This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

General Finance Corporation Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: GFN

General Finance Corporation (NASDAQ: GFN), a holding company that acquires, operates and enhances value for businesses in the mobile storage container and modular space industries, today announced its consolidated financial results for the fourth quarter and fiscal year ended June 30, 2011. The consolidated results include results from majority-owned Royal Wolf Holdings Limited (“Royal Wolf”), the leading provider of portable storage solutions in the Asia-Pacific regions of Australia and New Zealand, and wholly-owned Pac-Van, Inc., a prominent regional provider of portable storage and office containers, mobile offices and modular buildings in the United States.

Fourth Quarter 2011

  • Total revenues were $50.6 million, an increase of 16% over the fourth quarter of 2010.
  • Leasing revenues comprised 47% of total revenues versus 45% for the fourth quarter of 2010.
  • Adjusted EBITDA was $10.9 million, an increase of 33% over the fourth quarter of 2010.
  • Net loss attributable to common shareholders was $14.7 million, or $0.67 per share, including goodwill impairment of $5.9 million.
  • Australian IPO by Royal Wolf raised net proceeds of $92.4 million, providing capital at the holding company level and reducing total company debt by over $64 million, including $15 million at Pac-Van.
  • Total lease fleet utilization increased to 82% at June 30, 2011, from 81% at March 31, 2011 and 79% at June 30, 2010.

Fiscal Year 2011

  • Total revenues were $182.3 million, an increase of 17% over fiscal year 2010.
  • Leasing revenues comprised 49% of total revenues for both fiscal years 2011 and 2010.
  • Adjusted EBITDA was $38.0 million, an increase of 21% over fiscal year 2010.
  • Net loss attributable to common shareholders was $15.9 million, or $0.72 per share, including goodwill impairment of $5.9 million.
  • Average fleet utilization at Royal Wolf was 85% versus 78% in fiscal year 2010.
  • Average fleet utilization at Pac-Van was 74% versus 69% in fiscal year 2010.

Management Commentary

“While 2011 brought its challenges, it was also a year of meaningful accomplishments for General Finance,” said Ronald Valenta, President and Chief Executive Officer. “Royal Wolf benefitted significantly from a thriving Australian economy driven by strength in resources, defense and construction, and in May 2011, successfully completed an IPO in Australia, raising $92 million of new capital. With its market-leading position and improved financial position from the offering, Royal Wolf is poised to continue to capitalize on new organic and acquisitive growth opportunities in fiscal 2012 and beyond. While Pac-Van’s business showed a modest decline in 2011 compared to the prior year, it began showing signs of stabilization during the fourth quarter, and we believe a gradual recovery may occur in fiscal 2012, particularly in non-construction sectors.”

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,304.37 -112.48 -0.65%
S&P 500 2,004.80 -16.45 -0.81%
NASDAQ 4,655.3950 -28.0120 -0.60%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs