x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934.
|
|
|
|
For
the transition period from __________________ to
______________________.
|
Delaware
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
32-0163571
(I.R.S.
Employer
Identification
No.)
|
Yes
x
|
No
o
|
Large
accelerated filer
o
|
Accelerated
filer
o
|
Non-accelerated
filer
x
|
Yes
o
|
No
x
|
FINANCIAL
INFORMATION
|
|
||
|
|
|
|
Item
1.
|
Financial
Statements
|
3
|
|
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
21
|
|
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
30
|
|
|
|
|
|
Item
4.
|
Controls
and Procedures
|
30
|
|
|
|
|
|
PART
II.
|
OTHER
INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
31
|
|
|
|
|
|
Item
1A.
|
Risk
Factors
|
31
|
|
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
31
|
|
|
|
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
31
|
|
|
|
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
31
|
|
|
|
|
|
Item
5.
|
Other
Information
|
31
|
|
|
|
|
|
Item
6.
|
Exhibits
|
31
|
|
|
Predecessor
|
Successor (Note 1)
|
|||||||
June 30,
|
June 30,
|
March 31,
|
||||||||
2007
|
2007
|
2008
|
||||||||
(Unaudited)
|
||||||||||
Assets
|
||||||||||
Cash
and cash equivalents, including $68,218 held in trust account at
June 30,
2007 (successor)
|
$
|
886
|
$
|
68,277
|
$
|
1,169
|
||||
Trade
and other receivables, net of allowance for doubtful accounts of
$237
and $452 at June 30, 2007 and March 31, 2008,
respectively
|
13,322
|
—
|
20,088
|
|||||||
Inventories
|
5,472
|
—
|
20,660
|
|||||||
Prepaid
expenses
|
—
|
111
|
—
|
|||||||
Total
current assets
|
19,680
|
68,388
|
41,917
|
|||||||
|
||||||||||
Lease
receivables
|
1,364
|
—
|
1,619
|
|||||||
Property,
plant and equipment, net
|
2,737
|
2
|
4,616
|
|||||||
Container
for lease fleet, net
|
40,928
|
—
|
71,986
|
|||||||
Intangible
assets, net
|
4,079
|
—
|
59,821
|
|||||||
Deferred
tax assets
|
—
|
132
|
—
|
|||||||
Other
assets (including $1,548 of deferred acquisition costs at June 30,
2007)
|
—
|
2,556
|
23
|
|||||||
Total
non-current assets
|
49,108
|
2,690
|
138,065
|
|||||||
Total
assets
|
$
|
68,788
|
$
|
71,078
|
$
|
179,982
|
||||
|
||||||||||
Current
liabilities
|
||||||||||
Trade
payables and accrued liabilities
|
$
|
8,641
|
$
|
893
|
$
|
19,845
|
||||
Current
portion of long-term debt and obligations, including borrowings from
related party of $2,350 at June 30, 2007 (successor)
|
10,359
|
2,350
|
9,079
|
|||||||
Income
tax payable
|
245
|
177
|
140
|
|||||||
Employee
benefits
|
1,614
|
12
|
1,095
|
|||||||
Deferred
underwriting fees
|
—
|
1,380
|
—
|
|||||||
Total
current liabilities
|
20,859
|
4,812
|
30,159
|
|||||||
|
||||||||||
Non-current
liabilities
|
||||||||||
Long-term
