10-Q

U. S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                      to                     .

Commission file number 001-32845

(Exact Name of Registrant as Specified in its Charter)

Delaware	32-0163571
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

39 East Union Street

Pasadena, CA 91103

(Address of Principal Executive Offices)

(626) 584-9722

(Registrant’s Telephone Number, Including Area Code)

Indicate by check whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x     No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 22,256,174 shares outstanding as of May 3, 2013.

GENERAL FINANCE CORPORATION

INDEX TO FORM 10-Q

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	34
SIGNATURES		35

2

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	June 30, 2012			March 31, 2013
				(Unaudited)
Assets
Cash and cash equivalents	$	7,085		$	2,744
Restricted cash		—			1,000
Trade and other receivables, net of allowance for doubtful accounts of $2,538 and $2,485 at June 30, 2012 and March 31, 2013, respectively		35,443			34,456
Inventories		31,206			37,095
Prepaid expenses and other		5,029			5,978
Property, plant and equipment, net		12,732			19,277
Lease fleet, net		259,458			301,282
Goodwill		68,449			73,205
Other intangible assets, net		18,158			19,174
Total assets	$	437,560		$	494,211
Liabilities
Trade payables and accrued liabilities	$	35,964		$	37,837
Income taxes payable		593			289
Unearned revenue and advance payments		12,151			12,819
Senior and other debt		174,092			212,918
Deferred tax liabilities		20,763			25,613
Total liabilities		243,563			289,476
Commitments and contingencies (Note 9)		—			—
Equity
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 26,000 shares issued and outstanding (in series) and liquidation value of $1,438 at June 30, 2012 and $1,439 at March 31, 2013		1,395			1,395
Common stock, $.0001 par value: 100,000,000 shares authorized; 22,019,965 and 22,248,386 shares outstanding at June 30, 2012 and March 31, 2013, respectively		2			2
Additional paid-in capital		112,865			114,532
Accumulated other comprehensive income		5,809			7,552
Accumulated deficit		(22,877	)		(19,358	)
Total General Finance Corporation stockholders’ equity		97,194			104,123
Equity of noncontrolling interests		96,803			100,612
Total equity		193,997			204,735
Total liabilities and equity	$	437,560		$	494,211

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

	Quarter Ended March 31,						Nine Months Ended March 31,
	2012			2013			2012			2013
Revenues
Sales:
Lease inventories and fleet	$	28,762		$	27,022		$	79,906		$	75,020
Manufactured units		—			5,310			—			13,041
		28,762			32,332			79,906			88,061
Leasing		27,392			31,503			77,148			92,515
		56,154			63,835			157,054			180,576
Costs and expenses
Cost of sales:
Lease inventories and fleet (exclusive of the items shown separately below)		21,664			19,827			58,897			55,230
Manufactured units		—			5,556			—			12,105
Direct costs of leasing operations		10,802			12,258			30,754			34,639
Selling and general expenses		11,427			13,482			33,822			39,757
Depreciation and amortization		4,904			5,568			14,144			16,155
Operating income		7,357			7,144			19,437			22,690
Interest income		13			3			141			43
Interest expense		(2,610	)		(2,749	)		(8,900	)		(8,604	)
Foreign currency exchange gain and other		576			115			899			583
		(2,021	)		(2,631	)		(7,860	)		(7,978	)
Income before provision for income taxes		5,336			4,513			11,577			14,712
Provision for income taxes		2,029			1,715			4,401			5,591
Net income		3,307			2,798			7,176			9,121
Preferred stock dividends		(44	)		(44	)		(133	)		(130	)
Noncontrolling interest		(2,095	)		(2,049	)		(4,771	)		(5,602	)
Net income attributable to common stockholders	$	1,168		$	705		$	2,272		$	3,389
Net income per common share:
Basic	$	0.05		$	0.03		$	0.10		$	0.15
Diluted		0.05			0.03			0.10			0.15
Weighted average shares outstanding:
Basic		22,013,299			22,127,042			22,013,299			22,059,072
Diluted		22,273,173			22,821,564			22,271,547			22,753,594

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except share and per share data)

(Unaudited)

	Quarter Ended March						Nine Months Ended March 31,
	2012			2013			2012			2013
Net income	$	3,307		$	2,798		$	7,176		$	9,121
Other comprehensive income:
Fair value change in derivative, net of income tax provision of $196 and $100 for the quarter and nine months ended March 31, 2013, respectively		—			457			—			233
Cumulative translation adjustment		2,806			557			(2,570	)		3,487
Total comprehensive income		6,113			3,812			4,606			12,841
Comprehensive loss (gain) allocated to noncontrolling interests		(2,265	)		(2,667	)		199			(7,579	)
Comprehensive income allocable to General Finance Corporation stockholders	$	3,848		$	1,145		$	4,805		$	5,262

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except share and share data)

(Unaudited)

	Cumulative Preferred Stock			Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)			Total General Finance Corporation Stockholders’ Equity			Equity of Noncontrolling Interests			Total Equity
Balance at June 30, 2012	$	1,395		$	2	$	112,865		$	5,809	$	(22,877	)	$	97,194		$	96,803		$	193,997
Share-based compensation		—			—		752			—		—			752			216			968
Preferred stock dividends		—			—		(130	)		—		—			(130	)		—			(130	)
Dividends on capital stock by subsidiary		—			—		—			—		—			—			(4,678	)		(4,678	)
Purchases of subsidiary capital stock		—			—		—			—		—			—			(197	)		(197	)
Issuance of 78,421 shares of common stock		—			—		295			—		—			295			—			295
Issuance of 750 shares of cumulative preferred stock		750			—		—			—		—			750			—			750
Conversion of 750 shares of cumulative preferred stock to 150,000 shares of common stock		(750	)		—		750			—		—			—			—			—
Noncontrolling interest at acquisition of Southern Frac (Note 4)		—			—		—			—		—			—			889			889
Net income		—			—		—			—		3,519			3,519			5,602			9,121
Fair value change in derivative, net of related tax effect		—			—		—			117		—			117			116			233
Cumulative translation adjustment		—			—		—			1,626		—			1,626			1,861			3,487
Total comprehensive income		—			—		—			—		—			5,262			7,579			12,841
Balance at March 31, 2013	$	1,395		$	2	$	114,532		$	7,552	$	(19,358	)	$	104,123		$	100,612		$	204,735

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended March 31,
	2012			2013
Net cash provided by operating activities (Note 10)	$	1,349		$	20,975
Cash flows from investing activities:
Business acquisitions, net of cash acquired		—			(14,649	)
Proceeds from sales of property, plant and equipment		351			161
Purchases of property, plant and equipment		(2,114	)		(6,197	)
Proceeds from sales of lease fleet		20,775			20,226
Purchases of lease fleet		(52,466	)		(55,645	)
Other intangible assets		(169	)		(203	)
Net cash used in investing activities		(33,623	)		(56,307	)
Cash flows from financing activities:
Repayments of equipment financing activities		(411	)		(281	)
Repayment of senior credit facility and subordinated note (Note 5)		—			(79,175	)
Proceeds from senior and other debt borrowings, net		37,017			114,389
Deferred financing costs		—			(1,412	)
Proceeds from issuances of common stock		—			295
Purchases of subsidiary capital stock		—			(197	)
Dividends on capital stock by subsidiary		(1,803	)		(2,345	)
Preferred stock dividends		(133	)		(130	)
Net cash provided by financing activities		34,670			31,144
Net increase (decrease) in cash		2,396			(4,188	)
Cash and equivalents at beginning of period		6,574			7,085
The effect of foreign currency translation on cash		(1,138	)		(153	)
Cash and equivalents at end of period	$	7,832		$	2,744

Non-cash investing and financing activities:

On October 1, 2012, the Company issued convertible cumulative preferred stock of $750 and a noninterest-bearing seller holdback note of $2,000 as part of the consideration for a business acquisition (see Note 4)

On February 5, 2013, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on April 3, 2012 to shareholders of record on March 19, 2013. The condensed consolidated financial statements accrued the amount of the dividend pertaining to the noncontrolling interest, which totaled $2,333 (AUS$2,258), as a charge directly to the equity of noncontrolling interests at March 31, 2013 (see Note 3).

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1. Organization and Business Operations

General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its subsidiary, Southern Frac, LLC, a Texas limited liability company (“Southern Frac”); Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”); and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation, doing business as (“d.b.a.”) “Container King” (collectively “Pac-Van”).

At March 31, 2013, the Company has two geographic (and three operating) units, Royal Wolf, which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand, which is referred geographically by the Company to be the Asia-Pacific (or Pan-Pacific) area; Pac-Van, which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices in North America; and Southern Frac, which manufactures portable liquid storage tank containers in North America (see Note 4).

On May 31, 2011, the Company completed an initial public offering (“IPO”) in Australia of a noncontrolling interest in RWH. A total of 50,000,000 shares of capital stock were issued to the Australian market and an additional 188,526 shares were issued to the non-employee members of the RWH Board of Directors, the RWH chief executive officer and the RWH chief financial officer. At the IPO date and through March 31, 2013, GFN U.S. owned a direct (and the Company an indirect) majority interest of over 50%.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2013. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012 filed with the Securities and Exchange Commission (“SEC”).

Certain reclassifications have been made to conform to the current period presentation. Unless otherwise indicated, references to “FY 2012” and “FY 2013” are to the nine months ended March 31, 2012 and 2013, respectively.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Foreign Currency Translation

The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters. All assets and liabilities are translated at the rates in effect at the balance sheet dates; and revenues, expenses, gains and losses are translated using the average exchange rates during the periods. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined.

8

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates.

Inventories

Inventories are stated at the lower of cost or fair value (net realizable value). Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion are estimated and are deducted from the estimated selling price to establish net realizable value. Costs are assigned to individual items of inventory on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location. Inventories consist of containers, modular buildings and mobile offices held for sale or lease, as well as manufactured portable liquid storage tank containers held for sale, and are comprised of the following (in thousands):

	June 30,		March 31,
	2012		2013
Finished goods	$	30,053	$	31,835
Work in progress		1,153		2,043
Raw materials		—		3,217
	$	31,206	$	37,095

Property, plant and equipment consist of the following (in thousands):

	Estimated Useful Life		June 30,			March 31,
			2012			2013
Land		—	$	2,016		$	2,326
Building and improvements		10 — 40 years		1,020			3,393
Transportation and plant equipment (including capital lease assets)		3 — 20 years		18,196			22,902
Furniture, fixtures and office equipment		3 — 10 years		3,589			5,033
Construction in-process				—			241
				24,821			33,895
Less accumulated depreciation and amortization				(12,089	)		(14,618	)
			$	12,732		$	19,277

Lease Fleet

The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2012 and March 31, 2013, the gross cost of the lease fleet was $294,258,000 and $344,166,000, respectively.

Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale.

9

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2008 are subject to examination by the U.S. Internal Revenue Service. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months.

The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes.

Net Income per Common Share

Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities the Company has outstanding are warrants and stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share:

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Basic		22,013,299		22,127,042		22,013,299		22,059,072
Assumed exercise of warrants		—		224,652		—		224,652
Assumed exercise of stock options		259,874		469,870		258,248		469,870
Diluted		22,273,173		22,821,564		22,271,547		22,753,594

Potential common stock equivalents totaling 3,423,579 and 3,425,205 for the quarter ended March 31, 2012 and FY 2012, respectively, and 3,234,344 for both the quarter ended March 31, 2013 and FY 2013 have been excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.

Recently Issued Accounting Pronouncements

In August 2010, the FASB, as result of a joint project with the International Accounting Standards Board (“IASB”) to simplify lease accounting and improve the quality of and comparability of financial information for users, published a proposed standard that would change the accounting and financial reporting for both lessee and lessor under ASC Topic 840, Leases. The proposed standard would effectively eliminate off-balance sheet accounting for most of the operating leases of lessees and would require lessors to apply a receivable and residual accounting approach. Subsequent to June 30, 2011, the FASB and IASB announced their intention to re-expose the common leasing standard exposure draft for revised proposals since August 2010 and, through June 30, 2012, continue to redeliberate issues and concerns raised in response to the proposed standard. The Company believes that the final standards, if issued in substantially the same form as the published proposal, would have a material effect in the presentation of its consolidated financial position and results of operations.

In February 2013, the FASB updated the guidance within ASC 220, Comprehensive Income. The update requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (“AOCI”) and changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under U.S. GAAP is required. The above information must be presented in one place, either parenthetically on the face of the financial statements by income statement line item, or in a note. The updated guidance is to be applied prospectively, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012, with early adoption permitted. The Company intends to adopt the new provisions of this accounting standard at the beginning of its fiscal year ending June 30, 2014, but its adoption is not expected to have a material impact on the consolidated financial statements.

10

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 3. Equity Transactions

Rights Offering

On June 25, 2010, the Company completed a rights offering. The offering entitled holders of the rights to purchase units at $1.50 per unit, with each unit consisting of one share of GFN common stock and a three-year warrant to purchase 0.5 additional shares of GFN common stock at an exercise price of $4.00 per share. At March 31, 2013, the Company had outstanding a total of 4,043,737 warrants that would enable the holders to acquire an additional 2,021,868 shares of common stock at an exercise price of $4.00 per share.

Cumulative Preferred Stock

The Company conducted private placements of Series A 12.5% Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $50 per share (“Series A Preferred Stock”); and Series B 8% Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. The Series A Preferred Stock and the Series B Preferred Stock are referred to collectively as the “Cumulative Preferred Stock.” Upon issuance of the Cumulative Preferred Stock, the Company recorded the liquidation value as the preferred equity in the consolidated balance sheet, with any issuance or offering costs as a reduction in additional paid-in capital. As of March 31, 2013, the Company had issued 25,900 shares and 100 shares of Series A Preferred Stock and Series B Preferred Stock for total proceeds of $1,295,000 and $100,000, respectively.

The Cumulative Preferred Stock is not convertible into GFN common stock, has no voting rights, except as required by Delaware law, and is not redeemable prior to February 1, 2014; at which time it may be redeemed at any time, in whole or in part, at the Company’s option. Holders of the Cumulative Preferred Stock are entitled to receive, when declared by the Company’s Board of Directors, annual dividends payable quarterly in arrears on the 31^st day of January, July and October and on the 30^th day of April of each year. In the event of any liquidation or winding up of the Company, the holders of the Cumulative Preferred Stock will have preference to holders of common stock; with the holders of the Series A Preferred Stock having preference over holders of the Series B Preferred Stock.

In connection with an acquisition during the year ended June 30, 2011, the Company issued 110 shares of Series B Preferred Stock with a liquidation value of $110,000 that is redeemable in three annual installments from the dates of issuance. As a result, these issuances, which total $37,000 (36.68 shares) at March 31, 2013, are classified as a liability in the condensed consolidated balance sheet under the caption “Senior and other debt.”

As of March 31, 2013, since issuance, dividends paid or payable totaled $665,000 and $49,000 for the Series A Preferred Stock and Series B Preferred Stock, respectively. The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code.

In connection with the Southern Frac acquisition (see Note 4), the Company issued 750 shares of a new Series C Convertible Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $1,000 per share (“Series C Preferred Stock”). Each share of Series C Preferred Stock will accrue no dividends unless declared by the Board of Directors of the Company. The Series C Preferred Stock is automatically convertible into 150,000 shares of GFN common stock at the date that the shares of GFN common stock have a closing price equal to or in excess of $5.00 per share on the NASDAQ Stock Market. On February 12, 2013, the closing price of the Company’s common stock was $5.06 per share, and the Series C Preferred Stock automatically converted to 150,000 shares of Company common stock.

Royal Wolf Dividends

On August 14, 2012, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on October 2, 2012 to shareholders of record on September 20, 2012.

On February 5, 2013, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on April 3, 2012 to shareholders of record on March 19, 2013.

The condensed consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest.

11

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 4. Acquisitions

The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The businesses discussed below were acquired primarily to expand the Company’s container lease fleet.

On August 1, 2012, the Company, through Royal Wolf, purchased the business of Tassay Pty Ltd., d.b.a. “Rockhampton Container Sales,” for approximately $656,000 (AUS$624,000), which included a holdback amount of $32,000 (AUS$31,000) . Rockhampton Container Sales leases and sells containers and is based in Rockhampton, Queensland.

On August 17, 2012, the Company, through Pac-Van, purchased the business of Camelback Container Services, LLC (“Camelback”) for $178,000, which included a holdback amount of $16,000. Camelback performs, among other things, custom modifications of ground level offices and storage containers in Phoenix, Arizona.

On September 17, 2012, the Company, through Pac-Van, purchased the business of Container Connection, LLC (“Container Connection”) for $1,604,000, which included a non-interest-bearing holdback note of $207,000 (discounted to $172,000 at the date of acquisition). Container Connection leases and sells containers in Albany, Georgia and Orlando, Florida.

On October 1, 2012, the Company, through GFNMC, acquired 90% of the membership interests of Southern Frac for $6,969,000; which included a noninterest-bearing holdback note of $2,000,000 payable over three years and, therefore, discounted to $1,572,000 at the date of acquisition. Funding for this acquisition included $2,000,000 from borrowings under a new $15,000,000 senior credit facility with Wells Fargo Bank, National Association (“Wells Fargo SF Credit Facility” - see Note 5) and $750,000 from the issuance of 750 shares of Series C Preferred Stock (see Note 3). In conjunction with the acquisition of Southern Frac, GFNMC entered into an agreement with the 10% noncontrolling interest holder for a call option that provides that for the period commencing on April 1, 2013 through October 1, 2017, GFNMC may purchase the noncontrolling interest for an initial price of $1,500,000, with incremental increases of $250,000 for each of the subsequent seven six-month periods. Southern Frac manufactures portable liquid storage containers in Waxahachie, Texas.

On November 5, 2012, the Company, through Royal Wolf, purchased the businesses of Australian Container & Engineering Services Pty Limited, Container Engineering North Queensland Pty Limited and Australian Container Traders Pty Limited, collectively “Coral Seas Containers,” for approximately $5,618,000 (AUS$5,434,000), which included a holdback amount of $289,000 (AUS$280,000). Coral Seas Containers, among other things, leases and sells containers and is based in Queensland.

On November 22, 2012, the Company, through Royal Wolf, purchased the business of Cairns Containers Pty Limited (“Cairns Containers”) for approximately $845,000 (AUS$814,000), which included a holdback amount of $44,000 (AUS$43,000). Cairns Container leases and sells containers and is based in Cairns, Queensland.

On February 22, 2013, the Company, through Pac-Van, purchased the business of AMEXX Leasing, LLC (“AMEXX”) for $354,000, which included a holdback amount of $31,000. AMEXX leases and sells containers in Michigan and Illinois.

On March 1, 2013, the Company, through Pac-Van, purchased the business of Alberta Container Services, Inc. (“ACS”) for $1,788,000 (C$1,893,000), which included a holdback amount of $515,000 (discounted to $352,000 at the date of acquisition). ACS leases and sells containers in Alberta, Canada.

12

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The accompanying condensed consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. The allocations for the acquisitions in FY 2013 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands):

	Southern Frac October 1,  2012			Coral Seas Containers November 5, 2012			Other Acquisitions			Total
Fair value of the net tangible assets acquired and liabilities assumed:
Restricted cash	$	1,000		$	—		$	—		$	1,000
Trade and other receivables		3,203			14			210			3,427
Inventories		2,296			528			1,245			4,069
Prepaid expenses and other		152			—			4			156
Property, plant and equipment		2,892			107			358			3,357
Lease fleet		—			3,649			2,584			6,233
Accounts payables and accrued liabilities		(6,220	)		(177	)		(121	)		(6,518	)
Income taxes payable		—			—			—			—
Unearned revenue and advance payments		—			(8	)		(111	)		(119	)
Senior and other debt		(47	)		—			—			(47	)
Noncontrolling interest		(889	)		—			—			(889	)
Total net tangible assets acquired, liabilities assumed and noncontrolling interest		2,387			4,113			4,169			10,669
Fair value of intangible assets acquired:
Non-compete agreement		71			580			304			955
Customer lists		1,112			295			598			2,005
Trade name		387			—			—			387
Other		261			—			—			261
Goodwill		2,751			630			409			3,790
Total intangible assets acquired		4,582			1,505			1,311			7,398
Total purchase allocation	$	6,969		$	5,618		$	5,480		$	18,067

The estimated fair value of the tangible and intangible assets acquired and liabilities assumed exceeded the purchase prices of Rockhampton Container Sales and Container Connection resulting in estimated bargain purchase gains of $55,000 and $105,000, respectively. These gains have been recorded as non-operating income in the accompanying condensed consolidated statements of operations.

Transaction costs are expensed as incurred and included in selling and general expenses in the accompanying condensed consolidated statements of operations. Transaction costs associated with the Southern Frac acquisition totaled approximately $200,000 and were not material for the other acquisitions in FY 2013. Goodwill recorded in connection with the FY 2013 acquisitions will not be deductible for income tax reporting purposes.

Note 5. Senior and Other Debt

Royal Wolf Senior Credit Facility

Royal Wolf has an approximately $128,867,000 (AUS$100,000,000 and NZ$29,400,000) senior credit facility with Australia and New Zealand Banking Group Limited (“ANZ”), which is secured by substantially all of the assets of the Company’s Australian and New Zealand subsidiaries. The facility matures on June 30, 2014, except for a $15,635,000 (AUS$15,000,000) revolving sub-facility that matures on November 14, 2014. The ANZ senior credit facility, as amended, is comprised of a working capital sub-facility (primarily for receivable financing) and revolving sub-facilities (primarily for lease fleet purchases and acquisitions) in both Australia and New Zealand. As of March 31, 2013, based upon the exchange rate of one Australian dollar to $1.0423 U.S. dollar and one New Zealand dollar to $0.8040 Australian dollar, total borrowings and availability under the ANZ credit facility totaled $108,147,000 (AUS$103,758,000) and $20,720,000 (AUS$19,879,000), respectively. At March 31, 2013, borrowings under the working capital and revolving sub-facilities totaled $2,782,000 (AUS$2,669,000) and $105,365,000 (AUS$101,089,000), respectively, and bear interest at the bank bill swap interest rate in Australia (BBSY) or New Zealand (BKBM), plus 1.85% - 2.05% per annum. At March 31, 2013, the BBSY and BKBM were 3.0842% and 2.735%, respectively.

13

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Royal Wolf also has a $3,127,000 (AUS$3,000,000) sub-facility with ANZ to, among other things, facilitate direct and global payments using electronic banking services and a bank guarantee sub-facility of $1,042,000 (AUS$1,000,000).

The ANZ senior credit facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified consolidated interest coverage and total debt ratios based on earnings before interest, income taxes, amortization and depreciation and other non-operating costs (“EBITDA”) and the payment of dividends are not to exceed 60% of net profits (adding back amortization), plus any dividend surplus from the previous year, as defined.

Pac-Van Senior Credit Facility

Pac-Van had an $85,000,000 senior secured revolving credit facility with a syndicate led by PNC Bank, National Association (“PNC”) that included Wells Fargo Bank, National Association (“Wells Fargo”) and Union Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility was scheduled to mature on January 16, 2013, but on September 7, 2012, Pac-Van entered into a new five-year, senior secured revolving credit facility with a syndicate led by Wells Fargo, that also includes HSBC Bank USA, NA (“HSBC”), and the Private Bank and Trust Company (the “Wells Fargo Credit Facility”). Under the Wells Fargo Credit Facility, Pac-Van may borrow up to $110,000,000, subject to the terms of a borrowing base, as defined, and provides for the issuance of irrevocable standby letters of credit in amounts totaling up to $5,000,000. Borrowings will accrue interest, at Pac-Van’s option, either at the base rate plus 1.75% to 2.25% or the LIBOR plus 2.75% to 3.25%. The Wells Fargo Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios and utilization ratios, and provides that at any time prior to September 7, 2016, Pac-Van, subject to certain conditions, may increase the amount that may be borrowed under the Credit Facility by $10,000,000 to a maximum of $120,000,000. In connection with the initial funding of the Wells Fargo Credit Facility, all outstanding amounts due under the PNC Credit Facility and the $15,000,000 senior subordinated note with Laminar Direct Capital, L.L.C. (“Laminar Note”) were fully repaid and, in addition, the limited guaranty by Ronald F. Valenta and Lydia D. Valenta was terminated.

At March 31, 2013, borrowings and availability under the Wells Fargo Credit Facility totaled $96,166,000 and $12,964,000, respectively.

Southern Frac Senior Credit Facility

The Wells Fargo SF Credit Facility provides Southern Frac with (i) a senior secured revolving line of credit under which Southern Frac may borrow, subject to the terms of a borrowing base, as defined, up to $12,000,000 with a three-year maturity; (ii) a $500,000 equipment term loan (the “Equipment Term Loan”), which fully amortizes over 36 months; (iii) a $1,500,000 term loan (the “Term Loan B” and, collectively with the Equipment Term Loan, the “Term Loans”), which fully amortizes over 24 months; and (iv) up to $1,000,000 of capital expenditure loans (the “CapEx Loans”) which fully amortize over 36 months. The Wells Fargo SF Credit Facility contains, among other things, certain financial covenants, including excess availability and fixed charge coverage ratios, and other covenants, representations, warranties, indemnification provisions, and events of default that are customary for senior secured credit facilities; including events of default relating to a change of control of GFN, GFNMC and Southern Frac. Borrowings under the Wells Fargo SF Credit Facility will accrue interest based on the three-month LIBOR, plus a margin equal to 3.5% for the revolving line of credit, 4.0% for the Equipment Term Loan, 7.0% for the Term Loan B and 4.0% for the CapEx Loans.

At March 31, 2013, borrowings and availability under the Wells Fargo SF Credit Facility totaled $5,142,000 and $3,214,000, respectively.

