6,351 |
Office Facilities and Terminals [Member] | |||
Lease and rent expense | 6,741 | 5,041 | 3,353 |
Lease and rent expense | $ 26,222 | $ 14,150 | $ 9,704 |
Note 4 - Future Minimum Leases
Note 4 - Future Minimum Leases Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
2,017 | $ 58,163 | |
2,017 | 25,788 | |
2,018 | 128,879 | |
2,018 | 19,145 | |
2,019 | 39,891 | |
2,019 | 8,079 | |
2,020 | 16,997 | |
2,020 | 7,654 | |
2,021 | 9,885 | |
2,021 | 5,168 | |
Thereafter | 65,813 | |
Thereafter | 9,072 | |
Total minimum lease payments | 319,628 | |
Operating Leases, Future Minimum Payments Due | 74,906 | |
Less amounts representing interest | 20,848 | |
Present value of minimum lease payments | 298,780 | |
Less current maturities | 51,397 | $ 62,992 |
Non-current portion | $ 247,383 | $ 366,452 |
Note 5 - Employee Benefit Pla52
Note 5 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | $ 415,000 | $ 358,000 | $ 278,000 |
Note 6 - Stock Plans (Details T
Note 6 - Stock Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
2006 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 441,642 | 181,894 | 148,500 |
2006 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,437,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 200,629 | ||
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 | 3 years 36 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 441,642 | 181,894 | 148,500 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5.9 | ||
Allocated Share-based Compensation Expense | 2.9 | $ 2.8 | $ 2.1 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0.9 | 1.9 | 1.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 8.4 | $ 1.9 |
Note 6 - Summary of the Award A
Note 6 - Summary of the Award Activity of the Stock Option Plans (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Shares outstanding (in shares) | 295,789 | 905,098 | 1,148,790 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 9.47 | $ 10.25 | $ 10.76 | |
Weighted-average remaining contractual term, outstanding | 1 year 255 days | 2 years 219 days | 3 years 182 days | 4 years 36 days |
Aggregate Intrinsic value, outstanding | $ (310,740) | $ 3,316,030 | $ 10,018,958 | $ 8,606,841 |
Shares Forfeited or expired (in shares) | (5,670) | (8,500) | ||
Weighted-average exercise price, forfeited or expired (in dollars per share) | $ 12.81 | $ 13.88 | ||
Shares Exercised (in shares) | (14,950) | (609,309) | (235,192) | |
Weighted-average exercise price, exercised (in dollars per share) | $ 11.33 | $ 10.63 | $ 12.60 | |
Shares outstanding (in shares) | 275,169 | 295,789 | 905,098 | 1,148,790 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 9.30 | $ 9.47 | $ 10.25 | $ 10.76 |
Exercisable at June 30, 2016 (in shares) | 275,169 | |||
Exercisable at June 30, 2016 (in dollars per share) | $ 9.30 | |||
Exercisable at June 30, 2016 | 1 year 255 days | |||
Exercisable at June 30, 2016 | $ (310,740) |
Note 6 - Summary of the Restric
Note 6 - Summary of the Restricted Stock Award Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 441,642 | 181,894 | 148,500 |
Weighted-average grant date fair value, granted (in dollars per share) | $ 8.03 | $ 22.75 | $ 22.13 |
Number of shares, forfeited (in shares) | (83,749) | (8,784) | (16,975) |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ 21.14 | $ 18.85 | $ 13.49 |
Number of shares, vested (in shares) | (152,465) | (133,449) | (130,783) |
Weighted-average grant date fair value, vested (in dollars per share) | $ 17.14 | $ 17.53 | $ 14.75 |
Number of shares, unvested (in shares) | 601,794 | 396,366 | 356,705 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ 11.92 | $ 21.13 | $ 18.88 |
Note 7 - Stock Repurchase Pro56
Note 7 - Stock Repurchase Programs (Details Textual) - shares | 70 Months Ended | |
Jun. 30, 2016 | Aug. 25, 2010 | |
Treasury Stock, Shares, Acquired | 0 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 |
Note 8 - Reconciliation of Basi
