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General Finance Corporation Reports Fourth Quarter And Record Results For Fiscal Year 2012

Stocks in this article: GFN

PASADENA, Calif., Sept. 11, 2012 (GLOBE NEWSWIRE) -- General Finance Corporation (Nasdaq:GFN), a holding company that acquires, operates and enhances value for businesses in the mobile storage, modular space and liquid containment industries, today announced its consolidated financial results for the fourth quarter and fiscal year ended June 30, 2012. 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, office and liquid storage tank containers, mobile offices and modular buildings in North America.

Fourth Quarter 2012

  • Total revenues were $55.2 million, an increase of 9% over the fourth quarter of 2011.
  • Leasing revenues comprised 48% of total revenues versus 47% for the fourth quarter of 2011.
  • Adjusted EBITDA was $11.8 million, an increase of 9% over the fourth quarter of 2011.
  • Net income attributable to common shareholders was $0.2 million, or $0.01 per share.
  • Average fleet utilization at Royal Wolf was 81%.
  • Average fleet utilization at Pac-Van was 76%.

Fiscal Year 2012

  • Total revenues were $212.2 million, an increase of 16% over fiscal year 2011.
  • Leasing revenues comprised 49% of total revenues for both fiscal years 2012 and 2011.
  • Adjusted EBITDA was $46.1 million, an increase of 21% over fiscal year 2011.
  • Net income attributable to common shareholders was $2.4 million, or $0.11 per share.
  • Total lease fleet increased by 18% to 48,888 units at year end from 41,346 units at June 30, 2011.
  • Average fleet utilization at Royal Wolf was 84%.
  • Average fleet utilization at Pac-Van was 76%.

Management Commentary

"Fiscal year 2012 was a watershed year for General Finance Corporation as demonstrated by our strong growth and our return to full year profitability at the net income level," said Ronald Valenta, President and Chief Executive Officer of General Finance Corporation. "Both Royal Wolf and Pac-Van delivered record financial results while implementing their stated strategic initiatives to expand their container fleets through organic growth and accretive acquisitions. In the Asia-Pacific region, the natural resources sector, as well as the rebuilding effort in Christchurch, New Zealand, provided strong demand for Royal Wolf's container products. Pac-Van introduced a new portable liquid storage tank container product line to meet growing demand across a number of its key end markets and also expanded its business into Canada with an acquisition in the Edmonton, Alberta region. Pac-Van successfully accomplished these two important strategic goals while at the same time increasing its fleet utilization and improving pricing across almost all product lines."

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