Other

Other debt, including redeemable preferred stock (see Note 3) and a seller note payable in connection with the Southern Frac acquisition (see Note 4) totaled $3,463,000 at March 31, 2013.

The weighted-average interest rate in the Asia-Pacific area was 6.8% and 6.1% and 8.0% and 6.1% in the quarter ended March 31, 2012 and 2013 and in FY 2012 and FY 2013, respectively; which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs. The weighted-average interest rate in North America was 6.4% and 4.9% and 6.3% and 4.9% in the quarter ended March 31, 2012 and 2013 and in FY 2012 and FY 2013, respectively; which does not include the effect of the amortization of deferred financing costs and accretion of interest.

14

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Loan Covenant Compliance

At March 31, 2013, the Company was in compliance with the financial covenants under its senior credit facilities.

Note 6. Financial Instruments

Fair Value Measurements

FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, as follows:

Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and

Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s swap contracts and options (caps) and forward-exchange contracts are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2.

Derivative instruments measured at fair value and their classification on the condensed consolidated balances sheets and condensed consolidated statements of operations are as follows (in thousands):

		Derivative - Fair Value (Level 2)
Type of Derivative Contract	Balance Sheet Classification	June 30, 2012			March 31, 2013
Swap Contracts and Options (Caps and Collars)	Trade payables and accrued liabilities	$	(1,539	)	$	(1,326	)
Forward-Exchange Contracts	Trade payables and accrued liabilities		(102	)		(54	)

		Quarter Ended March 31,				Nine Months Ended March  31,
Type of Derivative Contract	Statement of Operations Classification	2012		2013		2012			2013
Swap Contracts and Options (Caps and Collars)	Unrealized gain (loss) included in interest expense	$	259	$	—	$	(344	)	$	(80	)
Forward-Exchange Contracts	Unrealized foreign currency exchange gain (loss) and other		136		77		291			(14	)

Interest Rate Swap Contracts

The Company’s exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt.

15

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps and interest rate options, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps and options are designated to hedge changes in the interest rate of a portion of the ANZ outstanding borrowings. The Company believes that financial instruments designated as interest rate hedges were highly effective; however, prior to August 2012, documentation of such, as required by FASB ASC Topic 815, Derivatives and Hedging, did not exist. Therefore, all movements in the fair values of these hedges prior to August 2012 were reported in the consolidated statements of operations in the periods in which fair values change. In August 2012, the Company entered into an interest swap contract that met documentation requirements and, as such, it was designated as a cash flow hedge. This cash flow hedge was determined to be fully effective in FY 2013 and, therefore, changes in its fair value were recorded in accumulated other comprehensive income. The Company expects this derivative to remain fully effective during the remaining term of the swap and no amount of ineffectiveness has been recorded in the condensed consolidated statement of operations. However, should any portion of the hedge be considered ineffective, such amounts included in accumulated other comprehensive income would be reclassified to current earnings.

The Company’s interest rate swap and option (cap and collar) contracts are not traded on a market exchange; therefore, the fair values are determined using valuation models which include assumptions about the interest rate yield curve at the reporting dates (Level 2 fair value measurement). As of June 30, 2012, there was one open interest rate swap contract and one open interest rate option (collar) contract; and, as of March 31, 2013, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands):

	June 30, 2012						March 31, 2013
	Swap			Option (Collar)			Swap			Option (Collar)
Notional amounts	$	15,242		$	25,403		$	52,115		$	—
Fixed/Strike Rates		6.25	%		6.25	%		3.98	%		—	%
Floating Rates		5.47	%		5.47	%		3.08	%		—	%
Fair Value of Combined Contracts	$	(587	)	$	(952	)	$	(1,326	)	$	—

Foreign Currency Risk

The Company has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the functional currency. The currency giving rise to this risk is primarily U.S. dollars. Royal Wolf has a bank account denominated in U.S. dollars into which a small number of customers pay their debts. This is a natural hedge against fluctuations in the exchange rate. The funds are then used to pay suppliers, avoiding the need to convert to Australian dollars. Royal Wolf uses forward currency contracts and options to eliminate the currency exposures on the majority of its transactions denominated in foreign currencies, either by transaction if the amount is significant, or on a general cash flow hedge basis. The forward currency contracts and options are always in the same currency as the hedged item. The Company believes that financial instruments designated as foreign currency hedges are highly effective. However documentation of such as required by ASC Topic 815 does not exist. Therefore, all movements in the fair values of these hedges are reported in the statement of operations in the period in which fair values change. As of June 30, 2012, there were 12 open forward exchange contracts; and, as of March 31, 2013, there were 23 open forward exchange contracts that mature between April 2013 and August 2013, as follows (dollars in thousands):

	June 30, 2012					March 31, 2013
	Forward Exchange			Currency Option		Forward Exchange			Currency Option
Notional amounts	$	7,096		$	—	$	3,276		$	—
Exchange/Strike Rates (AUD to USD)		0.9702 – 1.0201			—		0.9973 – 1.0346			—
Fair Value of Combined Contracts	$	(102	)	$	—	$	(54	)	$	—

In FY 2012 and FY 2013, net unrealized and realized foreign exchange gains (losses) totaled $(384,000) and $866,000, and $163,000 and $194,000, respectively. For the quarter ended March 31, 2012 and 2013, net unrealized and realized foreign exchange gains (losses) totaled $(756,000) and $109,000, and $55,000 and $31,000, respectively.

Fair Value of Other Financial Instruments

The fair value of the Company’s borrowings under its senior credit facilities and Laminar Note was determined based on level 3 inputs including a search for debt issuances with maturities comparable to the Company’s debt (“Debt Issuances with Upcoming Call

16

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Dates”), a comparison to a group of comparable industry debt issuances (“Industry Comparable Debt Issuances”) and a study of credit (“Credit Spread Analysis”) as of June 30, 2012. Under the Debt Issuances with Upcoming Call Dates, the Company performed a Yield-to-Worse analysis on debt issuances with call dates that were comparable to the maturity dates of the Company’s borrowings. Under the Industry Comparable Debt Issuance method, the Company compared the debt facilities to several industry comparable debt issuances. This method consisted of an analysis of the offering yields compared to the current yields on publicly traded debt securities. Under the Credit Spread Analysis, the Company first examined the implied credit spreads of the United States Federal Reserve. Based on this analysis the Company was able to assess the credit market. The fair value of the Company’s senior credit facilities and Laminar Note as of June 30, 2012 was determined to be approximately $174,200,000. The Company also determined that the fair value of its other debt of $1,132,000 at June 30, 2012 approximated or would not vary significantly from their carrying values. Based on the refinancing at Pac-Van (see Note 5) and acquisition of Southern Frac (see Note 4), current market conditions and other factors, the Company has determined that the fair value of the Wells Fargo Credit Facility, Wells Fargo SF Credit Facility, ANZ senior credit facility and other debt at March 31, 2013 approximates or would not vary significantly from their carrying values.

Under the provisions of FASB ASC Topic 825, Financial Instruments, the carrying value of the Company’s other financial instruments (consisting primarily of cash and cash equivalents, net receivables, trade payables and accrued liabilities) approximate fair value.

Note 7. Related-Party Transactions

Effective January 31, 2008, the Company entered into a lease with an affiliate of Ronald F. Valenta, a director and the chief executive officer of the Company, for its corporate headquarters in Pasadena, California. The rent is $7,393 per month, effective March 1, 2009, plus allocated charges for common area maintenance, real property taxes and insurance, for approximately 3,000 square feet of office space. The term of the lease is five years, with two five-year renewal options, and the rent is adjusted yearly based on the consumer price index. On October 11, 2012, the Company exercised its option to renew the lease for an additional five-year term commencing February 1, 2013. Rental payments were $83,000 in both FY 2012 and FY 2013.

Effective October 1, 2008, the Company entered into a services agreement with an affiliate of Mr. Valenta for certain accounting, administrative and secretarial services to be provided at the corporate offices and for certain operational, technical, sales and marketing services to be provided directly to the Company’s operating subsidiaries. Charges for services rendered at the corporate offices will be, until further notice, at $7,000 per month and charges for services rendered to the Company’s subsidiaries will vary depending on the scope of services provided. The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party not less than 30 days prior to the fiscal year end. Total charges to the Company for services rendered under this agreement totaled $163,000 ($63,000 at the corporate office and $100,000 at the operating subsidiaries) in FY 2012 and $63,000 at the corporate office in FY 2013.

Revenues at Pac-Van from affiliates of Mr. Valenta totaled $34,000 and $43,000 in FY 2012 and FY 2013, respectively, and equipment and other services purchased by Pac-Van from these affiliated entities totaled $29,000 and $3,000 in FY 2012 and FY 2013, respectively.

Note 8. Stock Option Plans

On August 29, 2006, the Board of Directors of the Company adopted the General Finance Corporation 2006 Stock Option Plan (“2006 Plan”), which was approved and amended by stockholders on June 14, 2007 and December 11, 2008, respectively. Options granted and outstanding under the 2006 Plan are either incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, or so-called non-qualified options that are not intended to meet incentive stock option requirements. All options granted do not have a term in excess of ten years, and the exercise price of any option is not less than the fair market value of the Company’s common stock on the date of grant. After the adoption by the Board of Directors and upon the approval of the 2009 Stock Incentive Plan (“2009 Plan”) by the stockholders (see below), the Company suspended any further grants under the 2006 Plan.

On September 21, 2009, the Board of Directors of the Company adopted the 2009 Plan, which was approved by the stockholders at the Company’s annual meeting on December 10, 2009. The 2009 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2009 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2009 Plan by the stockholders, the Company suspended further grants under the 2006 Plan (see above). Any stock options which are forfeited under the

17

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2006 Plan will become available for grant under the 2009 Plan, but the total number of shares available under the 2006 Plan and the 2009 Plan will not exceed the 2,500,000 shares reserved for grant under the 2006 Plan. Unless terminated earlier at the discretion of the Board of Directors, the 2009 Plan will terminate September 21, 2019.

        The 2006 Plan and the 2009 Plan are referred to collectively as the “Stock Incentive Plan.”

There have been no grants or awards of restricted stock, restricted stock units, stock appreciation rights, performance stock or performance units under the Stock Incentive Plan. All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based options”) and non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based options”).

On January 31, 2013 (“January 2013 Grant”), the Company granted options to three key employees of Southern Frac to purchase a total of 70,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $4.95 per share. The January 2013 Grant consists of 40,000 performance-based options that vest over 43.5 months, subject to performance conditions based on achieving cumulative EBITDA and indebtedness targets for the fiscal years ending June 30, 2013 – 2015, and 30,000 time-based options that vest over five years.

Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows:

Fair value of stock option	$0.81 - $3.94
Assumptions used:
Risk-free interest rate	1.19% - 4.8%
Expected life (in years)	7.5
Expected volatility	26.5% - 84.6%
Expected dividends	—

At March 31, 2013, the weighted-average fair value of the stock options granted to non-employee consultants was $3.27, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 1.28% - 1.69%, an expected life of 7.3 – 9.2 years, an expected volatility of 73.9% and no expected dividend.

A summary of the Company’s stock option activity and related information for FY 2013 follows:

	Number of Options (Shares)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Outstanding at June 30, 2012		1,843,664		$	4.96
Granted		70,000			4.95
Exercised		(6,666	)		1.22
Forfeited or expired		—			—
Outstanding at March 31, 2013		1,906,998		$	4.97		6.5
Vested and expected to vest at March 31, 2013		1,906,998		$	4.97		6.5
Exercisable at March 31, 2013		916,924		$	7.18		4.9

At March 31, 2013, outstanding time-based options and performance-based options totaled 915,718 and 991,280, respectively. Also at that date, the Company’s market price for its common stock was $4.50 per share, which was at or below the exercise prices of almost half of the outstanding stock options. As a result, the intrinsic value of the outstanding stock options at that date was $2,114,000.

Share-based compensation of $4,224,000 related to stock options has been recognized in the condensed consolidated statements of operations, with a corresponding benefit to equity, from inception through March 31, 2013. At that date, there remains $1,175,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 1.7 years.

18

GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. The tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as an increase to additional paid-in capital.

Royal Wolf Long Term Incentive Plan

In conjunction with the RWH IPO (see Note 1), Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”). Under the LTI Plan, the RWH Board of Directors may grant, at its discretion, options, performance rights and/or restricted shares of RWH capital stock to Royal Wolf employees and executive directors. Vesting terms and conditions may be up to four years and, generally, will be subject to performance criteria based primarily on enhancing shareholder returns using a number of key financial benchmarks, including EBITDA. In addition, unless the RWH Board determines otherwise, if an option, performance right or restricted share has not lapsed or been forfeited earlier, it will terminate at the seventh anniversary from the date of grant.

It is intended that up to one percent of RWH’s outstanding capital stock will be reserved for grant under the LTI Plan and a trust will be established to hold RWH shares for this purpose. However, so long as the Company holds more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan are required to be purchased in the open market unless the Company agrees otherwise.

The LTI Plan, among other provisions, does not permit the transfer, sale, mortgage or encumbering of options, performance rights and restricted shares without the prior approval of the RWH Board. In the event of a change of control, the RWH Board, at its discretion, will determine whether, and how many, unvested options, performance rights and restricted shares will vest. In addition, if, in the RWH Board’s opinion, a participant acts fraudulently or dishonestly or is in breach of his obligations to Royal Wolf, the RWH Board may deem any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited.

As of March 31, 2013, the Royal Wolf Board of Directors has granted 865,000 performance rights to key management personnel under the LTI Plan. In FY 2013, share-based compensation of $343,000 related to the LTI Plan has been recognized in the statements of operations, with a corresponding benefit to equity.

Note 9. Commitments and Contingencies

The Company is not involved in any material lawsuits or claims arising out of the normal course of business. The nature of its business is such that disputes can occasionally arise with employees, vendors (including suppliers and subcontractors) and customers over warranties, contract specifications and contract interpretations among other things. The Company assesses these matters on a case-by-case basis as they arise. Reserves are established, as required, based on its assessment of its exposure. The Company has insurance policies to cover general liability and workers compensation related claims. In the opinion of management, the ultimate amount of liability not covered by insurance under pending litigation and claims, if any, will not have a material adverse effect on our financial position, operating results or cash flows.

Note 10. Cash Flows from Operating Activities and Other Financial Information

The following table provides a detail of cash flows from operating activities (in thousands):

	Nine Months Ended March 31,
	2012			2013
Cash flows from operating activities
Net income	$	7,176		$	9,121
Adjustments to reconcile net income to cash flows from operating activities:
Gain on sales and disposals of property, plant and equipment		(141	)		(106	)
Gain on sales of lease fleet		(5,696	)		(5,248	)

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GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Gain on bargain purchase of businesses		—			(160	)
Unrealized foreign exchange loss (gain)		384			(163	)
Unrealized loss (gain) on forward exchange contracts		(291	)		14
Unrealized loss on interest rate swaps and options		344			80
Depreciation and amortization		14,144			16,406
Amortization of deferred financing costs and accretion of interest		518			388
Share-based compensation expense		654			968
Deferred income taxes		3,858			4,905
Changes in operating assets and liabilities:
Trade and other receivables, net		(9,325	)		4,393
Inventories		(15,874	)		(1,149	)
Prepaid expenses and other		(136	)		(1,170	)
Trade payables, accrued liabilities and unearned revenues		5,857			(7,083	)
Income taxes		(123	)		(221	)
Net cash provided by operating activities	$	1,349		$	20,975

Note 11. Segment Reporting

The tables below represent the Company’s revenues from external customers, operating income, interest income and expense, share-based compensation expense, depreciation and amortization, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its two geographic segments (in thousands):

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Revenues from external customers
North America:
Sales	$	10,721	$	11,665	$	21,789	$	29,944
Leasing		10,305		12,303		30,676		35,934
		21,026		23,968		52,465		65,878
Asia-Pacific:
Sales		18,041		20,667		58,117		58,117
Leasing		17,087		19,200		46,472		56,581
		35,128		39,867		104,589		114,698
Total	$	56,154	$	63,835	$	157,054	$	180,576
Operating income
North America	$	852	$	27	$	2,283	$	2,503
Asia-Pacific		6,505		7,117		17,154		20,187
Total	$	7,357	$	7,144	$	19,437	$	22,690
Interest income
North America	$	2	$	—	$	6	$	2
Asia-Pacific		11		3		135		41
Total	$	13	$	3	$	141	$	43
Interest expense
North America	$	1,375	$	1,054	$	3,988	$	3,673
Asia-Pacific		1,235		1,695		4,912		4,931
Total	$	2,610	$	2,749	$	8,900	$	8,604
Share-based compensation
North America	$	148	$	157	$	454	$	538
Asia-Pacific		86		165		200		430
Total	$	234	$	322	$	654	$	968

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GENERAL FINANCE CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Depreciation and amortization
North America	$	1,446	$	1,796	$	4,319	$	4,889
Asia-Pacific		3,458		3,914		9,825		11,517
Total	$	4,904	$	5,710	$	14,144	$	16,406
Additions to long-lived assets
North America					$	7,371	$	23,253
Asia-Pacific						47,209		38,589
Total					$	54,580	$	61,842

	At
	June 30, 2012		March 31, 2013
Long-lived assets
North America	$	112,867	$	133,495
Asia-Pacific		159,323		187,064
Total	$	272,190	$	320,559
Goodwill
North America	$	33,859	$	36,988
Asia-Pacific		34,590		36,217
Total	$	68,449	$	73,205

Intersegment net revenues totaled $3,000 during the quarter ended March 31, 2012 and $75,000 during FY 2012. There were no intersegment net revenues in FY 2013. However, intrasegment net revenues related to the sales of portable liquid storage containers from Southern Frac to Pac-Van in North America totaled $1,691,000 and $5,278,000 during the quarter ended March 31, 2013 and FY 2013.

Note 12. Subsequent Events

On May 9, 2013, the Company priced at 9.0% a primary underwritten public offering for 300,000 shares with a liquidation value of $100 per share of an original issuance of Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”). In addition, the Company has granted the underwriters an overallotment option for 30 days of up to an additional 50,000 shares. The offering is subject to customary closing conditions and is expected to close on or about May 17, 2013. The proceeds of the primary offering, net of underwriting fees, will total $33,250,000; which the Company intends to use to pay offering costs, repay senior indebtedness and for general corporate purposes, including the acquisition of businesses and lease fleet and the redemption of the Series A Preferred Stock. The Company has applied to list these shares on the NASDAQ Global Select Market.

Also in May 2013, Pac-Van, Wells Fargo and HSBC entered into Amendment No. 1 to the Wells Fargo Credit Facility which permits Pac-Van to pay dividends in each fiscal year to GFN and its subsidiaries equal to the lesser of $4,000,000 or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock under its certificate of designation; provided that (i) the payment of such dividends does not cause a default or event of default under the Wells Fargo Credit Facility, (ii) Pac-Van is solvent, (iii) Pac-Van is permitted to borrow $4,000,000 or more under the Wells Fargo Credit Facility, (iv) Pac-Van is in compliance with the fixed charge coverage ratio covenant of the Wells Fargo Credit Facility, after giving effect to the dividend payment, and (v) the dividends are paid no earlier than ten business days prior to the date they are due. The amendment required that GFN use 80% of the gross proceeds of the Series C Preferred Stock offering to pay down borrowings under the Wells Fargo Credit Facility.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read together with the consolidated financial statements and the accompanying notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2012 filed with the Securities and Exchange Commission (“SEC”), as well as the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue” or the negative of such terms or other similar expressions. Risk factors that might cause or contribute to such discrepancies include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended June 30, 2012 and other SEC filings. We maintain a web site at www.generalfinance.com that makes available, through a link to the SEC’s EDGAR system website, our SEC filings.

References to “we,” “us,” “our” or the “Company” refer to General Finance Corporation, a Delaware corporation (“GFN”), and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”) and its subsidiary, Southern Frac, LLC, a Texas limited liability company (“Southern Frac”); Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”); and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation , and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation, doing business as “Container King” (collectively “Pac-Van”).

Background and Overview

We incorporated in Delaware on October 14, 2005 and completed our initial public offering (“IPO”) in April 2006. Our primary long-term strategy and business plan are to acquire and operate rental services and specialty finance businesses in North and South America, Europe and the Asia-Pacific (or Pan-Pacific) area.

At March 31, 2013, we have two geographic and three operating units. Royal Wolf, which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand, which is referred geographically by us to be the Asia-Pacific (or Pan-Pacific) area; Pac-Van, which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices in North America; and Southern Frac, which manufactures portable liquid storage tank containers for sale in North America.

We do business in three distinct, but related industries, mobile storage, modular space and liquid containment; which we collectively refer to as the “portable services industry.” Our two leasing subsidiaries, Royal Wolf and Pac-Van, lease and sell their products through nineteen customer service centers (“CSCs”) in Australia, seven CSCs in New Zealand and twenty-nine branch locations across eighteen states in the United States and in Alberta, Canada. As of March 31, 2013, we had 258 and 454 employees and 39,743 and 14,541 lease fleet units in the Asia-Pacific area and North America, respectively.

        Our products primarily consist of the following:

Mobile Storage

Storage Containers. Storage containers consist of new and used shipping containers that provide a flexible, low cost alternative to warehousing, while offering greater security, convenience and immediate accessibility. Our storage products include general purpose dry storage containers, refrigerated containers and specialty containers in a range of standard and modified sizes, designs and storage capacities. Specialty containers include blast-resistant units, hoarding units and hazardous-waste units. We also offer storage vans, also known as storage trailers or dock-height trailers.

Freight Containers. Freight containers are specifically designed for transport of products by road and rail. Our freight container products include curtain-side, refrigerated and bulk cargo containers, together with a range of standard and industry-specific dry freight containers.

Modular Space

Modular Buildings. Also known as manufactured buildings, modular buildings provide customers with additional space and are often modified to customer specifications. Modular buildings range in size from 1,000 to more than 30,000 square feet and may be highly customized.

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Mobile Offices. Also known as trailers or construction trailers, mobile offices are re-locatable units with aluminum or wood exteriors on wood (or steel) frames on a steel carriage fitted with axles, allowing for an assortment of “add-ons” to provide comfortable and convenient temporary space solutions.

Portable Container Buildings and Office Containers. Portable container buildings and office containers are either modified or specifically-manufactured containers that provide self-contained office space with maximum design flexibility. Office containers in the U.S. are oftentimes referred to as ground level offices (“GLOs”).

Liquid Containment

Portable Liquid Storage Tank Containers. Portable liquid storage tank containers are often referred to as “frac tanks” or “frac tank containers” and are manufactured steel containers with fixed steel axles for transport and use in a variety of industries; including oil and gas exploration and field services, refinery, chemical and industrial plant maintenance, environmental remediation and field services, infrastructure building construction, marine services, pipeline construction and maintenance, tank terminals services, wastewater treatment and waste management and landfill services. While there are a number of different sizes of tanks currently used in the market place, we are currently focusing on the more common 500-barrel capacity containers. Our products typically include features such as guardrails, safety stairways, multiple entry ways and a sloped bottom for easy cleaning, an epoxy lining, and various feed and drain lines.

Results of Operations

Quarter Ended March 31, 2013 (“QE FY 2013”) Compared to Quarter Ended March 31, 2012 (“QE FY 2012”)

The following compares our QE FY 2013 results of operations with our QE FY 2012 results of operations.

Revenues. Revenues increased by $7.7 million, or 14%, to $63.8 million in QE FY 2013 from $56.1 million in QE FY 2012. This consisted of an increase of $4.7 million, or 13%, in revenues at Royal Wolf, a $2.3 million decrease, or 11%, in revenues at Pac-Van, and $5.3 million of manufacturing revenues from Southern Frac, which we acquired on October 1, 2012. The translation effect of the average currency exchange rate, driven by the weakening in the Australian dollar relative to the U.S. dollar in QE FY 2013 versus QE FY 2012, caused a translation decrease in QE FY 2013 to the total revenues at Royal Wolf when compared to QE FY 2012. In Australian dollars, total revenues at Royal Wolf increased by 15% in QE FY 2013 from QE FY 2012. The average currency exchange rate of one Australian dollar during QE FY 2013 was $1.03886 U.S. dollar compared to $1.05524 U.S. dollar during QE FY 2012.

The revenue increase at Royal Wolf was primarily in the mining, moving and storage and construction sectors where revenues increased by approximately $6.3 million, or 57%, in QE FY 2013 from QE FY 2012. At Pac-Van, the revenue decrease in QE FY 2013 from QE FY 2012 was due primarily due to a decrease of $5.0 million in the government sector, while most other sectors showed increases in QE FY 2013 from QE FY 2012. In QE FY 2012, revenues were substantially enhanced by the recognition of $5.5 million in revenues to one customer in the government-related sector pursuant to a $6.7 million contract for modular units.

Sales and leasing revenues of our leasing operations represented 46% and 54% of total revenues (not including Southern Frac) in QE FY 2013 and 51% and 49% of total revenues in QE FY 2012, respectively.

Sales during QE FY 2013 amounted to $32.3 million, compared to $28.7 million during QE FY 2012; representing an increase of $3.6 million, or 13%. This included an increase of $2.6 million, or 14%, in sales at Royal Wolf, a $4.3 million decrease, or 40%, in sales at Pac-Van and $5.3 million of sales from Southern Frac. The translation effect of the average currency exchange rate, driven by the weakening in the Australian dollar relative to the U.S. dollar in QE FY 2013 versus QE FY 2012, caused a translation decrease in QE FY 2013 to the sales revenues at Royal Wolf when compared to QE FY 2012. In Australian dollars, sales at Royal Wolf increased by 16% in QE FY 2013 from QE FY 2012. The sales increase in QE FY 2013 from QE FY 2012 at Royal Wolf consisted of an increase in our national accounts group of $4.9 million (consisting of a $6.5 million increase from higher unit sales, offset somewhat by a $1.5 million decrease in average prices and a $0.1 million decrease due to foreign exchange movements), offset somewhat by a $2.3 million decrease in our CSC retail operations (consisting of a $1.0 million decrease due to lower unit sales, a $1.2 million decrease in average prices and a $0.1 million decrease due to foreign exchange movements). At Pac-Van, the lower sales in QE FY 2013 versus QE FY 2012 (which included the $5.5 million of sales revenues recognized from one customer in the government-related sector discussed above), were primarily in the government sector, while most other sectors showed increases. At Southern Frac, portable liquid storage tank container sales in QE FY 2013 consisted of 158 units at an average sales price of approximately $33,600 per unit.

