PASADENA, Calif., Sept. 9, 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 fourth quarter and the fiscal year ended June 30, 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.
Fourth Quarter 2013 Highlights
- Total revenues were $65.0 million, an increase of 18% over the fourth quarter of fiscal year 2012, and included revenues of $6.1 million at Southern Frac, which was acquired on October 1, 2012.
- Leasing revenues comprised 52% of total non-manufacturing revenues versus 48% for the fourth quarter of fiscal year 2012.
- Adjusted EBITDA was $13.0 million, an increase of 10% over the fourth quarter of fiscal year 2012.
- Adjusted EBITDA margin was 20%, compared to 21% in the fourth quarter of fiscal year 2012.
- Net income attributable to common shareholders was $0.2 million, or $0.01 per share, which was comparable to the fourth quarter of fiscal year 2012.
- Average fleet unit utilization at Royal Wolf was 79%.
- Average fleet unit utilization at Pac-Van was 75%.
- Raised $40 million in gross proceeds from a perpetual preferred stock offering.
- Raised $8 million from exercise of warrants.
Fiscal Year 2013 Highlights
- Total revenues were $245.5 million, an increase of 16% over fiscal year 2012, and included $19.1 million in revenues at Southern Frac.
- Leasing revenues comprised 55% of total non-manufacturing revenues versus 49% for fiscal year 2012.
- Adjusted EBITDA was $53.0 million, an increase of 15% over fiscal year 2012.
- Net income attributable to common shareholders was $3.5 million, or $0.16 per share, compared to $2.4 million, or $0.11 per share, for fiscal year 2012, an increase of over 45%.
- Lease fleet totaled 54,259 units at year end, an increase of 11% from 48,888 units at June 30, 2012.
- Average fleet unit utilization at Royal Wolf was 82%.
- Average fleet unit utilization at Pac-Van was 76%.
- Completed six tuck-in acquisitions.
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