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General Finance Corporation Reports Second Quarter And Year-to-Date Results For Fiscal Year 2014

PASADENA, Calif., Feb. 10, 2014 (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 and six months ("YTD") ended December 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.

Second Quarter 2014 Highlights

  • Total revenues were $65.6 million, an increase of 4% over the second quarter of fiscal year 2013.
  • Leasing revenues comprised 55% of total non-manufacturing revenues versus 56% for the second quarter of fiscal year 2013.
  • Adjusted EBITDA was $16.6 million, an increase of 15% over the second quarter of fiscal year 2013.
  • Adjusted EBITDA margin was 25%, compared to 23% in the second quarter of fiscal year 2013.
  • Net income attributable to common shareholders was $1.6 million, or $0.07 per share, compared to $1.7 million, or $0.08 per share, for the second quarter of fiscal year 2013.
  • Average fleet unit utilization at Royal Wolf was 84%.
  • Average fleet unit utilization at Pac-Van was 80%.
  • Three acquisitions completed during the quarter.

YTD 2014 Highlights

  • Total revenues were $131.4 million, an increase of 13% over the first six months of fiscal year 2013.
  • Leasing revenues comprised 52% of total non-manufacturing revenues versus 56% for the first six months of fiscal year 2013.
  • Adjusted EBITDA was $29.4 million, an increase of 9% over the first six months of fiscal year 2013.
  • Net income attributable to common shareholders was $2.0 million, or $0.08 per share, compared to $2.7 million, or $0.12 per share, for the first six months of fiscal year 2013.
  • Average fleet utilization at Royal Wolf was 82%.
  • Average fleet utilization at Pac-Van was 79%.
  • Six acquisitions completed during the first six months of fiscal year 2014.

Management Commentary

"We are very pleased with our performance for the second quarter of fiscal year 2014, where we posted our fifteenth consecutive quarter of year-over-year growth in revenues and adjusted EBITDA," said Ronald Valenta, President and Chief Executive Officer of General Finance Corporation. "Our growth strategy of increasing the size of our lease fleet in the attractive container asset class continues to be validated by the improved results that we continue to see at both Pac-Van and Royal Wolf. At Pac-Van, we are experiencing growth in most of our product lines, particularly for our portable liquid storage tank containers and our portable storage containers. At Royal Wolf, our innovative products are enabling us to continue to gain market share, particularly in the resources sector, but also in the transport and government sectors, where new product introductions have helped deliver growth. Additionally, we continue to make accretive acquisitions, completing two in North America and one in the Asia-Pacific region during the second quarter and, through the first six months, four in North America and two in the Asia-Pacific region."

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