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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Finance Corp. - Warrants 06/25/2013 (MM) | NASDAQ:GFNCZ | 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% | 0.25 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
General Finance Corporation (“General Finance” and, with its consolidated subsidiaries, the “Company”) (NASDAQ: GFN) (NASDAQ: GFNCL) (NASDAQ: GFNCZ) today announced its consolidated financial results for the second quarter (“QE2”) and six months (“YTD”) of the fiscal year ending June 30, 2011 (“FY 2011”). 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.
QE2 FY 2011 Results
YTD FY 2011 Results
Key Financial Highlights
(1) Earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating costs and income (“EBITDA” and “adjusted EBITDA”) are supplemental measures of performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Adjusted EBITDA (which adds back share-based compensation expense) is a non-U.S. GAAP measure, is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, income from operations or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flow from operating, investing or financing activities as a measure of liquidity. We present 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 and a form of our adjusted EBITDA when reporting their results.
Business Overview
Ronald Valenta, General Finance’s President and Chief Executive Officer stated, “The gains experienced in our first quarter of fiscal year 2011 continued in our recent quarter. Total revenues and adjusted EBITDA increased 15% and 19% over the same period last year. The increase in revenues came evenly from our sales and leasing activity with utilizations increasing from 79% at both December 31, 2009 and June 30, 2010 to 85% at December 31, 2010. Our continued focus and investment in best practices in our core operations resulted in strong growth and we are also witnessing certain economies of scale that are flowing through to the bottom line.”
Charles Barrantes, General Finance’s Executive Vice President and Chief Financial Officer added, “The prospects for Royal Wolf’s business in the Asia-Pacific area are positive and we are investing in lease fleet and sale inventory there to meet the increasing business. In the United States, we continue to carefully monitor our capital spending and costs and see signs of improvement for the back half of the calendar year. Reduction of our overall leverage and evaluating alternatives to satisfy certain commitments due at the beginning of the next fiscal year remain principal objectives.”
Mr. Valenta then concluded, “Like most of the world, we followed the news of the massive flooding and cyclone that recently ravaged Australia, particularly the Queensland region, and kept in constant contact with our local personnel. We feel very fortunate to state that the disruption to our operations was minimal and our folks are safe, but we are saddened by the reported loss of human life and damaged property as a result of these weather conditions and extend our deepest condolences to those who were not so fortunate.”
Conference Call
A conference call is scheduled today, February 11th, at 8:30 a.m. PST (11:30 am EST) to discuss the operating results. The conference call number for U.S. participants is (866) 901-5096, the conference call number for participants outside the U.S. is (706) 643-3717 and the conference ID number for both conference call numbers is 36504546. A replay of the conference call may be accessed through February 25, 2011 by U.S. callers by calling (800) 642-1687 or by callers outside the U.S. by calling (706) 645-9291; both U.S. callers and callers outside of the U.S. will utilize conference ID number 36504546 to access the replay of the conference call.
GENERAL FINANCE CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited)
Quarter Ended December 31,
Six Months Ended December 31,
2009 2010 2009 2010 Revenues Sales $ 19,288 $ 22,161 $ 35,901 $ 45,550 Leasing 19,858 22,736 38,464 42,812 39,146 44,897 74,365 88,362 Costs and expenses Cost of sales (exclusive of the items shown separately below) 15,029 16,646 27,554 34,256 Direct costs of leasing operations 6,810 8,469 12,992 15,967 Selling and general expenses (a) 9,572 10,577 18,752 20,592 Depreciation and amortization 5,094 4,860 10,351 9,532 Operating income 2,641 4,345 4,716 8,015 Interest income 63 125 122 230 Interest expense (b) (4,132 ) (4,351 ) (7,839 ) (8,632 ) Foreign currency exchange gain and other (c) 545 2,038 3,138 4,465 (3,524 ) (2,188 ) (4,579 ) (3,937 ) Income (loss) before provision for income taxes and noncontrolling interest (883 ) 2,157 137 4,078 Provision (benefit) for income taxes (322 ) 815 50 1,541 Net income (loss) (561 ) 1,342 87 2,537 Noncontrolling interest (573 ) (573 ) (1,146 ) (1,146 ) Preferred stock dividends (42 ) (44 ) (83 ) (87 ) Net income (loss) attributable to common stockholders$
(1,176
)
$
725
$
(1,142
)
$
1,304
Net income (loss) per common share: Basic $ (0.07 ) $ 0.03 $ (0.06 ) $ 0.06 Diluted (0.07 ) 0.03 (0.06 ) 0.06 Weighted average shares outstanding: Basic 17,826,052 22,013,299 17,826,052 22,013,299 Diluted 17,826,052 22,190,999 17,826,052 22,054,977(a) Includes share-based compensation expense of $170 and $196 during QE2 FY 2010 and QE2 FY 2011 and $416 and $369 during YTD FY 2010 and YTD FY 2011, respectively.
(b) Includes an unrealized gain on interest rate swap and option contracts of $40 and $228 during QE2 FY 2010 and QE2 FY 2011 and $181 and $478 during YTD FY 2010 and YTD FY 2011, respectively.
(c) The Company 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 Q2 FY 2010 and Q2 FY 2011, net unrealized and realized foreign exchange gains (losses) totaled $(287) and $280, and $1,252 and 261, respectively; and during YTD FY 2010 and YTD FY 2011, net unrealized and realized foreign exchange gains totaled $1,963 and $408, and $4,514 and 288, respectively.
GENERAL FINANCE CORPORATION AND SUBSIDIARIES Consolidated Balance Sheet Information (In thousands) (Unaudited)June 30, 2010
December 31, 2010
Trade and other receivables, net $ 25,667 $ 26,298 Inventories 19,063 25,503 Lease fleet, net 188,410 209,147 Total assets 346,880 377,427 Trade payables and accrued liabilities 25,246 28,830 Senior and other debt 186,183 198,545 Total stockholders’ equity 101,734 112,646About 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, statements addressing management’s views with respect to future financial and operating results, competitive pressures, market interest rates for our variable rate indebtedness, our ability to raise capital or borrow additional funds, changes in the Australian or New Zealand dollar relative to the U.S. dollar, regulatory changes, customer defaults or insolvencies, litigation, acquisition of businesses that do not perform as we expect or that are difficult for us to integrate or control, our ability to procure adequate levels of products to meet customer demand, adverse resolution of any contract or other disputes with customers, declines in demand for our products and services from key industries such as the Australian mining industry or the U.S. construction industry or a write-off of all or a part of our goodwill and intangible assets. These involve risks and uncertainties that could cause actual outcomes and results to differ materially from those described in forward-looking statements. 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.
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