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.
|
Delaware
|
|
32-0163571
|
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
|
(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
|
PART
I.
|
FINANCIAL
INFORMATION
|
|
||
|
|
|
||
Item
1.
|
Financial
Statements
|
3
|
||
|
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
20
|
||
|
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
29
|
||
|
|
|
|
|
Item
4.
|
Controls
and Procedures
|
29
|
||
|
|
|
|
|
PART
II.
|
OTHER
INFORMATION
|
|
||
|
|
|
||
Item
1.
|
Legal
Proceedings
|
30
|
||
|
|
|
|
|
Item
1A.
|
Risk
Factors
|
30
|
||
|
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
30
|
||
|
|
|
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
30
|
||
|
|
|
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
30
|
||
|
|
|
|
|
Item
5.
|
Other
Information
|
30
|
||
|
|
|
|
|
Item
6.
|
Exhibits
|
30
|
|
|
Predecessor
|
Successor
(Note 1)
|
|||||||
June
30,
|
June
30,
|
December
31,
|
||||||||
|
2007
|
2007
|
2007
|
|||||||
(Unaudited)
|
||||||||||
Assets | ||||||||||
Cash
and cash equivalents, including $68,218 held in trust account at
June 30,
2007 (successor)
|
$
|
886
|
$
|
68,277
|
$
|
1,999
|
||||
Trade
and other receivables, net of allowance for doubtful accounts of
$237
and $206 at June 30, 2007 and December 31, 2007,
respectively
|
13,322
|
—
|
18,649
|
|||||||
Inventories
|
5,472
|
—
|
16,795
|
|||||||
Prepaid
expenses
|
—
|
111
|
48
|
|||||||
Total
current assets
|
19,680
|
68,388
|
37,491
|
|||||||
|
||||||||||
Lease
receivables
|
1,364
|
—
|
1,565
|
|||||||
Property,
plant and equipment, net
|
2,737
|
2
|
4,375
|
|||||||
Container
for lease fleet, net
|
40,928
|
—
|
66,469
|
|||||||
Intangible
assets, net
|
4,079
|
—
|
55,307
|
|||||||
Deferred
tax assets
|
—
|
132
|
—
|
|||||||
Other
assets (including $1,548 of deferred acquisition costs at June 30,
2007)
|
—
|
2,556
|
3
|
|||||||
Total
non-current assets
|
49,108
|
2,690
|
127,719
|
|||||||
Total
assets
|
$
|
68,788
|
$
|
71,078
|
$
|
165,210
|
||||
|
||||||||||
Current
liabilities
|
||||||||||
Trade
payables and accrued liabilities
|
$
|
8,641
|
$
|
893
|
$
|
19,919
|
||||
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
|
4,149
|
|||||||
Income
tax payable
|
245
|
177
|
132
|
|||||||
Employee
benefits
|
1,614
|
12
|
1,064
|
|||||||
Deferred
underwriting fees
|
—
|
1,380
|
—
|
|||||||
Total
current liabilities
|
20,859
|
4,812
|
25,264
|
|||||||
|
||||||||||
Non-current
liabilities
|
||||||||||
Long-term
debt and obligations, net of current portion
|
33,811
|
—
|
65,085
|
|||||||
Deferred
tax liabilities
|
881
|
—
|
101
|
|||||||
Employee
benefits and other non-current liabilities
|
197
|
—
|
1,544
|
|||||||
Common
stock, subject to possible conversion
|
—
|
13,339
|
—
|
|||||||
Total
non-current liabilities
|
34,889
|
13,339
|
66,730
|
|||||||
|
||||||||||
Commitments
and contingencies
|
—
|
—
|
—
|
|||||||
|
||||||||||
Minority
Interest
|
—
|
—
|
8,433
|
|||||||
|
||||||||||
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 December 31,