debt and obligations, net of current portion
|
33,811
|
—
|
70,968
|
|||||||
Deferred
tax liabilities
|
881
|
—
|
1,032
|
|||||||
Employee
benefits and other non-current liabilities
|
197
|
—
|
206
|
|||||||
Common
stock, subject to possible conversion
|
—
|
13,339
|
—
|
|||||||
Total
non-current liabilities
|
34,889
|
13,339
|
72,206
|
|||||||
|
||||||||||
Commitments
and contingencies
|
—
|
—
|
—
|
|||||||
|
||||||||||
Minority
Interest
|
—
|
—
|
8,762
|
|||||||
|
||||||||||
Stockholders’
equity
|
||||||||||
Preferred
stock, $.0001 par value: 1,000,000 shares authorized; no shares
outstanding (successor)
|
—
|
—
|
—
|
|||||||
Common
stock, $.0001 par value: 100,000,000 shares authorized; 10,500,000
shares
and 9,690,099 shares outstanding at June 30, 2007 and March 31, 2008,
respectively (successor)
|
—
|
1
|
1
|
|||||||
Class
D and common stock (predecessor)
|
12,187
|
—
|
—
|
|||||||
Additional
paid-in capital
|
—
|
51,777
|
60,344
|
|||||||
Accumulated
other comprehensive income
|
862
|
—
|
3,808
|
|||||||
Retained
earnings (accumulated deficit)
|
(9
|
) |
1,149
|
4,702
|
||||||
Total
stockholders’ equity
|
13,040
|
52,927
|
68,855
|
|||||||
Total
liabilities and stockholders’ equity
|
$
|
68,788
|
$
|
71,078
|
$
|
179,982
|
|
Predecessor
|
Successor (Note 1)
|
|||||
|
Quarter Ended
|
Quarter Ended
|
|||||
|
March 31,
|
March 31,
|
|||||
|
2007
|
2008
|
|||||
|
|||||||
Revenues
|
|||||||
Sales
of containers
|
$
|
14,133
|
$
|
19,801
|
|||
Leasing
of containers
|
5,761
|
8,849
|
|||||
|
19,894
|
28,650
|
|||||
|
|||||||
Costs
and expenses
|
|||||||
Cost
of sales
|
12,713
|
16,356
|
|||||
Leasing,
selling and general expenses
|
4,626
|
6,473
|
|||||
Depreciation
and amortization
|
1,058
|
2,251
|
|||||
|
|||||||
Operating
income
|
1,497
|
3,570
|
|||||
|
|||||||
Interest income
|
44
|
91
|
|||||
Interest expense
|
(1,254
|
)
|
(2,426
|
)
|
|||
Foreign
currency exchange gain and other
|
183
|
115
|
|||||
|
(1,027
|
)
|
(2,220
|
)
|
|||
|
|||||||
Income
before provision for income taxes and minority
interest
|
470
|
1,350
|
|||||
|
|||||||
Provision
for income taxes
|
244
|
376
|
|||||
Minority
interest
|
—
|
140
|
|||||
Net
income
|
$
|
226
|
$
|
834
|
|||
Net
income per share:
|
|||||||
Basic
|
$ |
0.09
|
|||||
Diluted
|
0.08
|
||||||
Weighted
average shares outstanding
|
|||||||
Basic
|
9,690,099
|
||||||
Diluted
|
11,083,722
|
|
Predecessor
|
Successor
(Note 1)
|
||||||||
|
Nine Months
|
Period from
|
Nine Months
|
|||||||
|
Ended
|
July 1 to
|
Ended
|
|||||||
|
March 31,
|
September 13,
|
March 31,
|
|||||||
|
2007
|
2007
|
2008
|
|||||||
|
||||||||||
Revenues
|
||||||||||
Sales
of containers
|
$
|
37,441
|
$
|
10,944
|
$
|
45,277
|
||||
Leasing
of containers
|
15,995
|
4,915
|
17,624
|