Note 8 - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 1,623 | $ 5,239 | $ 6,615 | $ 11,367 | $ 12,035 | $ 8,592 | $ 8,543 | $ 8,047 | $ 24,844 | $ 37,217 | $ 30,681 |
Basic earnings per share: | |||||||||||
Weighted - average number of common shares outstanding (in shares) | 27,507 | 23,844 | 23,014 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.19 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.37 | $ 0.37 | $ 0.35 | $ 0.90 | $ 1.56 | $ 1.33 |
Weighted average shares outstanding: | |||||||||||
Weighted - average number of common shares outstanding (in shares) | 27,507 | 23,844 | 23,014 | ||||||||
Effect of stock options and other incremental shares (in shares) | 574 | 627 | 741 | ||||||||
Weighted-average number of common shares outstanding – diluted (in shares) | 28,081 | 24,471 | 23,755 | ||||||||
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.19 | $ 0.24 | $ 0.41 | $ 0.47 | $ 0.36 | $ 0.36 | $ 0.34 | $ 0.88 | $ 1.52 | $ 1.29 |
Note 9 - Commitments and Cont58
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Wilmoth et al. v. Celadon Trucking Services [Member] | Minimum [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 0 | |
Wilmoth et al. v. Celadon Trucking Services [Member] | Maximum [Member] | ||
Loss Contingency, Estimate of Possible Loss | 5,900,000 | |
Day et al. v. Celadon Trucking Services, Inc. [Member] | ||
Loss Contingency, Estimate of Possible Loss | 2,400,000 | |
Tractor Operating Leases [Member} | ||
Long-term Purchase Commitment, Amount | 24,000,000 | |
Capital Addition Purchase Commitments [Member] | Building [Member] | ||
Long-term Purchase Commitment, Amount | 41,000,000 | |
Capital Addition Purchase Commitments [Member] | Land [Member] | ||
Long-term Purchase Commitment, Amount | $ 44,000,000 | |
Held In Trust [Member] | ||
Treasury Stock, Shares | 500,000 | |
Letters of Credit Outstanding, Amount | $ 3,200,000 | |
Treasury Stock, Shares | 500,000 | 500,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,014 | ||
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 | $ 8,600,000 | $ 10,900,000 | $ 3,800,000 |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ||
Operating Loss Carryforwards | $ 120,000,000 |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision For Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current: | |||||||||||
Federal | $ 2,692 | $ (7,476) | $ 12,958 | ||||||||
State and local | 123 | (2,634) | 1,013 | ||||||||
Foreign | 2,490 | (1,636) | 509 | ||||||||
Total current | 5,305 | (11,746) | 14,480 | ||||||||
Deferred: | |||||||||||
Federal | 6,892 | 21,869 | 3,703 | ||||||||
State and local | 601 | 3,807 | 576 | ||||||||
Foreign | 766 | 6,715 | 931 | ||||||||
Total deferred | 8,259 | 32,391 | 5,210 | ||||||||
Total | $ 666 | $ 2,660 | $ 3,685 | $ 6,553 | $ 6,589 | $ 4,670 | $ 5,057 | $ 4,329 | $ 13,564 | $ 20,645 | $ 19,690 |
Note 10 - Income Tax Expense (D
Note 10 - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Computed "expected" income tax expense | $ 13,443 | $ 20,255 | $ 17,630 | ||||||||
State taxes, net of federal benefit | 391 | 763 | 1,033 | ||||||||
Non-deductible expenses | 1,002 | 818 | 1,705 | ||||||||
Foreign tax rate differential | (861) | (479) | (383) | ||||||||
Other, net | (411) | (712) | (295) | ||||||||
Total | $ 666 | $ 2,660 | $ 3,685 | $ 6,553 | $ 6,589 | $ 4,670 | $ 5,057 | $ 4,329 | $ 13,564 | $ 20,645 | $ 19,690 |
Note 10 - Deferred Tax Assets a
Note 10 - Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets: | ||
Net Operating Loss Carry Forwards | $ 39,111,000 | $ 0 |
Insurance reserves | 5,446,000 | 4,328,000 |
Accrued Expenses Not Deductible Until Paid | 4,028,000 | 0 |
Deferred equity compensation | 891,000 | 862,000 |
Other | 228,000 | 5,195,000 |
Total deferred tax assets | 49,704,000 | 10,385,000 |
Deferred tax liabilities: | ||
Property and equipment | (149,339,000) | (104,186,000) |
Goodwill | (6,357,000) | (4,442,000) |
