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Note 11 - Acquisitions and Assets Held for Sale
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9 Months Ended |
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Mar. 31, 2013
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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. Approximately $4.6 million of that
equipment has been classified as property and equipment as it
consists of equipment we plan to utilize in our
operations. 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.
On
December 31, 2012, we acquired the stock of Rock Leasing,
Inc. ("Rock") in Warren, IN for $4.1 million. We
acquired trade receivables of $1.5 million, property and
equipment of $3.1 million, intangible assets of $1.4 million,
cash and other assets of $0.7 million offset by approximately
$2.6 million of various liabilities. The property
and equipment includes tractors and trailers that we intend
to continue to utilize. We also purchased additional land and
warehouse assets separately held for $0.8
million. In a separate transaction we acquired the
office and approximately 150,000 square feet of warehouse
space in Warren, IN. We used borrowings under our
existing line of credit to fund the purchase
price. The purposes of the acquisition were to
offer employment opportunities to Rock drivers, 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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