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 Record Second Quarter And Year-to-Date Fiscal Year 2013 Results

PASADENA, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- General Finance Corporation (Nasdaq:GFN), the parent company of businesses in the mobile storage, modular space and liquid containment industries (the "Company"), today announced its consolidated financial results for the second quarter ended December 31, 2012. 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, wholly-owned Pac-Van, Inc. ("Pac-Van"), a prominent regional provider of portable storage, office and liquid storage tank containers, mobile offices and modular buildings in North America, and 90%-owned Southern Frac, LLC ("Southern Frac"), a domestic manufacturer of portable liquid storage tank containers.

Second Quarter 2013 Highlights

  • Total revenues were $63.3 million, an increase of 32% over the second quarter of fiscal year 2012. Total revenues include $7.7 million at Southern Frac, which we acquired on October 1, 2012, and accounted for half of the increase in the quarter.
  • Leasing revenues comprised 56% of total non-manufacturing revenues versus 52% for the second quarter of fiscal year 2012.
  • Adjusted EBITDA was $14.4 million, an increase of 40% over the second quarter of fiscal year 2012.
  • Adjusted EBITDA margin was 23%, compared to 21% in the second quarter of fiscal year 2012.
  • Net income attributable to common shareholders was $1.7 million, or $0.08 per share, compared to $0.1 million, or $0.00 per share, for the second quarter of fiscal year 2012.
  • Average fleet unit utilization at Royal Wolf was 84%.
  • Average fleet unit utilization at Pac-Van was 79%.
  • Completed two tuck-in acquisitions during the quarter.

YTD 2013 Highlights

  • Total revenues were $116.7 million, an increase of 16% over the first six months of fiscal year 2012. Revenues at Southern Frac represented an 8% increase over total revenues during the first six months of fiscal year 2012.
  • Leasing revenues comprised 56% of total non-manufacturing revenues versus 49% for the first six months of fiscal year 2012.
  • Adjusted EBITDA was $26.9 million, an increase of 24% over the first six months of fiscal year 2012.
  • Net income attributable to common shareholders was $2.7 million, or $0.12 per share, compared to $1.1 million, or $0.05 per share, for the first six months of fiscal year 2012.
  • Average fleet utilization at Royal Wolf was 83%.
  • Average fleet utilization at Pac-Van was 78%.
  • Completed four tuck-in acquisitions during the first six months of fiscal year 2013.

Management Commentary

"We are pleased with the performance of each of our operating units in the second quarter," said Ronald Valenta, President and Chief Executive Officer of General Finance Corporation. "Royal Wolf and Pac-Van both continued to show improved profitability with 27% and 20% increases in quarterly leasing revenues over the same quarter in the prior year, respectively, based on high fleet utilization and improved lease rates. Southern Frac, our newly acquired manufacturer of portable liquid storage tank containers, not only posted solid results in its first quarter of operations under our ownership, but is proving to be an excellent source of business referrals to Pac-Van's leasing operations."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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