|||||||
|
53,436
|
15,859
|
62,901
|
|||||||
|
||||||||||
Costs
and expenses
|
||||||||||
Cost
of sales
|
33,094
|
9,466
|
37,757
|
|||||||
Leasing,
selling and general expenses
|
16,066
|
4,210
|
13,595
|
|||||||
Depreciation
and amortization
|
2,582
|
653
|
4,834
|
|||||||
|
||||||||||
Operating
income
|
1,694
|
1,530
|
6,715
|
|||||||
|
||||||||||
Interest income
|
83
|
14
|
1,194
|
|||||||
Interest expense
|
(3,069
|
)
|
(947
|
)
|
(4,385
|
)
|
||||
Foreign
currency exchange gain (loss) and other
|
230
|
(129
|
)
|
2,220
|
||||||
|
(2,756
|
)
|
(1,062
|
)
|
(971
|
)
|
||||
|
||||||||||
Income
(loss) before provision for income taxes and minority
interest
|
(1,062
|
)
|
468
|
5,744
|
||||||
|
||||||||||
Provision
for income taxes
|
861
|
180
|
1,837
|
|||||||
Minority
interest
|
—
|
—
|
354
|
|||||||
Net
income (loss)
|
$
|
(1,923
|
)
|
$
|
288
|
$
|
3,553
|
|||
Net
income per share:
|
||||||||||
Basic
|
$
|
0.36
|
||||||||
Diluted
|
0.31
|
|||||||||
Weighted
average shares outstanding
|
||||||||||
Basic
|
9,910,981
|
|||||||||
Diluted
|
11,304,604
|
Successor
|
Accumulated
|
|||||||||||||||||||
Common Stock
|
Additional
Paid-In
|
Other
Comprehensive
|
Retained
|
Total Stockholders’
|
|||||||||||||||
Shares
|
Amount
|
Capital
|
Income
|
Earnings
|
Equity
|
||||||||||||||
Balance at June 30, 2007
|
10,500,000
|
$
|
1
|
$
|
51,777
|
$
|
—
|
$
|
1,149
|
$
|
52,927
|
||||||||
|
|||||||||||||||||||
Reversal
of common stock subject to possible conversion
|
—
|
—
|
12,858
|
—
|
—
|
12,858
|
|||||||||||||
|
|||||||||||||||||||
Conversion
of common stock into cash
|
(809,901
|
)
|
—
|
(6,042
|
)
|
—
|
—
|
(6,042
|
)
|
||||||||||
|
|||||||||||||||||||
Issuance
of warrants
|
—
|
—
|
1,309
|
—
|
—
|
1,309
|
|||||||||||||
|
|||||||||||||||||||
Share-based
compensation
|
—
|
—
|
282
|
—
|
—
|
282
|
|||||||||||||
|
|||||||||||||||||||
Contributed
services
|
—
|
—
|
160
|
—
|
—
|
160
|
|||||||||||||
|
|||||||||||||||||||
Net
income
|
—
|
—
|
—
|
—
|
3,553
|
3,553
|
|||||||||||||
|
|||||||||||||||||||
Cumulative
translation adjustment
|
—
|
—
|
—
|
3,808
|
—
|
3,808
|
|||||||||||||
|
|||||||||||||||||||
Balance
at March 31, 2008
|
9,690,099
|
$
|
1
|
$
|
60,344
|
$
|
3,808
|
$
|
4,702
|
$
|
68,855
|
|
Predecessor
|
Successor
(Note 1)
|
||||||||
|
Nine Months
|
Period from
|
Nine Months
|
|||||||
|
Ended
|
July 1 to
|
Ended
|
|||||||
|
March 31,
|
September 13,
|
March 31,
|
|||||||
|
2007
|
2007
|
2008
|
|||||||
Net
cash provided (used) by operating activities
|
$
|
3,476
|
$
|
4,294
|
$
|
(6,889
|
)
|
|||
|
||||||||||
Cash
flows from investing activities:
|
||||||||||
Proceeds
from sale of property, plant and equipment
|
75
|
28
|
16
|
|||||||
Acquisitions
(including deferred financing costs ), net of