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Leasing revenues during QE FY 2013 totaled $31.5 million, as compared to $27.4 million during QE FY 2012, representing an increase of $4.1 million, or 15%. Leasing revenues increased at Royal Wolf by $2.1 million, or 12%, and by $2.0 million, or 19%, at Pac-Van. The translation effect of the average currency exchange rate, driven by the weakening in the Australian dollar relative to the U.S. dollar in QE FY 2013 versus QE FY 2012, caused a translation decrease in QE FY 2013 to the leasing revenues at Royal Wolf when compared to QE FY 2012. In Australian dollars, leasing revenues at Royal Wolf increased by 14% in QE FY 2013 from QE FY 2012.

At Royal Wolf, average utilization in the retail operations was 85% during QE FY 2013 and 86% during QE FY 2012; and average utilization in the national accounts group operations was 80% during QE FY 2013 and 84% during QE FY 2012. In QE FY 2013 and QE FY 2012, the overall average utilization was 83% and 85%, respectively; and the average monthly lease rate of containers was AUS$162 in QE FY 2013 and AUS$151 in QE FY 2012. Leasing revenues in QE FY 2013 increased over QE FY 2012 due primarily to the combination of the higher average monthly lease rate and the average monthly number of units on lease being over 3,300 higher in QE FY 2013 as compared to QE FY 2012. These factors more than offset the reduction in the average utilization rates between periods, though the utilization rates remained strong in QE FY 2013. We believe the primary reasons we are generally able to maintain high average utilization rates and increase our average units on lease between periods at Royal Wolf are the stronger economy in the Asia-Pacific area and our position as the only company with a national footprint in the mobile storage industry in Australia and New Zealand. We continually review each local market in which we do business to determine if local factors justify increases or decreases in lease rates and the effect these changes would have on utilization and revenues.

At Pac-Van, average utilization rates were 78%, 83%, 85%, 65% and 74% and average monthly lease rates were $101, $261, $910, $238 and $836 for storage containers, office containers, frac tank containers, mobile offices and modular units, respectively, during QE FY 2013; as compared to 82%, 84%, 100%, 65% and 76% and $101, $254, $1,600, $225 and $792 for storage containers, office containers, frac tank containers, mobile offices and modular units in QE FY 2012, respectively. Pac-Van had only six frac tank containers on lease at March 31, 2012. The average composite utilization rate in QE FY 2013 and QE FY 2012 was 74% and 75%, respectively, and the composite average monthly number of units on lease was over 1,650 higher in QE FY 2013 as compared to QE FY 2012. The increased leasing revenues resulted primarily from improved demand across most sectors, particularly in commercial, construction and mining and energy.

Cost of Sales. Cost of sales (which is the cost related to our sales revenues only and exclusive of the line items discussed below) decreased by $1.9 million, from $21.7 million during QE FY 2012 to $19.8 million during QE FY 2013, as a result of the lower sales from our lease inventories and fleet discussed above. However, our gross profit percentage from these sales revenues increased to 27% in QE FY 2013 from 25% in QE FY 2012. Cost of sales from our manufactured portable liquid storage tank containers totaled $5.6 million or approximately $35,200 per unit.

Direct Costs of Leasing Operations and Selling and General Expenses. Direct costs of leasing operations and selling and general expenses increased in absolute dollars (by $3.5 million, from $22.2 million during QE FY 2012 to $25.7 million during QE FY 2013), but remained flat as a percentage of total revenues at 40%. This absolute dollar increase was not only the result of our increased leasing operations, but also to the additional selling and administrative expenses of $0.7 million incurred at Southern Frac in QE FY 2013.

Depreciation and Amortization. Depreciation and amortization increased by $0.7 million to $5.6 million in QE FY 2013 from $4.9 million in QE FY 2012 primarily as a result of our increasing investment in the lease fleet and business acquisitions.

Interest Expense. Interest expense of $2.7 million in QE FY 2013 was $0.1 million higher than the $2.6 million in QE FY 2012. This was comprised of an increase in interest expense of $0.5 million at Royal Wolf and a decrease in interest expense of $0.4 million in North America. The weighted-average interest rate (which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs) at Royal Wolf of 6.1% in QE FY 2013 was lower than the 6.8% in QE FY 2012 and did not offset the comparatively higher average borrowings. However, in North America, the decrease in the weighted-average interest rate (which does not include the effect of the amortization of deferred financing costs) of 4.9% in QE FY 2013 from 6.4% in QE FY 2012 more than offset the higher average borrowings in QE FY 2013, as compared to QE FY 2012.

Foreign Currency Exchange and Other. The currency exchange rate of one Australian dollar to one U.S. dollar was $1.0176 at December 31, 2011, $1.0387 at March 31, 2012, $1.0374 at December 31, 2012 and $1.0423 at March 31, 2013. In QE FY 2012 and QE FY 2013, net unrealized and realized foreign exchange gains (losses) totaled $(756,000) and $109,000, and $55,000 and $31,000, respectively.

Income Taxes. Our effective income tax rate was 38.0% in both QE FY 2013 and QE FY 2012. The effective rate is greater than the U.S. federal rate of 34% (the Australian statutory tax rate is 30%) primarily because of state income taxes from the filing of tax returns in multiple U.S. states and because a portion of the depreciation and amortization on the fixed and intangible assets recorded in the Pac-Van acquisition is not deductible for U.S. federal income tax purposes.

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Noncontrolling Interest. Noncontrolling interest in the Royal Wolf and Southern Frac results of operations was $2.0 million QE FY 2013, comparable to the $2.1 million in QE FY 2012.

Net Income Attributable to Common Stockholders. We had net income attributable to common stockholders of $0.7 million in QE FY 2013, which was $0.5 million less than the $1.2 million in QE FY 2012; primarily as a result of higher interest expense, reduced benefit from foreign exchange and derivative instrument transactions and an operating loss at Southern Frac, offset somewhat by improved operating profit in both the Pan-Pacific area and at Pac-Van in QE FY 2013 when compared to QE FY 2012.

Nine Months Ended March 31, 2013 (“YTD FY 2013”) Compared to Nine Months Ended March 31, 2012 (“YTD FY 2012”)

The following compares our YTD FY 2013 results of operations with our YTD FY 2012 results of operations.

Revenues. Revenues increased by $23.5 million, or 15%, to $180.6 million in YTD FY 2013 from $157.1 million in YTD FY 2012. This consisted of an increase of $10.1 million, or 10% in revenues at Royal Wolf, a $0.4 million increase, or 1%, in revenues at Pac-Van and $13.0 million of manufacturing revenues from Southern Frac, which we acquired on October 1, 2012. The translation effect of the average currency exchange rate, driven by the slight weakening in the Australian dollar relative to the U.S. dollar in YTD FY 2013 versus YTD FY 2012, did not significantly impact the translation in YTD FY 2013 of the total revenues at Royal Wolf when compared to YTD FY 2012. In Australian dollars, total revenues at Royal Wolf also increased by 10% in YTD FY 2013 from YTD FY 2012. The average currency exchange rate of one Australian dollar during YTD FY 2013 was $1.03885 U.S. dollar compared to $1.04003 U.S. dollar during YTD FY 2012.

The revenue increase at Royal Wolf was primarily in the mining and consumer sectors where revenues increased by approximately $8.9 million, or 34%, in YTD FY 2013 from YTD FY 2012. At Pac-Van, increases across-the-board in most sectors, particularly in commercial, construction and mining and energy, which totaled $7.6 million, were substantially offset by decreases totaling $7.3 million in the services, government and education sectors. In YTD FY 2012, revenues were substantially enhanced by the recognition of $5.5 million in revenues to one customer in the government-related sector pursuant to a $6.7 million contract for modular units.

Sales and leasing revenues of our leasing operations represented 45% and 55% of total revenues (not including Southern Frac) in YTD FY 2013 and 51% and 49% of total revenues in YTD FY 2012, respectively.

Sales during YTD FY 2013 amounted to $88.1 million, compared to $79.9 million during YTD FY 2012; representing an increase of $8.2 million, or 10%. This included a $4.8 million decrease, or 22%, in sales at Pac-Van and $13.0 million of sales from Southern Frac. The flat sales in YTD FY 2013 from YTD FY 2012 at Royal Wolf consisted of an offset of a $4.3 million decrease in our CSC retail operations (due from decreases in unit sales of $2.7 million, lower average prices of $1.5 million and an unfavorable foreign exchange translation effect of $0.1 million) and a $4.3 million increase in our national accounts group (primarily from higher unit sales of $5.9 million, offset somewhat by decreases in average prices of $1.4 million and an unfavorable foreign exchange translation effect of $0.2 million). At Pac-Van, the lower sales in YTD FY 2013 versus YTD FY 2012 (which included the $5.5 million of sales revenues recognized from one customer in the government-related sector discussed above) were primarily due to an over $7.3 million decrease in the government, services, retail and construction sectors; offset somewhat by increases of $2.3 million in the other sectors, particularly the commercial and mining and energy sectors. At Southern Frac, portable liquid storage tank container sales in YTD FY 2013 consisted of 388 units at an average sales price of approximately $33,600 per unit.

Leasing revenues during YTD FY 2013 totaled $92.5 million, as compared to $77.2 million during YTD FY 2012, representing an increase of $15.3 million, or 20%. Leasing revenues increased at Royal Wolf by $10.1 million, or 22%, and by $5.2 million, or 17%, at Pac-Van. The translation effect of the average currency exchange rate, driven by the slight weakening in the Australian dollar relative to the U.S. dollar in YTD FY 2013 versus YTD FY 2012, did not significantly impact the translation in YTD FY 2013 of the leasing revenues at Royal Wolf when compared to YTD FY 2012. In Australian dollars, leasing revenues at Royal Wolf also increased by 22% in YTD FY 2013 from YTD FY 2012.

At Royal Wolf, average utilization in the retail operations was 85% during YTD FY 2013 and 88% during YTD FY 2012; and average utilization in the national accounts group operations was 77% during YTD FY 2013 and 81% during YTD FY 2012. In YTD FY 2013 and YTD FY 2012, the overall average utilization was 83% and 85%, respectively; and the average monthly lease rate of containers was AUS$164 in YTD FY 2013 and AUS$150 in YTD

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FY 2012. Leasing revenues in YTD FY 2013 increased over YTD FY 2012 due primarily to the combination of the higher average monthly lease rate and the average monthly number of units on lease being more than 3,750 higher in YTD FY 2013 as compared to YTD FY 2012. These factors more than offset the reduction in the average utilization rates between periods, though the utilization rates remain strong in YTD FY 2013. We believe the primary reasons we are generally able to maintain high average utilization rates and increase our average units on lease between periods at Royal Wolf are the stronger economy in the Asia-Pacific area and our position as the only company with a national footprint in the mobile storage industry in Australia and New Zealand. We continually review each local market in which we do business to determine if local factors justify increases or decreases in lease rates and the effect these changes would have on utilization and revenues.

At Pac-Van, average utilization rates were 83%, 83%, 84%, 66% and 75% and average monthly lease rates were $105, $260, $1,020, $236 and $843 for storage containers, office containers, frac tank containers, mobile offices and modular units, respectively, during YTD FY 2013; as compared to 86%, 84%, 100%, 65% and 77% and $102, $254, $1,333, $224 and $767 for storage containers, office containers, frac tank containers, mobile offices and modular units in YTD FY 2012, respectively. Pac-Van had only six frac tank containers on lease at March 31, 2012. The average composite utilization rate in YTD FY 2013 and YTD FY 2012 was 77% and 76%, respectively, and the composite average monthly number of units on lease was over 1,450 higher in YTD FY 2013 as compared to YTD FY 2012. The strong utilization and generally higher monthly lease rates resulted primarily from improved demand across most sectors, with a modest reduction in leasing revenues in the government and education sectors.

Cost of Sales. Cost of sales (which is the cost related to our sales revenues only and exclusive of the line items discussed below) decreased by $3.7 million, from $58.9 million during YTD FY 2012 to $55.2 million during YTD FY 2013, as a result of the lower sales from our lease inventories and fleet discussed above. However, our gross profit percentage from these sales revenues remained at 26%. Cost of sales from our manufactured portable liquid storage tank containers totaled $12.1 million, or approximately $31,200 per unit, which included additional costs of $145,000 due to the purchase price allocation effect of carrying the opening inventory on October 1, 2012 at fair value. Our gross profit percentage from sales of manufactured units was approximately 7% during YTD FY 2013.

Direct Costs of Leasing Operations and Selling and General Expenses. Direct costs of leasing operations and selling and general expenses increased in absolute dollars (by $9.8 million, from $64.6 million during YTD FY 2012 to $74.4 million during YTD FY 2013), but remained steady as a percentage of revenues at 41%. This absolute dollar increase was not only the result of our increased leasing operations, but also to the additional selling and administrative expenses of $1.6 million incurred at Southern Frac in YTD FY 2013, which included $135,000 of one-time, transaction-related costs since the date of acquisition.

Depreciation and Amortization. Depreciation and amortization increased by $2.1 million to $16.2 million in YTD FY 2013 from $14.1 million in YTD FY 2012 primarily as a result of our increasing investment in the lease fleet and business acquisitions.

Interest Expense. Interest expense of $8.6 million in YTD FY 2013 was $0.3 million lower than the $8.9 million in YTD FY 2012. This was comprised of a decrease in interest expense of $0.3 million in North America. The weighted-average interest rate (which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs) at Royal Wolf of 6.1% in YTD FY 2013 was substantially lower than the 8.0% in YTD FY 2012 and effectively offset the comparatively higher average borrowings. Also, in North America, the decrease in the weighted-average interest rate (which does not include the effect of the amortization of deferred financing costs) of 4.9% in YTD FY 2013 from 6.3% in YTD FY 2012 more than offset the higher average borrowings in YTD FY 2013, as compared to YTD FY 2012.

Foreign Currency Exchange and Other. The currency exchange rate of one Australian dollar to one U.S. dollar was $1.0597 at June 30, 2011, $1.0387 at March 31, 2012, $1.0161 at June 30, 2012 and 1.0423 at March 31, 2013. In YTD FY 2012 and YTD FY 2013, net unrealized and realized foreign exchange gains (losses) totaled $(384,000) and $866,000, and $163,000 and $194,000, respectively. In YTD FY 2013, the estimated fair value of the tangible and intangible assets acquired and liabilities assumed exceeded the purchase prices of two of our acquisitions resulting in bargain purchase gains of $0.2 million (see Note 4 of Notes to Condensed Consolidated Financial Statements).

Income Taxes. Our effective income tax rate was 38.0% in both YTD FY 2013 and YTD FY 2012. The effective rate is greater than the U.S. federal rate of 34% (the Australian statutory tax rate is 30%) primarily because of state income taxes from the filing of tax returns in multiple U.S. states and because a portion of the depreciation and amortization on the fixed and intangible assets recorded in the Pac-Van acquisition is not deductible for U.S. federal income tax purposes.

Noncontrolling Interest. Noncontrolling interest in the Royal Wolf and Southern Frac results of operations was $5.6 million YTD FY 2013, as compared to $4.8 million in YTD FY 2012, reflecting primarily the higher profitability of Royal Wolf between periods.

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Net Income Attributable to Common Stockholders. We had net income attributable to common stockholders of $3.4 million in YTD FY 2013, which was $1.1 million greater than the $2.3 million in YTD FY 2012; primarily as a result of the greater operating profit in both the Pan-Pacific area and North America, lower interest expense, and bargain purchase gains in YTD FY 2013 when compared to YTD FY 2012.

Measures not in Accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”)

Earnings before interest, income taxes, impairment, depreciation and amortization and other non-operating costs and income (“EBITDA”) and adjusted EBITDA are supplemental measures of our performance that are not required by, or presented in accordance with U.S. GAAP. These measures are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income, income from operations or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flow from operating, investing or financing activities as a measure of liquidity.

Adjusted EBITDA is a non-U.S. GAAP measure. We calculate adjusted EBITDA to eliminate the impact of certain items we do not consider to be indicative of the performance of our ongoing operations. You are encouraged to evaluate each adjustment and whether you consider each to be appropriate. In addition, in evaluating adjusted EBITDA, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of adjusted EBITDA. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. We present adjusted EBITDA because we consider it to be an important supplemental measure of our performance and because we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry, many of which present EBITDA and a form of adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or to reduce our indebtedness. We compensate for these limitations by relying primarily on our U.S. GAAP results and using adjusted EBITDA only supplementally. The following table shows our adjusted EBITDA and the reconciliation from net income (loss) (in thousands):

	Quarter Ended March  31,						Nine Months Ended March  31,
	2012			2013			2012			2013
Net income (loss)	$	3,307		$	2,798		$	7,176		$	9,121
Add (deduct) —
Provision for income taxes		2,029			1,715			4,401			5,591
Foreign currency exchange gain and other		(576	)		(115	)		(899	)		(583	)
Interest expense		2,610			2,749			8,900			8,604
Interest income		(13	)		(3	)		(141	)		(43	)
Depreciation and amortization		4,904			5,710			14,144			16,406
Share-based compensation expense		234			322			654			968
Adjusted EBITDA	$	12,495		$	13,176		$	34,235		$	40,064

Our business is capital intensive, so from an operating level we focus primarily on EBITDA and adjusted EBITDA to measure our results. These measures provide us with a means to track internally generated cash from which we can fund our interest expense and fleet growth objectives. In managing our business, we regularly compare our adjusted EBITDA margins on a monthly basis. As capital is invested in our established branch locations, we achieve higher adjusted EBITDA margins on that capital than we achieve on capital invested to establish a new branch (or CSC), because our fixed costs are already in place in connection with the established branches. The fixed costs are those associated with yard and delivery equipment, as well as advertising, sales, marketing and office expenses. With a new market or branch, we must first fund and absorb the start-up costs for setting up the new branch facility, hiring and developing the management and sales team and developing our marketing and advertising programs. A new branch will have low adjusted EBITDA margins in its early years until the number of units on rent increases. Because of our higher operating margins on incremental lease revenue, which we realize on a branch-by-branch basis, when the branch achieves leasing revenues sufficient to cover the branch’s fixed costs, leasing revenues in excess of the break-even amount produce large increases in profitability and adjusted EBITDA margins. Conversely, absent significant growth in leasing revenues, the adjusted EBITDA margin at a branch will remain relatively flat on a period by period comparative basis.

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Liquidity and Financial Condition

Each of our operating units substantially funds its operations through secured bank credit facilities that require compliance with various covenants. These covenants require them to, among other things, maintain certain levels of interest coverage, EBITDA (as defined), utilization rate and overall leverage.

Royal Wolf has an approximately $128,867,000 (AUS$100,000,000 and NZ$29,400,000) secured senior credit facility with Australia and New Zealand Banking Group Limited (“ANZ” and the “ANZ Credit Facility”) that matures on June 30, 2014, except for a $15,635,000 (AUS$15,000,000) revolving sub-facility that matures on November 14, 2014. The ANZ Credit facility, as amended, is comprised of a working capital sub-facility (primarily for receivable financing) and revolving sub-facilities (primarily for lease fleet purchases and acquisitions) in both Australia and New Zealand.

Pac-Van had an $85,000,000 senior secured revolving credit facility with a syndicate led by PNC Bank, National Association (“PNC”) that included Wells Fargo Bank, National Association (“Wells Fargo”) and Union Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility was scheduled to mature on January 16, 2013, but on September 7, 2012, Pac-Van entered into a new five-year, senior secured revolving credit facility with a syndicate led by Wells Fargo, that also includes HSBC Bank USA, NA (“HSBC”), and the Private Bank and Trust Company (the “Wells Fargo Credit Facility”). Under the Wells Fargo Credit Facility, Pac-Van may borrow up to $110,000,000, subject to the terms of a borrowing base, as defined, and provides for the issuance of irrevocable standby letters of credit in amounts totaling up to $5,000,000. In connection with the Wells Fargo Credit Facility, all outstanding amounts due under the PNC Credit Facility and the $15,000,000 senior subordinated note with Laminar Direct Capital, L.L.C. (“Laminar Note”) were fully repaid.

Southern Frac has a $15,000,000 senior secured facility with Wells Fargo (the “Wells Fargo SF Credit Facility”) that consists of (i) a three-year $12,000,000 revolving line of credit; (ii) a $500,000 equipment term loan, which fully amortizes over 36 months; (iii) a $1,500,000 term loan, which fully amortizes over 24 months; and (iv) up to $1,000,000 of capital expenditure loans, which fully amortize over 36 months.

Reference is made to Note 5 of Notes to Condensed Consolidated Financial Statements for further discussion of our senior and other debt.

As of March 31, 2013, our required principal and other obligations payments for the twelve months ending March 31, 2014 and the subsequent three fiscal years are as follows (in thousands):

	Twelve Months Ending March 31,
	2014		2015		2016		2017
ANZ Credit Facility	$	1,373	$	105,293	$	634	$	552
Wells Fargo Credit Facility (a)		—		—		—		—
Wells Fargo SF Credit Facility		3,779		1,043		320		—
Other		1,040		855		479		72
	$	6,192	$	107,191	$	1,433	$	624

(a) The Wells Fargo Credit Facility matures in September 2017.

We intend to continue utilizing our operating cash flow and borrowing capacity primarily to expanding our container sale inventory and lease fleet through both capital expenditures and accretive acquisitions.

We currently do not pay a dividend on our common stock and do not intend on doing so in the foreseeable future.

Recent Developments

On May 9, 2013, we priced at 9.0% a primary underwritten public offering for 300,000 shares with a liquidation value of $100 per share of an original issuance of Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”). In addition, we granted the underwriters an overallotment option for 30 days of up to an additional 50,000 shares. The offering is subject to customary closing conditions and is expected to close on or about May 17, 2013. The proceeds of the primary offering, net of underwriting fees, will total $33,250,000; which we intend to use to pay offering costs, repay senior indebtedness and for general corporate purposes, including the acquisition of businesses and lease fleet and the redemption of the Series A Preferred Stock. We have applied to list these shares on the NASDAQ Global Select Market.

Also in May 2013, Pac-Van, Wells Fargo and HSBC entered into Amendment No. 1 to the Wells Fargo Credit Facility which permits Pac-Van to pay dividends in each fiscal year to GFN and its subsidiaries equal to the lesser of

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$4,000,000 or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock under its certificate of designation; provided that (i) the payment of such dividends does not cause a default or event of default under the Wells Fargo Credit Facility, (ii) Pac-Van is solvent, (iii) Pac-Van is permitted to borrow $4,000,000 or more under the Wells Fargo Credit Facility, (iv) Pac-Van is in compliance with the fixed charge coverage ratio covenant of the Wells Fargo Credit Facility, after giving effect to the dividend payment, and (v) the dividends are paid no earlier than ten business days prior to the date they are due. The amendment required that GFN use 80% of the gross proceeds of the Series C Preferred Stock offering to pay down borrowings under the Wells Fargo Credit Facility.

Cash Flow for YTD FY 2013 Compared to YTD FY 2012

Our business is capital intensive, and we acquire leasing assets before they generate revenues, cash flow and earnings. These leasing assets have long useful lives and require relatively minimal maintenance expenditures. Most of the capital we deploy into our leasing business historically has been used to expand our operations geographically, to increase the number of units available for lease at our branch and CSC locations and to add to the breadth of our product mix. Our operations have generated annual cash flow that exceeds our reported earnings, which would include, even in profitable periods, the deferral of income taxes caused by accelerated depreciation that is used for tax accounting.

As we discussed above, our principal source of capital for operations consists of funds available from the senior secured credit facilities at our operating units. We also finance a smaller portion of capital requirements through finance leases and lease-purchase contracts. Supplemental information pertaining to our consolidated sources and uses of cash is presented in the table below (in thousands):

	Nine Months Ended March  31,
	2012			2013
Net cash provided by operating activities	$	1,349		$	20,975
Net cash used in investing activities	$	(33,623	)	$	(56,307	)
Net cash provided by financing activities	$	34,670		$	31,144

Operating activities. Our operations provided net cash flow of $21.0 million during YTD FY 2013, an increase of $19.7 million from the $1.3 million of operating cash flow provided during YTD FY 2012. Net income of $9.1 million in YTD FY 2013 was higher by $1.9 million from net income of $7.2 million in YTD FY 2012 and our operating cash flows increased by $14.4 million in YTD FY 2013 from the management of operating assets and liabilities when compared to YTD FY 2012. In YTD FY 2013 and YTD FY 2012, operating cash flows were reduced by $5.2 million and $19.6 million, respectively, from the management of operating assets and liabilities. In addition, our operating cash flows in YTD FY 2013 increased by $2.3 million over YTD FY 2012 as a result of larger non-cash adjustments of depreciation and amortization. Depreciation and amortization totaled $16.4 million in YTD FY 2013 versus $14.1 million in YTD FY 2012. These increases to operating cash flows in YTD FY 2013 from YTD FY 2012 were partially offset by net unrealized gains from foreign exchange and derivative instruments (see Note 6 of Notes to Condensed Consolidated Financial Statements), which increase operating results, but are non-cash reductions for cash flow purposes, of $0.1 million in YTD FY 2013, as compared to a net unrealized loss of $0.4 million in YTD FY 2012. In both periods, operating cash flows benefitted from the deferral of income taxes, which totaled $4.9 million in YTD FY 2013 and $3.9 million in YTD FY 2012. Historically, operating cash flows are typically enhanced by the deferral of most income taxes due to the rapid tax depreciation rate of our fixed assets and available net operating loss carryforwards. Additionally, in both YTD FY 2013 and YTD FY 2012, operating cash flows were reduced by gains on the sales of lease fleet of $5.2 million and $5.7 million, respectively, and enhanced by non-cash share-based compensation charges of $1.0 million and $0.7 million, respectively.

