Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
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) | 28,209,202 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING REVENUE: | ||
Freight revenue | $ 241,469 | $ 237,812 |
Fuel surcharge revenue | 23,571 | 28,309 |
Total revenue | 265,040 | 266,121 |
OPERATING EXPENSES: | ||
Salaries, wages, and employee benefits | 82,807 | 81,478 |
Fuel | 26,296 | 27,728 |
Purchased transportation | 90,292 | 89,031 |
Revenue equipment rentals | 9,467 | 2,222 |
Operations and maintenance | 19,150 | 17,606 |
Insurance and claims | 8,256 | 6,928 |
Depreciation and amortization | 19,332 | 21,601 |
Communications and utilities | 2,419 | 2,344 |
Operating taxes and licenses | 4,449 | 4,971 |
General and other operating | 5,143 | 4,282 |
Gain on disposition of equipment | (1,262) | (13,242) |
Total operating expenses | 266,349 | 244,949 |
Operating (loss) income | (1,309) | 21,172 |
Interest expense | 3,303 | 3,152 |
Other expense | 54 | 100 |
Income from equity method investment | (131) | |
(Loss) income before income taxes | (4,535) | 17,920 |
Income tax (benefit) expense | (1,683) | 6,553 |
Net (loss) income | $ (2,852) | $ 11,367 |
(Loss) income per common share: | ||
Diluted (in dollars per share) | $ (0.10) | $ 0.41 |
Basic (in dollars per share) | $ (0.10) | $ 0.41 |
Diluted weighted average shares outstanding (in shares) | 27,616 | 27,966 |
Basic weighted average shares outstanding (in shares) | 27,616 | 27,453 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net (loss) income | $ (2,852) | $ 11,367 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on fuel derivative instruments, net of tax | 116 | (476) |
Foreign currency translation adjustments, net of tax | (4,904) | (9,431) |
Total other comprehensive loss | (4,788) | (9,907) |
Comprehensive income (loss) | $ (7,640) | $ 1,460 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,020 | $ 9,077 |
Trade receivables, net of allowance for doubtful accounts of $1,655 and $1,588 at September 30, 2016 and June 30, 2016, respectively | 131,055 | 134,572 |
Prepaid expenses and other current assets | 50,373 | 38,498 |
Tires in service | 4,266 | 3,175 |
Leased revenue equipment held for sale | 17,967 | 24,937 |
Revenue equipment held for sale | 28,987 | 44,876 |
Income tax receivable | 473 | |
Total current assets | 238,668 | 255,608 |
Property and equipment, net of accumulated depreciation and amortization of $152,384 and $142,423 at September 30, 2016 and June 30, 2016, respectively | 628,916 | 636,733 |
Leased assets, net of accumulated depreciation and amortization of $15,704 and $9,717 at September 30, 2016 and June 30, 2016, respectively | 111,487 | 99,300 |
Tires in service | 4,244 | 3,603 |
Goodwill | 62,451 | 62,451 |
Investment in unconsolidated companies | 2,383 | 2,253 |
Other assets | 46,607 | 43,342 |
Total assets | 1,094,756 | 1,103,290 |
Current liabilities: | ||
Accounts payable | 25,253 | 26,499 |
Accrued salaries and benefits | 17,428 | 17,090 |
Accrued insurance and claims | 22,888 | 20,727 |
Accrued fuel expense | 6,506 | 8,258 |
Accrued purchase transportation | 18,600 | 22,046 |
Deferred leasing revenue and other related leasing liabilities | 22,514 | 15,918 |
Other accrued expenses | 25,812 | 29,560 |
Less current maturities | 65,983 | 51,397 |
Income taxes payable | 237 | |
Total current liabilities | 205,221 | 191,495 |
Long term debt, net of current maturities | 158,152 | 152,032 |
Non-current portion | 220,394 | 247,383 |
Other long term liabilities | 30,699 | 22,227 |
Deferred income taxes | 106,787 | 109,138 |
Stockholders' equity: | ||
Common stock, $0.033 par value, authorized 40,000 shares; issued and outstanding 28,709 and 28,715 shares at September 30, 2016 and June 30, 2016 | 947 | 948 |
Treasury stock at cost; 500 shares at September 30, 2016 and June 30, 2016, respectively | (3,453) | (3,453) |
Additional paid-in capital | 199,257 | 198,576 |
Retained earnings | 214,652 | 218,056 |
Accumulated other comprehensive loss | (37,900) | (33,112) |
Total stockholders' equity | 373,503 | 381,015 |
Total liabilities and stockholders' equity | $ 1,094,756 | $ 1,103,290 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Trade receivables, allowance for doubtful accounts | $ 1,655 | $ 1,588 |
Property and equipemnt, accumulated depreciation and amortization | 152,384 | 142,423 |
Leased assets, accumulated depreciation and amortization | $ 15,704 | $ 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) | 28,709 | 28,715 |
Common stock, shares outstanding (in shares) | 28,709 | 28,715 |
Treasury stock, shares (in shares) | 500 | 500 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (2,852) | $ 11,367 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 19,340 | 21,730 |
Gain on sale of equipment | (1,262) | (13,242) |
Deferred income taxes | (2,550) | 4,005 |
Provision for doubtful accounts | 145 | 144 |
Stock based compensation | 680 | 747 |
Changes in assets and liabilities: | ||
Trade receivables | 3,179 | (2,095) |
Income tax receivable and payable | 738 | 7,175 |
Tires in service | (1,741) | (773) |
Prepaid expenses and other current assets | (13,544) | (11,735) |
