STUDENT TRANSPORTATION INC.

CIK:0001419465|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 637,317	$ 600,194
Costs and expenses:
Cost of operations	485,091	457,743
General and administrative	68,037	61,897
Non-cash stock compensation	5,802	3,967
Acquisition expense		192
Depreciation and depletion expense	47,256	48,008
Amortization expense	3,142	3,153
Impairment of oil and gas assets	224	1,638
Total operating expenses	609,552	576,598
Income from operations	27,765	23,596
Interest expense	17,745	14,513
Foreign currency loss	30	1,147
Non-cash (gain) loss on US$ 6.25% Convertible Debentures conversion feature	(190)	177
Other income, net	(946)	(1,127)
Income before income taxes and equity in net loss of unconsolidated investment	11,126	8,886
Equity in net loss of unconsolidated investment		(11)
Income tax expense	4,666	2,838
Net income	$ 6,460	$ 6,037
Weighted average number of shares outstanding-basic	92,936,942	95,495,357
Weighted average number of shares outstanding-diluted	110,553,664	110,098,439
Basic and diluted net income per common share	$ 0.07	$ 0.06
Dividends declared per common share	$ 0.44	$ 0.44

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income	$ 6,460	$ 6,037
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	2,180	2,279
Non-cash loss (gain) on US$ 6.25% Convertible Debentures conversion feature	(190)	177
Unrealized foreign currency gain	2	(431)
Amortization of deferred financing costs	2,631	1,448
Non-cash stock compensation	5,802	3,967
Equity in net loss from unconsolidated investment		11
Loss on sale of oil and gas assets	1,359
Gain on disposal of fixed assets	(1,738)	(1,925)
Depreciation and depletion expense	47,256	48,008
Amortization expense	3,142	3,153
Impairment of oil and gas assets	224	1,638
Changes in current assets and liabilities:
Accounts receivable	(5,754)	(7,805)
Prepaid expenses, inventory and other current assets	(3,485)	(4,954)
Accounts payable	(7,843)	6,743
Accrued expenses and other current liabilities	8,636	9,862
Changes in other assets and liabilities	(2,821)	(37)
Net cash provided by operating activities	55,861	68,171
Investing activities
Business acquisitions, net of cash acquired		(6,182)
Purchases of property and equipment	(34,523)	(67,017)
Proceeds from sale of oil and gas assets	2,730
Proceeds on sale of equipment	2,698	2,247
Net cash used in investing activities	(29,095)	(70,952)
Financing activities
Issuance of Cdn$ 5.25% Convertible Debentures	65,764
Redemption of Senior Secured Notes	(35,000)
Redemption of US$ 6.25% Convertible Debentures	(59,936)
Redemption of Class B Series Three common shares	(2,457)	(651)
STI/ Class B Series Three common shares exchange issuance fees	(119)
Repurchase of common stock		(25,797)
Financing fees	(4,724)	(134)
Common stock dividends	(38,458)	(37,873)
Borrowings on credit facility	271,499	220,520
Payments on credit facility	(219,336)	(150,529)
Net cash (used in) provided by financing activities	(22,767)	5,536
Effect of exchange rate changes on cash	(794)	(329)
Net increase in cash and cash equivalents	3,205	2,426
Cash and cash equivalents at beginning of period	7,759	5,333
Cash and cash equivalents at end of period	10,964	7,759
Supplemental information:
Cash paid for interest	16,611	13,538
Cash paid for income taxes	$ 2,662	$ 1,038

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 10,964	$ 7,759
Accounts receivable, net of allowance for doubtful accounts of $264 and $109 at June 30, 2017 and 2016, respectively	68,747	63,018
Inventory	4,560	4,415
Prepaid expenses	16,980	14,330
Other current assets	3,885	3,216
Total current assets	105,136	92,738
Other assets	20,502	18,065
Property and equipment, net	231,198	228,572
Oil and gas interests, net		5,398
Other intangible assets, net	55,518	58,734
Goodwill	141,454	141,669
Total assets	553,808	545,176
Current liabilities:
Accounts payable	1,101	8,946
Accrued expenses and other current liabilities	70,467	55,264
Total current liabilities	71,568	64,210
Long-term debt , net	291,347	269,672
Deferred income tax liability	43,865	42,083
Class B Series Three common share liability		2,768
Other liabilities	20,581	20,548
Total liabilities	427,361	399,281
Shareholders' equity
Preferred shares, no par value, unlimited shares authorized, none outstanding
Common shares, no par value, unlimited shares authorized, 94,631,743 and 91,903,515 issued and outstanding at June 30, 2017 and 2016, respectively	0	0
Paid in Share Capital	512,173	496,990
Accumulated deficit	(385,915)	(351,108)
Accumulated other comprehensive income	189	13
Total shareholders' equity	126,447	145,895
Total liabilities and shareholders' equity	$ 553,808	$ 545,176