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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 financial results for the quarter ended March 31, 2009 (“QE3 FY 2009”). Results for the quarter included RWA Holdings Pty Limited (“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 U.S. The unaudited non-GAAP financial information for the quarter ended March 31, 2008 (“QE3 FY 2008”), which combines the results of Pac-Van with the consolidated results of General Finance, is provided for comparison purposes. The actual consolidated results of General Finance for QE3 FY 2008 are included in the Form 10-Q for the quarterly period ended March 31, 2009.
General Finance Consolidated QE3 FY 2009 Results Compared to Non-GAAP QE3 FY 2008 Results
and Consolidated General Finance (QE3 FY 2009)
(Unaudited and in thousands, except per share data)
GFN ConsolidatedPac-Van
Combined
GFN Consolidated QE3 FY 2008 QE3 FY 2008 QE3 FY 2008 QE3 FY 2009 (in thousands) Revenues Sales $ 19,801 $ 4,124 $ 23,925 $ 14,769 Leasing 8,849 11,996 20,845 19,686 28,650 16,120 44,770 34,455 Costs and expenses Cost of sales 16,356 2,876 19,232 12,354 Leasing, selling and general expenses 6,473 8,548 15,021 12,966 Depreciation and amortization 2,251 1,104 3,355 3,882 Operating income 3,570 3,592 7,162 5,253 Interest income 91 — 91 58 Interest expense (2,426 ) (2,112 ) (4,538 ) (3,308 ) Foreign currency exchange gain (loss) and other 115 — 115 (1,860 ) (2,220 ) (2,112 ) (4,332 ) (5,110 ) Income before provision for income taxes and minority interest 1,350 1,480 2,830 143 Provision for income taxes 376 584 960 50 Minority interest 140 — 140 (177 ) Net income $ 834 $ 896 $ 1,730 $ 270 Preferred dividends $ — $ 21 Net income per common share: Basic $ 0.09 $ 0.01 Diluted 0.08 0.01 Weighted average shares outstanding: Basic 9,690,099 17,826,052 Diluted 11,083,722 17,826,052(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, “Our team has made a determined effort to reduce capital expenditures, discretionary spending and personnel costs in an effort to right-size our infrastructure to the current level of revenues. The improvement in our EBITDA margins confirms the effectiveness of our downsizing efforts, which should yield savings of between $5 and $6 million a year on a consolidated basis, and we also intend to reduce our capital expenditures.”
Charles Barrantes, General Finance’s Executive Vice President and Chief Financial Officer added, “We are pleased that we continue be compliant with the financial covenants of our loan facilities and believe that we have strong relationships with our senior lenders that will allow us to navigate through these weak global market conditions. The steps that we have taken to reduce operating and capital costs, combined with the benefit of lower interest rates, should effectively enhance our cash flow.”
Mr. Valenta concluded “The credit for our current performance in the toughest economic times any of us have witnessed is through the efforts of our people. We will continue to take the actions necessary to protect our company during this downturn while executing our long-term vision.”
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 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 definitive proxy statement with respect to General Finance’s acquisition of Pac-Van, its Annual Report on Form 10-K for the fiscal year ended June 30, 2008 and its quarterly report on Form 10-Q for the quarter ended March 31, 2009.
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