Other assets | (4,248) | (2,894) |
Leased revenue equipment held for sale | (3,793) | (73,506) |
Accounts payable and accrued expenses | (3,108) | 36,270 |
Net cash used in operating activities | (9,016) | (22,807) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (32,798) | (67,442) |
Proceeds on sale of property and equipment | 34,410 | 115,490 |
Investment in unconsolidated entity | (2,000) | |
Purchase of businesses, net of cash acquired | (12,604) | |
Net cash provided by investing activities | 1,612 | 33,444 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 7 | |
Proceeds from borrowings on long-term debt | 136,650 | 303,520 |
Payments on bank borrowing on long-term debt | (132,316) | (275,138) |
Proceeds from borrowings on other long-term liabilities | 15,038 | |
Payments on borrowings on other long-term liabilities | (1,790) | |
Dividends paid | (552) | (549) |
Principal payments under capital lease obligations | (12,403) | (38,885) |
Net cash (used in) provided by financing activities | 4,627 | (11,045) |
Effect of exchange rates on cash and cash equivalents | (280) | 553 |
Increase (Decrease) in cash and cash equivalents | (3,057) | 145 |
Cash and cash equivalents at beginning of period | 9,077 | 24,699 |
Cash and cash equivalents at end of period | 6,020 | 24,844 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 3,296 | 3,152 |
Income taxes paid | 97 | 81 |
Lease obligation incurred in the purchase of equipment | $ 60,828 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation References in this Report on Form 10-Q to "we," "us," "our," "Celadon," the "Company," or similar terms refer to Celadon Group, Inc. and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Celadon Group, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10-Q, and other relevant rules and regulations of the Securities and Exchange Commission (the "SEC"), as applicable to the preparation and presentation of interim financial information. Certain information and footnote disclosures have been omitted or condensed pursuant to such rules and regulations. We believe all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations in interim periods are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2016. The preparation of the financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 2 - Earnings (Loss) Per Sh
Note 2 - Earnings (Loss) Per Share | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2 . Earnings (Loss) Per Share A reconciliation of the basic and diluted earnings per share is as follows (in thousands, except per share amounts): For the three months ended September 30, 201 6 2015 Weighted average common shares outstanding – basic 27,616 27,453 Dilutive effect of stock options and unvested restricted stock units --- 513 Weighted average common shares outstanding – diluted 27,616 27,966 Net income (loss) $ (2,852 ) $ 11,367 Earnings (loss) per common share: Basic $ (0.10 ) $ 0.41 Diluted $ (0.10 ) $ 0.41 There were 869,275 and zero shares that were considered anti-dilutive for the three-month periods ended September 30, 2016 and September 30, 2015 respectively. |
Note 3 - Stock Based Compensati
Note 3 - Stock Based Compensation | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 3. Stock Based Compensation The following table summarizes the components of our stock based compensation program expense (in thousands): For the three months ended September 30, 2016 2015 Stock compensation expense for options, net of forfeitures $ 0 $ 0 Stock compensation expense for restricted stock, net of forfeitures 680 747 Total stock compensation expense $ 680 $ 747 As of September 30, 2016, we had no unrecognized compensation cost related to unvested options granted under our 2006 Omnibus Incentive Plan, as amended (the "2006 Plan"). A summary of the award activity of our stock option plans as of September 30, 2016, and changes during the three-month period then ended is presented below: Options Options Totals Weighted-Average Exercise Price per Share Outstanding at July 1, 2016 275,169 $ 9.30 Granted --- --- Vested and Issued --- --- Forfeited --- --- Outstanding at September 30, 2016 275,169 $ 9.30 Exercisable at September 30, 2016 275,169 $ 9.30 As of September 30, 2016, we also had approximately $5.2 million of unrecognized compensation expense related to restricted stock awards, which is anticipated to be recognized over a weighted-average period of 2.8 years and a total period of 3.3 years. A summary of the restricted stock award activity under the 2006 Plan as of September 30, 2016, and changes during the three-month period then ended is presented below: Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value Unvested at July 1, 2016 601,794 $ 11.92 Granted --- --- Vested and Issued 1,750 $ 15.07 Forfeited 5,938 $ 8.20 Unvested at September 30, 2016 594,106 $ 11.95 The fair value of each restricted stock award is based on the closing market price on the date of grant. During fiscal 2016, the Company gave certain 2014 and 2015 Restricted Stock Grant (“RSG”) grantees the opportunity to enter into an alternative fixed cash compensation arrangement whereby the grantee would forfeit all rights to unvested RSG awards in exchange for a guaranteed quarterly payment for the remainder of the underlying RSG term. This alternative arrangement is subject to continued service to the Company or one of its subsidiaries. These fixed payments will be accrued quarterly through January 2019. Unearned compensation was not affected by this arrangement and forfeitures include 72,327 shares related to this arrangement. The Company offered this alternative arrangement to mitigate the volatility to earnings from stock price variance on the RSGs. |