Investing Activities. Net cash used by investing activities was $56.3 million during YTD FY 2013, as compared to $33.6 million being used during YTD FY 2012. Purchases of property, plant and equipment, or rolling stock, were approximately $6.2 million in YTD FY 2013 versus only $2.1 million in YTD FY 2012; and net capital expenditures of lease fleet (purchases, net of proceeds from sales of lease fleet) were $35.4 million in YTD FY 2013 as compared to $31.7 million in YTD FY 2012, an increase of $3.7 million. The increase in YTD FY 2013 net capital expenditures from YTD FY 2012 was due primarily to container lease fleet purchases of $15.6 million in YTD FY 2013 in North America as compared to only $2.7 million in YTD FY 2012, an increase of $12.9 million; whereas net capital expenditures in the Pan Pacific totaled $19.8 million in YTD FY 2013 versus $29.0 million in YTD FY 2012, a decrease of $9.2 million. The amount of cash that we use during any period in investing activities is almost entirely within management’s discretion and we have no significant long-term contracts or other arrangements pursuant to which we may be required to purchase at a certain price or a minimum amount of goods or services. In YTD FY 2013, we made eight business acquisitions, three in Australia and five in the in North America, for cash totaling $14.6 million (see Note 4 of Notes to Condensed Consolidated Financial Statements). There were no business acquisitions in YTD FY 2012.

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Financing Activities. Net cash provided by financing activities was $31.1 million during YTD FY 2013, as compared to $34.7 million provided during YTD FY 2012. In YTD FY 2013, in connection with the refinancing at Pac-Van (see “Liquidity and Financial Condition” above), we fully repaid the PNC Credit Facility and Laminar Note for $79.2 million and borrowed a net $114.4 million on the existing credit facilities, including the two new Wells Fargo credit facilities, primarily to fund our increasing investment in the container lease fleet and business acquisitions. This compares to increasing outstanding borrowings in YTD FY 2012 by a net $17.6 million. Also in YTD FY 2013, we incurred deferred financing costs of $1.4 million primarily in connection with the refinancing at Pac-Van. In both YTD FY 2013 and YTD FY 2012, Royal Wolf paid capital stock dividends of $2.3 million and $1.8 million, respectively, to noncontrolling interests.

Asset Management

Receivables and inventories were $34.5 million and $37.1 million (including $6.1 million at Southern Frac) at March 31, 2013 and $35.4 million and $31.2 million at June 30, 2012, respectively. Effective asset management remains a significant focus as we strive to continue to apply appropriate credit and collection controls and maintain proper inventory levels to enhance cash flow and profitability. At March 31, 2013, days sales outstanding (“DSO”) in trade receivables were 40 days and 54 days for Royal Wolf and Pac-Van, as compared to 41 days and 51 days at June 30, 2012, respectively. DSO for Southern Frac at March 31, 2013 was 35 days.

The net book value of our total lease fleet increased from $259.5 million at June 30, 2012 to $301.3 million at March 31, 2013. At March 31, 2013, we had 54,284 units (20,067 units in retail operations in Australia, 10,801 units in national account group operations in Australia, 8,875 units in New Zealand, which are considered retail; and 14,541 units in North America) in our lease fleet, as compared to 48,888 units (18,297 units in retail operations in Australia, 9,971 units in national account group operations in Australia, 8,229 units in New Zealand, which are considered retail; and 12,391 units in North America) at June 30, 2012. At those dates, 42,696 units (16,376 units in retail operations in Australia, 7,840 units in national account group operations in Australia, 7,748 units in New Zealand, which are considered retail; and 10,732 units in North America) and 39,001 units (14,957 units in retail operations in Australia, 7,291 units in national account group operations in Australia, 7,205 units in New Zealand, which are considered retail; and 9,548 units in North America) were on lease, respectively.

In the Asia-Pacific area, the lease fleet was comprised of 35,859 storage and freight containers and 3,884 portable building containers at March 31, 2013; and 33,203 storage and freight containers and 3,294 portable building containers at June 30, 2012. At those dates, units on lease were comprised of 29,224 storage and freight containers and 2,740 portable building containers; and 26,988 storage and freight containers and 2,465 portable building containers, respectively.

In North America, the lease fleet was comprised of 7,059 storage containers, 1,462 office containers (GLOs), 311 portable liquid storage tank containers, 4,728 mobile offices and 981 modular units at March 31, 2013; and 5,247 storage containers, 1,272 office containers, 55 portable liquid storage tank containers, 4,825 mobile offices and 992 modular units at June 30, 2012. At those dates, units on lease were comprised of 5,409 storage containers, 1,197 office containers, 273 portable liquid storage tank containers, 3,129 mobile offices and 724 modular units; and 4,498 storage containers, 1,034 office containers, 39 portable liquid storage tank containers, 3,220 mobile offices and 757 modular units, respectively

Off-Balance Sheet Arrangements

We do not maintain any off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Seasonality

Although demand from certain customer segments can be seasonal, our operations as a whole are not seasonal to any significant extent. We experience a reduction in sales volumes at Royal Wolf during Australia’s summer holiday break from mid-December to the end of January, followed by February being a short working day month. However, this reduction in sales typically is counterbalanced by the increased lease revenues derived from the removals or moving and storage industry, which experiences its seasonal peak of personnel relocations during this same summer holiday break. Demand from some of Pac-Van’s customers can be seasonal, such as in the construction industry, which tends to increase leasing activity in the first and fourth quarters; while customers in the retail industry tend to lease more units in the second quarter.

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Impact of Inflation

We believe that inflation has not had a material effect on our business. However, during periods of rising prices and, in particular when the prices increase rapidly or to levels significantly higher than normal, we may incur significant increases in our operating costs and may not be able to pass price increases through to our customers in a timely manner, which could harm our future results of operations.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we re-evaluate all of our estimates. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may materially differ from these estimates under different assumptions or conditions as additional information becomes available in future periods. We believe the following are the more significant judgments and estimates used in the preparation of our consolidated financial statements.

We are required to estimate the collectability of our trade receivables. Accordingly, we maintain allowances for doubtful accounts for estimated losses that may result from the inability of our customers to make required payments. On a recurring basis, we evaluate a variety of factors in assessing the ultimate realization of these receivables, including the current credit-worthiness of our customers, days sales outstanding trends, a review of historical collection results and a review of specific past due receivables. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required, resulting in decreased net income. To date, uncollectible accounts have been within the range of our expectations.

We lease and sell storage, building, office and portable liquid storage tank containers, modular buildings and mobile offices to our customers. Leases to customers generally qualify as operating leases unless there is a bargain purchase option at the end of the lease term. Revenue is recognized as earned in accordance with the lease terms established by the lease agreements and when collectability is reasonably assured. Revenue is recognized as earned in accordance with the lease terms established by the lease agreements and when collectability is reasonably assured. Revenue from sales of equipment is recognized upon delivery and when collectability is reasonably assured.

We have a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that we lease to customers under operating lease agreements with varying terms. The lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 — 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In our opinion, estimated residual values are at or below net realizable values. We periodically review these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and our own historical experience.

For the issuances of stock options, we follow the fair value provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation. FASB ASC Topic 718 requires recognition of employee share-based compensation expense in the statements of income over the vesting period based on the fair value of the stock option at the grant date. The pricing model we use for determining fair values of the purchase option is the Black-Scholes Pricing Model. Valuations derived from this model are subject to ongoing internal and external verification and review. The model uses market-sourced inputs such as interest rates, market prices and volatilities. Selection of these inputs involves management’s judgment and may impact net income. In particular, prior to July 1, 2009, we used volatility rates based upon a sample of comparable companies in our industry and we now use a volatility rate based on the performance of our common stock, which yields a higher rate. In addition we use a risk-free interest rate, which is the rate on U.S. Treasury instruments, for a security with a maturity that approximates the estimated remaining expected term of the stock option.

We account for goodwill in accordance with FASB ASC Topic 350, Intangibles — Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and intangible assets with indefinite lives and requires these assets be reviewed for impairment at least annually. We operate two reportable and operating segments (Pac-Van and Royal Wolf). All of our goodwill was allocated between these two reporting units. We performed an annual impairment test on goodwill at June 30 using the quantitative two-step process under FASB ASC Topic 350. The first step is a screen for potential impairment, while the second step measures the amount of the impairment, if any. We would also consider performing impairment tests during an interim reporting period in which significant events or changes in circumstances indicate that a permanent impairment may have occurred. Some factors we consider important which could trigger such an impairment review include (1) significant underperformance relative to historical, expected or projected future

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operating results; (2) significant changes in the manner of our use of the acquired assets or the strategy for our overall business; (3) significant changes during the period in our market capitalization relative to net book value; and (4) significant negative industry or general economic trends. At March 31, 2013, there were no significant changes in events or circumstances that were not existing or considered at Royal Wolf or Pac-Van since the annual test at June 30, 2012. Effective July 1, 2012, we adopted the new qualitative assessment now allowable under ASC Topic 350. It will no longer be required for us to calculate the fair value of a reporting unit unless a determination is made based on a qualitative assessment that it is more likely than not (i.e., greater than 50%) that the fair value of the reporting unit is less than its carrying amount. However, if we do determine that fair value is less than the carrying amount, the existing quantitative calculations in steps one and two under ASC Topic 350 continue to apply.

At June 30, 2012, we performed the first step of the two-step impairment test and compared the fair value of each reporting unit to its carrying value. In assessing the fair value of the reporting units, we considered both the market approach and the income approach. Under the market approach, the fair value of the reporting unit was determined on a weighted-average range of multiples to adjusted EBITDA. Under the income approach, the fair value of the reporting unit was based on the present value of estimated cash flows. The income approach was dependent on a number of significant management assumptions, including estimated future revenue growth rates, gross margins on sales, operating margins, capital expenditures and discount rates. Each approach was given equal weight in arriving at the fair value of the reporting unit. If the carrying value of the net assets of any reporting unit would have exceeded its fair value, a step-two impairment test would have been performed. In a step-two test, we would be required to determine the implied fair value of the goodwill and compare it to the carrying value of the goodwill. Generally, this would involve allocating the fair value of the reporting unit to the respective assets and liabilities (as if the reporting unit had been acquired in separate and individual business combination and the fair value was the price paid to acquire it) with the excess of the fair value of the reporting unit over the amounts assigned to their respective assets and liabilities being the implied fair value of goodwill. It was determined that the fair value of both the Royal Wolf and Pac-Van reporting units exceeded the carrying values of its net assets at June 30, 2012.

Intangible assets include those with indefinite (trademark and trade name) and finite (primarily customer base and lists, non-compete agreements and deferred financing costs) useful lives. Customer base and lists and non-compete agreements are amortized on the straight-line basis over the expected period of benefit which range from one to ten years. Costs to obtaining long-term financing are deferred and amortized over the term of the related debt using the straight-line method. Amortizing the deferred financing costs using the straight-line method does not produce significantly different results than that of the effective interest method. We review intangibles (those assets resulting from acquisitions) at least annually for impairment or when events or circumstances indicate these assets might be impaired. We tested impairment using historical cash flows and other relevant facts and circumstances as the primary basis for its estimates of future cash flows. This process requires the use of estimates and assumptions, which are subject to a high degree of judgment. Effective July 1, 2012, we adopted the new qualitative factors now allowable under ASC Topic 350. If we determine, based on a qualitative assessment, that it is more likely than not (i.e., greater than 50%) that fair value is not impaired, then no further testing is necessary. However, if we determine that fair value is less than the carrying amount, then the existing quantitative calculations under ASC Topic 350 continue to apply.

In preparing our consolidated financial statements, we recognize income taxes in each of the jurisdictions in which we operate. For each jurisdiction, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance would be provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider estimated future taxable income as well as feasible tax planning strategies in each jurisdiction. If we determine that we will not realize all or a portion of our deferred tax assets, we would increase our valuation allowance with a charge to income tax expense or offset goodwill if the deferred tax asset was acquired in a business combination. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance would be reduced with a credit to income tax expense except if the valuation allowance was created in conjunction with a tax asset in a business combination.

Reference is made to Note 2 of Notes to Condensed Consolidated Financial Statements for a further discussion of our significant accounting policies.

Impact of Recently Issued Accounting Pronouncements

Reference is made to Note 2 of Notes to Condensed Consolidated Financial Statements for a discussion of recently issued accounting pronouncements that could potentially impact us.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the sensitivity of income to changes in interest rates, foreign exchanges and other market-driven rates or prices. Exposure to interest rates and currency risks arises in the normal course of our business and we may use derivative financial instruments to hedge exposure to fluctuations in foreign exchange rates and interest rates. We believe we have no material market risks to our operations, financial position or liquidity as a result of derivative activities, including forward-exchange contracts.

Reference is made to Note 6 of Notes to Condensed Consolidated Financial Statements for a discussion of financial instruments.

Item 4. Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating our disclosure controls and procedures, we recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and that our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level. There were no changes in our internal control over financial reporting during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

In evaluating our forward-looking statements, readers should specifically consider risk factors that may cause actual results to vary from those contained in the forward-looking statements. Risk factors associated with our business are included, but not limited to, our Annual Report on Form 10-K for the year ended June 30, 2012, as filed with the SEC on September 17, 2012 (“Annual Report”) and other subsequent filings with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In connection with the October 1, 2012 acquisition of Southern Frac, LLC, the Company issued 750 shares of Series C Convertible Cumulative Preferred Stock, or Series C Preferred Stock. The certificate of designation for the Series C Preferred Stock provided that the Series C Preferred Stock would convert automatically to Company common stock upon the first date that the closing price of the Company common stock on the NASDAQ Stock Market equaled or exceeded $5.00 per share. On February 12, 2013, the closing price of the Company’s common stock was $5.06 per share, and the Series C Preferred Stock automatically converted to 150,000 shares of Company common stock. On April 2, 2013, the Company filed a certificate of elimination to cancel the certificate of designation for the Series C Preferred Stock.

Item. 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

See Exhibit Index attached.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 15, 2013	GENERAL FINANCE CORPORATION
	By:	/s/ Ronald F. Valenta
		Ronald F. Valenta
		Chief Executive Officer
	By:	/s/ Charles E. Barrantes
		Charles E. Barrantes
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Exhibit Description
3.1	General Finance Corporation Certificate of Elimination of Certificate of Designation, Preferences and Rights of Series C Convertible Cumulative Preferred Stock (incorporated by reference to Registrant’s Form 8-K filed April 5, 2013)
3.2	General Finance Corporation Amended and Restated Certificate of Designation, Preferences and Rights of Series A 12.5% Cumulative Preferred Stock (incorporated by reference to Registrant’s Form 8-K filed April 12, 2013)
10.1	First Amendment dated February 22, 2013 to Credit and Security Agreement by and among Southern Frac, LLC, GFN Manufacturing Corporation, General Finance Corporation and Wells Fargo Bank, National Association
10.2	Amended and Restated Subordination Agreement dated February 22, 2013 by and between Shane Boston and Wells Fargo Bank, National Association
31.1	Certification of Chief Executive Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a)
31.2	Certification of Chief Financial Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a)
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. §1350
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. §1350
101*	The following materials from the Registrant’s Quarterly report on Form 10-Q for the quarter ended March 31, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements.

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

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EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

This FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this “First Amendment”) is entered into as of February 22, 2013 (the “First Amendment Date”), by and among the following: (i) WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”), (ii) SOUTHERN FRAC, LLC, a Texas limited liability company (the “Borrower”), (iii) GENERAL FINANCE CORPORATION, a Delaware corporation (“GFN”), and (iv) GFN MANUFACTURING CORPORATION, a Delaware corporation (“GFN Mfg” and, together with GFN, the “Guarantors”)(the Borrower and the Guarantors shall be collectively referred to herein as the “Loan Parties”).

RECITALS

Reference is made to the following:

A. Lender, Borrower and Guarantors have entered into that certain Credit and Security Agreement, dated as of October 1, 2012 (the “Credit Agreement”).

B. GFN has executed and delivered to Lender the following (collectively, the “GFN Loan Documentation”): (1) that certain Limited Continuing Guaranty, dated as of October 1, 2012, for the benefit of Lender, and thereby has unconditionally guaranteed the full and prompt payment of a portion of the obligations owing by Borrower to Lender, subject to the conditions and limitations set forth in the GFN Guaranty; and (2) that certain Subordination Agreement, dated as of October 1, 2012, by and between GFN and Lender.

C. GFN Mfg has executed and delivered to Lender the following (collectively, the “GFN Mfg Loan Documentation”): (1) that certain Continuing Guaranty, dated as of October 1, 2012, for the benefit of Lender; (2) that certain Security Agreement, dated as of October 1, 2012, by and between GFN Mfg and Lender; and (3) that certain Subordination Agreement, dated as of October 1, 2012, by and between GFN Mfg and Lender.

D. Upon consummation of the transactions contemplated by the Acquisition Agreement (as defined in the Credit Agreement), GFN and GFN Mfg issued certain unsecured promissory notes (such notes, including the Seller Promissory Note (as defined in the Credit Agreement), are hereinafter referred to as the “Seller Notes”) to Shane Boston.

E. For the benefit of the Lender, the payment of the Seller Notes was subordinated to the prior indefeasible payment in full of the Obligations (as defined in the Credit Agreement) pursuant to that certain Subordination Agreement, dated as of October 1, 2012, by and between Shane Boston and Lender (the “Seller Subordination Agreement”).

F. Borrower has requested that GFN be allowed to prepay (arrange for the prepayment with funds contributed by GFN in the case of the Seller Promissory Note owing by GFN Mfg) all or a portion of each of the Seller Notes in an aggregate amount equal to $1,010,890.44 as of the First Amendment Date (the “Proposed Prepayment Transaction”); absent the prior written consent of Lender, such prepayment would result in the occurrence of one or more Events of Default under the Credit Agreement.

G. Subject to the terms conditions and limitations set forth herein, Lender is willing to consent to the Proposed Prepayment Transaction and amend the Credit Agreement to accommodate the effects of such transaction as set forth in this First Amendment.

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 1

AGREEMENTS

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Lender and the Loan Parties, intending to be legally bound, agree to the accuracy and completeness of the above Recitals, and further agree as follows:

1. DEFINITIONS. All capitalized terms used but not otherwise defined in this First Amendment shall have the meanings ascribed to them in the Credit Agreement.

2. CONSENT TO PROPOSED PREPAYMENT TRANSACTION; LIMITATION OF CONSENT.

2.1. Consent to Proposed Prepayment Transaction. Subject to the terms, conditions and limitations contained in this First Amendment (including, without limitation, the full and timely satisfaction of each of the conditions precedent specified in Article 4 of this First Amendment) and the Credit Agreement, Lender hereby: (a) consents to GFN’s prepayment of the Seller Notes in an aggregate amount equal to $1,010,890.44 on or about the First Amendment Date with funds derived solely from GFN and not directly or indirectly from Borrower, GFN Mfg or any of their respective assets or properties; (b) consents to the amendment and restatement of the Seller Promissory Note in the form attached hereto as Exhibit A as of the First Amendment Date; and (c) consent to Shane Boston’s pledge of the Seller Promissory Note to Vintage Bank, subject to receipt of confirmation from Vintage Bank that it has received, and taken such pledge subject to, the terms and conditions of that certain Amended and Restated Subordination Agreement, dated as the First Amendment Date, by and between Shane Boston and Lender (the “Restated Seller Subordination Agreement”), which confirmation shall be in substantially the form attached hereto as Exhibit B (the “Vintage Consent”).

2.2. Limitation of Consent. The consent provided by Section 2.1 of this First Amendment applies only to the Proposed Prepayment Transaction described in this First Amendment and to the extent occurring on or about the First Amendment Date, and nothing contained in this First Amendment or any related communication between Lender and any of the Loan Parties should be considered a waiver of any other term, condition or limitation contained in the Loan Documents (including any of the GFN Loan Documents or the GFN Mfg Loan Documents) (collectively, the “Other Terms”). Similarly, nothing contained in this letter shall directly or indirectly in any way: (a) impair, prejudice or otherwise adversely affect Lender’s right at any time to exercise any right, privilege or remedy provided in the Credit Agreement, any other Loan Document or under applicable law with respect to any action or transaction proposed by any Loan Party, (b) amend or alter any provision of the Credit Agreement or any other Loan Document except as expressly provided in this First Amendment, or (c) constitute any course of dealing or other basis for altering any obligation of Borrower or any Guarantor under the Credit Agreement or any other Loan Document with respect to the Other Terms or otherwise.

3. AMENDMENTS TO CREDIT AGREEMENT.

a. As of the First Amendment Date, Schedule 1.1 to the Credit Agreement is hereby amended by adding definition of “First Amendment” to such Schedule to read in its entirety as follows:

“First Amendment” means that certain First Amendment to Credit and Security Agreement, dated as of February 22, 2013, by and among Lender, Borrower and Guarantors, as the same may be amended, modified, supplemented or restated from time to time.

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 2

b. As of the First Amendment Date, Schedule 1.1 to the Credit Agreement is hereby amended by amending and restating the definitions of “Seller Promissory Note” and “Seller Subordination Agreement” to read in their entirety as follows:

“Seller Promissory Note” means that certain Amended and Restated Promissory Note, dated as of February 22, 2013, executed by GFN Mfg and payable to the order of Shane Boston in the stated principal amount of $1,670,000, as the same may be amended, modified or restated from time to time with the prior written consent of Lender.

“Seller Subordination Agreement” means that certain Amended and Restated Subordination Agreement, dated as of February 22, 2013, by and between Lender and Shane Boston, as the same may be further amended, modified or restated in writing from time to time.

4. CONDITIONS PRECEDENT TO EFFECTIVENESS OF FIRST AMENDMENT. The effectiveness of this First Amendment is subject to the full satisfaction of the following conditions precedent on or before 5:00 pm CDT, Wednesday, February 22, 2013, unless specifically waived or extended in writing by Lender:

4.1. Lender shall have received this First Amendment, duly executed by Borrower and each Guarantor

4.2. Lender shall have received each of the following:

(a) a copy of that certain Promissory Note, dated October 1, 2012, executed by GFN and payable to Shane Boston in the stated amount of $1,000,000, duly cancelled by Shane Boston;

(b) a copy of the executed Amended and Restated Promissory Note, dated as of February 22, 2013, executed by GFN Mfg and payable to the order of Shane Boston in the stated principal amount of $1,670,000;

(c) the Restated Seller Subordination Agreement, duly executed (and bearing appropriate notary acknowledgements) by Shane Boston; and

(d) the Vintage Consent, transferred to letterhead of Vintage Bank and duly executed by Vintage Bank.

4.3. Lender shall be satisfied with all corporate proceedings taken in connection with the transactions contemplated by this First Amendment and all documents, instruments and other legal matters incident thereto shall be satisfactory to Lender and its legal counsel.

4.4. The representations and warranties contained herein and in the Credit Agreement and the other Loan Documents shall be true and correct on and as of the First Amendment Date and the date on which all conditions precedent hereunder are satisfied, except to the extent that any such representations or warranties relate to an earlier specific date or dates.

4.5. No Default or Event of Default under the Credit Agreement or the other Loan Documents shall have occurred and be continuing, unless such Default or Event of Default has been specifically waived in writing by Lender.

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 3

5. ACKNOWLEDGEMENT OF GUARANTORS.

5.1. GFN Reaffirmation. GFN hereby acknowledges and agrees that (a) the Credit Agreement and each of the GFN Loan Documents is in full force and effect and continues to be the valid, legal and binding obligation of GFN to the extent GFN is a party thereto, and (b) the obligations arising thereunder are without offset or reduction. GFN hereby (i) consents to the terms of this First Amendment and agrees that nothing herein shall impair in any way its obligations under the Credit Agreement or any of the GFN Loan Documents and (ii) reaffirms each of its representations, warranties, covenants, guarantees and other agreements set forth in the Credit Agreement or any of the GFN Loan Documents.

5.2. GFN Mfg Reaffirmation. GFN Mfg hereby acknowledges and agrees that (a) the Credit Agreement and each of the GFN Mfg Loan Documents is in full force and effect and continues to be the valid, legal and binding obligation of GFN Mfg to the extent GFN Mfg is a party thereto, and (b) the obligations arising thereunder are without offset or reduction. GFN Mfg hereby (i) consents to the terms of this First Amendment and agrees that nothing herein shall impair in any way its obligations under the Credit Agreement or any of the GFN Mfg Loan Documents and (ii) reaffirms each of its representations, warranties, covenants, guarantees and other agreements set forth in the Credit Agreement or any of the GFN Mfg Loan Documents.

6. ADDITIONAL COVENANTS; RATIFICATIONS; REPRESENTATIONS AND WARRANTIES.

6.1. The terms and provisions set forth in this First Amendment shall supersede all inconsistent terms and provisions set forth in the Credit Agreements and, except as expressly set forth in this First Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect. The parties hereto agree that the Credit Agreement shall continue to be legal, valid, binding and enforceable in accordance with its terms, and this First Amendment constitutes a Loan Document for all purposes.

