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Note 11 - Acquisitions and Assets Held for Sale
6 Months Ended
Dec. 31, 2012
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.