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Note 11 - Acquisitions and Assets Held for Sale
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6 Months Ended |
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Dec. 31, 2012
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| Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
11. Acquisitions
and Assets Held for Sale
On August 3,
2012, we acquired certain assets of USA Dry Van Logistics,
LLC ("USA"). We acquired 271 tractors and
1,213 trailers, which were recorded at their estimated fair
value of $18.5 million. The value of equipment
that has not been disposed of is classified as equipment held
for resale. The purposes of the acquisition were
to offer employment opportunities to former USA drivers and
to evaluate freight transportation opportunities from USA
customers.
On September 27,
2012, we acquired certain assets of Robinson Transport, Inc
("Robinson"). We acquired 155 tractors and
280 trailers, which were recorded at their estimated fair
value of $8.2 million. The value of equipment that
has not been disposed of is classified as equipment held for
resale. In addition, we purchased the terminal and
land in Columbus, Ohio of approximately 10 acres, for
approximately $1.1 million, which we intend to continue to
operate. The purposes of the acquisition were to
offer employment opportunities to former Robinson drivers and
to evaluate freight transportation opportunities from
Robinson customers.
In December 2012,
we acquired the stock of Rock Leasing, Inc.
(“Rock”) in Warren, IN for $4.1
million. We have preliminarily assigned values to
the acquired assets of Rock consisting primarily of trade
receivables of $1.8 million and property and equipment of
$3.1 million, which is offset by approximately $2.7 million
of various liabilities. The property and equipment
includes tractors and trailers that we intend to continue to
utilize. In a separate transaction we purchased land and
warehouse assets for $0.8 million. There is office
space and a total of approximately 150,000 square feet of
warehouse space in Warren, IN. We will finalize
the allocation of the purchase price in the March 2013
quarter. We used borrowings under our existing
line of credit to fund the purchase price of both
transactions. The purposes of the acquisitions
were to offer employment opportunities to Rock drivers and
continue dry-van, temperature controlled, and warehouse
services for the Rock 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. Equipment held for resale is not being
depreciated.
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