Note 4 - Segment Information an
Note 4 - Segment Information and Significant Customers | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. 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 equipment leasing and services segment consists of tractor and trailer sales and leasing. This segment also includes revenues from insurance, maintenance, and other ancillary services that we provide for independent contractors. We have determined that these segments qualify as reportable segments under ASC 280-10, Segment Reporting Operating Revenue For the three months ended September 30, 2016 2015 Asset-based $ 223,242 $ 230,775 Asset-light based 31,654 30,584 Equipment leasing and services 10,144 4,762 Total $ 265,040 $ 266,121 Operating Income (Loss) For the three months ended September 30, 2016 2015 Asset-based $ (2,009 ) $ 7,383 Asset-light based 2,015 3,928 Equipment leasing and services (1,315 ) 9,861 Total $ (1,309 ) $ 21,172 Information as to our operating revenue by geographic area is summarized below (in thousands). We allocate operating revenue based on the country of origin of the tractor hauling the freight: Operating Revenue For the three months ended September 30, 2016 2015 United States $ 233,824 $ 232,710 Canada 20,703 21,944 Mexico 10,513 11,467 Consolidated $ 265,040 $ 266,121 No customer accounted for more than 10% of the Company's total revenue during the three months ended September 30, 2016 or September 30, 2015. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. Income Taxes Our effective income tax rate was 37.1% for the three-month period ended September 30, 2016, compared with 36.6% for the three-month period ended September 30, 2015. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on our expected annual income, statutory tax rates, nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. The change in the proportion of income from domestic and foreign sources affects our effective tax rate. Income tax expense also varies from the amount computed by applying the statutory federal tax rate to income before income taxes primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers. Under this pay structure, drivers who meet the requirements and elect to receive per diem pay are generally required to receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases our drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes. As a result, salaries, wages, and employee benefits are slightly lower, and our effective income tax rate is higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases because aggregate per diem pay becomes smaller in relation to pre-tax income. Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to be paid under this pay structure. We follow ASC Topic 740-10-25 in accounting for uncertainty in income taxes ("Topic 740"). Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We account for any uncertainty in income taxes by determining whether it is more likely than not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the appropriate taxing authority based on the technical merits of the position. In that regard, we have analyzed filing positions in our federal and applicable state tax returns as well as in all open tax years. The only periods subject to examination for our federal returns are the 2012 through 2014 tax years. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position, results of operations, or cash flows. As of September 30, 2016, we recorded a $0.5 million liability for unrecognized tax benefits, a portion of which represents penalties and interest. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. 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 in the June 30, 2016 fiscal quarter, which are still accrued for in other accrued expenses as of September 30, 2016. We have planned commitments to add $20 million of tractor operating leases over the next twelve months as of September 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 September 30, 2016, the Company had outstanding planned purchase commitments of approximately $23 million to $26 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 condensed consolidated financial statements, aggregated approximately $5.5 million at September 30, 2016. In addition, at September 30, 2016, 500,000 treasury shares were held in a trust as collateral for self-insurance reserves. |
Note 7 - Lease Obligations and
