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General Finance Corporation Reports Third Quarter And Year-to-Date Fiscal Year 2013 Results

PASADENA, Calif., May 14, 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 third quarter ended March 31, 2013. 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.

Third Quarter 2013 Highlights
  • Total revenues were $63.8 million, an increase of 14% over the third quarter of fiscal year 2012, and include $5.3 million at Southern Frac, which we acquired on October 1, 2012.
  • Leasing revenues comprised 54% of total non-manufacturing revenues versus 49% for the third quarter of fiscal year 2012.
  • Adjusted EBITDA was $13.2 million, an increase of approximately 6% over the third quarter of fiscal year 2012.
  • Adjusted EBITDA margin was 21%, compared to 22% in the third quarter of fiscal year 2012.
  • Net income attributable to common shareholders was $0.7 million, or $0.03 per share, compared to $1.2 million, or $0.05 per share, for the third quarter of fiscal year 2012.
  • Average fleet unit utilization at Royal Wolf was 83%.
  • Average fleet unit utilization at Pac-Van was 74%.
  • Completed two tuck-in acquisitions during the quarter.

YTD 2013 Highlights
  • Total revenues were $180.6 million, an increase of 15% over the first nine months of fiscal year 2012, and revenues at Southern Frac of $13.0 million represented an 8% increase over total revenues during the first nine months of fiscal year 2012.
  • Leasing revenues comprised 55% of total non-manufacturing revenues versus 49% for the first nine months of fiscal year 2012.
  • Adjusted EBITDA was $40.1 million, an increase of 17% over the first nine months of fiscal year 2012.
  • Net income attributable to common shareholders was $3.4 million, or $0.15 per share, compared to $2.3 million, or $0.10 per share, for the first nine months of fiscal year 2012.
  • Average fleet utilization at Royal Wolf was 83%.
  • Average fleet utilization at Pac-Van was 77%.
  • Completed six tuck-in acquisitions during the first nine months of fiscal year 2013.

Management Commentary

"We saw continued momentum in the third quarter of fiscal year 2013, posting our twelfth consecutive quarter of year-over-year increases in revenues and adjusted EBITDA," said Ronald Valenta, President and Chief Executive Officer of General Finance Corporation. "Royal Wolf and Pac-Van both continued to show improved profitability with 12% and 19% increases in quarterly leasing revenues over the same quarter in the prior year, respectively, based on a higher number of units on lease and generally improved lease rates. Southern Frac, our newly acquired manufacturer of portable liquid storage tank containers, experienced a seasonal decline in revenues and profitability, but continues to be a good source of business referrals to Pac-Van's leasing operations."

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