Other | (3,146,000) | (2,920,000) |
Total deferred tax liabilities | (158,842,000) | (111,548,000) |
Total net deferred tax liabilities | $ (109,138,000) | $ (101,163,000) |
Note 11 - Segment Information63
Note 11 - Segment Information and Significant Customers (Details Textual) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% |
Number of Reportable Segments | 3 |
Note 11 - Segment Reporting Inf
Note 11 - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Asset Based [Member] | Operating Segments [Member] | |||||||||||
Operating revenues | $ 910,569 | $ 810,208 | $ 706,726 | ||||||||
Operating Income (Loss) | 31,235 | 54,824 | 34,179 | ||||||||
Depreciation and amortization | 73,797 | 75,317 | 64,579 | ||||||||
Gain on disposition of equipment | (23,619) | (6,736) | |||||||||
Income before taxes | 18,402 | 51,474 | 29,121 | ||||||||
Goodwill | $ 61,083 | $ 53,989 | 61,083 | 53,989 | 21,442 | ||||||
Total assets | 935,234 | 1,160,550 | 935,234 | 1,160,550 | 684,548 | ||||||
Asset Based [Member] | |||||||||||
Goodwill | 61,083 | 53,989 | 61,083 | 53,989 | |||||||
Asset Light Based [Member] | Operating Segments [Member] | |||||||||||
Operating revenues | 126,900 | 90,548 | 52,585 | ||||||||
Operating Income (Loss) | 12,782 | 10,961 | 5,255 | ||||||||
Depreciation and amortization | |||||||||||
Income before taxes | 12,525 | 6,388 | 21,250 | ||||||||
Goodwill | 1,368 | 1,368 | 1,368 | 1,368 | 1,368 | ||||||
Total assets | 10,977 | 8,056 | 10,977 | 8,056 | 6,267 | ||||||
Asset Light Based [Member] | |||||||||||
Goodwill | 1,368 | 1,368 | 1,368 | 1,368 | |||||||
Equipment Leasing and Services [Member] | Operating Segments [Member] | |||||||||||
Operating revenues | 27,887 | ||||||||||
Operating Income (Loss) | 8,189 | ||||||||||
Depreciation and amortization | 5,758 | ||||||||||
Gain on disposition of equipment | (22,395) | ||||||||||
Income before taxes | 7,481 | ||||||||||
Goodwill | |||||||||||
Total assets | 157,079 | 157,079 | |||||||||
Operating Segments [Member] | |||||||||||
Operating revenues | 1,065,356 | 900,756 | 759,311 | ||||||||
Operating Income (Loss) | 52,206 | 65,785 | 39,434 | ||||||||
Depreciation and amortization | 79,555 | 75,317 | 64,579 | ||||||||
Gain on disposition of equipment | (22,395) | (23,619) | (6,736) | ||||||||
Income before taxes | 38,408 | 57,862 | 50,371 | ||||||||
Goodwill | 62,451 | 55,357 | 62,451 | 55,357 | 22,810 | ||||||
Total assets | 1,103,290 | 1,168,606 | 1,103,290 | 1,168,606 | 690,815 | ||||||
Operating revenues | 264,262 | $ 259,574 | $ 275,399 | $ 266,121 | 253,267 | $ 231,702 | $ 222,371 | $ 193,416 | 1,065,356 | 900,756 | 759,311 |
Operating Income (Loss) | 5,424 | $ 11,531 | $ 14,079 | $ 21,172 | 21,421 | $ 15,328 | $ 15,569 | $ 13,468 | 52,206 | 65,785 | 39,434 |
Depreciation and amortization | 79,555 | 75,317 | 64,579 | ||||||||
Gain on disposition of equipment | (22,395) | (23,619) | (6,736) | ||||||||
Income before taxes | 38,408 | 57,862 | $ 50,371 | ||||||||
Goodwill | 62,451 | 55,357 | 62,451 | 55,357 | |||||||
Total assets | $ 1,103,290 | $ 1,168,606 | $ 1,103,290 | $ 1,168,606 |
Note 11 - Operating Revenue by
Note 11 - Operating Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
UNITED STATES | |||||||||||
Operating revenues | $ 941,115 | $ 753,208 | $ 609,512 | ||||||||
Long lived assets | $ 757,198 | $ 756,393 | 757,198 | 756,393 | 439,043 | ||||||
CANADA | |||||||||||
Operating revenues | 82,918 | 102,106 | 115,678 | ||||||||
Long lived assets | 58,414 | 76,025 | 58,414 | 76,025 | 65,719 | ||||||
MEXICO | |||||||||||
Operating revenues | 41,323 | 45,442 | 34,121 | ||||||||
Long lived assets | 32,070 | 25,100 | 32,070 | 25,100 | 18,868 | ||||||
Operating revenues | 264,262 | $ 259,574 | $ 275,399 | $ 266,121 | 253,267 | $ 231,702 | $ 222,371 | $ 193,416 | 1,065,356 | 900,756 | 759,311 |