Note 7 - Lease Obligations and Long-term Debt | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7. Lease Obligations and Long-Term Debt Lease Obligations We lease certain revenue and service equipment under long-term lease agreements, payable in monthly installments. Equipment obtained under a capital lease is reflected on our condensed consolidated balance sheet as owned and the related leases bear interest 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 our condensed consolidated balance sheet. We lease revenue and service equipment under non-cancellable operating leases expiring at various dates through 2023. Future minimum lease payments relating to capital leases and operating leases as of September 30, 2016 (in thousands): Capital Leases Operating Leases 2017 $ 72,380 $ 24,397 2018 121,485 16,668 2019 19,867 8,373 2020 19,032 7,183 2021 9,285 5,155 Thereafter 63,440 7,790 Total minimum lease payments $ 305,489 $ 69,566 Less amounts representing interest 19,112 Present value of minimum lease payments 286,377 Less current maturities 65,983 Non-current portion $ 220,394 Long-Term Debt We had debt, excluding capital leases, of $158.2 million at September 30, 2016, of which $157.5 million relates to our credit facility. Debt includes revenue equipment installment notes of $0.7 million with an average interest rate of 6.32 percent at September 30, 2016, due in monthly installments with final maturities at various dates through 2019. |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value Measurements ASC 820-10 Fair Value Measurements Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of September 30, 2016, and June 30, 2016 (in thousands). Level 1 Level 2 Level 3 Balance Balance Balance Balance Balance Balance Balance Balance at at at at at at at at September June September June September June September June 30, 30, 30, 30, 30, 30, 30, 30, 2016 2016 2016 2016 2016 2016 2016 2016 Fuel derivatives 48 (95 ) --- --- 48 (95 ) --- --- Our other financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, long-term debt, and capital lease obligations. At September 30, 2016 the fair value of these instruments were approximated by their carrying values. |
Note 9 - Fuel Derivatives
Note 9 - Fuel Derivatives | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Fuel Derivatives We have entered into futures contracts relating to 2,520,000 total gallons of diesel fuel, or an average of 252,000 gallons per month for October 2016 through July 2017, which is approximately 7.5% 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 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 September 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 condensed 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 condensed consolidated statements of income. The amount recorded in accumulated other comprehensive income as of September 30, 2016 is $0.1 million of gain. The accumulated other comprehensive income loss will fluctuate with changes in fuel prices. Amounts ultimately recognized in the condensed 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 September 30, 2016, we had not made any such adjustments. |
Note 10 - Dividend
Note 10 - Dividend | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Dividend [Text Block] | 10. Dividend |
Note 11 - Goodwill and Other In
Note 11 - Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 1 . Goodwill and Other Intangible Assets The acquired intangible assets, included in the condensed consolidated balance sheet within other assets, relate to customer relations acquired through acquisition in fiscal 2015. There have been no additions to intangible assets in fiscal 2017. All previously acquired intangibles relate to our asset-based business. The intangible assets are being amortized on a straight-line basis through 2041. The following table summarizes intangible assets, included as a component of other assets in the accompanying condensed consolidated financial statements (in thousands): Intangible assets June 30, 2016 Current year changes September 30, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Accumulated amortization 1,210 $ 138 1,348 $ 6,886 $ 138 $ 6,748 The following table summarizes goodwill (in thousands). Goodwill June 30, 2016 Current year changes September 30, 2016 Asset-based $ 61,083 $ --- $ 61,083 Asset-light based 1,368 --- 1,368 Total Goodwill $ 62,451 $ --- $ 62,451 |
Note 12 - Unconsolidated Relate
Note 12 - Unconsolidated Related-party Investments | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Unconsolidated Investments [Text Block] | 1 2 . Unconsolidated Related-party Investments 19th Capital Group, LLC (“19 th In September 2015, our Quality Companies subsidiaries (“Quality” or “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. No sales have occurred during the three months ended September 30, 2016. Under the Program Agreement, 19th Capital will finance the renewal and expansion of transportation assets operated by independent lessees. Under related agreements, Quality will provide administrative and servicing support for 19th Capital’s lease and financing portfolio, certain driver recruiting, lease payment remittance, maintenance, and insurance services. The Company records deferred leasing revenue related to its servicing of the lease payments and driver recruiting services in the liabilities section of the balance sheet and amortizes the deferred leasing