2007,
respectively (successor)
|
—
|
1
|
1
|
|||||||
Class
D and common stock (predecessor)
|
12,187
|
—
|
—
|
|||||||
Additional
paid-in capital
|
—
|
51,777
|
60,065
|
|||||||
Accumulated
other comprehensive income
|
862
|
—
|
849
|
|||||||
Retained
earnings (accumulated deficit)
|
(9
|
)
|
1,149
|
3,868
|
||||||
|
13,040
|
52,927
|
64,783
|
|||||||
Total
liabilities and stockholders’ equity
|
$
|
68,788
|
$
|
71,078
|
$
|
165,210
|
Predecessor
|
|
Successor
(Note 1)
|
|||||
Quarter
Ended
|
Quarter
Ended
|
||||||
December
31,
|
December
31,
|
||||||
|
2006
|
2007
|
|||||
Revenues
|
|
|
|||||
Sales
of containers
|
$
|
12,682
|
$
|
22,198
|
|||
Leasing
of containers
|
5,358
|
7,654
|
|||||
|
18,040
|
29,852
|
|||||
|
|||||||
Costs
and expenses
|
|||||||
Cost
of sales
|
10,605
|
18,454
|
|||||
Leasing,
selling and general expenses
|
7,390
|
5,897
|
|||||
Depreciation
and amortization
|
818
|
2,245
|
|||||
|
|||||||
Operating
income (loss)
|
(773
|
)
|
3,256
|
||||
|
|||||||
Interest income
|
37
|
128
|
|||||
Interest expense
|
(1,044
|
)
|
(1,585
|
)
|
|||
Foreign
currency exchange gain and other
|
49
|
61
|
|||||
|
(958
|
)
|
(1,396
|
)
|
|||
|
|||||||
Income
(loss) before provision for income taxes and minority
interest
|
(1,731
|
)
|
1,860
|
||||
|
|||||||
Provision
for income taxes
|
468
|
606
|
|||||
Minority
interest
|
—
|
57
|
|||||
Net
income (loss)
|
$
|
(2,199
|
)
|
$
|
1,197
|
||
Net
income per share:
|
|||||||
Basic
|
$
|
0.12
|
|||||
Diluted
|
0.09
|
||||||
Weighted
average shares outstanding
|
|||||||
Basic
|
9,690,099
|
||||||
Diluted
|
13,167,347
|
Predecessor
|
Successor
(Note
1)
|
|||||||||
Six
Months
|
Period
from
|
Six
Months
|
||||||||
Ended
|
July
1 to
|
Ended
|
||||||||
|
|
December
31,
|
|
September
13,
|
|
December
31,
|
||||
|
2006
|
2007
|
2007
|
|||||||
Revenues
|
|
|
|
|||||||
Sales
of containers
|
$
|
23,308
|
$
|
10,944
|
$
|
25,476
|
||||
Leasing
of containers
|
10,234
|
4,915
|
8,775
|
|||||||
|
33,542
|
15,859
|
34,251
|
|||||||
|
||||||||||
Costs
and expenses
|
||||||||||
Cost
of sales
|
20,381
|
9,466
|
21,401
|
|||||||
Leasing,
selling and general expenses
|
11,440
|
4,210
|
7,122
|
|||||||
Depreciation
and amortization
|
1,524
|
653
|
2,583
|
|||||||
|
||||||||||
Operating
income (loss)
|
197
|
1,530
|
3,145
|
|||||||
|
||||||||||
Interest income
|
39
|
14
|
1,103
|
|||||||
Interest expense
|
(1,815
|
)
|
(947
|
)
|
(1,959
|
)
|
||||
Foreign
currency exchange gain (loss) and other
|
47
|
(129
|
)
|
2,105
|
||||||
|
(1,729
|
)
|
(1,062
|
)
|
1,249
|
|||||
|
||||||||||
Income
before provision for income taxes and minority
interest
|
(1,532
|
)
|
468
|
4,394
|
||||||
|
||||||||||
Provision
for income taxes
|
617
|
180
|
1,461
|
|||||||
Minority
interest
|
—
|
—
|
214
|
|||||||
Net
income
|
$
|
(2,149
|
)
|
$
|
288
|
$
|
2,719
|
|||
Net
income per share:
|
||||||||||
Basic
|
$
|
0.27
|
||||||||
Diluted
|
0.20
|
|||||||||
Weighted
average shares outstanding
|
||||||||||
Basic
|
10,020,222
|
|||||||||
Diluted
|
13,473,160
