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Note 11 - Acquisitions and Assets Held for Sale
9 Months Ended
Mar. 31, 2013
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.