6.2. The Loan Parties hereby represent and warrant to Lender as to itself:

(a) the execution, delivery and performance of this First Amendment and any and all other agreements executed and/or delivered in connection herewith or therewith have been authorized by all requisite action on the part of the Loan Parties and their respective directors and shareholders, and will not violate the Governing Documents of any of the Loan Parties;

(b) the representations and warranties contained in this First Amendment and the Credit Agreement are true and correct on and as of the date hereof as though made on and as of such date, except to the extent that breaches thereof are specifically waived by this First Amendment;

(c) no Default or Event of Default has occurred and is continuing;

(d) Loan Parties are in full compliance with all covenants and agreements contained in the Credit Agreement (and the Loan Documents);

(e) the consummation of the Proposed Prepayment Transaction and this First Amendment will not (i) violate any provision of the organizational documents or governing instruments; (ii) violate any judgment, order, ruling, injunction, decree or award of any court, administrative agency or governmental body against, or binding upon, any of the Loan Parties; or (iii) constitute a violation by any of the Loan Parties of any law or regulation of any jurisdiction applicable to any of the Loan Parties;

(f) this First Amendment was reviewed by each of the Loan Parties, who acknowledges and agrees that such Loan Party (i) understands fully the terms of this First Amendment and the consequences of the issuance hereof, (ii) has been afforded an opportunity to have this First Amendment reviewed by, and to discuss this First Amendment with, such attorneys and other Persons as Borrower may wish, and (iii) has entered into this First Amendment of its own free will and accord and without threat or duress; and

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 4

(g) this First Amendment and all information furnished to Lender is made and furnished in good faith, for value and valuable consideration; and this First Amendment has not been made or induced by any fraud, duress or undue influence exercised by Lender or any other Person.

7. MISCELLANEOUS.

7.1. Misrepresentation. Borrower shall indemnify and hold Lender (and each of its officers, agents, employees, affiliates, and representatives) harmless from and against any losses, damages, costs and expenses (including attorneys’ fees) incurred by Lender as a direct or indirect result of (a) any breach of any representation or warranty contained in this First Amendment, or (b) any breach or default under any of the covenants or agreements contained in this First Amendment.

7.2. Covenants and Agreements. Borrower hereby agrees and acknowledges that it is, well and truly indebted to Lender pursuant to the terms of the Loan Documents and hereby agrees to observe, comply with and perform all of the obligations, terms and conditions under or in connection with the Loan Documents.

7.3. Ratification of Liens and Security Interests. Each of the Loan Parties hereby acknowledges and agrees that the liens and security interests of Lender, as more fully described in Credit Agreement and the other Loan Documents, are valid and subsisting liens and security interests and are superior to all liens and security interests other than those exceptions approved by Lender in writing and as otherwise permitted under the Credit Agreement.

7.4. No Waiver. Each of the Loan Parties agrees that nothing contained in this First Amendment shall affect or impair the validity or priority of the liens and security interests under any of the Loan Documents. Lender further reserves all of its rights under Loan Documents, except as expressly modified herein.

7.5. Survival of Representations and Warranties. Except as provided otherwise in this First Amendment, all representations and warranties made in the Credit Agreement and the other Loan Documents including, without limitation, any document furnished in connection with this First Amendment, shall survive the execution and delivery of this First Amendment, and no investigation by Lender or any closing shall affect the representations and warranties or the right of Lender to rely upon them.

7.6. Reference to Credit Agreement. Each of the Loan Documents and the Credit Agreement and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

7.7. Expenses of Lender. Borrower agrees to pay on demand all costs and expenses incurred by Lender in connection with the preparation, negotiation and execution of this First Amendment and any other agreements executed pursuant hereto, including, without limitation, the reasonable costs and fees of Lender’s legal counsel. Borrower acknowledges that Lender may debit Borrower’s account to pay such costs and expenses without further consent of, or notice, to Borrower. Further, Borrower acknowledges that, at the execution and delivery of this First Amendment, Lender may debit Borrower’s account to pay costs and expenses, including Lender’s attorneys’ fees, incurred at such time.

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 5

7.8. Severability. Any provision of this First Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this First Amendment, and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

7.9. Successors and Assigns. This First Amendment will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

7.10. Headings. The headings of the sections and subsections of this First Amendment are inserted for convenience only and do not constitute a part of this First Amendment.

7.11. Counterparts. This First Amendment may be executed in counterparts, and when so executed each counterpart shall be deemed to be an original, and said counterparts together shall constitute one and the same instrument. However, no party shall be required to exhibit or prove all counterparts of the original agreement to make proof of same, rather each counterpart shall constitute an enforceable agreement against the party who has executed the same.

7.12. Facsimile and Electronic Execution. This First Amendment may be executed and delivered by facsimile or other electronic transmission, and the production of a facsimile counterpart shall have the same force and effect as production of an originally executed counterpart for all purposes.

7.13. No Commitment. Each of the Loan Parties agrees that Lender has not made any commitment or other agreement regarding further amendment the Credit Agreement or the other Loan Documents. Each of the Loan Parties warrants and represents that each of the Loan Parties has not, and will not, rely on any commitment or other agreement on the part of Lender unless such commitment or agreement is in writing and signed by Lender.

7.14. Survival. All representations, warranties, covenants and agreements of the parties made in this First Amendment shall survive the execution and delivery hereof, until such time as all of the obligations of the parties hereto shall have lapsed in accordance with their respective terms or shall have been discharged in full.

7.15. Time of Essence. The parties to this First Amendment have agreed specifically with regard to the times for performance set forth in this First Amendment. Further, the parties to this First Amendment acknowledge that the agreements with regard to the times for performance are material to this First Amendment. Therefore, the parties agree and acknowledge that time is of the essence to this First Amendment.

7.16. Agreement Binding on Borrower and Guarantors. The Loan Parties agree that this Agreement will be binding on each of the Loan Parties and their respective successors and assigns; provided, no obligation or right hereunder shall be assignable by any Borrower Party (whether voluntarily, involuntarily or by operation of law) without the prior written consent of Lender.

7.17. Law Governing. THIS FIRST AMENDMENT SHALL BE DEEMED TO HAVE BEEN SUBSTANTIALLY NEGOTIATED AND MADE IN THE STATE OF TEXAS AND SHALL BE INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE UNITED STATES APPLICABLE THERETO AND THE INTERNAL LAWS OF THE STATE OF TEXAS APPLICABLE TO AN AGREEMENT EXECUTED, DELIVERED AND PERFORMED THEREIN, WITHOUT GIVING EFFECT TO THE CHOICE-OF-LAW RULES THEREOF OR ANY OTHER PRINCIPLE THAT COULD REQUIRE THE APPLICATION OF THE SUBSTANTIVE LAW OF ANY OTHER JURISDICTION.

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 6

7.18. Waiver; Modification. NO PROVISION OF THIS FIRST AMENDMENT MAY BE WAIVED, CHANGED OR MODIFIED, OR THE DISCHARGE THEREOF ACKNOWLEDGED, ORALLY, BUT ONLY BY AN AGREEMENT IN WRITING SIGNED BY THE PARTY AGAINST WHOM THE ENFORCEMENT OF ANY WAIVER, CHANGE, MODIFICATION OR DISCHARGE IS SOUGHT. NO DELAY ON THE PART OF LENDER IN EXERCISING ANY RIGHT, POWER OR PRIVILEGE HEREUNDER, SHALL OPERATE AS A WAIVER THEREOF, NOR SHALL ANY WAIVER OF ANY RIGHT, POWER OR PRIVILEGE HEREUNDER OPERATE AS A WAIVER OF ANY OTHER RIGHT, POWER OR PRIVILEGE HEREUNDER, NOR SHALL ANY SINGLE OR PARTIAL EXERCISE OF ANY RIGHT, POWER OR PRIVILEGE HEREUNDER PRECLUDE ANY OTHER OR FURTHER EXERCISE THEREOF, OR THE EXERCISE OF ANY OTHER RIGHT, POWER OR PRIVILEGE HEREUNDER. ALL RIGHTS AND REMEDIES HEREIN PROVIDED ARE CUMULATIVE AND ARE NOT EXCLUSIVE OF ANY RIGHTS OR REMEDIES, WHICH THE PARTIES HERETO MAY OTHERWISE HAVE AT LAW OR IN EQUITY.

7.19. Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE LOAN PARTIES HEREBY IRREVOCABLY AND EXPRESSLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT THEREOF.

7.20. Final Agreement. THIS FIRST AMENDMENT AND THE LOAN DOCUMENTS REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS FIRST AMENDMENT IS EXECUTED. NEITHER THIS FIRST AMENDMENT NOR THE LOAN DOCUMENTS MAY BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

7.21. Release. EACH OF THE BORROWER AND GUARANTORS HEREBY ACKNOWLEDGES THAT AS OF THE DATE HEREOF IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE INDEBTEDNESS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER OR ANY OF ITS AFFILIATES, PARTICIPANTS OR ANY OF THEIR RESPECTIVE DIRECTORS OFFICERS, AGENTS, EMPLOYEES, OR ATTORNEYS. EACH OF THE BORROWER AND GUARANTORS HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, AND ITS AFFILIATES AND PARTICIPANTS, AND EACH OF THEIR RESPECTIVE PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS FIRST AMENDMENT IS EXECUTED, WHICH SUCH PERSON MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 7

ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE OBLIGATIONS, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT, THE OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS FIRST AMENDMENT. EACH OF THE BORROWER AND GUARANTORS HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR IN EQUITY, NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF ANY CLAIM, ACTION OR CAUSE OF ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST LENDER, ANY OF ITS AFFILIATES, AND PARTICIPANTS, AND THEIR RESPECTIVE SUCCESSORS, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, AND PERSONAL AND LEGAL REPRESENTATIVES ARISING OUT OF OR RELATED TO AGENT’S OR LENDER’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS MADE IN CONNECTION WITH ADMINISTERING, ENFORCING, MONITORING, COLLECTION OR ATTEMPTING TO COLLECT THE OBLIGATIONS PRIOR TO THE FIRST AMENDMENT DATE.

[Remainder of page intentionally blank; signature pages follow.]

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT -- PAGE 8

IN WITNESS WHEREOF, Borrower, Guarantors, and Lender have caused this First Amendment to be executed and delivered as of the date first written.

BORROWER AND GUARANTORS:
	SOUTHERN FRAC, LLC
	By:	/s/ Christopher A. Wilson
	Name:	Christopher A. Wilson
	Title:	Secretary
	GFN MANUFACTURING CORPORATION
	By:	/s/ Christopher A. Wilson
	Name:	Christopher A. Wilson
	Title:	Secretary
	GENERAL FINANCE CORPORATION
	By:	/s/ Christopher A. Wilson
	Name:	Christopher A. Wilson
	Title:	Vice President & General Counsel
LENDER:
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	By:	/s/ Ron Zeiber
	Name:	Ron Zeiber
	Title:	Authorized Signatory, Vice President

[SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT]

EXHIBIT A

Amended and Restated Promissory Note

(See attached)

EXHIBIT A TO FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

EXHIBIT B

Vintage Consent

(See attached)

EXHIBIT B TO FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

To: Wells Fargo Bank, National Association

The undersigned, Vintage Bank, hereby confirms that it has received a copy of that certain Amended and Restated Subordination Agreement, dated as of February 22, 2013, by and between Wells Fargo Bank, National Association (“Wells Fargo”), and Shane Boston (as the same may be further amended, modified or restated in writing from time to time by and between Wells Fargo and Shane Boston, the “Subordination Agreement”), which Subordination Agreement subordinates the rights (including the right to receive payments, take collateral or otherwise enforce the terms thereof) of the holder of that certain Amended and Restated Promissory Note, dated as of February 22, 2013, executed by GFN Manufacturing Corporation and payable to the order of Shane Boston in the stated principal amount of $1,670,000 (the “Subordinated Note”).

The terms of the Subordination Agreement also limit the ability of Shane Boston to pledge or otherwise transfer the Subordinated Note without the express written consent of Wells Fargo.

In order to induce Wells Fargo to consent to the pledge of the Subordinated Note to Vintage Bank, the undersigned Vintage Bank acknowledges and agrees that it shall be bound by the terms, conditions and limitations of the Subordination Agreement (to the same extent as though having executed and delivered the same to Wells Fargo) to the extent Vintage Bank shall now or hereafter become the holder of the Subordinated Note or shall otherwise be entitled to enforce the terms thereof.

Further, Vintage Bank shall not undertake to further pledge, assign or transfer the Subordinated Note or any interest therein (whether by endorsement or otherwise) without the prior written consent of Wells Fargo.

Vintage Bank agrees to reaffirm its obligations hereunder from time to time pursuant to such forms of reaffirmation as Wells Fargo may require from time to time.

Very truly yours,

VINTAGE BANK

By:

Name:

Title:

Acknowledged and Agreed:

Wells Fargo Bank, National Association

By:

Name:

Title:

EXHIBIT B TO FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

EX-10.2

Exhibit 10.2

AMENDED AND RESTATED SUBORDINATION AGREEMENT

This AMENDED AND RESTATED SUBORDINATION AGREEMENT (this “Agreement”), dated as of February 22, 2013, is by and between:

        SHANE BOSTON, an individual residing in the State of Texas (“Subordinated Creditor”); and

WELLS FARGO BANK, NATIONAL ASSOCIATION (together with its participants, successors and assigns, “Senior Lender”).

W I T N E S S E T H:

A. Senior Lender and SOUTHERN FRAC, LLC, a Texas limited liability company (the “Borrower”), are parties to that certain Credit and Security Agreement, dated October 1, 2012, as amended by that certain First Amendment to Credit and Security Agreement, dated as of February 22, 2013, by and among Borrower, Guarantors and Senior Lender (as the same may be further amended, modified, supplemented, increased or restated from time to time, the “Credit Agreement”).

B. GENERAL FINANCE CORPORATION, a Delaware corporation (“GFN”), and GFN MANUFACTURING CORPORATION, a Delaware corporation (“GFN Mfg,” and together with GFN, each, a “Guarantor,” and together, the “Guarantors”, and the Guarantors, together with the Borrower, each, a “Loan Party” and, collectively, the “Loan Parties”) have guaranteed the obligations of the Borrower under the Credit Agreement. Capitalized terms used, and not otherwise defined in this Agreement shall have the respective meanings ascribed to such terms in the Credit Agreement.

C. In order to induce Senior Lender to make, or continue to make, financial accommodations to Borrower provided for in the Credit Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Subordinated Creditor hereby agrees with Senior Lender that, so long as any Senior Indebtedness (as hereinafter defined) is outstanding or committed to be advanced by Senior Lender, each such party will comply with such of the following provisions as are applicable to it.

1. Certain Definitions.

1.1 Insolvency Proceeding. The term “Insolvency Proceeding” shall mean any voluntary or involuntary dissolution, winding-up, total or partial liquidation, reorganization or bankruptcy, insolvency, receivership or other statutory or common law proceedings or arrangements involving any Loan Party, or the readjustment of the liabilities of any Loan Party or any assignment for the benefit of creditors or any marshalling of the assets or liabilities of any Loan Party.

1.2 Senior Indebtedness. The term “Senior Indebtedness” shall mean any and all loans, advances, extensions of credit to, and all other indebtedness, obligations and liabilities, now existing or hereafter arising, direct or contingent, of any Loan Party now or hereafter owing to Senior Lender, outstanding from time to time, whether pursuant to the Credit Agreement or otherwise (including, without limitation, any and all of any Loan Party’s obligations and liabilities under any Rate Hedge Agreement (as defined in the Credit Agreement), derivative, foreign exchange, deposit, treasury management, or similar transaction or arrangement however described or defined) and including any and all indebtedness to Senior Lender in respect of any and all future loans or advances or extensions of credit made to any Loan Party by Senior Lender, prior to, during or following any proceeding in respect of any Insolvency Proceeding, together with interest thereon and all fees, expenses and other amounts (including costs of collection and reasonable attorneys’ fees) at any time owing to Senior Lender, whether arising in

SUBORDINATION AGREEMENT (SELLER) - PAGE 1

connection with the Credit Agreement or such other indebtedness (regardless of the extent to which the Credit Agreement or such other indebtedness is enforceable against such Loan Party and regardless of the extent to which such amounts are allowed as claims against such Loan Party in any Insolvency Proceeding, and including any interest thereon accruing after the commencement of any Insolvency Proceeding and any other interest that would have accrued thereon but for the commencement of such Insolvency Proceeding) and all advances made for the preservation, maintenance, insurance or protection of any collateral securing any of the foregoing, and all refinancings of the foregoing, and all guaranties of the foregoing. All Senior Indebtedness shall be entitled to the benefits of this Agreement without notice thereof being given to Subordinated Creditor.

For the purposes hereof, the term “Senior Lender” shall mean the Senior Lender named in the preamble to this Agreement, its successors and assigns, and any and all assignees or holders of Senior Indebtedness.

1.3 Subordinated Indebtedness. The term “Subordinated Indebtedness” shall mean:

(a) that certain Amended and Restated Promissory Note, dated as of February 22, 2013, in the original stated principal amount of $1,670,000, executed by GFN Mfg, and payable to the order of Subordinated Creditor (as the same may be further amended, modified or restated with the prior written consent of the Senior Lender, the “Subordinated Note”); and

(b) that certain Continuing Guaranty, dated as of October 1, 2012, executed by GFN, in favor of Subordinated Creditor (the “Guaranty,” and, together with the Subordinated Note, and any other agreement evidencing or relating to Subordinated Indebtedness, as any of the same may be amended, restated, supplemented or modified from time to time with the prior, written consent of Senior Lender being hereinafter collectively referred to as the “Subordinated Agreements”).

For the purposes hereof, the term “Subordinated Creditor” shall mean the Subordinated Creditor named in the preamble to this Agreement, its successors and assigns, and any and all assignees or holders of Subordinated Indebtedness.

2. Terms of Subordination.

2.1 No Transfer. Subordinated Creditor shall not sell or otherwise dispose of any of the Subordinated Indebtedness except to a person who agrees in advance in writing, pursuant to an agreement in this form or other form reasonably acceptable to Senior Lender, to become a party hereto.

2.2 Payment and Liens Subordinated.

(a) Anything in the instruments or agreements evidencing Subordinated Indebtedness to the contrary notwithstanding, the payment of the Subordinated Indebtedness is and shall be expressly subordinate and junior in right of payment and exercise of remedies to the prior, indefeasible payment in full in cash of the Senior Indebtedness to the extent and in the manner provided herein, and the Subordinated Indebtedness is hereby subordinated as a claim against any Loan Party or any of the assets of, or ownership interests in, any Loan Party whether such claim be (i) in the event of any distribution of the assets of a Loan Party upon any Insolvency Proceeding, or (ii) other than in connection with an Insolvency Proceeding, to the prior indefeasible payment in full in cash of the Senior Indebtedness. IN FURTHERANCE OF THE FOREGOING, EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.7 BELOW, NO LOAN PARTY SHALL MAKE, AND NO HOLDER OF

SUBORDINATION AGREEMENT (SELLER) - PAGE 2

SUBORDINATED INDEBTEDNESS WILL DEMAND, ACCEPT OR RECEIVE, ANY PAYMENT OF SUBORDINATED INDEBTEDNESS UNTIL ALL THE SENIOR INDEBTEDNESS HAS BEEN INDEFEASIBLY PAID IN FULL IN CASH. In the event that all or any part of any payment of the Senior Indebtedness is rescinded or recovered directly or indirectly from Senior Lender as a preference, fraudulent transfer or otherwise (whether by demand, settlement, litigation or otherwise), such rescinded or recovered payments shall constitute Senior Indebtedness for all purposes hereunder and the obligations of Subordinated Creditor hereunder shall continue and remain in full force and effect or be reinstated, as the case may be. Subject to Section 2.7 below, Subordinated Creditor hereby subordinates and makes junior the Subordinated Agreements, and the liens and security interests created thereby, and all rights, remedies, terms and covenants contained therein to (i) the Senior Indebtedness, (ii) the liens and security interests created by the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) securing payment of the Senior Indebtedness, (iii) all guaranties created by such Loan Documents, and (iv) all of the terms, covenants, conditions, rights and remedies contained in such Loan Documents. No amendments or modifications to the Loan Documents shall affect the subordination set forth herein. Every document and instrument included within the Subordinated Agreements shall be subject and subordinate to each and every document and instrument included within the Loan Documents and all extensions, modifications, consolidations, supplements, amendments, replacements and restatements of and/or to the Loan Documents. In furtherance thereof, Subordinated Creditor hereby acknowledges and agrees that notwithstanding the relative times and method of attachment or perfection thereof (or any failure to perfect) or the order of filing of any financing statement, mortgage, deed of trust or other perfection document, or anything in the Subordinated Agreements, or this Agreement to the contrary, Senior Lender’s interest in the Collateral to the extent of the Senior Indebtedness shall, in all respects, be first and senior security interests and liens, superior to any security interests and liens granted or to be granted to Subordinated Creditor in assets of, or ownership interests in, any Loan Party or any other person pursuant to the Subordinated Agreements or otherwise, it being the express intention of the parties that, notwithstanding anything in this Agreement to the contrary, all liens and security interests granted to Senior Lender from time to time shall be prior and superior to any liens or security interests granted to Subordinated Creditor. Furthermore, Subordinated Creditor will not in any manner interfere with the security interests in and liens on all or any portion of the Collateral in favor of Senior Lender, unless and until Senior Lender advises Subordinated Creditor that the Loan Parties have indefeasibly satisfied in full in cash the Senior Indebtedness and that Senior Lender has terminated its security interests in and liens on the Collateral (as defined in the Credit Agreement). Subordinated Creditor hereby agrees that, until the indefeasible payment, in full, in cash, of the Senior Indebtedness, to Senior Lender, Subordinated Creditor will not accept or create any lien or other encumbrance on, or any security interest in, any assets of any Person to secure the obligations of GFN under the Guaranty. To the extent Subordinated Creditor violates the terms and conditions of the immediately preceding sentence, Subordinated Creditor hereby (1) subordinates and makes junior any such liens and security interests created to secure the Guaranty and all rights, remedies, terms and covenants contained related to, or arising from, such liens or the agreements granting the same, in each instance to the extent and in the same manner as provided for subordination of liens hereunder (including the express applicability of each provision of Section 2.4), and (2) agrees not to exercise any rights or remedies with respect to any collateral given to Subordinated Creditor to secure the Guaranty, or any obligations owed by GFN to Subordinated Creditor pursuant thereto, in each case, until the prior, indefeasible payment, in full, in cash, of the Senior Indebtedness, to Senior Lender. Senior Lender shall use best efforts to notify Subordinated Creditor of the indefeasible payment in full, in cash, of the Senior Indebtedness.

(b) In foreclosing on Senior Lender’s security interests and liens in the Collateral, so long as Senior Lender proceeds in a commercially reasonable manner, Senior Lender may proceed to foreclose on its security interests and liens in any manner which Senior Lender, in its sole discretion, chooses, even though a higher price might have been realized if Senior Lender had proceeded to foreclose on its security interests and liens in another manner. The priorities of the liens provided in this Section 2.2 shall not be

SUBORDINATION AGREEMENT (SELLER) - PAGE 3

altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement, replacement or refinancing of the Senior Indebtedness or the Subordinated Indebtedness, nor by any action or inaction which Senior Lender may take or fail to take in respect of the Collateral.

(c) Without limiting any of the rights (including any of the foreclosure rights) of Senior Lender under the Credit Agreement or the Loan Documents or any documents delivered to secure the obligations of any Loan Party to Senior Lender in connection therewith or under the provisions of any applicable law, and without placing any obligation on the part of Senior Lender to follow any of the following provisions in order to retain its priority status hereunder, in the event that Senior Lender releases or discharges its security interests in, or liens upon, any Collateral which is subject to a lien or security interest in favor of Subordinated Creditor, such Collateral shall thereupon be deemed to have been released from all such liens and security interests in favor of Subordinated Creditor, provided that Senior Lender believes in good faith that any such released or discharged Collateral is being sold or transferred either (i) in the ordinary course of a Loan Party’s business consistent with the terms and conditions of the Credit Agreement or other applicable Loan Document, or (ii) following the occurrence and during the continuation of an Event of Default under the Senior Indebtedness for consideration believed by Senior Lender to be reasonably equivalent to the fair value of such Collateral, under circumstances in which the net proceeds of any such sale are applied to the payment of the Senior Indebtedness and the Subordinated Indebtedness in the order of priority provided in this Agreement. Subordinated Creditor agrees that within three (3) days following Senior Lender’s written request therefor, it will execute, deliver and file any and all such termination statements, lien releases and other agreements and instruments as Senior Lender reasonably deems necessary or appropriate in order to give effect to the preceding sentence. Subordinated Creditor hereby irrevocably appoints Senior Lender the true and lawful attorney of Subordinated Creditor for the purpose of effecting any such executions, deliveries and filings.

2.3 Distributions in Insolvency Proceeding. Subject to Section 2.7 below, in the event of any Insolvency Proceeding relative to any Loan Party or such Person’s property, all of the Senior Indebtedness owed by such Loan Party shall first be indefeasibly paid in full in cash before any payment on account of principal, premium or interest or otherwise is made upon or in respect of the Subordinated Indebtedness, and in any such proceedings any payment or distribution of any kind or character, whether in cash or property or securities which may be payable or deliverable in respect of the Subordinated Indebtedness shall be paid or delivered directly to Senior Lender for application in payment of the Senior Indebtedness, unless and until all such Senior Indebtedness shall have been indefeasibly paid and satisfied in full in cash. Subject to Section 2.7 below, in the event that, notwithstanding the foregoing, upon any such Insolvency Proceeding, any payment or distribution of assets of any Loan Party of any kind or character, whether in cash, property or securities, shall be received by the holder of the Subordinated Indebtedness before all Senior Indebtedness is indefeasibly paid in full in cash, such payment or distribution shall be immediately paid over to the holder of the Senior Indebtedness, for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been indefeasibly paid in full in cash, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

2.4 Attorneys-in-Fact, Proof and Voting of Claims.

(a) Attorneys-in-Fact. Subordinated Creditor, for itself and its successors and assigns, hereby irrevocably authorizes and directs Senior Lender, on Subordinated Creditor’s behalf, to take such action as may be necessary or appropriate to effectuate the subordination provided for in this Agreement and irrevocably appoints, which appointment is coupled with an interest, upon any Event of Default under the Credit Agreement and during the continuation thereof or any failure to comply with the terms of this Agreement, Senior Lender its attorney-in-fact for such purpose with full powers of substitution and revocation.