|
Successor
|
|||||||||||||||||||
Accumulated
|
|||||||||||||||||||
Common
Stock
|
Additional
Paid-In
|
|
Other
Comprehensive
|
|
Retained
|
|
Total
Stockholders’
|
|
|||||||||||
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Income
(Loss)
|
|
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
|
—
|
—
|
76
|
—
|
—
|
76
|
|||||||||||||
|
|||||||||||||||||||
Contributed
services
|
—
|
—
|
87
|
—
|
—
|
87
|
|||||||||||||
|
|||||||||||||||||||
Net
income
|
—
|
—
|
—
|
—
|
2,719
|
2,719
|
|||||||||||||
|
|||||||||||||||||||
Cumulative
translation adjustment
|
—
|
—
|
—
|
849
|
—
|
849
|
|||||||||||||
|
|||||||||||||||||||
Balance
at December 31, 2007
|
9,690,099
|
$
|
1
|
$
|
60,065
|
$
|
849
|
$
|
3,868
|
$
|
64,783
|
Predecessor
|
Successor
(Note
1)
|
|||||||||
Six
Months
|
Period
from
|
Six
Months
|
||||||||
Ended
|
July
1 to
|
Ended
|
||||||||
December
31,
|
September
13,
|
December
31,
|
||||||||
2006
|
2007
|
2007
|
||||||||
Net
cash provided (used) by operating activities
|
$
|
4,385
|
$
|
4,294
|
$
|
(6,484
|
)
|
|||
|
||||||||||
Cash
flows from investing activities:
|
||||||||||
Proceeds
from sale of property, plant and equipment
|
41
|
28
|
16
|
|||||||
Acquisitions
(including deferred financing costs ), net of
cash
acquired
|
—
|
—
|
(70,953
|
)
|
||||||
Purchases of
property, plant and equipment
|
(337
|
)
|
—
|
(114
|
)
|
|||||
Purchases
of container lease fleet
|
(9,151
|
)
|
(3,106
|
)
|
(3,806
|
)
|
||||
Purchases
of intangible assets
|
(449
|
)
|
—
|
(15
|
)
|
|||||
Payment
of deferred purchase consideration
|
(151
|
)
|
—
|
—
|
||||||
Net
cash used by investing activities
|
(10,047
|
)
|
(3,078
|
)
|
(74,872
|
)
|
||||
|
||||||||||
Cash
flows from financing activities:
|
||||||||||
Leasing activities
|
(216
|
)
|
(7,921
|
)
|
61
|
|||||
Proceeds
from long-term borrowings
|
6,670
|
1,124
|
14,446
|
|||||||
Proceeds
from issuances of capital
|
—
|
4,990
|
—
|
|||||||
Payments
to converting stockholders; including interest income, net
|
—
|
—
|
(6,426
|
)
|
||||||
Minority
interest
|
—
|
—
|
8,278
|
|||||||
Repayment
of borrowings from related party
|
—
|
—
|
(2,350
|
)
|
||||||
Net
cash provided (used) by financing activities
|
6,454
|
(1,807
|
)
|
14,009
|
||||||
|
||||||||||
Net decrease
in cash
|
792
|
(591
|
)
|
(67,347
|
)
|
|||||
|
||||||||||
Cash
at beginning of period
|
567
|
886
|
68,277
|
|||||||
|
||||||||||
Translation
adjustment
|
(875
|
)
|
(5
|
)
|
1,069
|
|||||
|
||||||||||
Cash
at end of period
|
$
|
484
|
$
|
290
|
$
|
1,999
|
|
September
13, 2007
|
||||||
Fair
value of the net tangible assets acquired and liabilities
assumed:
|
|
|
|||||
Cash
and cash equivalents
|
$
|
290
|
$
|
||||
Trade
and other receivables
|
11,930
|
||||||
Inventories
(primarily containers)
|
9,224
|
||||||
Lease
receivables
|
1,452
|
||||||
Property,
plant and equipment
|
4,345
|
||||||
Container
for lease fleet
|
51,362
|
||||||
Other
assets
|
586
|
||||||
Trade
and other payables
|
(14,991
|
)
|
|||||
Income
tax payable
|
(178
|
)
|
|||||
Other
current liabilities
