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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Finance (MM) | NASDAQ:GFNCU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.15 | 0 | 01:00:00 |
General Finance Corporation (“General Finance” or “GFN”) (NASDAQ:GFN) (NASDAQ:GFNCW) (NASDAQ:GFNCU) today announced its consolidated financial results for the fourth quarter and fiscal year ended June 30, 2009 (“FY 2009”). The results include RWA Holdings Pty Limited and subsidiaries (“Royal Wolf”), the leading provider of portable storage solutions in Australia and New Zealand and Pac-Van, Inc. (“Pac-Van”), a key provider of modular buildings and mobile office units in the United States. Pac-Van’s results for FY 2009 reflect its nine months of operations since it was acquired by General Finance on October 1, 2008. Unaudited non-GAAP financial information for the fourth quarter of the fiscal year ended June 30, 2008 (“QE4 FY 2008”), which combines the results of Pac-Van with the consolidated results of General Finance, is provided for comparison purposes.
General Finance Consolidated QE4 FY 2009 Results Compared to Non-GAAP Combined QE4 FY 2008 Results
Other QE4 FY 2009 Highlights
(1) EBITDA (earnings before interest expense, income tax, depreciation and amortization and other non-operating costs and stock based compensation expense) is a supplemental measure of performance that is not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA and adjusted EBITDA (which adds back stock-based compensation expense) is a non-GAAP measure, is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating, investing or financing activities as a measure of liquidity. We present EBITDA and adjusted EBITDA because we consider it to be an important supplemental measure of our performance and because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry, many of which present EBITDA when reporting their results.
Business Overview
Ronald Valenta, General Finance’s President and Chief Executive Officer, commented, “In the fourth quarter, we focused on reductions in debt, capital expenditures, discretionary spending and personnel costs in order to generate free cash flow, and we will continue these initiatives in the current fiscal year. The Company has responded to declines in market demand by cutting operating costs approximately 22 percent during the most recent quarter compared to the same quarter from the year before.”
Charles Barrantes, General Finance’s Executive Vice President and Chief Financial Officer added, “We continue to be compliant with the financial covenants of our loan facilities and we are pleased that we amended our senior credit facility agreement at Royal Wolf to include less restrictive financial covenants.”
Mr. Valenta concluded “We are cautiously optimistic about the long-term outlook for our businesses, but for the foreseeable future we will continue to focus on the creation of shareholder value through debt and cost reductions while increasing productivity.”
Conference Call
A conference call is scheduled for Thursday, September 24, 2009, at 8:30 a.m. (PDT) to discuss the fourth quarter ended June 30, 2009 earnings results. The dial-in number is (866) 901-5096 (conference ID number is 30956377).
A replay of the conference call may be accessed through October 9, 2009 by calling (800) 642-1687 or (706) 645-9291 and utilizing conference ID number 30956377.