SUBORDINATION AGREEMENT (SELLER) - PAGE 4

(b) Proof and Vote of Claims. Subordinated Creditor hereby irrevocably appoints, which appointment is irrevocable and coupled with an interest, Senior Lender as such Subordinated Creditor’s true and lawful attorney, with full power of substitution, in the name of such Subordinated Creditor, Senior Lender or otherwise, for the sole use and benefit of Senior Lender, to the extent permitted by law, to prove and vote all claims relating to the Subordinated Indebtedness, either in the name of Senior Lender or in the name of Subordinated Creditor, by proof of debt, proof of claim, suit or otherwise, to collect any assets of each Loan Party and to receive and collect all distributions, securities, property and payments to which such Subordinated Creditor would be otherwise entitled on any liquidation of such Loan Party or any of its property or in any proceeding affecting such Loan Party or its property under any bankruptcy or insolvency laws or any laws or proceedings relating to the relief of such Loan Party, readjustment, composition or extension of indebtedness or reorganization, provided, however, that if Senior Lender shall not have made and presented a proof of claim in connection with the Subordinated Indebtedness (or any portion thereof) on or before two (2) calendar days prior to the bar date for the filing of such proof of claim, then Subordinated Creditor may make and present such proof of claim in any Insolvency Proceeding. In no event shall Senior Lender be liable to Subordinated Creditor for any failure to prove the Subordinated Indebtedness, to exercise any right with respect thereto or to collect any sums payable thereon.

(c) No Interference. In addition, Subordinated Creditor agrees that to the extent such Subordinated Creditor holds any Subordinated Indebtedness at the relevant time, it will not take any action as the holder of any such Subordinated Indebtedness that will impede, interfere with or restrict or restrain the exercise by Senior Lender of rights and remedies under the Loan Documents and, upon the commencement of any Insolvency Proceeding, will take such commercially reasonable actions as the holder of any such Subordinated Indebtedness as may be reasonably necessary or appropriate to effectuate the subordination provided hereby. In furtherance thereof, such Subordinated Creditor, in its capacity as a holder of Subordinated Indebtedness, hereby agrees not to (i) object to the amount of the Senior Indebtedness allowed or permitted to be asserted under the Bankruptcy Code or the extent to which the Senior Indebtedness is deemed a secured claim, (ii) oppose or object to any motion filed or supported by Senior Lender for relief from stay or for adequate protection in respect of the Senior Indebtedness or (iii) oppose or object to any motions supported by Senior Lender for any Loan Party’s use of cash collateral or post-petition borrowing from Senior Lender or any proposed sale of any Loan Party’s assets pursuant to Section 363 of the Bankruptcy Code.

2.5 Effect of Provisions. The provisions hereof as to subordination are solely for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand, and the holders of the Subordinated Indebtedness on the other hand, and none of such provisions shall impair, as between any Loan Party and the holder of the Subordinated Indebtedness, the obligations of such Loan Party, which are unconditional and absolute, to pay to such holders all of the Subordinated Indebtedness in accordance with the terms thereof, nor, except as provided in Section 2.7 and Section 6 below, shall any such provisions prevent the holder of Subordinated Indebtedness from exercising all remedies otherwise permitted by applicable law or under the terms of such Subordinated Indebtedness upon a default thereunder, subject to the rights, if any, of the holders of Senior Indebtedness under the provisions of this Agreement.

2.6 Subrogation, Etc. Each holder of Subordinated Indebtedness hereby subordinates to the Senior Indebtedness all rights to be subrogated to the rights of the holders of the Senior Indebtedness in respect of payments or distributions of assets of, or ownership interests in, any Loan Party made on the Senior Indebtedness, until the indefeasible payment in full in cash of the Senior Indebtedness.

SUBORDINATION AGREEMENT (SELLER) - PAGE 5

2.7 Permitted Payments. No Loan Party will make, and no holder of Subordinated Indebtedness will accept or receive or retain, any payment of Subordinated Indebtedness until all the Senior Indebtedness has been indefeasibly paid in full in cash; provided, however, that notwithstanding the foregoing, GFN Mfg may make, and the Subordinated Creditor may accept and retain, scheduled payments (but not prepayments) of principal and interest required to be paid under the Subordinated Note, as and when due and payable to Subordinated Creditor in accordance with, and subject to, the terms and conditions of the Guaranty, so long as (i) no Default or Event of Default has occurred and is continuing or would result from such payment, (ii) such payment is made from and after the end of the thirteenth completed calendar month following the Closing Date, and (ii) the Borrower has Excess Availability of at least $1,500,000 for each of the thirty (30) days immediately preceding the proposed payment and immediately after giving effect to such payment; provided, further, that if the sole reason that a payment by GFN Mfg is not permitted under this Section 2.7 is due to GFN Mfg’s lack of Excess Availability, then GFN may make, and the Subordinated Creditor may accept and retain, scheduled payments (but not prepayments) of principal and interest required to be paid under the Subordinated Note, as and when due and payable to Subordinated Creditor in accordance with, and subject to, the terms and conditions of the Guaranty, so long as no Default or Event of Default has occurred and is continuing or would result from such payment.

2.8 No Exercise of Remedies by Subordinated Creditor.

2.8.1 Standstill. Subject to Section 2.7 above, until the indefeasible payment in full, in cash, of the Senior Indebtedness has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Loan Party, Subordinated Creditor:

(a) will not, directly or indirectly, exercise or seek to exercise any rights or remedies with respect to any Loan Party or any Collateral;

(b) will not, directly or indirectly, contest, protest, or object to any exercise of rights and remedies by Senior Lender and has no right to direct Senior Lender to exercise any rights or remedies or take any other action under the Loan Documents; and

(c) will not, directly or indirectly, object to (and waives any and all claims with respect to) the forbearance by Senior Lender from exercising any rights or remedies.

2.8.2 Exclusive Enforcement Rights. Until the indefeasible payment in full, in cash, of the Senior Indebtedness has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Loan Party, Senior Lender shall have the exclusive right to exercise any rights and remedies with respect to the Collateral without any consultation with or the consent of Subordinated Creditor. In connection with any exercise of rights or remedies, Senior Lender may enforce the provisions of the Loan Documents and exercise remedies thereunder, all in such order and in such manner as Senior Lender may determine at its sole option. Such exercise and enforcement shall include the rights of an agent appointed by Senior Lender to dispose of Collateral, to incur expenses in connection with such disposition, and to exercise all the rights and remedies of a secured creditor under applicable law.

2.8.3 Retention of Proceeds. Subordinated Creditor shall not be permitted to retain any proceeds of Collateral in connection with any exercise of rights and remedies in any circumstance unless and until the Senior Indebtedness has been indefeasibly paid in full in cash.

2.8.4 Non-Interference. Subject to Section 2.7 and Section 2.8.1(a) above, Subordinated Creditor hereby:

SUBORDINATION AGREEMENT (SELLER) - PAGE 6

(a) agrees that Subordinated Creditor will not, directly or indirectly, take any action that would restrain, hinder, limit, delay, or otherwise interfere with any exercise of rights and remedies by Senior Lender, or that is otherwise prohibited hereunder, including any disposition of all or any portion of the Collateral, whether by enforcement, foreclosure or otherwise;

(b) waives any and all rights it may have as a junior lien creditor or otherwise, directly or indirectly, to object to the manner in which Senior Lender seeks to enforce or collect the Senior Indebtedness or the Liens securing the Senior Indebtedness granted in all or any portion of the Collateral, regardless of whether any action or failure to act by or on behalf of Senior Lender is adverse to the interest of Subordinated Creditor; and

(c) acknowledges and agrees that no covenant, agreement or restriction contained in the Subordinated Agreements shall be deemed to restrict in any way the rights and remedies of Senior Lender with respect to the Collateral as set forth in this Agreement and the Loan Documents.

2.8.5 Unsecured Creditor Remedies. In the event that Subordinated Creditor becomes an execution creditor with a Lien or a judgment Lien creditor in respect of all or any portion of the Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Subordinated Indebtedness, such Lien shall be subject to the terms of this Agreement for all purposes to the same extent as the other Liens securing the Subordinated Indebtedness.

2.9 Agreements Relating to Collateral. Subordinated Creditor shall have no right to participate in the adjustment or settlement of any insurance losses or condemnation claims with respect to all or any portion of the Collateral unless and until the Senior Indebtedness has been indefeasibly paid in full in cash. Subordinated Creditor hereby agrees, upon the request and at the direction of Senior Lender, to endorse in favor of Senior Lender any and all checks payable to Subordinated Creditor which represent insurance and/or condemnation proceeds paid for claims relating to all or any portion of the Collateral in any manner. Subordinated Creditor agrees, upon request by Senior Lender, to assign to Senior Lender any and all insurance proceeds and condemnation awards payable to Subordinated Creditor for claims relating to all or any portion of the Collateral. Subordinated Creditor hereby appoints Senior Lender as Subordinated Creditor’s attorney-in-fact to settle all insurance and/or condemnation claims relating to all or any portion of the Collateral and to receive all payments and endorse all checks with respect to such claims to the full extent of the Senior Indebtedness. Subordinated Creditor shall have no right to possession of any portion of the Collateral or to foreclose upon any portion of the Collateral, whether by judicial action or otherwise, unless and until all of the Senior Indebtedness shall have been indefeasibly paid in full, in cash.

3. Agreement to Hold in Trust. If any holder of Subordinated Indebtedness shall receive any payment on account of the Subordinated Indebtedness or property of any Loan Party in violation of this Agreement, it shall hold such payment or property, as applicable, in trust for the benefit of Senior Lender and, promptly upon discovery or notice of such violation, pay or deliver it over to Senior Lender for application in payment of the Senior Indebtedness or to hold as Collateral for the Senior Indebtedness, as applicable.

4. Amendments to Subordinated Agreements/Additional Liens on Collateral. Subordinated Creditor covenants and agrees that, unless Senior Lender otherwise consents thereto in writing, (a) Subordinated Creditor will not amend or modify any provision of the Subordinated Agreements and (b) to the extent any liens or security interests are created on or in all or any portion of the Collateral (by operation of law or otherwise) securing the Subordinated Indebtedness, all such liens and security interests shall be fully subordinated and junior to the liens on and security interests in the Collateral in favor of Senior Lender.

SUBORDINATION AGREEMENT (SELLER) - PAGE 7

5. Evidences of Subordinated Indebtedness/Legend. Subordinated Creditor, for itself and its successors and assigns as holders of Subordinated Indebtedness, covenants to cause each agreement and instrument representing or evidencing any of the Subordinated Indebtedness issued or executed by any Loan Party and held by Subordinated Creditor to have affixed upon it a legend which reads substantially as follows:

“THIS INSTRUMENT IS SUBJECT TO AN AMENDED AND RESTATED SUBORDINATION AGREEMENT DATED AS OF FEBRUARY 22, 2013, BETWEEN SHANE BOSTON, AND WELLS FARGO BANK, NATIONAL ASSOCIATION. BY ITS ACCEPTANCE OF THIS INSTRUMENT, THE HOLDER HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF SUCH SUBORDINATION AGREEMENT TO THE SAME EXTENT THAT SUBORDINATED CREDITOR (AS DEFINED THEREIN) IS BOUND.”

6. Limit on Right of Action. Subordinated Creditor, for itself and its successors and assigns, agrees for the benefit of the holders of the Senior Indebtedness that, subject to Section 2.7 above, so long as the Senior Indebtedness remains outstanding or committed to be advanced, Subordinated Creditor will not, directly or indirectly, take any action to accelerate or demand payment of the Subordinated Indebtedness by any Loan Party, to collect or receive any direct or indirect payment or distribution of assets of any kind or character, whether in cash, properties or securities, by setoff or otherwise, on or with respect to the Subordinated Indebtedness, to exercise any of its remedies in respect of the Subordinated Indebtedness, to initiate or join with any other creditor in initiating any Insolvency Proceeding of, or litigation against, any Loan Party, or to foreclose or otherwise realize on any security given by any Loan Party or any other person to secure the Subordinated Indebtedness prior to the indefeasible payment in full in cash of the Senior Indebtedness. The foregoing provisions of this Section 6 are solely for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand and the holders of the Subordinated Indebtedness on the other and shall not otherwise limit or affect any rights which the holders of the Subordinated Indebtedness may have against any Loan Party under the terms of the agreements evidencing the Subordinated Indebtedness.

7. Marshaling. Subordinated Creditor, for itself and its successors and assigns, hereby expressly waives any right that it otherwise might have to require the holders of Senior Indebtedness to marshal any of the property of any Loan Party, to resort to Collateral in any particular order or manner, whether provided for by common law or statute, or to enforce any guaranty or any Lien given by any Loan Party as a condition precedent or concurrent to the exercise of any of their remedies.

8. Additional Rights of Senior Lender. If Subordinated Creditor, in violation of this Agreement, shall commence, prosecute or participate in any suit, action or proceeding against any Loan Party, such Loan Party may interpose as a defense or plea the making of this Agreement and Senior Lender may intervene and interpose such defense or plea in Senior Lender’s name or in the name of such Loan Party. If Subordinated Creditor, in violation of this Agreement, shall attempt to enforce any security agreement, real estate mortgage, deed of trust, guaranty or any lien instrument or other encumbrance, Senior Lender may by virtue of this Agreement restrain the enforcement thereof in Senior Lender’s name or in the name of any applicable Loan Party. If Subordinated Creditor obtains any assets of any Loan Party as a result of any administrative, legal or equitable action, or otherwise, Subordinated Creditor agrees forthwith to pay, deliver and assign to Senior Lender any such assets for application to the Senior Indebtedness.

9. Subsequent Changes. Subordinated Creditor expressly agrees that Senior Lender may, in its sole and absolute discretion, without notice to or further assent of Subordinated Creditor or any

SUBORDINATION AGREEMENT (SELLER) - PAGE 8

holder of Subordinated Indebtedness and without in any way releasing, affecting or impairing the obligations and liabilities of Subordinated Creditor or such holder hereunder: (i) waive compliance with, or any default under, or grant any other indulgences with respect to, the Loan Documents (including, without limitation, any waiver of a condition to an Advance); (ii) modify, amend or change any provisions of the Loan Documents (including, without limitation, any changes to the interest rates, payment schedules or maximum amount of the Senior Indebtedness); (iii) grant extensions or renewals of or with respect to the Loan Documents, and/or effect any release, compromise or settlement in connection therewith; (iv) agree to the substitution, exchange, release or other disposition of any Loan Party, any other guarantor or other obligor of the Senior Indebtedness or of all or any part of the collateral securing the Senior Indebtedness (whether or not anything or any amount is received in return therefor); (v) make advances for the purpose of performing any term or covenant contained in the Loan Documents, with respect to which any Loan Party shall be in default; (vi) assign or otherwise transfer the Loan Documents, including, without limitation, this Agreement, or any interest therein; and (vii) deal in all respects with each Loan Party, the Senior Indebtedness or any Collateral or guaranty securing the Senior Indebtedness as if this Agreement were not in effect. The obligations of each Loan Party and Subordinated Creditor under this Agreement shall be absolute and unconditional, irrespective of the genuineness, validity, regularity, enforceability or priority of the Loan Documents or any other circumstances which might otherwise constitute a legal or equitable discharge of a surety or guarantor. No exercise or nonexercise by Senior Lender of any right given to it hereunder or under the Loan Documents, and no change, impairment or suspension of any right or remedy of Senior Lender, shall in any way affect any of Subordinated Creditor’s obligations hereunder or give Subordinated Creditor any recourse against Senior Lender. No right of any current or future holder of any Senior Indebtedness to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Loan Party, by any act or failure to act by any such holder, by any act or failure to act by any other holder of the Senior Indebtedness, or by any noncompliance by any Loan Party with the terms hereof, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.

10. Waivers. Subordinated Creditor hereby expressly waives: (i) notice of acceptance of this Agreement; (ii) notice of any default hereunder or under the Loan Documents and of all indulgences; (iii) demand for observance or performance of, or enforcement of, any terms or provisions of this Agreement or the Loan Documents; (iv) notice of extensions of credit by Senior Lender to any Loan Party and of any change in the rate at which interest accrues under the Loan Documents; (v) all other notices and demands otherwise required by law which such Subordinated Creditor may lawfully waive; (vi) the right to assert in any action or proceeding hereupon any setoff, counterclaim or other claim which it may have against Senior Lender; (vii) all rights of subrogation, reimbursement or contribution against any Loan Party which might otherwise arise by reason of such Subordinated Creditor’s execution or performance of this Agreement until the indefeasible payment in full in cash of the Senior Indebtedness; (viii) all rights (statutory or otherwise) that require Senior Lender to make an election of remedies where Senior Lender holds security interests and liens on both the real and personal property of any Loan Party or any other obligor on the Senior Indebtedness or to take recourse first or solely against any particular Collateral securing the Credit Agreement or the other Loan Documents; (ix) all rights (statutory or otherwise) that restrict, affect or impair the rights or remedies of Senior Lender to collect any deficiency after the application to the Secured Indebtedness of any proceeds arising from the foreclosure of the Loan Documents; (x) any defense based on the adequacy of a remedy at law which might be asserted as a bar to the remedy of specific performance of this Agreement in any action brought therefor by any party hereto, and (xi) so long as this Agreement remains in effect, the benefit of all other principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof.

11. Indulgences Not Waivers. Neither the failure nor any delay on the part of Senior Lender to exercise any right, remedy, power or privilege hereunder shall operate as a waiver thereof or

SUBORDINATION AGREEMENT (SELLER) - PAGE 9

give rise to an estoppel, nor be construed as an agreement to modify the terms of this Agreement, nor shall any single or partial exercise of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver by a party hereunder shall be effective unless it is in writing and signed by the party making such waiver, and then only to the extent specifically stated in such writing.

12. Covenant Not to Challenge. As between Subordinated Creditor, on the one hand, and Senior Lender, on the other hand, to the fullest extent permitted by law, neither Senior Lender nor Subordinated Creditor shall initiate in any proceeding a challenge to the validity or enforceability of the documents and instruments evidencing or securing the Senior Indebtedness or the Subordinated Indebtedness, as applicable.

13. Independent Credit Investigations. Subordinated Creditor, Senior Lender, and their respective directors, officers, agents, or employees, shall not be responsible to the other for any Loan Party’s solvency, creditworthiness, financial condition, or ability to repay any of their claims or for the accuracy of any recitals, statements, representations, or warranties of such Loan Party, oral or written, or for the validity, sufficiency, enforceability, or perfection of their claims or their respective loan documents, or any security interests or liens granted by such Loan Party to any claimant in connection therewith. Each claimant has entered into its respective financing agreements with the applicable Loan Party based upon its own independent investigation, and makes no warranty or representation to the other claimant, nor does he or it rely upon any representation of the other claimant with respect to matters identified or referred to in this paragraph.

14. Effect of Bankruptcy/Additional Financing. This Agreement is intended to be enforceable as a subordination agreement under Bankruptcy Code section 510 notwithstanding the commencement of any bankruptcy or other Insolvency Proceeding by or against any Loan Party and, to the full extent permitted by law, shall apply with full force and effect to any indebtedness arising pursuant to debtor-in-possession financing arrangements or pursuant to financing arrangements entered into in connection with the confirmation of a plan of reorganization under Chapter 11 of the Bankruptcy Code. Subordinated Creditor acknowledges and consents that, to the extent that Senior Lender elects at its option to provide to any Loan Party additional financing upon terms and conditions satisfactory to Senior Lender and such Loan Party, whether prior to, during, or after an Insolvency Proceeding, or at any other time prior to the Senior Indebtedness having been indefeasibly paid in full in cash to Senior Lender, such additional indebtedness (represented by such additional financing), together with any and all interest or fees thereon (collectively, the “Additional Financing”), shall become a part of the Senior Indebtedness, and shall be treated as provided under this Agreement. Further, Subordinated Creditor acknowledges and agrees that Subordinated Creditor shall not object to any terms or conditions of the Additional Financing, whether in the form of debtor-in-possession financing or cash collateral use, as may be agreed to by Senior Lender and any Loan Party, and Subordinated Creditor acknowledges and agrees that Subordinated Creditor shall not be entitled to any adequate protection under the Bankruptcy Code (whether in the form of replacement liens or adequate protection payments) nor shall Subordinated Creditor seek relief from any automatic stay until the Senior Indebtedness is indefeasibly paid in full in cash to Senior Lender.

15. Notices. All notices, requests, demands and other communications provided for hereunder shall be in writing (including telecopied communication) and mailed or telecopied or delivered to the applicable party at the addresses indicated on Schedule 1 attached hereto, or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties complying as to delivery with the terms of this Section 15. All such notices, requests, demands and other communication shall be deemed given upon receipt by the party to whom such notice is directed.

SUBORDINATION AGREEMENT (SELLER) - PAGE 10

16. Successors; Continuing Effect, Etc. This Agreement is being entered into for the benefit of Senior Lender and the holders of the Senior Indebtedness and the Subordinated Indebtedness, and their respective successors and assigns. This Agreement shall be a continuing agreement and shall be irrevocable and shall remain in full force and effect so long as there are both Senior Indebtedness and Subordinated Indebtedness outstanding or committed to be advanced. The obligations of Subordinated Creditor hereunder shall be reinstated and revived, and the rights of the holders of the Senior Indebtedness shall continue, with respect to any amount at any time paid on account of the Senior Indebtedness which shall thereafter be required to be restored or returned by the holders of the Senior Indebtedness in any Insolvency Proceeding (including, without limitation, any repayment made pursuant to any provision of Chapter 5 of Title 11, United States Code) or otherwise, all as though such amount had not been paid.

17. Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, and no modification or waiver of any provision of this Agreement shall in any event be effective unless the same shall be in writing signed by Senior Lender and Subordinated Creditor.

18. Miscellaneous. This Agreement, which may be executed in any number of counterparts, shall take effect as a sealed instrument and shall be governed by and construed in accordance with the laws of the State of Texas applicable to contracts made and performed in said State. The headings in this Agreement are for convenience of reference only and shall not alter or otherwise affect the meaning hereof.

19. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

(a) SUBORDINATED CREDITOR AND SENIOR LENDER, TO THE EXTENT THAT EACH MAY LAWFULLY DO SO, HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN DALLAS COUNTY, TEXAS, FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF ANY OF ITS OBLIGATIONS ARISING HEREUNDER OR WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED HEREBY, AND EXPRESSLY, KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY, WAIVES ANY AND ALL OBJECTIONS IT MAY HAVE AS TO VENUE, INCLUDING, WITHOUT LIMITATION, THE INCONVENIENCE OF SUCH FORUM, IN ANY OF SUCH COURTS. IN ADDITION, TO THE EXTENT THAT IT MAY LAWFULLY DO SO, EACH LOAN PARTY AND SUBORDINATED CREDITOR CONSENT TO THE SERVICE OF PROCESS BY PERSONAL SERVICE OR U.S. CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO THE PARTIES AT THE ADDRESSES PROVIDED HEREIN. TO THE EXTENT THAT ANY LOAN PARTY OR SUBORDINATED CREDITOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, AND SUBORDINATED CREDITOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVE SUCH IMMUNITY IN RESPECT OF THEIR OBLIGATIONS UNDER THIS AGREEMENT TO THE MAXIMUM EXTENT PERMITTED BY LAW.

(b) WAIVER OF JURY TRIAL. SUBORDINATED CREDITOR AND SENIOR LENDER HEREBY VOLUNTARILY, KNOWINGLY, INTENTIONALLY AND IRREVOCABLY WAIVE TRIAL BY JURY IN RESPECT OF ANY ACTION BROUGHT ON,

SUBORDINATION AGREEMENT (SELLER) - PAGE 11

ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF SENIOR LENDER RELATING TO THE ADMINISTRATION OF THE FINANCING UNDER THE LOAN DOCUMENTS OR THE ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, SUBORDINATED CREDITOR HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. SUBORDINATED CREDITOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF SENIOR LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SENIOR LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR SENIOR LENDER TO MAKE THE LOANS.

20. No Third Party Beneficiaries. This Agreement is solely for the benefit of Senior Lender and the other holders of Senior Indebtedness, Subordinated Creditor, and their respective successors and assigns, and none of the Loan Parties, nor any other Person, is intended to be a third party beneficiary hereunder or to have any right, benefit, priority or interest under, or because of the existence of, or to have any right to enforce, this Agreement. Senior Lender and Subordinated Creditor shall have the right to modify or terminate this Agreement at any time without notice to or approval of any Loan Party or any other Person. Nothing in this Agreement is intended to or shall impair, as between any Loan Party and Subordinated Creditor, the obligation of such Loan Party, which is absolute and unconditional, to pay the Subordinated Indebtedness as and when the same shall become due and payable in accordance with its terms, or affect the relative rights of Subordinated Creditor and creditors of any Loan Party other than Senior Lender and the other holders of Senior Indebtedness.

21. Inconsistent or Conflicting Provisions. In the event a provision of the documents evidencing or governing the Senior Indebtedness or the Subordinated Indebtedness is inconsistent or conflicts with the provisions of this Agreement, the provisions of this Agreement shall govern and prevail.

22. Amendment and Restatement. This Agreement amends, restates, supersedes and continues in all respects the rights and obligations of the undersigned pursuant to that certain Subordination Agreement, dated as of October 1, 2012, by and between Senior Lender and Subordinated Creditor.