cash
acquired
|
—
|
—
|
(90,954
|
)
|
||||||
Purchases of
property, plant and equipment
|
(653
|
)
|
—
|
(310
|
)
|
|||||
Purchases
of container lease fleet
|
(15,198
|
)
|
(3,106
|
)
|
(5,764
|
)
|
||||
Purchases
of intangible assets
|
(508
|
)
|
—
|
(285
|
)
|
|||||
Payment
of deferred purchase consideration
|
(151
|
)
|
—
|
—
|
||||||
Net
cash used by investing activities
|
(16,435
|
)
|
(3,078
|
)
|
(97,297
|
)
|
||||
|
||||||||||
Cash
flows from financing activities:
|
||||||||||
Leasing activities
|
(216
|
)
|
(7,921
|
)
|
(282
|
)
|
||||
Proceeds
from long-term borrowings
|
5,207
|
1,124
|
36,601
|
|||||||
Proceeds
from issuances of capital
|
8,923
|
4,990
|
—
|
|||||||
Payments
to converting stockholders, net
|
—
|
—
|
(6,426
|
)
|
||||||
Minority
interest capital contributions
|
—
|
—
|
8,278
|
|||||||
Repayment
of borrowings from related party
|
—
|
—
|
(2,350
|
)
|
||||||
Net
cash provided (used) by financing activities
|
13,914
|
(1,807
|
)
|
35,821
|
||||||
|
||||||||||
Net decrease
in cash
|
955
|
(591
|
)
|
(68,365
|
)
|
|||||
|
||||||||||
Cash
at beginning of period
|
567
|
886
|
68,277
|
|||||||
|
||||||||||
Translation
adjustment
|
(983
|
)
|
(5
|
)
|
1,257
|
|||||
|
||||||||||
Cash
at end of period
|
$
|
539
|
$
|
290
|
$
|
1,169
|
|
September
13, 2007
|
||||||
Fair
value of the net tangible assets acquired and liabilities
assumed:
|
|||||||
Cash
and cash equivalents
|
$
|
290
|
$
|
||||
Trade
and other receivables
|
11,203
|
||||||
Inventories
(primarily containers)
|
9,224
|
||||||
Lease
receivables
|
2,008
|
||||||
Property,
plant and equipment
|
4,346
|
||||||
Container
for lease fleet
|
51,362
|
||||||
Trade
and other payables
|
(15,082
|
)
|
|||||
Income
tax payable
|
(85
|
)
|
|||||
Other
current liabilities
|
(3,712
|
)
|
|||||
Long-term
debt and obligations
|
(37,029
|
)
|
|||||
Total
net tangible assets acquired and liabilities assumed
|
$
|
22,525
|
|||||
|
|||||||
Fair
value of intangible assets acquired:
|
|||||||
Customer
lists
|
21,722
|
||||||
Non-compete
agreement
|
3,139
|
||||||
Software
and other (including deferred financing costs of $1,187)
|
1,521
|
||||||
Goodwill
|
23,241
|
||||||
Total
intangible assets acquired
|
49,623
|
||||||
Total
purchase consideration
|
$
|
72,148
|
|
Three months ended
March 31,
|
Nine months ended
March 31,
|
||||||||
|
2007
|
2007
|
2008
|
|||||||
Revenues
|
$
|
19,894
|
$
|
53,436
|
$
|
78,760
|
||||
Net
income (loss)
|
$
|
(349
|
)
|
$
|
(1,979
|
)
|
$
|
2,900
|
||
Pro
forma net income (loss) per share -
|
||||||||||
Basic
|
$
|
(0.04
|
)
|
$
|
(0.20
|
)
|
$
|
0.29
|
||
Diluted
|
(0.04
|
)
|
(0.20
|
)
|
0.26
|
|
Predecessor
|
Successor
|
|||||
|
June
30,
|
March
31,
|
|||||
|
2007
|
2008
|
|||||
|
|||||||
Finished
goods
|
$
|
4,113
|
$
|
18,371
|
|||
Work
in progress
|
1,359
|
2,289
|
|||||
|
$
|
5,472
|
$
|
20,660
|
Quarter Ended
|
Nine Months Ended
|
||||||
|
March 31, 2008
|
||||||
Basic
|
9,690,099
|
9,910,981
|
|||||
Assumed
exercise of warrants
|
1,393,623
|
1,393,623
|
|||||
Assumed exercise
of stock options
|
—
|
—
|
|||||
Diluted
|
11,083,722
|
11,304,604
|
|
GE SeaCo
November 14, 2007
|
CHS
February 29, 2008
|
|||||
Fair
value of the net tangible assets acquired and liabilities
assumed:
|
|||||||
Inventories
(primarily containers)
|
$
|
1,746
|
$
|
—
|
|||
Property,
plant and equipment
|
28
|
108
|
|||||
Container
for lease fleet
|
9,952
|
1,435
|
|||||
Trade
and other payables
|
(229
|
)
|
4
|
||||
Total
net tangible assets acquired and liabilities assumed
|
11,497
|
1,547
|
|||||
|
|||||||
Fair
value of intangible assets acquired:
|
|||||||
Non-compete
agreement
|
1,999
|
—
|
|||||
Deferred
financing costs
|
84
|
472
|
|||||
Goodwill
|
4,270
|
1,753
|
|||||
Total
intangible assets acquired
|
6,353
|
2,225
|
|||||
Total
purchase consideration
|
$
|
17,850
|
$
|
3,772
|
|
Minimum
lease payments
|
Interest
|
Principal
|
|||||||
|
||||||||||
Less
than one year
|
$
|
381
|
$
|
27
|
$
|
354
|
||||
Between
one and five years
|
141
|
17
|
124
|
|||||||
More
than five years
|
—
|
—
|
—
|
|||||||
|
$
|
522
|
$
|
44
|
$
|
478
|
Less
than one year
|
$
|
2,774
|
||
One-two
years
|
1,413
|
|||
Two-three
years
|
1,046
|
|||
Three-four
years
|
470
|
|||
Four-five
years
|
253
|
|||
Thereafter
|
315
|
|||
$
|
6,271
|
|
Predecessor
|
Successor
|
||||||||
|
Nine Months
|
Period from
|
Nine Months
|
|||||||
|
Ended
|
July 1 to
|
Ended
|
|||||||
|
March 31,
|
September 13,
|
March 31,
|
|||||||
|
2007
|
2007
|
2008
|
|||||||
Cash
flows from operating activities
|
||||||||||
Net
income (loss)
|
$
|
(1,923
|
)
|
$
|
288
|
$
|
3,553
|
|||
Loss
(gain) on sales and disposals of fixed assets
|
(12
|
)
|
11
|
3
|
||||||
Unrealized
foreign exchange loss (gain)
|
(243
|
)
|
58
|
(376
|
)
|
|||||
Unrealized
loss (gain) on forward exchange contracts
|
72
|
72
|
393
|
|||||||
Unrealized
loss on interest rate swaps
|
(85
|
)
|
90
|
(13
|
)
|
|||||
Depreciation
and amortization
|
2,582
|
653
|
4,834
|
|||||||
Amortization
of deferred financing costs
|
—
|
—
|
125
|
|||||||
Accretion
of interest on subordinated debt
|
1,394
|
32
|
129
|
|||||||
Share-based
compensation expense
|
—
|
—
|
282
|
|||||||
Contributed
services
|
—
|
—
|
160
|
|||||||
Interest
deferred for common stock subject to possible conversion, net of
income
tax effect
|
—
|
—
|
(226
|
)
|
||||||
Deferred
income taxes
|
860
|
180
|
2,281
|
|||||||
Minority
interest
|
—
|
—
|
354
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Trade
and other receivables, net
|
(4,706
|
)
|
1,090
|
(7,814
|
)
|
|||||
Inventories
|
1,129
|
(3,822
|
)
|
(10,016
|
)
|
|||||
Other
|
—
|
—
|
(993
|
)
|
||||||
Accounts
payable and accrued liabilities
|
4,408
|
5,642
|
827
|
|||||||
Income
taxes payable
|
—
|
—
|
(392
|
)
|
||||||
Net
cash provided (used) by operating activities
|
$
|
3,476
|
$
|
4,294
|
$
|
(6,889
|
)
|
|
Quarter Ended March 31,
|
||||||
|
(In millions)
|
||||||
|
2007
|
2008
|
|||||
Salaries,
wages and related
|
$
|
2.8
|
$
|
3.3
|
|||
Rent
|
0.1
|
0.1
|
|||||
Customer
service center (“CSC”) operating costs
|
0.7
|
1.1
|
|||||
Business
promotion
|
0.2
|
0.2
|
|||||
Travel
and meals
|
0.1
|
0.2
|
|||||
IT
and telecommunications
|
0.1
|
0.2
|
|||||
Professional
costs
|
0.4
|
0.4
|
|||||
Other
|
0.2
|
0.4
|
|||||
|
|||||||
|
$
|
4.6
|
$
|
5.9
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Nine Months
|
Period from
|
Nine Months
|
Nine Months
|
|||||||||
Ended
|
July 1 to
|
Ended
|
Ended
|
||||||||||
|
March 31,
|
September 13,
|
March 31,
|
March 31,
|
|||||||||
|
2007
|
2007
|
2008
|
2008
|
|||||||||
(In
thousands)
|
|||||||||||||
Revenues
|
|||||||||||||
Sale
of containers
|
$
|
37,441
|
$
|
10,944
|
$
|
45,277
|
$
|
56,221
|
|||||
Leasing
of containers
|
15,995
|
4,915
|
17,624
|
22,539
|
|||||||||
|
53,436
|
15,859
|
62,901
|
78,760
|
|||||||||
|
|||||||||||||
Costs
and expenses
|
|||||||||||||
Cost
of sales
|
33,094
|
9,466
|
37,757
|
47,223
|
|||||||||
Leasing,
selling and general expenses
|
16,066
|
4,210
|
13,595
|
17,805
|
|||||||||
Depreciation
and amortization
|
2,582
|
653
|
4,834
|
5,487
|
|||||||||
|
|||||||||||||
Operating
income
|
1,694
|
1,530
|
6,715
|
8,245
|
|||||||||
|
|||||||||||||
Interest income
|
83
|
14
|
1,194
|
1,208
|
|||||||||
Interest expense
|
(3,069
|
)
|
(947
|
)
|
(4,385
|
)
|
(5,332
|
)
|
|||||
Foreign
currency exchange gain (loss) and other
|
230
|
(129
|
)
|
2,220
|
2,091
|
||||||||
|
(2,756
|
)
|
(1,062
|
)
|
(971
|
)
|
(2,033
|
)
|
|||||
|
|||||||||||||
Income
(loss) before provision for income taxes and minority
interest
|
(1,062
|
)
|
468
|
5,744
|
6,212
|
||||||||
|
|||||||||||||
Provision
for income taxes
|
861
|
180
|
1,837
|
2,017
|
|||||||||
|
|||||||||||||
Minority
interest
|
—
|
—
|
354
|
354
|
|||||||||
|
|||||||||||||
Net
income (loss)
|
$
|
(1,923
|
)
|
$
|
288
|
$
|
3,553
|
$
|
3,841
|
Nine Months Ended March 31,
|
|||||||
|
2007
|
2008
|
|||||
(In millions)
|
|||||||
Salaries,
wages and related
|
$
|
10.6
|
$
|
9.2
|
|||
Rent
|
0.3
|
0.3
|
|||||
CSC
operating costs
|
1.9
|
2.8
|
|||||
Business
promotion
|
0.6
|
0.7
|
|||||
Travel
and meals
|
0.5
|
0.7
|
|||||
IT
and telecommunications
|
0.3
|
0.6
|
|||||
Professional
costs
|
1.1
|
1.2
|
|||||
Other
|
0.8
|
0.7
|
|||||
|
|||||||
|
$
|
16.1
|
$
|
16.2
|
Predecessor
|
Successor
|
||||||
|
Quarter Ended
|
Quarter Ended
|
|||||
|
March 31,
|
March 31,
|
|||||
|
2007
|
2008
|
|||||
|
(In
thousands)
|
||||||
Operating
income
|
$
|
1,497
|
$
|
3,570
|
|||
Add
- depreciation and amortization
|
1,058
|
2,251
|
|||||
EBITDA
|
2,555
|
5,821
|
|||||
Add
-
|
|||||||
Stock-based
compensation
|
—
|
206
|
|||||
Contributed
services
|
—
|
73
|
|||||
Adjusted
EBITDA
|
$
|
2,555
|
$
|
6,100
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Nine Months
|
Period from
|
Nine Months
|
Nine Months
|
|||||||||
|
Ended
|
July 1 to
|
Ended
|
Ended
|
|||||||||
|
March 31,
|
September 13,
|
March 31,
|
March 31,
|
|||||||||
|
2007
|
2007
|
2008
|
2008
|
|||||||||
|
(In thousands)
|
||||||||||||
Operating
income
|
$
|
1,694
|
$
|
1,530
|
$
|
6,715
|
$
|
8,245
|
|||||
Add
- depreciation and amortization
|
2,582
|
653
|
4,834
|
5,487
|
|||||||||
EBITDA
|
4,276
|
2,183
|
11,549
|
13,732
|
|||||||||
Add
-
|
|||||||||||||
Stock-based
compensation
|
—
|
—
|
282
|
282
|
|||||||||
Contributed
services
|
—
|
—
|
160
|
160
|
|||||||||
Adjusted
EBITDA
|
$
|
4,276
|
$
|
2,183
|
$
|
11,991
|
$
|
14,174
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Nine Months
|
Period from
|
Nine Months
|
Nine Months
|
|||||||||
|
Ended
|
July 1 to
|
Ended
|
Ended
|
|||||||||
|
March 31,
|
September 13,
|
March 31,
|
March 31,
|
|||||||||
|
2007
|
2007
|
2008
|
2008
|
|||||||||
|
(In thousands)
|
||||||||||||
Net
cash provided (used) by operating activities
|
$
|
3,476
|
$
|
4,294
|
$
|
(6,889
|
)
|
$
|
(2,595
|
)
|
|||
|
|||||||||||||
Net
cash used by investing activities
|
$
|
(16,435
|
)
|
$
|
(3,078
|
)
|
$
|
(97,297
|
)
|
$
|
(100,375
|
)
|
|
|
|||||||||||||
Net
cash provided (used) by financing activities
|
$
|
13,914
|
$
|
(1,807
|
)
|
$
|
35,821
|
$
|
34,014
|
Date:
May 14, 2008
|
GENERAL
FINANCE CORPORATION
|
|
By:
|
/s/
Ronald F. Valenta
|
|
Ronald
F. Valenta
|
||
Chief
Executive Officer
|
||
By:
|
/s/
Charles E. Barrantes
|
|
Charles
E. Barrantes
|
||
Chief
Financial Officer
|
Exhibit
Number
|
|
Exhibit
Description
|
10.33
|
|
Variation
Letter between Australia and New Zealand Banking Group Limited and
Royal
Wolf Australia Group (incorporated by reference to Exhibit 10.4 of
Registrant’s Post-Effective Amendment No. 1 to Form S-1 filed March 20,
2008).
|
|
|
|
31.1
|
|
Certification
of Chief Executive Officer Pursuant to SEC Rule
13a-14(a)/15d-14(a)
|
|
|
|
31.2
|
|
Certification
of Chief Financial Officer Pursuant to SEC Rule
13a-14(a)/15d-14(a)
|
|
|
|
32.1
|
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. §1350
|
|
|
|
32.2
|
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C.
§1350
|