|
(974
|
)
|
|||||
Long-term
debt and obligations
|
(37,868
|
)
|
|||||
Total
net tangible assets acquired and liabilities assumed
|
$
|
25,178
|
|||||
|
|||||||
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)
|
1,478
|
||||||
Goodwill
|
18,142
|
||||||
Total
intangible assets acquired
|
44,481
|
||||||
Total
purchase consideration
|
$
|
69,659
|
|
|
|
Three
months ended
December
31,
|
|
|
Six
months ended
December
31,
|
||||
|
|
|
2006
|
|
|
2006
|
|
|
2007
|
|
Revenues
|
$
|
18,040
|
$
|
33,542
|
$
|
50,110
|
||||
Net
income (loss)
|
$
|
(1,308
|
)
|
$
|
(1,630
|
)
|
$
|
2,066
|
||
Pro
forma net income (loss) per share -
|
||||||||||
Basic
|
$
|
(0.14
|
)
|
$
|
(0.17
|
)
|
$
|
0.21
|
||
Diluted
|
(0.14
|
)
|
(0.17
|
)
|
0.15
|
|
Predecessor
|
Successor
|
|||||
|
June
30,
|
December
31,
|
|||||
|
2007
|
2007
|
|||||
|
|
|
|||||
Finished
goods
|
$
|
4,113
|
$
|
12,896
|
|||
Work
in progress
|
1,359
|
3,899
|
|||||
|
$
|
5,472
|
$
|
16,795
|
Quarter
Ended
|
Six
Months Ended
|
||||||
|
December
31, 2007
|
||||||
Basic
|
9,690,099
|
10,020,222
|
|||||
Assumed
exercise of warrants
|
3,433,003
|
3,408,761
|
|||||
Assumed exercise
of stock options
|
44,245
|
44,177
|
|||||
Diluted
|
13,167,347
|
13,473,160
|
|
November
14, 2007
|
||||||
Fair
value of the net tangible assets acquired and liabilities
assumed:
|
|
|
|||||
Inventories
(primarily containers)
|
$
|
1,746
|
|||||
Property,
plant and equipment
|
28
|
||||||
Container
for lease fleet
|
9,952
|
||||||
Trade
and other payables
|
(229
|
)
|
|||||
Total
net tangible assets acquired and liabilities assumed
|
$
|
11,497
|
|||||
|
|||||||
Fair
value of intangible assets acquired:
|
|||||||
Non-compete
agreement
|
1,999
|
||||||
Deferred
financing costs
|
84
|
||||||
Goodwill
|
4,270
|
||||||
Total
intangible assets acquired
|
6,353
|
||||||
Total
purchase consideration
|
$
|
17,850
|
|
Minimum
lease payments
|
Interest
|
Principal
|
|||||||
|
|
|
|
|||||||
Less
than one year
|
$
|
457
|
$
|
35
|
$
|
422
|
||||
Between
one and five years
|
167
|
19
|
148
|
|||||||
More
than five years
|
—
|
—
|
—
|
|||||||
|
$
|
624
|
$
|
54
|
$
|
570
|
Less
than one year
|
$
|
2,689
|
||
One-two
years
|
1,384
|
|||
Two-three
years
|
1,108
|
|||
Three-four
years
|
638
|
|||
Four-five
years
|
286
|
|||
Thereafter
|
384
|
|||
|
$
|
6,489
|
|
Predecessor
|
Successor
|
||||||||
|
Six
Months
Ended
December
31,
|
Period
from
July
1 to
September
13,
|
Six
Months
Ended
December
31,
|
|||||||
|
2006
|
2007
|
2007
|
|||||||
Cash
flows from operating activities
|
|
|
|
|||||||
Net
income (loss)
|
$
|
(2,149
|
)
|
$
|
288
|
$
|
2,719
|
|||
Loss
(gain) on sales and disposals of fixed assets
|
—
|
11
|
(5
|
)
|
||||||
Unrealized
foreign exchange loss (gain)
|
(65
|
)
|
58
|
(1,926
|
)
|
|||||
Unrealized
loss (gain) on forward exchange contracts
|
77
|
72
|
(179
|
)
|
||||||
Unrealized
loss on interest rate swaps
|
(81
|
)
|
90
|
(237
|
)
|
|||||
Depreciation
and amortization
|
1,524
|
653
|
2,583
|
|||||||
Amortization
of deferred financing costs
