EXHIBIT 99.1
 
GENERAL FINANCE CORPORATION REPORTS THIRD QUARTER RESULTS FOR FISCAL YEAR 2020
 
PASADENA, CA – May 5, 2020 – General Finance Corporation (NASDAQ: GFN), a leading specialty rental services company offering portable storage, modular space and liquid containment solutions in North America and in the Asia-Pacific region of Australia and New Zealand (the “Company”), today announced its consolidated financial results for the third quarter and nine months (“YTD”) ended March 31, 2020.
 
Third Quarter 2020 Highlights
  • Leasing revenues, excluding the oil and gas sector and foreign currency exchange rates, increased by 6% over the third quarter of fiscal year 2019.
  • Total leasing revenues were $57.8 million, compared to $59.6 million for the third quarter of fiscal year 2019.
  • Leasing revenues comprised 66% of total non-manufacturing revenues, compared to 70% for the third quarter of fiscal year 2019.  
  • Total revenues were $90.0 million, compared to $86.2 million for the third quarter of fiscal year 2019.
  • Adjusted EBITDA was $23.6 million, compared to $24.1 million for the third quarter of fiscal year 2019.
  • Adjusted EBITDA margin was 26%, compared to 28% in the third quarter of fiscal year 2019.  
  • Net loss attributable to common shareholders was $9.5 million, or $0.32 per diluted share, compared to a net loss attributable to common shareholders of $1.3 million, or $0.04 per diluted share, for the third quarter of fiscal year 2019. Included in these results were non-cash charges of $11.3 million and $1.1 million in fiscal years 2020 and 2019, respectively, for changes in the valuation of stand-alone bifurcated derivatives.
  • Average fleet unit utilization was 75%, compared to 80% in the third quarter of fiscal year 2019.
  • Entered one new market with a greenfield location in North America.
  • Completed one acquisition in North America.
 
YTD 2020 Highlights  
  • Leasing revenues, excluding the oil and gas sector and foreign currency exchange rates, increased by approximately 10% over the first nine months of fiscal year 2019.
  • Total leasing revenues were $177.5 million, compared to $181.4 million for the first nine months of fiscal year 2019.
  • Leasing revenues comprised 67% of total non-manufacturing revenues, compared to 66% for the first nine months of fiscal year 2019.  
  • Total revenues were $272.0 million, compared to $282.0 million for the first nine months of fiscal year 2019.
  • Adjusted EBITDA was $75.2 million, compared to $80.8 million for the first nine months of fiscal year 2019.
  • Adjusted EBITDA margin was 28%, compared to 29% for the first nine months of fiscal year 2018.  
  • Net income attributable to common shareholders was $5.0 million, or $0.16 per diluted share, compared to a net loss attributable to common shareholders of $15.5 million, or $0.53 per diluted share, for the first nine months of fiscal year 2019. Included in these results were non-cash charges of $6.4 million and $22.8 million in fiscal years 2020 and 2019, respectively, for changes in the valuation of stand-alone bifurcated derivatives.
  • Average fleet unit utilization was 77%, compared to 82% in the first nine months of fiscal year 2019.
  • Entered four new markets, opening two greenfield locations in North America and two in the Asia-Pacific region.
  • Completed one acquisition in North America.
 

The following information was filed by General Finance Corp (GFN) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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