Long lived assets | $ 847,682 | $ 857,518 | $ 847,682 | $ 857,518 | $ 523,630 |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Fuel derivatives | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fuel derivatives | (95) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fuel derivatives | ||
Fuel derivatives | $ (95) |
Note 13 - Fuel Derivatives (Det
Note 13 - Fuel Derivatives (Details Textual) $ in Millions | 12 Months Ended |
Jun. 30, 2016USD ($)gal | |
Diesel Fuel Future Contracts [Member] | |
Derivative, Nonmonetary Notional Amount, Volume | 3,906,000 |
Derivative, Nonmonetary Notional Amount, Volume per Month | 300,000 |
Derivative Nonmonetary, Percentage of Monthly Projected Fuel Requirements | 8.90% |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ (0.1) |
Note 14 - Summarized Quarterly
Note 14 - Summarized Quarterly Data for Fiscal 2016 and 2015 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating revenues | $ 264,262 | $ 259,574 | $ 275,399 | $ 266,121 | $ 253,267 | $ 231,702 | $ 222,371 | $ 193,416 | $ 1,065,356 | $ 900,756 | $ 759,311 |
Operating expenses | 258,838 | 248,043 | 261,320 | 244,949 | 231,846 | 216,374 | 206,802 | 179,948 | 1,013,150 | 834,971 | 719,877 |
Operating income | 5,424 | 11,531 | 14,079 | 21,172 | 21,421 | 15,328 | 15,569 | 13,468 | 52,206 | 65,785 | 39,434 |
Other expense, net | 3,135 | 3,632 | 3,779 | 3,252 | 2,797 | 2,066 | 1,969 | 1,092 | (257) | (154) | 15,996 |
Income before taxes | 2,289 | 7,899 | 10,300 | 17,920 | 18,624 | 13,262 | 13,600 | 12,376 | |||
Income tax expense | 666 | 2,660 | 3,685 | 6,553 | 6,589 | 4,670 | 5,057 | 4,329 | 13,564 | 20,645 | 19,690 |
Net income | $ 1,623 | $ 5,239 | $ 6,615 | $ 11,367 | $ 12,035 | $ 8,592 | $ 8,543 | $ 8,047 | $ 24,844 | $ 37,217 | $ 30,681 |
Basic income per share (in dollars per share) | $ 0.06 | $ 0.19 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.37 | $ 0.37 | $ 0.35 | $ 0.90 | $ 1.56 | $ 1.33 |
Diluted income per share (in dollars per share) | $ 0.06 | $ 0.19 | $ 0.24 | $ 0.41 | $ 0.47 | $ 0.36 | $ 0.36 | $ 0.34 | $ 0.88 | $ 1.52 | $ 1.29 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 20, 2015 | Dec. 12, 2014 | Oct. 26, 2014 | Nov. 30, 2015 | Jul. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 03, 2014 |
Buckler Transport, Inc. [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 15,400 | |||||||
FTL [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 5,400 | |||||||
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 | |||||||
Goodwill | $ 62,451 | $ 55,357 |
Note 15 - Pro Forma Information
Note 15 - Pro Forma Information (Details) - AS Services Group LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total revenue | $ 1,065,356 | $ 944,511 | $ 868,537 |
Net income | $ 24,844 | $ 37,650 | $ 32,706 |
Note 16 - Goodwill and Other 71
Note 16 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Buckler Transport, Inc. [Member] | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 3,400 |
Goodwill, Acquired During Period | 3,400 |
FTL [Member] | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 3,000 |
Goodwill, Acquired During Period | 3,000 |
Goodwill, Acquired During Period | 7,094 |
Goodwill, Purchase Accounting Adjustments | $ 700 |
Note 16 - Acquired Intangible A
Note 16 - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Gross carrying amount | $ 8,096 | $ 8,096 |
Amortization | 1,210 | 1,048 |
Amortization | 162 | |
Net carrying amount | $ 6,886 | $ 7,048 |
Note 16 - Additions to Goodwill
Note 16 - Additions to Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Asset Based [Member] | ||
Goodwill | $ 61,083 | $ 53,989 |
Goodwill, Acquired During Period | 7,094 | |
Asset Light Based [Member] | ||
Goodwill | 1,368 | 1,368 |
Goodwill, Acquired During Period | ||
Goodwill | 62,451 | $ 55,357 |
Goodwill, Acquired During Period | $ 7,094 |
Note 17 - Unconsolidated Rela74
Note 17 - Unconsolidated Related-party Investments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
19th Capital Group, LLC [Member] | Tiger ELS, LLC [Member] | ||||