revenue over the expected life of the lease or until 19th Capital disposes of the asset. The Company has $0.6 million of deferred leasing revenue related to these transactions on the consolidated balance sheet as of September 30, 2016. The Company has a receivable from 19th Capital of $2.0 million for the servicing of 19th Capital owned assets under lease. Additionally, we have collected $1.3 million of lease payments as of September 30, 2016 that we owe to 19th Capital and are recorded on our consolidated balance sheet as an accrual. In the first quarter of fiscal 2017, in a separate transaction we received $15.0 million in net proceeds from the disposition of leased equipment, with a book value of approximately $22.8 million. Upon completion of the underlying leases we are entitled to receive the remaining portion of the sales proceeds which is $7.8 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 34% of the net asset value. We originally recorded a liability of $15.0 million with the current portion in other deferred leasing revenue and other related lease liabilities and the long-term portion under other liabilities that will pay down over an estimated period of 39 months as lease payments from owner operators are collected and remitted to 19th Capital. As of September 30, 2016, we had $30.7 million of other long-term liabilities and $11.9 classified as current under deferred leasing revenue and other related lease liabilities. The other long-term liability and current portion are inclusive of a similar transaction from fiscal 2016. |
Note 13 - Equipment Leasing and
Note 13 - Equipment Leasing and Services Segment | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Equipment Leasing and Services Segment [Text Block] | 1 3 . 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. In addition, we sell unleased assets in the used markets. Total net proceeds and net gain as a result of these transactions during the three months ended September 30, 2016 were $52.6 million and $1.3 million, respectively, compared to $152.5 million and $12.9 million, respectively, during the three months ended September 30, 2015. During the three months ended September 30, 2016 the majority of the net proceeds and net gains are from the sale of unleased equipment in the used markets. We had no sales of leased equipment to our third party financing provider, under our agreement with the provider, for use by independent contractors. The $1.3 million of net operating loss reported under the equipment leasing and services segment for the three months ended September 30, 2016 includes $1.3 million in gains recorded on a net basis for such period, less operating expenses associated with this segment. We have recorded leased revenue equipment held for sale on our consolidated balance sheet of $18.0 million. As of September 30, 2016, these assets were under lease with an 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 purchaser and are currently marketing these units at a reasonable price compared to their fair value. We believe the sale of these units is probable within one year. We have recorded equipment held for sale of $29.0 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. We believe the sale of these units is probable within one year. We have recorded leased equipment on our consolidated balance sheet of $111.5 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. Consistent with the June 30, 2016 quarter, we have reevaluated this equipment and no longer believe it is probable that these assets will be sold within the next year. Included in this balance is approximately $59 million of assets for which we received $45.0 million in proceeds from 19 th 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. The remainder of the assets are currently under lease with an independent contractor or fleet or are open to be leased to an independent contractor or fleet. We have recorded in assets on our consolidated balance sheet an amount that represents advances made to our third party financing provider 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. The financing provider is required to reimburse us for these advances 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 September 30, 2016 and June 30, 2016. We entered into a Letter Agreement Regarding Additional Reserve Account Contributions on December 29, 2015 with our third party financing provider 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 the financing provider. We have evaluated this contingency under ASC 450 – Contingencies and believe that it is not probable that we will incur this amount at this time and, therefore, have not reserved this amount. |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 14 . Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14 deferring the effective date of ASU No. 2014-09, "Revenue from Contracts with Customers" (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 $1 million to offset our long term deferred tax liabilities for the fiscal 2016 and fiscal 2017 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 will be 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 15 - Change in Depreciable
Note 15 - Change in Depreciable Lives of Property and Equipment | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Accounting Changes [Text Block] | 1 5 . Change in depreciable lives of property and equipment 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 three months ended September 30, 2016 by $1.7 million, increase net income by $1.1 million, and increase basic and diluted earnings per share by $0.04. |
Note 2 - Earnings (Loss) Per 22
Note 2 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended September 30, 201 6 2015 Weighted average common shares outstanding – basic 27,616 27,453 Dilutive effect of stock options and unvested restricted stock units --- 513 Weighted average common shares outstanding – diluted 27,616 27,966 Net income (loss) $ (2,852 ) $ 11,367 Earnings (loss) per common share: Basic $ (0.10 ) $ 0.41 Diluted $ (0.10 ) $ 0.41 |
Note 3 - Stock Based Compensa23
Note 3 - Stock Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the three months ended September 30, 2016 2015 Stock compensation expense for options, net of forfeitures $ 0 $ 0 Stock compensation expense for restricted stock, net of forfeitures 680 747 Total stock compensation expense $ 680 $ 747 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Options Totals Weighted-Average Exercise Price per Share Outstanding at July 1, 2016 275,169 $ 9.30 Granted --- --- Vested and Issued --- --- Forfeited --- --- Outstanding at September 30, 2016 275,169 $ 9.30 Exercisable at September 30, 2016 275,169 $ 9.30 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value Unvested at July 1, 2016 601,794 $ 11.92 Granted --- --- Vested and Issued 1,750 $ 15.07 Forfeited 5,938 $ 8.20 Unvested at September 30, 2016 594,106 $ 11.95 |
Note 4 - Segment Information 24
Note 4 - Segment Information and Significant Customers (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Revenue For the three months ended September 30, 2016 2015 Asset-based $ 223,242 $ 230,775 Asset-light based 31,654 30,584 Equipment leasing and services 10,144 4,762 Total $ 265,040 $ 266,121 Operating Income (Loss) For the three months ended September 30, 2016 2015 Asset-based $ (2,009 ) $ 7,383 Asset-light based 2,015 3,928 Equipment leasing and services (1,315 ) 9,861 Total $ (1,309 ) $ 21,172 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Operating Revenue For the three months ended September 30, 2016 2015 United States $ 233,824 $ 232,710 Canada 20,703 21,944 Mexico 10,513 11,467 Consolidated $ 265,040 $ 266,121 |
Note 7 - Lease Obligations an25
Note 7 - Lease Obligations and Long-term Debt (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Capital Leases Operating Leases 2017 $ 72,380 $ 24,397 2018 121,485 16,668 2019 19,867 8,373 2020 19,032 7,183 2021 9,285 5,155 Thereafter 63,440 7,790 Total minimum lease payments $ 305,489 $ 69,566 Less amounts representing interest 19,112 Present value of minimum lease payments 286,377 Less current maturities 65,983 Non-current portion $ 220,394 |
Note 8 - Fair Value Measureme26
Note 8 - Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Balance Balance Balance Balance Balance Balance Balance Balance at at at at at at at at September June September June September June September June 30, 30, 30, 30, 30, 30, 30, 30, 2016 2016 2016 2016 2016 2016 2016 2016 Fuel derivatives 48 (95 ) --- --- 48 (95 ) --- --- |
Note 11 - Goodwill and Other 27
Note 11 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Intangible assets June 30, 2016 Current year changes September 30, 2016 Gross carrying amount $ 8,096 --- $ 8,096 Accumulated amortization 1,210 $ 138 1,348 $ 6,886 $ 138 $ 6,748 |
Schedule of Goodwill [Table Text Block] | Goodwill June 30, 2016 Current year changes September 30, 2016 Asset-based $ 61,083 $ --- $ 61,083 Asset-light based 1,368 --- 1,368 Total Goodwill $ 62,451 $ --- $ 62,451 |
Note 2 - Earnings (Loss) Per 28
Note 2 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 869,275 | 0 |
Note 2 - Earnings (Loss) Per 29
Note 2 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Basic weighted average shares outstanding (in shares) | 27,616 | 27,453 |
Dilutive effect of stock options and unvested restricted stock units (in shares) | 513 | |
Weighted average common shares outstanding – diluted (in shares) | 27,616 | 27,966 |
Net income (loss) | $ (2,852) | $ 11,367 |
Earnings (loss) per common share: | ||
Diluted (in dollars per share) | $ (0.10) | $ 0.41 |
Basic (in dollars per share) | $ (0.10) | $ 0.41 |
Note 3 - Stock Based Compensa30
Note 3 - Stock Based Compensation (Details Textual) | 3 Months Ended |
Sep. 30, 2016USD ($)shares | |
2006 Omnibus Incentive Plan [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 0 |
Restricted Stock [Member] | Weighted Average [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days |
Restricted Stock [Member] | Total Period [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 109 days |
Restricted Stock [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 5,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 5,938 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 72,327 |
Note 3 - Stock Based Compensa31