Non-GAAP Combined General Finance and Pac-Van (QE4 FY 2008)and Consolidated General Finance (QE4 FY 2009)
(Unaudited and in thousands, except per share data)
GFN ConsolidatedPac-Van
Combined
GFN ConsolidatedQE4 FY 2008
QE4 FY 2008 QE4 FY 2008 QE4 FY 2009 (in thousands)Revenues
Sales $ 22,752 $ 5,086 $ 27,838 $ 18,435 Leasing 9,923 13,672 23,595 19,316 32,675 18,758 51,433 37,751 Costs and expenses Cost of sales 19,918 3,551 23,469 15,662 Leasing, selling and general expenses 8,566 9,836 18,402 14,402 Depreciation and amortization 2,533 1,172 3,705 5,884 Operating income 1,658 4,199 5,857 1,803 Interest income 95 — 95 52 Interest expense (2,503 ) (1,942 ) (4,445 ) (2,773 ) Foreign currency exchange gain (loss) and other 1,594 — 1,594 3,263 (814 ) (1,942 ) (2,756 ) 542Income before provision for income taxes and minority interest
844 2,257 3,101 2,345 Provision for income taxes 197 895 1,092 311 Minority interest 94 — 94 (11 ) Net income $ 553 $ 1,362 $ 1,915 $ 2,045 Preferred dividends $ — $ 41 Net income per common share: Basic $ 0.05 $ 0.11 Diluted 0.05 0.11 Weighted average shares outstanding: Basic 10,916,371 17,826,052 Diluted 11,240,813 17,826,052 GENERAL FINANCE CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
March 31, 2009 June 30, 2009 (Unaudited) Trade and other receivables, net $ 25,218 $ 26,432 Inventories 19,779 22,511 Lease fleet, net 183,454 188,915 Total assets 337,886 358,696 Trade payables and accrued liabilities 23,977 24,422 Long-term debt and obligations 191,277 200,304 Stockholders’ equity 96,456 106,170Additional Information
GENERAL FINANCE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Predecessor SuccessorPeriod from
July 1 to
September 13,
Year Ended June 30,
2007 2008 2009 Revenues Sales $ 10,944 $ 68,029 $ 75,528 Leasing 4,915 27,547 70,932 15,859 95,576 146,460 Costs and expenses Cost of sales 9,466 57,675 64,317 Leasing, selling and general expenses 4,210 22,161 51,040 Depreciation and amortization 653 7,367 17,045 Operating income 1,530 8,373 14,058 Interest income 14 1,289 296 Interest expense (a) (947 ) (6,888 ) (16,161 ) Foreign currency exchange gain (loss) and other (b) (129 ) 3,814 (9,312 ) (1,062 ) (1,785 ) (25,177 ) Income (loss) before provision for income taxes and minority interest 468 6,588 (11,119 ) Provision (benefit) for income taxes 180 2,034 (4,374 ) Minority interest — 448 (3,028 ) Net income (loss) $ 288 $ 4,106 $ (3,717 ) Preferred dividends $ — $ 62 Net income (loss) per common share: Basic $ 0.40 $ (0.22 ) Diluted 0.39 (0.22 ) Weighted average shares outstanding: Basic 10,160,955 16,817,833 Diluted 10,485,397 16,817,833(a) Includes unrealized loss on interest rate swap and option contracts of $2,057 during FY 2009.
(b) General Finance has certain U.S. dollar-denominated debt at Royal Wolf, including intercompany borrowings, which are remeasured at each financial reporting date with the impact of the remeasurement being recorded in the statement of operations as an unrealized gain or loss. Amounts exchanged into U.S. dollars from Australian dollars for repayments of this U.S. dollar-denominated debt will depend upon the currency exchange rate at the time, with differences in the exchange rate from when the borrowing was incurred being recorded in the statement of operations as a realized gain or loss. During FY2009, General Finance incurred net unrealized and realized foreign exchange losses totaling $6,616 and $2,847, respectively.
About General Finance Corporation
General Finance Corporation (www.generalfinance.com), through its indirect 86.2%-owned subsidiary, Royal Wolf (www.royalwolf.com.au) and its indirect 100%-owned subsidiary Pac-Van (www.pacvan.com), sells and leases products in the portable services industry to a broad cross section of industrial, commercial, educational and government customers throughout Australia, New Zealand and the United States. These products include storage containers and freight containers in the mobile storage industry; and modular buildings, mobile offices and portable container buildings in the modular space industry.
Cautionary Statement About Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Such forward-looking statements include, but are not limited to, prospects of General Finance, Royal Wolf and Pac-Van. We believe that the expectations represented by our forward looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. Furthermore, unless otherwise stated, the forward looking statements contained in this press release are made as of the date of the press release, and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise unless required by applicable legislation or regulation. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are cautioned that these forward-looking statements involve certain risks and uncertainties, including those contained in filings with the Securities and Exchange Commission; such as General Finance’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009.
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