|
—
|
—
|
408
|
|||||||
Accretion
of interest on subordinated debt
|
852
|
32
|
70
|
|||||||
Share-based
compensation expense
|
—
|
—
|
76
|
|||||||
Contributed
services
|
—
|
—
|
87
|
|||||||
Interest
deferred for common stock subject to possible conversion, net of
income
tax effect
|
—
|
—
|
(226
|
)
|
||||||
Deferred
income taxes
|
617
|
180
|
1,905
|
|||||||
Minority
interest
|
—
|
—
|
214
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Trade
and other receivables, net
|
(5,035
|
)
|
1,090
|
(7,054
|
)
|
|||||
Inventories
|
(851
|
)
|
(3,822
|
)
|
(7,261
|
)
|
||||
Other
|
16
|
—
|
(65
|
)
|
||||||
Accounts
payable and accrued liabilities
|
9,480
|
5,642
|
2,799
|
|||||||
Income
taxes payable
|
—
|
—
|
(392
|
)
|
||||||
Net
cash provided (used) by operating activities
|
$
|
4,385
|
$
|
4,294
|
$
|
(6,484
|
)
|
Quarter
Ended
December
31,
|
|||||||
(In
millions)
|
|||||||
2006
|
2007
|
||||||
Salaries,
wages and related
|
$
|
5.4
|
$
|
3.0
|
|||
Rent
|
0.1
|
0.1
|
|||||
Customer
service center (“CSC”) operating costs
|
0.6
|
0.9
|
|||||
Business
promotion
|
0.2
|
0.2
|
|||||
Travel
and meals
|
0.2
|
0.2
|
|||||
IT
and telecommunications
|
0.1
|
0.2
|
|||||
Professional
costs
|
0.4
|
0.4
|
|||||
Other
|
0.4
|
0.3
|
|||||
|
|||||||
$
|
7.4
|
$
|
5.3
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Six
Months
Ended
December
31,
|
Period
from
July
1 to
September
13,
|
Six
Months
Ended
December
31,
|
Six
Months
Ended
December
31,
|
|||||||||
|
2006
|
2007
|
2007
|
2007
|
|||||||||
(In
thousands)
|
|||||||||||||
Revenues
|
|
|
|
|
|||||||||
Sale
of containers
|
$
|
23,308
|
$
|
10,944
|
$
|
25,476
|
$
|
36,420
|
|||||
Leasing
of containers
|
10,234
|
4,915
|
8,775
|
13,690
|
|||||||||
|
33,542
|
15,859
|
34,251
|
50,110
|
|||||||||
|
|||||||||||||
Costs
and expenses
|
|||||||||||||
Cost
of sales
|
20,381
|
9,466
|
21,401
|
30,867
|
|||||||||
Leasing,
selling and general expenses
|
11,440
|
4,210
|
7,122
|
11,332
|
|||||||||
Depreciation
and amortization
|
1,524
|
653
|
2,583
|
3,236
|
|||||||||
|
|||||||||||||
Operating
income (loss)
|
197
|
1,530
|
3,145
|
4,675
|
|||||||||
|
|||||||||||||
Interest income
|
39
|
14
|
1,103
|
1,117
|
|||||||||
Interest expense
|
(1,815
|
)
|
(947
|
)
|
(1,959
|
)
|
(2,906
|
)
|
|||||
Foreign
currency exchange gain (loss) and other
|
47
|
(129
|
)
|
2,105
|
1,976
|
||||||||
|
(1,729
|
)
|
(1,062
|
)
|
1,249
|
187
|
|||||||
|
|||||||||||||
Income
(loss) before provision for income taxes and minority
interest
|
(1,532
|
)
|
468
|
4,394
|
4,862
|
||||||||
|
|||||||||||||
Provision
for income taxes
|
617
|
180
|
1,461
|
1,641
|
|||||||||
|
|||||||||||||
Minority
interest
|
—
|
—
|
214
|
214
|
|||||||||
|
|||||||||||||
Net
income (loss)
|
$
|
(2,149
|
)
|
$
|
288
|
$
|
2,719
|
$
|
3,007
|
Six
Months Ended
December
31,
|
|||||||
2006
|
2007
|
||||||
(In
millions)
|
|||||||
Salaries,
wages and related
|
$
|
7.8
|
$
|
5.9
|
|||
Rent
|
0.2
|
0.2
|
|||||
CSC
operating costs
|
1.2
|
1.7
|
|||||
Business
promotion
|
0.4
|
0.4
|
|||||
Travel
