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 first quarter ended September 30, 2011. The consolidated results include 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. (“Pac-Van”), a prominent regional provider of portable storage and office containers, mobile offices and modular buildings in the United States.
First Quarter Highlights
- Total revenues were $52.8 million, an increase of 22% over the first quarter of fiscal year 2011.
- Leasing revenues comprised 47% of total revenues versus 46% for the first quarter of fiscal year 2011.
- Adjusted EBITDA was $11.4 million, an increase of 34% over the first quarter of fiscal year 2011.
- Net income attributable to common shareholders was $1.0 million, or $0.05 per share, an increase of 67% over the first quarter of fiscal year 2011.
- Total lease fleet utilization increased to 83% at September 30, 2011, from 82% at June 30, 2011 and 80% at September 30, 2010.
“We have started fiscal year 2012 on a strong note and are pleased with the performance at both of our operating subsidiaries,” said Ronald Valenta, President and Chief Executive Officer of General Finance Corporation. “With the largest national platform in the Pan-Pacific and the most innovative of product types by industry, Royal Wolf delivered double digit growth, primarily driven by overall strength in the Australian economy and rebuilding activity in New Zealand. Pac-Van’s results reflect signs of improving demand in certain markets despite the slow U.S. economy.