23. Counterparts. This Agreement may be executed and delivered in counterparts, including facsimile counterpart signatures or as attachments to electronic mail (to be followed in due course by delivery of original signature counterparts), shall be effective when each party has delivered its counterpart signature, and all counterparts taken together shall be deemed a single original agreement.

[Signature Page Follows]

SUBORDINATION AGREEMENT (SELLER) - PAGE 12

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal as of the day and year first written above.

SENIOR LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION
By:	/s/ Ron Zeiber
Name:	Ron Zeiber
Title:	Authorized Signatory, Vice President
SUBORDINATED CREDITOR:
/s/ Shane Boston
SHANE BOSTON

[SIGNATURE PAGE TO SUBORDINATION AGREEMENT (SELLER)]

ACKNOWLEDGED AND ACCEPTED AND AGREED TO BY LOAN PARTIES:

Each Loan Party hereby assents to the foregoing Subordination Agreement (and the terms thereof) and agrees to abide thereby and to keep, observe and perform the several matters and things therein intended to be kept, observed and performed by it, and specifically agrees not to make or permit to be made any payments or transfer or deliver any property contrary to the intention and terms of such Subordination Agreement.

Executed as of the 22nd day of February, 2013.

LOAN PARTIES:
GENERAL FINANCE CORPORATION
By:	/s/ Christopher A. Wilson
Name:	Christopher A. Wilson
Title:	Vice President and General Counsel
GFN MANUFACTURING CORPORATION
By:	/s/ Christopher A. Wilson
Name:	Christopher A. Wilson
Title:	Secretary
SOUTHERN FRAC, LLC
By:	/s/ Christopher A. Wilson
Name:	Christopher A. Wilson
Title:	Secretary

[SIGNATURE PAGE TO SUBORDINATION AGREEMENT (SELLER)]

STATE OF Texas          )

                                        ) ss.

COUNTY OF Dallas     )

The foregoing instrument was acknowledged before me this 20^th day of February, 2013, by Ron Zeiber, the Authorized Signatory of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, on behalf of said national association.

/s/ Wanda J. Cave

Notary Public

STATE OF Texas          )

                                        ) ss.

COUNTY OF Ellis        )

The foregoing instrument was acknowledged before me this 19^th day of February, 2013, by SHANE BOSTON, an individual residing in the State of Texas.

/s/ Alexa Gibbs

Notary Public

STATE OF California        )

                                             ) ss.

COUNTY OF Los Angeles)

The foregoing instrument was acknowledged before me this 19^th day of February, 2013, by Christopher A. Wilson, the Vice President of GENERAL FINANCE CORPORATION, a Delaware corporation, on behalf of said corporation.

/s/ Paul D. Wilkins

Notary Public

STATE OF California         )

                                              ) ss.

COUNTY OF Los Angeles )

The foregoing instrument was acknowledged before me this 19^th day of February, 2013, by Christopher A. Wilson, the Secretary of GFN MANUFACTURING CORPORATION, a Delaware corporation, on behalf of said corporation.

/s/ Paul D. Wilkins

Notary Public

[SIGNATURE PAGE TO SUBORDINATION AGREEMENT (SELLER)]

STATE OF California        )

                                             ) ss.

COUNTY OF Los Angeles)

The foregoing instrument was acknowledged before me this 19^th day of February, 2013, by Christopher A. Wilson, the Secretary of SOUTHERN FRAC, LLC, a Texas limited liability company, on behalf of said company.

/s/ Paul D. Wilkins

Notary Public

[SIGNATURE PAGE TO SUBORDINATION AGREEMENT (SELLER)]

SCHEDULE 1

Notice Addresses

If to Senior Lender:

WELLS FARGO BANK, NATIONAL ASSOCIATION

14241 Dallas Parkway, Suite 900

Dallas, Texas 75254

Attn: Ron Zeiber

Fax No. 866.886.1998

with a copy (which shall not constitute notice) to:

K&L GATES LLP

301 Commerce Street, Suite 300

Fort Worth, Texas 76102

Attn: John O. Sutton, Jr.

Fax No. 817.347.5299

If to Subordinated Creditor:

SHANE BOSTON

14979 FM 916

Maypearl, Texas 76064

SCHEDULE 1 TO SUBORDINATION AGREEMENT (SELLER)

EX-31.1

Exhibit 31.1

Certification Pursuant to SEC Rule 13a-14(a)/15d-14(a)

I, Ronald F. Valenta, certify that:

1. I have reviewed this Form 10-Q of General Finance Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2013	/s/ Ronald F. Valenta
	Name:Ronald F. Valenta
	Title:  Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to SEC Rule 13a-14(a)/15d-14(a)

I, Charles E. Barrantes, certify that:

1. I have reviewed this Form 10-Q of General Finance Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2013	/s/ Charles E. Barrantes
	Name: Charles E. Barrantes
	Title:   Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of General Finance Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, Ronald F. Valenta, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2013	/s/ Ronald F. Valenta
	Name:Ronald F. Valenta
	Title:  Chief Executive Officer

This certification accompanies this Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by General Finance Corporation for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that General Finance Corporation specifically incorporates it by reference.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. § 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of General Finance Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, Charles E. Barrantes, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2013	/s/ Charles E. Barrantes
	Name:Charles E. Barrantes
	Title:  Chief Financial Officer

This certification accompanies this Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by General Finance Corporation for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that General Finance Corporation specifically incorporates it by reference.

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Financial Instruments - Derivative Instruments at Fair Value, Classification on Condensed Consolidated Balances Sheets (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Swap Contracts and Options, Trade payables and accrued liabilities	$ (1,326)	$ (1,539)
Forward-Exchange Contracts, Trade payables and accrued liabilities	$ (54)	$ (102)

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Cash Flows from Operating Activities and Other Financial Information - Summary of Cash Flows from Operating Activities (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities
Net income	$ 2,798	$ 3,307	$ 9,121	$ 7,176
Adjustments to reconcile net income to cash flows from operating activities:
Gain on sales and disposals of property, plant and equipment			(106)	(141)
Gain on sales of lease fleet			(5,248)	(5,696)
Gain on bargain purchase of businesses			(160)
Unrealized foreign exchange loss (gain)	55	(756)	(163)	384
Unrealized loss (gain) on forward exchange contracts			14	(291)
Unrealized loss on interest rate swaps and options			80	344
Depreciation and amortization	5,568	4,904	16,155	14,144
Amortization of deferred financing costs and accretion of interest			388	518
Share-based compensation expense			968	654
Deferred income taxes			4,905	3,858
Changes in operating assets and liabilities:
Trade and other receivables, net			4,393	(9,325)
Inventories			(1,149)	(15,874)
Prepaid expenses and other			(1,170)	(136)
Trade payables, accrued liabilities and unearned revenues			(7,083)	5,857
Income taxes			(221)	(123)
Net cash provided by operating activities			$ 20,975	$ 1,349

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Stock Option Plans - Fair Value of Stock Options Granted (Detail) (USD $)	9 Months Ended
	Mar. 31, 2013
Assumptions used:
Expected dividends
Stock Options [Member]
Assumptions used:
Expected life (in years)	7 years 6 months
Minimum [Member]
Assumptions used:
Risk-free interest rate	1.28%
Expected dividends
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock option	$ 0.81
Assumptions used:
Risk-free interest rate	1.19%
Expected volatility	26.50%
Maximum [Member]
Assumptions used:
Risk-free interest rate	1.69%
Expected dividends
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock option	$ 3.94
Assumptions used:
Risk-free interest rate	4.80%
Expected volatility	84.60%

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Jun. 30, 2012
Property, Plant and Equipment [Line Items]
Percentage of depreciation of lease fleet to cost			70.00%
Gross cost of the lease fleet	$ 344,166,000		$ 344,166,000	$ 294,258,000
Period for anticipation for change in total unrecognized tax benefit related to any particular tax position period			12 months
Potential common stock equivalents excluded from computation of diluted earnings per share	3,234,344	3,423,579	3,234,344	3,425,205
Minimum [Member] | Lease fleet [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of lease fleet			5 years
Maximum [Member] | Lease fleet [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of lease fleet			20 years

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Acquisitions (Tables)

9 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Fair Market Values of Tangible and Intangible Assets and Liabilities

The accompanying condensed consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. The allocations for the acquisitions in FY 2013 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands):

	Southern Frac October 1,  2012			Coral  Seas Containers November 5, 2012			Other Acquisitions			Total
Fair value of the net tangible assets acquired and liabilities assumed:
Restricted cash	$	1,000		$	—		$	—		$	1,000
Trade and other receivables		3,203			14			210			3,427
Inventories		2,296			528			1,245			4,069
Prepaid expenses and other		152			—			4			156
Property, plant and equipment		2,892			107			358			3,357
Lease fleet		—			3,649			2,584			6,233
Accounts payables and accrued liabilities		(6,220	)		(177	)		(121	)		(6,518	)
Income taxes payable		—			—			—			—
Unearned revenue and advance payments		—			(8	)		(111	)		(119	)
Senior and other debt		(47	)		—			—			(47	)
Noncontrolling interest		(889	)		—			—			(889	)
Total net tangible assets acquired, liabilities assumed and noncontrolling interest		2,387			4,113			4,169			10,669
Fair value of intangible assets acquired:
Non-compete agreement		71			580			304			955
Customer lists		1,112			295			598			2,005
Trade name		387			—			—			387
Other		261			—			—			261
Goodwill		2,751			630			409			3,790
Total intangible assets acquired		4,582			1,505			1,311			7,398
Total purchase allocation	$	6,969		$	5,618		$	5,480		$	18,067

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Segment Reporting - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2012	Jun. 30, 2012	Mar. 31, 2013 North America [Member]	Mar. 31, 2013 North America [Member]
Segment Reporting Information [Line Items]
Intersegment revenues, net	$ 3,000	$ 75,000	$ 1,691,000	$ 5,278,000

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Financial Instruments - Open Interest Rate Swap Contracts (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Swap [Member]
Derivatives, Fair Value [Line Items]
Notional amounts	$ 52,115	$ 15,242
Fixed/Strike Rates	3.98%	6.25%
Floating Rates	3.08%	5.47%
Fair Value of Combined Contracts	(1,326)	(587)
Option (Collar) [Member]
Derivatives, Fair Value [Line Items]
Notional amounts		25,403
Fixed/Strike Rates		6.25%
Floating Rates		5.47%
Fair Value of Combined Contracts		$ (952)

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Acquisitions - Fair Market Values of Tangible and Intangible Assets and Liabilities (Detail)	Mar. 31, 2013 USD ($)	Sep. 30, 2012 Southern Frac [Member] USD ($)	Nov. 05, 2012 Coral Seas Containers [Member] USD ($)	Nov. 05, 2012 Coral Seas Containers [Member] AUD	Mar. 31, 2013 Other Acquisitions [Member] USD ($)
Fair value of the net tangible assets acquired and liabilities assumed:
Restricted cash	$ 1,000,000	$ 1,000,000
Trade and other receivables	3,427,000	3,203,000	14,000		210,000
Inventories	4,069,000	2,296,000	528,000		1,245,000
Prepaid expenses and other	156,000	152,000			4,000
Property, plant and equipment	3,357,000	2,892,000	107,000		358,000
Lease fleet	6,233,000		3,649,000		2,584,000
Accounts payables and accrued liabilities	(6,518,000)	(6,220,000)	(177,000)		(121,000)
Income taxes payable
Unearned revenue and advance payments	(119,000)		(8,000)		(111,000)
Senior and other debt	(47,000)	(47,000)
Noncontrolling interest	(889,000)	(889,000)
Total net tangible assets acquired, liabilities assumed and noncontrolling interest	10,669,000	2,387,000	4,113,000		4,169,000
Fair value of intangible assets acquired:
Non-compete agreement	955,000	71,000	580,000		304,000
Customer lists	2,005,000	1,112,000	295,000		598,000
Trade name	387,000	387,000
Other	261,000	261,000
Goodwill	3,790,000	2,751,000	630,000		409,000
Total intangible assets acquired	7,398,000	4,582,000	1,505,000		1,311,000
Total purchase allocation	$ 18,067,000	$ 6,969,000	$ 5,618,000	5,434,000	$ 5,480,000

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Stock Option Plans - Stock Option Activity and Related Information (Detail) (USD $)	9 Months Ended
	Mar. 31, 2013
Number of Options (Shares)
Outstanding at June 30, 2012	1,843,664
Granted	70,000
Exercised	(6,666)
Forfeited or expired
Outstanding at March 31, 2013	1,906,998
Vested and expected to vest at March 31, 2013	1,906,998
Exercisable at March 31, 2013	916,924
Weighted-Average Exercise Price
Outstanding at June 30, 2012	$ 4.96
Granted	$ 4.95
Exercised	$ 1.22
Forfeited or expired
Outstanding at March 31, 2013	$ 4.97
Vested and expected to vest at March 31, 2013	$ 4.97
Exercisable at March 31, 2013	$ 7.18
Weighted-Average Remaining Contractual Term (Years)
Outstanding at March 31, 2013	6 years 6 months
Vested and expected to vest at March 31, 2013	6 years 6 months
Exercisable at March 31, 2013	4 years 10 months 24 days

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Statement Of Cash Flows [Abstract]
Net cash provided by operating activities (Note 10)	$ 20,975	$ 1,349
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(14,649)
Proceeds from sales of property, plant and equipment	161	351
Purchases of property, plant and equipment	(6,197)	(2,114)
Proceeds from sales of lease fleet	20,226	20,775
Purchases of lease fleet	(55,645)	(52,466)
Other intangible assets	(203)	(169)
Net cash used in investing activities	(56,307)	(33,623)
Cash flows from financing activities:
Repayments of equipment financing activities	(281)	(411)
Repayment of senior credit facility and subordinated note (Note 5)	(79,175)
Proceeds from senior and other debt borrowings, net	114,389	37,017
Deferred financing costs	(1,412)
Proceeds from issuances of common stock	295
Purchases of subsidiary capital stock	(197)
Dividends on capital stock by subsidiary	(2,345)	(1,803)
Preferred stock dividends	(130)	(133)
Net cash provided by financing activities	31,144	34,670
Net increase (decrease) in cash	(4,188)	2,396
Cash and equivalents at beginning of period	7,085	6,574
The effect of foreign currency translation on cash	(153)	(1,138)
Cash and equivalents at end of period	$ 2,744	$ 7,832

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Financial Instruments - Open Forward Exchange Contracts (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Forward-Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amounts	$ 3,276	$ 7,096
Fair Value of Combined Contracts	(54)	(102)
Forward-Exchange Contracts [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD)	0.9973	0.9702
Forward-Exchange Contracts [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD)	1.0346	1.0201
Currency Option [Member]
Derivatives, Fair Value [Line Items]
Notional amounts
Fair Value of Combined Contracts
Currency Option [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD)
Currency Option [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Exchange/Strike Rates (AUD to USD)

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Segment Reporting (Tables)

9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Summary of Segment Reporting Information

The tables below represent the Company’s revenues from external customers, operating income, interest income and expense, share-based compensation expense, depreciation and amortization, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its two geographic segments (in thousands):

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Revenues from external customers
North America:
Sales	$	10,721	$	11,665	$	21,789	$	29,944
Leasing		10,305		12,303		30,676		35,934
		21,026		23,968		52,465		65,878
Asia-Pacific:
Sales		18,041		20,667		58,117		58,117
Leasing		17,087		19,200		46,472		56,581
		35,128		39,867		104,589		114,698
Total	$	56,154	$	63,835	$	157,054	$	180,576
Operating income
North America	$	852	$	27	$	2,283	$	2,503
Asia-Pacific		6,505		7,117		17,154		20,187
Total	$	7,357	$	7,144	$	19,437	$	22,690
Interest income
North America	$	2	$	—	$	6	$	2
Asia-Pacific		11		3		135		41
Total	$	13	$	3	$	141	$	43
Interest expense
North America	$	1,375	$	1,054	$	3,988	$	3,673
Asia-Pacific		1,235		1,695		4,912		4,931
Total	$	2,610	$	2,749	$	8,900	$	8,604
Share-based compensation
North America	$	148	$	157	$	454	$	538
Asia-Pacific		86		165		200		430
Total	$	234	$	322	$	654	$	968

Depreciation and amortization
North America	$	1,446	$	1,796	$	4,319	$	4,889
Asia-Pacific		3,458		3,914		9,825		11,517
Total	$	4,904	$	5,710	$	14,144	$	16,406
Additions to long-lived assets
North America					$	7,371	$	23,253
Asia-Pacific						47,209		38,589
Total					$	54,580	$	61,842

	At
	June 30, 2012		March 31, 2013
Long-lived assets
North America	$	112,867	$	133,495
Asia-Pacific		159,323		187,064
Total	$	272,190	$	320,559
Goodwill
North America	$	33,859	$	36,988
Asia-Pacific		34,590		36,217
Total	$	68,449	$	73,205

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Cash Flows from Operating Activities and Other Financial Information (Tables)

9 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Summary of Cash Flows from Operating Activities

The following table provides a detail of cash flows from operating activities (in thousands):

	Nine Months Ended March 31,
	2012			2013
Cash flows from operating activities
Net income	$	7,176		$	9,121
Adjustments to reconcile net income to cash flows from operating activities:
Gain on sales and disposals of property, plant and equipment		(141	)		(106	)
Gain on sales of lease fleet		(5,696	)		(5,248	)
Gain on bargain purchase of businesses		—			(160	)
Unrealized foreign exchange loss (gain)		384			(163	)
Unrealized loss (gain) on forward exchange contracts		(291	)		14
Unrealized loss on interest rate swaps and options		344			80
Depreciation and amortization		14,144			16,406
Amortization of deferred financing costs and accretion of interest		518			388
Share-based compensation expense		654			968
Deferred income taxes		3,858			4,905
Changes in operating assets and liabilities:
Trade and other receivables, net		(9,325	)		4,393
Inventories		(15,874	)		(1,149	)
Prepaid expenses and other		(136	)		(1,170	)
Trade payables, accrued liabilities and unearned revenues		5,857			(7,083	)
Income taxes		(123	)		(221	)
Net cash provided by operating activities	$	1,349		$	20,975

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Related-Party Transactions - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Jun. 30, 2012 Y sqft
Related Party Transaction [Line Items]
Total charges of services rendered			$ 163,000
Related-party transaction renewal terms and manner of settlement		The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party not less than 30 days prior to the fiscal year end.
Equipment and other services purchased		3,000	29,000
Pac-Van [Member]
Related Party Transaction [Line Items]
Revenues		43,000	34,000
Affiliate of Ronald F. Valenta [Member]
Related Party Transaction [Line Items]
Rental payment	7,393	83,000	83,000
Office space			3,000
Term of lease			5
Corporate Office [Member]
Related Party Transaction [Line Items]
Total charges of services rendered	7,000	63,000	63,000
Operating subsidiaries [Member]
Related Party Transaction [Line Items]
Total charges of services rendered			$ 100,000

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Organization and Business Operations - Additional Information (Detail)	3 Months Ended	9 Months Ended		1 Months Ended
	Mar. 31, 2013 Segment	Mar. 31, 2013	Mar. 31, 2013 GFN U.S. [Member]	May 31, 2011 RWH [Member]
Organization And Business Operations [Line Items]
Number of geographic units	2
Number of operating units	3
Number of shares issued		78,421		50,000,000
Additional shares issued to non-employee members of RWH				188,526
Majority interest owned			50.00%

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Summary of Significant Accounting Policies - Schedule of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Accounting Policies [Abstract]
Finished goods	$ 31,835	$ 30,053
Work in progress	2,043	1,153
Raw materials	3,217
Total	$ 37,095	$ 31,206

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Condensed Consolidated Statements of Equity (Parenthetical)	9 Months Ended
	Mar. 31, 2013
Statement Of Stockholders Equity [Abstract]
Issuance of shares of common stock	78,421
Issuance of shares of cumulative preferred stock	750
Conversion of shares of cumulative preferred stock	750
Conversion of cumulative preferred stock to common stock shares	150,000

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Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) In Thousands, unless otherwise specified												9 Months Ended
	Mar. 31, 2013	Jun. 30, 2012	Mar. 31, 2013 Building and Building Improvements [Member]	Jun. 30, 2012 Building and Building Improvements [Member]	Mar. 31, 2013 Transportation and plant equipment (including capital lease assets) [Member]	Jun. 30, 2012 Transportation and plant equipment (including capital lease assets) [Member]	Mar. 31, 2013 Land [Member]	Jun. 30, 2012 Land [Member]	Mar. 31, 2013 Furniture, fixtures and office equipment [Member]	Jun. 30, 2012 Furniture, fixtures and office equipment [Member]	Mar. 31, 2013 Construction in-process [Member]	Mar. 31, 2013 Minimum [Member] Building and Building Improvements [Member]	Mar. 31, 2013 Minimum [Member] Transportation and plant equipment (including capital lease assets) [Member]	Mar. 31, 2013 Minimum [Member] Furniture, fixtures and office equipment [Member]	Mar. 31, 2013 Maximum [Member] Building and Building Improvements [Member]	Mar. 31, 2013 Maximum [Member] Transportation and plant equipment (including capital lease assets) [Member]	Mar. 31, 2013 Maximum [Member] Furniture, fixtures and office equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life												10 years	3 years	3 years	40 years	20 years	10 years
Property, plant and equipment, gross	$ 33,895	$ 24,821	$ 3,393	$ 1,020	$ 22,902	$ 18,196	$ 2,326	$ 2,016	$ 5,033	$ 3,589	$ 241
Less accumulated depreciation and amortization	(14,618)	(12,089)
Property, plant and equipment, net	$ 19,277	$ 12,732

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Financial Instruments - Derivative Instruments at Fair Value, Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Swap Contracts and Options (Caps and Collars) [Member] | Unrealized gain (loss) included in interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income		$ 259	$ (80)	$ (344)
Forward-Exchange Contracts [Member] | Unrealized foreign currency exchange gain (loss) and other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) in Income	$ 77	$ 136	$ (14)	$ 291

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Assets
Cash and cash equivalents	$ 2,744	$ 7,085
Restricted cash	1,000
Trade and other receivables, net of allowance for doubtful accounts of $2,538 and $2,485 at June 30, 2012 and March 31, 2013, respectively	34,456	35,443
Inventories	37,095	31,206
Prepaid expenses and other	5,978	5,029
Property, plant and equipment, net	19,277	12,732
Lease fleet, net	301,282	259,458
Goodwill	73,205	68,449
Other intangible assets, net	19,174	18,158
Total assets	494,211	437,560
Liabilities
Trade payables and accrued liabilities	37,837	35,964
Income taxes payable	289	593
Unearned revenue and advance payments	12,819	12,151
Senior and other debt	212,918	174,092
Deferred tax liabilities	25,613	20,763
Total liabilities	289,476	243,563
Commitments and contingencies (Note 9)
Equity
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 26,000 shares issued and outstanding (in series) and liquidation value of $1,438 at June 30, 2012 and $1,439 at March 31, 2013	1,395	1,395
Common stock, $.0001 par value: 100,000,000 shares authorized; 22,019,965 and 22,248,386 shares outstanding at June 30, 2012 and March 31, 2013, respectively	2	2
Additional paid-in capital	114,532	112,865
Accumulated other comprehensive income	7,552	5,809
Accumulated deficit	(19,358)	(22,877)
Total General Finance Corporation stockholders' equity	104,123	97,194
Equity of noncontrolling interests	100,612	96,803
Total equity	204,735	193,997
Total liabilities and equity	$ 494,211	$ 437,560

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Stock Option Plans - Additional Information (Detail) (USD $)	9 Months Ended					9 Months Ended							9 Months Ended		1 Months Ended			9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012	Mar. 31, 2013 Time-based options [Member]	Mar. 31, 2013 Performance-based options [Member]	Mar. 31, 2013 Employee [Member]	Mar. 31, 2013 Non-employee [Member]	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Minimum [Member] Non-employee [Member]	Mar. 31, 2013 Maximum [Member]	Mar. 31, 2013 Maximum [Member] Non-employee [Member]	Sep. 21, 2009 2006 Plan [Member]	Mar. 31, 2013 Non Qualified Stock Option [Member]	Mar. 31, 2013 Royal Wolf Long Term Incentive Plan [Member]	Jan. 31, 2013 2013 Grants [Member] Employees	Jan. 31, 2013 2013 Grants [Member] Time-based options [Member]	Jan. 31, 2013 2013 Grants [Member] Performance-based options [Member]	Mar. 31, 2013 Stock Options [Member]	Mar. 31, 2013 Stock Options [Member] Minimum [Member]	Mar. 31, 2013 Stock Options [Member] Maximum [Member]	Mar. 31, 2013 Performance rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of option granted												2,500,000
Stock options, vesting period	1 year 8 months 12 days												5 years	4 years		5 years	43 months 15 days
Option granted	70,000														70,000	30,000	40,000
Number of employees, options granted															3
Weighted-average fair value of the stock options granted to non-employee consultants	$ 4.95					$ 3.27									$ 4.95
Risk-free interest rate								1.28%		1.69%									1.19%	4.80%
Expected life									7 years 3 months 18 days		9 years 2 months 12 days							7 years 6 months
Expected volatility							73.90%												26.50%	84.60%
Expected dividend
Outstanding stock options	1,906,998		1,843,664	915,718	991,280
Market price of common stock	$ 4.50
Intrinsic value of the outstanding stock options	2,114,000
Share-based compensation expense	968,000	654,000																4,224,000
Unrecognized compensation expense to be recorded on a straight-line basis	1,175,000
Minimum percentage of outstanding shares in capital stock	50.00%
Maximum outstanding capital stock	1.00%
Number of performance rights granted																					865,000
Share-based compensation recognized in statement of operations	$ 343,000

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Fair value change in derivative, income tax provision	$ 196	$ 100

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Equity Transactions - Additional Information (Detail)	1 Months Ended		3 Months Ended	9 Months Ended				3 Months Ended	9 Months Ended
	Aug. 14, 2012 AUD	Jun. 25, 2010 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2013 AUD	Feb. 12, 2013 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2013 Common Stock [Member]	Mar. 31, 2013 Series A Preferred Stock [Member] USD ($)	Mar. 31, 2013 Series B Preferred Stock [Member] USD ($)	Mar. 31, 2013 Series B Preferred Stock [Member] Advanced Mobile Storage [Member]	Mar. 31, 2013 Series C Preferred Stock [Member] USD ($)
Subsidiary or Equity Method Investee [Line Items]
Rights price offering per share		$ 1.50
Additional shares of GFN common stock		0.5
Term of warrant		3 years
Common stock exercise price, per share		4.00	4.00	4.00	4.00
Warrants to acquire additional shares of common stock			4,043,737
Sale of stock								2,021,868
Cumulative Preferred Stock, par value									$ 0.0001	$ 0.0001		$ 0.0001
Cumulative Preferred Stock, liquidation preference									$ 50	$ 1,000		$ 1,000
Preferred Stock issued									25,900	100	110	750
Proceeds from issuance of common stock			$ 1,395,000	$ 1,395,000			$ 1,395,000		$ 1,295,000	$ 100,000
Cumulative Preferred Stock, dividend percentage									12.50%	8.00%
Cumulative Preferred Stock, liquidation preference										110,000
Senior and other long term debt			37,000	37,000
Senior and other long term debt issuance as shares			36.68	36.68	36.68
Dividend on preferred stock				$ 130,000					$ 665,000	$ 49,000
Number of preferred stock convertible into common stock			150,000	150,000	150,000
Exercise price of convertible Preferred Stock			$ 5.00	$ 5.00
Closing price of the Company's common stock						$ 5.06
Dividend declared	0.045				0.045

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Subsequent Events

9 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

On May 9, 2013, the Company priced at 9.0% a primary underwritten public offering for 300,000 shares with a liquidation value of $100 per share of an original issuance of Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”). In addition, the Company has granted the underwriters an overallotment option for 30 days of up to an additional 50,000 shares. The offering is subject to customary closing conditions and is expected to close on or about May 17, 2013. The proceeds of the primary offering, net of underwriting fees, will total $33,250,000; which the Company intends to use to pay offering costs, repay senior indebtedness and for general corporate purposes, including the acquisition of businesses and lease fleet and the redemption of the Series A Preferred Stock. The Company has applied to list these shares on the NASDAQ Global Select Market.