Capital Contribution, Percent | 66.67% | |||
19th Capital Group, LLC [Member] | ||||
Capital Contribution, Percent | 33.33% | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 2,000 | |||
Income (Loss) from Equity Method Investments | 300 | |||
19th Capital Group, LLC [Member] | Quality [Member] | ||||
Purchase of Portfolio | 58,800 | |||
Gain (Loss) on Sale of Portfolio, Net | 2,300 | |||
Deferred Revenue, Current | $ 2,200 | |||
19th Capital Group, LLC [Member] | ||||
Equity Value Participation Percent | 100.00% | |||
Preferred Return Rate | 12.00% | |||
19th Capital Group, LLC [Member] | Receivable from Servicing [Member] | ||||
Due from Related Parties | $ 800 | |||
19th Capital Group, LLC [Member] | Transfer of Capital Leased Assets Not Qualified as Sale [Member] | Other Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||||
Due to Related Parties | 30,000 | |||
19th Capital Group, LLC [Member] | Transfer of Capital Leased Assets Not Qualified as Sale [Member] | ||||
Related Party Transaction, Amounts of Transaction | 30,000 | |||
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 37,700 | |||
Related Party Transaction, Term of Payments Due to Related Party | 4 years 30 days | |||
19th Capital Group, LLC [Member] | ||||
Due to Related Parties, Current | $ 2,600 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,253 | |||
Income (Loss) from Equity Method Investments | 253 | |||
Deferred Revenue, Current | $ 15,918 | $ 31,872 |
Note 18 - Equipment Leasing a75
Note 18 - Equipment Leasing and Services Segment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Element [Member] | Letter Agreement Regarding Additional Reserve Account Contributions [Member] | |||||||||||
Loss Contingency, Estimate of Possible Loss | $ 2,500 | $ 2,500 | |||||||||
Element [Member] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 328,600 | $ 329,000 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 22,400 | 21,500 | |||||||||
Operating Income (Loss) | 8,200 | ||||||||||
Other Assets, Noncurrent | 31,900 | 31,900 | |||||||||
Transfer of Capital Leased Assets Not Qualified as Sale [Member] | Assets With Transferred Title [Member] | |||||||||||
Property Subject to or Available for Operating Lease, Net | 37,000 | 37,000 | |||||||||
Related Party Transaction, Amounts of Transaction | 30,000 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 143,688 | 172,354 | $ 103,926 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 22,395 | 23,619 | 6,736 | ||||||||
Operating Income (Loss) | 5,424 | $ 11,531 | $ 14,079 | $ 21,172 | $ 21,421 | $ 15,328 | $ 15,569 | $ 13,468 | 52,206 | 65,785 | $ 39,434 |
Leased Revenue Equipment Held for Sale, Current | 24,937 | 52,591 | 24,937 | 52,591 | |||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 44,876 | 49,856 | 44,876 | 49,856 | |||||||
Property Subject to or Available for Operating Lease, Net | 99,300 | 99,300 | |||||||||
Other Assets, Noncurrent | $ 43,342 | $ 11,458 | $ 43,342 | $ 11,458 |
Note 20 - Subsequent Event (Det
Note 20 - Subsequent Event (Details Textual) | Sep. 13, 2016 |
Subsequent Event [Member] | Quality and 19th Capital Joint Venture [Member] | |
Number of Tractors Owned | 11,300 |
Schedule II - Valuation and Q77
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Balance at Beginning of Period | $ 1,002,085 | $ 942,120 | $ 918,809 | |
Charged to Costs and Expenses | 819,949 | 240,116 | 100,000 | |
Deductions | [1] | 234,214 | 180,151 | 76,689 |
Balance at End of Period | 1,587,820 | 1,002,085 | 942,120 | |
Reserves for Claims Payable as Self Insurer [Member] | ||||
Balance at Beginning of Period | 15,616,628 | 12,994,927 | 11,228,919 | |
Charged to Costs and Expenses | 27,604,344 | 22,371,877 | 14,892,657 | |
Deductions | [2] | 21,110,151 | 19,750,176 | 13,126,649 |
Balance at End of Period | $ 22,110,821 | $ 15,616,628 | $ 12,994,927 | |
[1] | Represents accounts receivable net write-offs. | |||
[2] | Represents claims paid. |