Note 3 - Stock Based Compensation - Components of Share Based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||
Stock compensation expense | $ 0 | $ 0 |
Restricted Stock [Member] | ||
Stock compensation expense | 680,000 | 747,000 |
Stock compensation expense | $ 680,000 | $ 747,000 |
Note 3 - Stock Based Compensa32
Note 3 - Stock Based Compensation - Summary of the Award Activity of the Stock Option Plans (Details) | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Shares outstanding (in shares) | shares | 275,169 |
Weighted-average exercise price, outstanding (in dollars per share) | $ / shares | $ 9.30 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Shares outstanding (in shares) | shares | 275,169 |
Weighted-average exercise price, outstanding (in dollars per share) | $ / shares | $ 9.30 |
Exercisable at September 30, 2016 (in shares) | shares | 275,169 |
Exercisable at September 30, 2016 (in dollars per share) | $ / shares | $ 9.30 |
Note 3 - Stock Based Compensa33
Note 3 - Stock Based Compensation - Summary of the Restricted Stock Award Activity (Details) | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Restricted Stock [Member] | |
Number of shares, unvested (in shares) | 601,794 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ / shares | $ 11.92 |
Number of shares, granted (in shares) | |
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | |
Number of shares, Vested and Issued (in shares) | 1,750 |
Weighted-average grant date fair value, Vested and Issued (in dollars per share) | $ / shares | $ 15.07 |
Number of shares, forfeited (in shares) | 5,938 |
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 8.20 |
Number of shares, unvested (in shares) | 594,106 |
Weighted-average grant date fair value, unvested (in dollars per share) | $ / shares | $ 11.95 |
Number of shares, forfeited (in shares) | 72,327 |
Note 4 - Segment Information 34
Note 4 - Segment Information and Significant Customers (Details Textual) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Number of Reportable Segments | 3 |
Note 4 - Segment Information 35
Note 4 - Segment Information and Significant Customers - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Asset Based [Member] | Operating Segments [Member] | ||
Operating revenues | $ 223,242 | $ 230,775 |
Operating Income (Loss) | (2,009) | 7,383 |
Asset Light Based [Member] | Operating Segments [Member] | ||
Operating revenues | 31,654 | 30,584 |
Operating Income (Loss) | 2,015 | 3,928 |
Equipment Leasing and Services [Member] | Operating Segments [Member] | ||
Operating revenues | 10,144 | 4,762 |
Operating Income (Loss) | (1,315) | 9,861 |
Operating Segments [Member] | ||
Operating revenues | 265,040 | 266,121 |
Operating Income (Loss) | (1,309) | 21,172 |
Operating revenues | 265,040 | 266,121 |
Operating Income (Loss) | $ (1,309) | $ 21,172 |
Note 4 - Segment Information 36
Note 4 - Segment Information and Significant Customers - Operating Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
UNITED STATES | ||
Operating revenues | $ 233,824 | $ 232,710 |
CANADA | ||
Operating revenues | 20,703 | 21,944 |
MEXICO | ||
Operating revenues | 10,513 | 11,467 |
Operating revenues | $ 265,040 | $ 266,121 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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 | |
Effective Income Tax Rate Reconciliation, Percent | 37.10% | 36.60% |
Unrecognized Tax Benefits | $ 0.5 |
Note 6 - Commitments and Cont38
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
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 | 20,000,000 | |
Capital Addition Purchase Commitments [Member] | Building [Member] | ||
Long-term Purchase Commitment, Amount | 23,000,000 | |
Capital Addition Purchase Commitments [Member] | Land [Member] | ||
Long-term Purchase Commitment, Amount | $ 26,000,000 | |
Held In Trust [Member] | ||
Treasury Stock, Shares | 500,000 | |
Letters of Credit Outstanding, Amount | $ 5,500,000 | |
Treasury Stock, Shares | 500,000 | 500,000 |
Note 7 - Lease Obligations an39
Note 7 - Lease Obligations and Long-term Debt (Details Textual) $ in Millions | Sep. 30, 2016USD ($) |
Minimum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.60% |
Maximum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.60% |
Revenue Equipment Installment Notes [Member] | |
Other Long-term Debt | $ 0.7 |
Long-term Debt, Weighted Average Interest Rate | 6.32% |
Long-term Debt | $ 158.2 |
Long-term Line of Credit | $ 157.5 |
Note 7 - Lease Obligations an40
Note 7 - Lease Obligations and Long-term Debt - Future Minimum Leases Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
2,017 | $ 72,380 | |
2,017 | 24,397 | |
2,018 | 121,485 | |
2,018 | 16,668 | |
2,019 | 19,867 | |
2,019 | 8,373 | |
2,020 | 19,032 | |
2,020 | 7,183 | |
2,021 | 9,285 | |
2,021 | 5,155 | |
Thereafter | 63,440 | |
Thereafter | 7,790 | |
Total minimum lease payments | 305,489 | |
Total minimum lease payments | 69,566 | |
Less amounts representing interest | 19,112 | |
Present value of minimum lease payments | 286,377 | |
Less current maturities | 65,983 | $ 51,397 |
Non-current portion | $ 220,394 | $ 247,383 |
Note 8 - Fair Value Measureme41
Note 8 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Inputs, Level 2 [Member] | ||
