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."

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