and meals
|
0.4
|
0.5
|
|||||
IT
and telecommunications
|
0.2
|
0.4
|
|||||
Professional
costs
|
0.7
|
0.7
|
|||||
Other
|
0.5
|
0.4
|
|||||
$
|
11.4
|
$
|
10.2
|
Predecessor
|
|
|
Successor
|
|
|||
|
|
|
Quarter
Ended
December
31,
|
|
|
Quarter
Ended
December
31,
|
|
|
|
|
2006
|
|
|
2007
|
|
(In
thousands)
|
|||||||
Operating
income (loss)
|
$
|
(773
|
)
|
$
|
3,256
|
||
Add
- depreciation and amortization
|
818
|
2,245
|
|||||
EBITDA
|
45
|
5,501
|
|||||
Add
-
|
|||||||
Stock-based
compensation
|
—
|
42
|
|||||
Contributed
services
|
—
|
73
|
|||||
Adjusted
EBITDA
|
$
|
45
|
$
|
5,616
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Six
Months
Ended
December
31,
|
Period
from
July
1 to
September
13,
|
Six
Months
Ended
December
31,
|
Six
Months
Ended
December
31,
|
|||||||||
|
2006
|
2007
|
2007
|
2007
|
|||||||||
|
(In
thousands)
|
||||||||||||
Operating
income (loss)
|
$
|
197
|
$
|
1,530
|
$
|
3,145
|
$
|
4,675
|
|||||
Add
- depreciation and amortization
|
1,524
|
653
|
2,583
|
3,236
|
|||||||||
EBITDA
|
1,721
|
2,183
|
5,728
|
7,911
|
|||||||||
Add
-
|
|||||||||||||
Stock-based
compensation
|
— |
—
|
76
|
76
|
|||||||||
Contributed
services
|
—
|
—
|
87
|
87
|
|||||||||
Adjusted
EBITDA
|
$
|
1,721
|
$
|
2,183
|
$
|
5,891
|
$
|
8,074
|
|
Predecessor
|
Successor
|
Combined
|
||||||||||
|
Six
Months
Ended
December
31,
|
Period
from
July
1 to
September
13,
|
Six
Months
Ended
December
31,
|
Six
Months
Ended
December
31,
|
|||||||||
|
2006
|
2007
|
2007
|
2007
|
|||||||||
|
(In
thousands)
|
||||||||||||
Net
cash provided (used) by operating activities
|
$
|
4,385
|
$
|
4,294
|
$
|
(6,484
|
)
|
$
|
(2,190
|
)
|
|||
|
|||||||||||||
Net
cash used by investing activities
|
$
|
(10,047
|
)
|
$
|
(3,078
|
)
|
$
|
(74,872
|
)
|
$
|
(77,950
|
)
|
|
|
|||||||||||||
Net
cash provided (used) by financing activities
|
$
|
6,454
|
$
|
(1,807
|
)
|
$
|
14,009
|
$
|
12,202
|
Date: February 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
|
2.2
|
|
Business
Sale Agreement (incorporated by reference to Exhibit 2.1 of Registrant’s
Post-Effective Amendment No. 1 to Form S-1 filed January 29,
2008).
|
|
|
|
10.30
|
|
Employment
Agreement between General Finance Corporation and Christopher A.
Wilson
(incorporated by reference to Exhibit 10.1 of Registrant’s Post-Effective
Amendment No. 1 to Form S-1 filed January 29, 2008).
|
|
|
|
10.31
|
|
Preferred
Supply Agreement among General Electric Capital Container Finance
Corporation, Genstar Container Corporation, GE SeaCo SRL, Sea Containers
Ltd., Royal Wolf Trading Australia Pty Limited and GE SeaCo Australia
Pty
Limited (incorporated by reference to Exhibit 10.2 of Registrant’s
Post-Effective Amendment No. 1 to Form S-1 filed January 29,
2008).
|
10.32
|
|
Variation
Letter between Australia and New Zealand Banking Group Limited and
Royal
Wolf Australia Group (incorporated by reference to Exhibit 10.3 of
Registrant’s Post-Effective Amendment No. 1 to Form S-1 filed January 29,
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
|