Fuel derivatives | $ 48 | $ (95) |
Fuel derivatives | $ 48 | $ (95) |
Note 9 - Fuel Derivatives (Deta
Note 9 - Fuel Derivatives (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2016USD ($)bbl | |
Diesel Fuel Future Contracts [Member] | |
Derivative, Nonmonetary Notional Amount, Volume | 2,520,000 |
Derivative, Nonmonetary Notional Amount, Volume per Month | 252,000 |
Derivative Nonmonetary, Percentage of Monthly Projected Fuel Requirements | 7.50% |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ | $ (0.1) |
Note 10 - Dividend (Details Tex
Note 10 - Dividend (Details Textual) | Aug. 02, 2016$ / shares |
Common Stock, Dividends, Per Share, Declared | $ 0.02 |
Note 11 - Goodwill and Other 44
Note 11 - Goodwill and Other Intangible Assets (Details Textual) | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Finite-lived Intangible Assets Acquired | $ 0 |
Note 11 - Goodwill and Other 45
Note 11 - Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Gross carrying amount | $ 8,096 | $ 8,096 |
Accumulated amortization | 1,348 | 1,210 |
Amortization | 138 | |
$ 6,748 | $ 6,886 |
Note 11 - Goodwill and Other 46
Note 11 - Goodwill and Other Intangible Assets - Additions to Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Asset Based [Member] | ||
Goodwill | $ 61,083 | $ 61,083 |
Goodwill Current year additions | ||
Asset Light Based [Member] | ||
Goodwill | 1,368 | 1,368 |
Goodwill Current year additions | ||
Goodwill | 62,451 | $ 62,451 |
Goodwill Current year additions |
Note 12 - Unconsolidated Rela47
Note 12 - Unconsolidated Related-party Investments (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
19th Capital Group, LLC [Member] | Quality [Member] | |||
Purchase of Portfolio | $ 0 | ||
Deferred Revenue, Current | 600,000 | ||
19th Capital Group, LLC [Member] | |||
Income (Loss) from Equity Method Investments | $ 100,000 | ||
Equity Value Participation Percent | 100.00% | ||
Preferred Return Rate | 12.00% | ||
Tiger ELS, LLC [Member] | 19th Capital Group, LLC [Member] | |||
Capital Contribution, Percent | 66.67% | ||
19th Capital Group, LLC [Member] | |||
Capital Contribution, Percent | 33.33% | ||
19th Capital Group, LLC [Member] | Receivable from Servicing [Member] | |||
Due from Related Parties | $ 2,000,000 | ||
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 | 15,000,000 | ||
19th Capital Group, LLC [Member] | Transfer of Capital Leased Assets Not Qualified as Sale [Member] | Deferred Leasing Revenue and Other Related Lease Liabilities [Member] | |||
Due to Related Parties, Current | 11,900,000 | ||
19th Capital Group, LLC [Member] | Transfer of Capital Leased Assets Not Qualified as Sale [Member] | |||
Due from Related Parties | 7,800,000 | ||
Related Party Transaction, Amounts of Transaction | 15,000,000 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 22,800,000 | ||
Related Party Transaction, Term of Payments Due to Related Party | 3 years 90 days | ||
19th Capital Group, LLC [Member] | |||
Due to Related Parties, Current | $ 1,300,000 | ||
Income (Loss) from Equity Method Investments | 131,000 | ||
Deferred Revenue, Current | 22,514,000 | $ 15,918,000 | |
Other Liabilities, Noncurrent | $ 30,699,000 | $ 22,227,000 |
Note 13 - Equipment Leasing a48
Note 13 - Equipment Leasing and Services Segment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Element [Member] | Letter Agreement Regarding Additional Reserve Account Contributions [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 2,500 | ||
Element [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment | 52,600 | $ 152,500 | |
Gain (Loss) on Disposition of Property Plant Equipment | 1,300 | 12,900 | |
Operating Income (Loss) | (1,300) | ||
Other Assets, Noncurrent | 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 | 59,000 | ||
Related Party Transaction, Amounts of Transaction | 45,000 | ||
Due from Related Parties | 15,400 | ||
Proceeds from Sale of Property, Plant, and Equipment | 34,410 | 115,490 | |
Gain (Loss) on Disposition of Property Plant Equipment | 1,262 | 13,242 | |
Operating Income (Loss) | (1,309) | $ 21,172 | |
Leased Revenue Equipment Held for Sale, Current | 17,967 | $ 24,937 | |
Disposal Group, Including Discontinued Operation, Assets, Current | 28,987 | 44,876 | |
Property Subject to or Available for Operating Lease, Net | 111,487 | 99,300 | |
Other Assets, Noncurrent | $ 46,607 | $ 43,342 |
Note 14 - Recent Accounting P49
Note 14 - Recent Accounting Pronouncements (Details Textual) - Reclassification of Current Deferred Tax Assets to Offset Long-term Deferred Tax Liabilities [Member] $ in Millions | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Fiscal 2016 Period [Member] | |
Prior Period Reclassification Adjustment | $ 5 |
Current Period Reclassification Adjustment | $ 1 |
Note 15 - Change in Depreciab50
Note 15 - Change in Depreciable Lives of Property and Equipment (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
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 | $ 1.7 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 1.1 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic and Diluted Earnings Per Share | $ 0.04 |