|
Note 15 - Acquisition and Assets Held for Sale
|
6 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| Business Combination Disclosure [Text Block] |
15. Acquisitions
and Assets Held for Sale
On October 19,
2011, the Company acquired certain assets of American Eagle,
the non-refrigerated division of Frozen Food Express
Industries, Inc. “FFE”. We acquired
229 tractors and 435 trailers which were recorded at their
estimated fair value, of $14.0 million, of which $9.5 million
remains in assets held for sale. The purposes for
the acquisition are to acquire equipment to dispose of for
our Quality Leasing and Sales division, to offer employment
opportunities to former FFE drivers, and to evaluate freight
transportation opportunities from FFE customers.
On December 15,
2011, the Company acquired certain assets of USF Glen Moore,
Inc. “Glen Moore”. We acquired
Glen Moore’s truckload business assets and their
terminal in Carlisle, PA. The terminal was
recorded at its estimated fair value of approximately $2.4
million, which included administrative offices and a
maintenance shop. Acquired revenue equipment of
557 tractors and 1,151 trailers was recorded at its estimated
fair value, of $16.2 million which remains in assets held for
sale. The purposes for the acquisition are to
acquire equipment to dispose of for our Quality Leasing and
Sales division, secure a terminal facility to operate from in
the northeastern United States, to offer employment
opportunities to former Glen Moore drivers, and to evaluate
freight transportation opportunities from Glen Moore
customers.
The
recorded amounts of assets acquired in the above transactions
are subject to change upon the finalization of our
determination of acquisition date fair
values. Assets held for sale are not being
depreciated.
|