Also in May 2013, Pac-Van, Wells Fargo and HSBC entered into Amendment No. 1 to the Wells Fargo Credit Facility which permits Pac-Van to pay dividends in each fiscal year to GFN and its subsidiaries equal to the lesser of $4,000,000 or the amount equal to the dividend rate of the Series C Preferred Stock and its aggregate liquidation preference and the actual amount of dividends required to be paid to the Series C Preferred Stock under its certificate of designation; provided that (i) the payment of such dividends does not cause a default or event of default under the Wells Fargo Credit Facility, (ii) Pac-Van is solvent, (iii) Pac-Van is permitted to borrow $4,000,000 or more under the Wells Fargo Credit Facility, (iv) Pac-Van is in compliance with the fixed charge coverage ratio covenant of the Wells Fargo Credit Facility, after giving effect to the dividend payment, and (v) the dividends are paid no earlier than ten business days prior to the date they are due. The amendment required that GFN use 80% of the gross proceeds of the Series C Preferred Stock offering to pay down borrowings under the Wells Fargo Credit Facility.

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Acquisitions - Additional Information (Detail)	9 Months Ended			9 Months Ended				9 Months Ended				6 Months Ended
	Mar. 31, 2013 USD ($)	Sep. 30, 2012 USD ($)	Mar. 31, 2013 Wells Fargo SF Credit Facility [Member] USD ($)	Mar. 31, 2013 Rockhampton Container Sales [Member] USD ($)	Aug. 01, 2012 Rockhampton Container Sales [Member] USD ($)	Aug. 01, 2012 Rockhampton Container Sales [Member] AUD	Aug. 17, 2012 Camelback [Member] USD ($)	Mar. 31, 2013 Container Connection [Member] USD ($)	Sep. 17, 2012 Container Connection [Member] USD ($)	Sep. 30, 2012 Southern Frac [Member] USD ($)	Sep. 30, 2012 Southern Frac [Member] Series C Preferred Stock [Member] USD ($)	Sep. 30, 2012 Southern Frac [Member] GFNMC [Member] USD ($)	Mar. 31, 2013 Southern Frac [Member] Wells Fargo SF Credit Facility [Member] USD ($)	Sep. 30, 2012 Southern Frac [Member] Wells Fargo SF Credit Facility [Member] USD ($)	Nov. 05, 2012 Coral Seas Containers [Member] USD ($)	Nov. 05, 2012 Coral Seas Containers [Member] AUD	Nov. 22, 2012 Cairns Containers [Member] USD ($)	Nov. 22, 2012 Cairns Containers [Member] AUD	Feb. 22, 2013 AMEXX [Member] USD ($)	Mar. 01, 2013 ACS [Member] USD ($)	Mar. 01, 2013 ACS [Member] CAD
Business Acquisition [Line Items]
Business acquisition cost	$ 18,067,000				$ 656,000	624,000	$ 178,000		$ 1,604,000	$ 6,969,000		$ 1,500,000			$ 5,618,000	5,434,000	$ 845,000	814,000	$ 354,000	$ 1,788,000	1,893,000
Business acquisition cost holdback		2,000,000			32,000	31,000	16,000		207,000	2,000,000					289,000	280,000	44,000	43,000	31,000	515,000
Business acquisition cost holdback note discounted									172,000	1,572,000										352,000
Business acquisition, acquired membership interests										90.00%
Line of credit facility current borrowing capacity			5,142,000											2,000,000
Line of credit facility maximum borrowing capacity													12,000,000	15,000,000
Issuance of convertible cumulative preferred stock, value											750,000
Issuance of convertible cumulative preferred stock, shares											750
Noncontrolling interest												10.00%
Incremental increase on noncontrolling interest												250,000
Bargain purchase gains	(160,000)			55,000				105,000
Transaction costs	$ 200,000

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule of Inventories

Inventories consist of containers, modular buildings and mobile offices held for sale or lease, as well as manufactured portable liquid storage tank containers held for sale, and are comprised of the following (in thousands):

	June 30,		March 31,
	2012		2013
Finished goods	$	30,053	$	31,835
Work in progress		1,153		2,043
Raw materials		—		3,217
	$	31,206	$	37,095

Property, Plant and Equipment

Property, plant and equipment consist of the following (in thousands):

	Estimated Useful Life		June 30,			March 31,
			2012			2013
Land		—	$	2,016		$	2,326
Building and improvements		10 — 40 years		1,020			3,393
Transportation and plant equipment (including capital lease assets)		3 — 20 years		18,196			22,902
Furniture, fixtures and office equipment		3 — 10 years		3,589			5,033
Construction in-process				—			241
				24,821			33,895
Less accumulated depreciation and amortization				(12,089	)		(14,618	)
			$	12,732		$	19,277

Reconciliation of Weighted Average Shares Outstanding

The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share:

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Basic		22,013,299		22,127,042		22,013,299		22,059,072
Assumed exercise of warrants		—		224,652		—		224,652
Assumed exercise of stock options		259,874		469,870		258,248		469,870
Diluted		22,273,173		22,821,564		22,271,547		22,753,594

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Condensed Consolidated Statements of Equity (USD $) In Thousands	Total	Cumulative Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]	Finance Corporation Stockholders' Equity [Member]	Noncontrolling Interest [Member]
Beginning Balance at Jun. 30, 2012	$ 193,997	$ 1,395	$ 2	$ 112,865	$ 5,809	$ (22,877)	$ 97,194	$ 96,803
Share-based compensation	968			752			752	216
Preferred stock dividends	(130)			(130)			(130)
Dividends on capital stock by subsidiary	(4,678)							(4,678)
Purchases of subsidiary capital stock	(197)							(197)
Issuance of 78,421 shares of common stock	295			295			295
Issuance of 750 shares of cumulative preferred stock	750	750					750
Conversion of 750 shares of cumulative preferred stock to 150,000 shares of common stock		(750)		750
Noncontrolling interest at acquisition of Southern Frac (Note 4)	889							889
Net income	9,121					3,519	3,519	5,602
Fair value change in derivative, net of related tax effect	233				117		117	116
Cumulative translation adjustment	3,487				1,626		1,626	1,861
Total comprehensive income	5,262						5,262	7,579
Ending Balance at Mar. 31, 2013	$ 204,735	$ 1,395	$ 2	$ 114,532	$ 7,552	$ (19,358)	$ 104,123	$ 100,612

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts on trade and other receivables	$ 2,485	$ 2,538
Cumulative preferred stock, par value	$ 0.0001	$ 0.0001
Cumulative preferred stock, shares authorized	1,000,000	1,000,000
Cumulative preferred stock, shares issued	26,000	26,000
Cumulative preferred stock, shares outstanding	26,000	26,000
Cumulative preferred stock, liquidation value	$ 1,439	$ 1,438
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	22,248,386	22,019,965

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Related-Party Transactions

9 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related-Party Transactions

Note 7. Related-Party Transactions

Effective January 31, 2008, the Company entered into a lease with an affiliate of Ronald F. Valenta, a director and the chief executive officer of the Company, for its corporate headquarters in Pasadena, California. The rent is $7,393 per month, effective March 1, 2009, plus allocated charges for common area maintenance, real property taxes and insurance, for approximately 3,000 square feet of office space. The term of the lease is five years, with two five-year renewal options, and the rent is adjusted yearly based on the consumer price index. On October 11, 2012, the Company exercised its option to renew the lease for an additional five-year term commencing February 1, 2013. Rental payments were $83,000 in both FY 2012 and FY 2013.

Effective October 1, 2008, the Company entered into a services agreement with an affiliate of Mr. Valenta for certain accounting, administrative and secretarial services to be provided at the corporate offices and for certain operational, technical, sales and marketing services to be provided directly to the Company’s operating subsidiaries. Charges for services rendered at the corporate offices will be, until further notice, at $7,000 per month and charges for services rendered to the Company’s subsidiaries will vary depending on the scope of services provided. The services agreement provides for, among other things, mutual modifications to the scope of services and rates charged and automatically renews for successive one-year terms, unless terminated in writing by either party not less than 30 days prior to the fiscal year end. Total charges to the Company for services rendered under this agreement totaled $163,000 ($63,000 at the corporate office and $100,000 at the operating subsidiaries) in FY 2012 and $63,000 at the corporate office in FY 2013.

Revenues at Pac-Van from affiliates of Mr. Valenta totaled $34,000 and $43,000 in FY 2012 and FY 2013, respectively, and equipment and other services purchased by Pac-Van from these affiliated entities totaled $29,000 and $3,000 in FY 2012 and FY 2013, respectively.

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Document and Entity Information	9 Months Ended
	Mar. 31, 2013	May 03, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	GFN
Entity Registrant Name	General Finance CORP
Entity Central Index Key	0001342287
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,256,174

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Stock Option Plans

9 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Plans

Note 8. Stock Option Plans

On August 29, 2006, the Board of Directors of the Company adopted the General Finance Corporation 2006 Stock Option Plan (“2006 Plan”), which was approved and amended by stockholders on June 14, 2007 and December 11, 2008, respectively. Options granted and outstanding under the 2006 Plan are either incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, or so-called non-qualified options that are not intended to meet incentive stock option requirements. All options granted do not have a term in excess of ten years, and the exercise price of any option is not less than the fair market value of the Company’s common stock on the date of grant. After the adoption by the Board of Directors and upon the approval of the 2009 Stock Incentive Plan (“2009 Plan”) by the stockholders (see below), the Company suspended any further grants under the 2006 Plan.

On September 21, 2009, the Board of Directors of the Company adopted the 2009 Plan, which was approved by the stockholders at the Company’s annual meeting on December 10, 2009. The 2009 Plan is an “omnibus” incentive plan permitting a variety of equity programs designed to provide flexibility in implementing equity and cash awards, including incentive stock options, nonqualified stock options, restricted stock grants, restricted stock units, stock appreciation rights, performance stock, performance units and other stock-based awards. Participants in the 2009 Plan may be granted any one of the equity awards or any combination of them, as determined by the Board of Directors or the Compensation Committee. Upon the approval of the 2009 Plan by the stockholders, the Company suspended further grants under the 2006 Plan (see above). Any stock options which are forfeited under the 2006 Plan will become available for grant under the 2009 Plan, but the total number of shares available under the 2006 Plan and the 2009 Plan will not exceed the 2,500,000 shares reserved for grant under the 2006 Plan. Unless terminated earlier at the discretion of the Board of Directors, the 2009 Plan will terminate September 21, 2019.

        The 2006 Plan and the 2009 Plan are referred to collectively as the “Stock Incentive Plan.”

There have been no grants or awards of restricted stock, restricted stock units, stock appreciation rights, performance stock or performance units under the Stock Incentive Plan. All grants to-date consist of incentive and non-qualified stock options that vest over a period of up to five years (“time-based options”) and non-qualified stock options that vest over varying periods that are dependent on the attainment of certain defined EBITDA and other targets (“performance-based options”).

On January 31, 2013 (“January 2013 Grant”), the Company granted options to three key employees of Southern Frac to purchase a total of 70,000 shares of common stock at an exercise price equal to the closing market price of the Company’s common stock as of that date, or $4.95 per share. The January 2013 Grant consists of 40,000 performance-based options that vest over 43.5 months, subject to performance conditions based on achieving cumulative EBITDA and indebtedness targets for the fiscal years ending June 30, 2013 – 2015, and 30,000 time-based options that vest over five years.

Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows:

Fair value of stock option	$0.81 - $3.94
Assumptions used:
Risk-free interest rate	1.19% - 4.8%
Expected life (in years)	7.5
Expected volatility	26.5% - 84.6%
Expected dividends	—

At March 31, 2013, the weighted-average fair value of the stock options granted to non-employee consultants was $3.27, determined using the Black-Scholes option-pricing model using the following assumptions: a risk-free interest rate of 1.28% - 1.69%, an expected life of 7.3 – 9.2 years, an expected volatility of 73.9% and no expected dividend.

A summary of the Company’s stock option activity and related information for FY 2013 follows:

	Number of Options (Shares)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Outstanding at June 30, 2012		1,843,664		$	4.96
Granted		70,000			4.95
Exercised		(6,666	)		1.22
Forfeited or expired		—			—
Outstanding at March 31, 2013		1,906,998		$	4.97		6.5
Vested and expected to vest at March 31, 2013		1,906,998		$	4.97		6.5
Exercisable at March 31, 2013		916,924		$	7.18		4.9

At March 31, 2013, outstanding time-based options and performance-based options totaled 915,718 and 991,280, respectively. Also at that date, the Company’s market price for its common stock was $4.50 per share, which was at or below the exercise prices of almost half of the outstanding stock options. As a result, the intrinsic value of the outstanding stock options at that date was $2,114,000.

Share-based compensation of $4,224,000 related to stock options has been recognized in the condensed consolidated statements of operations, with a corresponding benefit to equity, from inception through March 31, 2013. At that date, there remains $1,175,000 of unrecognized compensation expense to be recorded on a straight-line basis over the remaining weighted-average vesting period of 1.7 years.

A deduction is not allowed for U.S. income tax purposes with respect to non-qualified options granted in the United States until the stock options are exercised or, with respect to incentive stock options issued in the United States, unless the optionee makes a disqualifying disposition of the underlying shares. The amount of any deduction will be the difference between the fair value of the Company’s common stock and the exercise price at the date of exercise. Accordingly, there is a deferred tax asset recorded for the U.S. tax effect of the financial statement expense recorded related to stock option grants in the United States. The tax effect of the U.S. income tax deduction in excess of the financial statement expense, if any, will be recorded as an increase to additional paid-in capital.

Royal Wolf Long Term Incentive Plan

In conjunction with the RWH IPO (see Note 1), Royal Wolf established the Royal Wolf Long Term Incentive Plan (the “LTI Plan”). Under the LTI Plan, the RWH Board of Directors may grant, at its discretion, options, performance rights and/or restricted shares of RWH capital stock to Royal Wolf employees and executive directors. Vesting terms and conditions may be up to four years and, generally, will be subject to performance criteria based primarily on enhancing shareholder returns using a number of key financial benchmarks, including EBITDA. In addition, unless the RWH Board determines otherwise, if an option, performance right or restricted share has not lapsed or been forfeited earlier, it will terminate at the seventh anniversary from the date of grant.

It is intended that up to one percent of RWH’s outstanding capital stock will be reserved for grant under the LTI Plan and a trust will be established to hold RWH shares for this purpose. However, so long as the Company holds more than 50% of the outstanding shares of RWH capital stock, RWH shares reserved for grant under the LTI Plan are required to be purchased in the open market unless the Company agrees otherwise.

The LTI Plan, among other provisions, does not permit the transfer, sale, mortgage or encumbering of options, performance rights and restricted shares without the prior approval of the RWH Board. In the event of a change of control, the RWH Board, at its discretion, will determine whether, and how many, unvested options, performance rights and restricted shares will vest. In addition, if, in the RWH Board’s opinion, a participant acts fraudulently or dishonestly or is in breach of his obligations to Royal Wolf, the RWH Board may deem any options, performance rights and restricted shares held by or reserved for the participant to have lapsed or been forfeited.

As of March 31, 2013, the Royal Wolf Board of Directors has granted 865,000 performance rights to key management personnel under the LTI Plan. In FY 2013, share-based compensation of $343,000 related to the LTI Plan has been recognized in the statements of operations, with a corresponding benefit to equity.

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Sales:
Lease inventories and fleet	$ 27,022	$ 28,762	$ 75,020	$ 79,906
Manufactured units	5,310		13,041
Total sales revenue	32,332	28,762	88,061	79,906
Leasing	31,503	27,392	92,515	77,148
Total revenues	63,835	56,154	180,576	157,054
Costs and expenses
Lease inventories and fleet (exclusive of the items shown separately below)	19,827	21,664	55,230	58,897
Manufactured units	5,556		12,105
Direct costs of leasing operations	12,258	10,802	34,639	30,754
Selling and general expenses	13,482	11,427	39,757	33,822
Depreciation and amortization	5,568	4,904	16,155	14,144
Operating income	7,144	7,357	22,690	19,437
Interest income	3	13	43	141
Interest expense	(2,749)	(2,610)	(8,604)	(8,900)
Foreign currency exchange gain and other	115	576	583	899
Total costs and expenses	(2,631)	(2,021)	(7,978)	(7,860)
Income before provision for income taxes	4,513	5,336	14,712	11,577
Provision for income taxes	1,715	2,029	5,591	4,401
Net income	2,798	3,307	9,121	7,176
Preferred stock dividends	(44)	(44)	(130)	(133)
Noncontrolling interest	(2,049)	(2,095)	(5,602)	(4,771)
Net income attributable to common stockholders	$ 705	$ 1,168	$ 3,389	$ 2,272
Net income per common share:
Basic	$ 0.03	$ 0.05	$ 0.15	$ 0.10
Diluted	$ 0.03	$ 0.05	$ 0.15	$ 0.10
Weighted average shares outstanding:
Basic	22,127,042	22,013,299	22,059,072	22,013,299
Diluted	22,821,564	22,273,173	22,753,594	22,271,547

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Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2013. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012 filed with the Securities and Exchange Commission (“SEC”).

Certain reclassifications have been made to conform to the current period presentation. Unless otherwise indicated, references to “FY 2012” and “FY 2013” are to the nine months ended March 31, 2012 and 2013, respectively.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Foreign Currency Translation

The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters. All assets and liabilities are translated at the rates in effect at the balance sheet dates; and revenues, expenses, gains and losses are translated using the average exchange rates during the periods. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates.

Inventories

Inventories are stated at the lower of cost or fair value (net realizable value). Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion are estimated and are deducted from the estimated selling price to establish net realizable value. Costs are assigned to individual items of inventory on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location. Inventories consist of containers, modular buildings and mobile offices held for sale or lease, as well as manufactured portable liquid storage tank containers held for sale, and are comprised of the following (in thousands):

	June 30,		March 31,
	2012		2013
Finished goods	$	30,053	$	31,835
Work in progress		1,153		2,043
Raw materials		—		3,217
	$	31,206	$	37,095

Property, plant and equipment consist of the following (in thousands):

	Estimated Useful Life		June 30,			March 31,
			2012			2013
Land		—	$	2,016		$	2,326
Building and improvements		10 — 40 years		1,020			3,393
Transportation and plant equipment (including capital lease assets)		3 — 20 years		18,196			22,902
Furniture, fixtures and office equipment		3 — 10 years		3,589			5,033
Construction in-process				—			241
				24,821			33,895
Less accumulated depreciation and amortization				(12,089	)		(14,618	)
			$	12,732		$	19,277

Lease Fleet

The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2012 and March 31, 2013, the gross cost of the lease fleet was $294,258,000 and $344,166,000, respectively.

Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2008 are subject to examination by the U.S. Internal Revenue Service. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months.

The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes.

Net Income per Common Share

Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities the Company has outstanding are warrants and stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share:

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Basic		22,013,299		22,127,042		22,013,299		22,059,072
Assumed exercise of warrants		—		224,652		—		224,652
Assumed exercise of stock options		259,874		469,870		258,248		469,870
Diluted		22,273,173		22,821,564		22,271,547		22,753,594

Potential common stock equivalents totaling 3,423,579 and 3,425,205 for the quarter ended March 31, 2012 and FY 2012, respectively, and 3,234,344 for both the quarter ended March 31, 2013 and FY 2013 have been excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.

Recently Issued Accounting Pronouncements

In August 2010, the FASB, as result of a joint project with the International Accounting Standards Board (“IASB”) to simplify lease accounting and improve the quality of and comparability of financial information for users, published a proposed standard that would change the accounting and financial reporting for both lessee and lessor under ASC Topic 840, Leases. The proposed standard would effectively eliminate off-balance sheet accounting for most of the operating leases of lessees and would require lessors to apply a receivable and residual accounting approach. Subsequent to June 30, 2011, the FASB and IASB announced their intention to re-expose the common leasing standard exposure draft for revised proposals since August 2010 and, through June 30, 2012, continue to redeliberate issues and concerns raised in response to the proposed standard. The Company believes that the final standards, if issued in substantially the same form as the published proposal, would have a material effect in the presentation of its consolidated financial position and results of operations.

In February 2013, the FASB updated the guidance within ASC 220, Comprehensive Income. The update requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (“AOCI”) and changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under U.S. GAAP is required. The above information must be presented in one place, either parenthetically on the face of the financial statements by income statement line item, or in a note. The updated guidance is to be applied prospectively, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012, with early adoption permitted. The Company intends to adopt the new provisions of this accounting standard at the beginning of its fiscal year ending June 30, 2014, but its adoption is not expected to have a material impact on the consolidated financial statements.

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Organization and Business Operations

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Organization and Business Operations

Note 1. Organization and Business Operations

General Finance Corporation (“GFN”) was incorporated in Delaware in October 2005. References to the “Company” in these Notes are to GFN and its consolidated subsidiaries. These subsidiaries include GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”); GFN North America Corp., a Delaware corporation (“GFNNA”); GFN Manufacturing Corporation, a Delaware corporation (“GFNMC”), and its subsidiary, Southern Frac, LLC, a Texas limited liability company (“Southern Frac”); Royal Wolf Holdings Limited, an Australian corporation publicly traded on the Australian Securities Exchange (“RWH”); and its Australian and New Zealand subsidiaries (collectively, “Royal Wolf”); Pac-Van, Inc., an Indiana corporation, and its Canadian subsidiary, PV Acquisition Corp., an Alberta corporation, doing business as (“d.b.a.”) “Container King” (collectively “Pac-Van”).

At March 31, 2013, the Company has two geographic (and three operating) units, Royal Wolf, which leases and sells storage containers, portable container buildings and freight containers in Australia and New Zealand, which is referred geographically by the Company to be the Asia-Pacific (or Pan-Pacific) area; Pac-Van, which leases and sells storage, office and portable liquid storage tank containers, modular buildings and mobile offices in North America; and Southern Frac, which manufactures portable liquid storage tank containers in North America (see Note 4).

On May 31, 2011, the Company completed an initial public offering (“IPO”) in Australia of a noncontrolling interest in RWH. A total of 50,000,000 shares of capital stock were issued to the Australian market and an additional 188,526 shares were issued to the non-employee members of the RWH Board of Directors, the RWH chief executive officer and the RWH chief financial officer. At the IPO date and through March 31, 2013, GFN U.S. owned a direct (and the Company an indirect) majority interest of over 50%.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. The accompanying results of operations are not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 2013. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes thereto of the Company, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012 filed with the Securities and Exchange Commission (“SEC”).

Certain reclassifications have been made to conform to the current period presentation. Unless otherwise indicated, references to “FY 2012” and “FY 2013” are to the nine months ended March 31, 2012 and 2013, respectively.

Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Foreign Currency Translation

Foreign Currency Translation

The Company’s functional currencies for its foreign operations are the respective local currencies, the Australian (“AUS”) and New Zealand (“NZ”) dollars in the Asia-Pacific area and the Canadian (“C”) dollar in North America. All adjustments resulting from the translation of the accompanying consolidated financial statements from the functional currency into reporting currency are recorded as a component of stockholders’ equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters. All assets and liabilities are translated at the rates in effect at the balance sheet dates; and revenues, expenses, gains and losses are translated using the average exchange rates during the periods. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate prevailing at that date. Foreign exchange differences arising on translation are recognized in the statement of operations. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the functional currency at foreign exchange rates prevailing at the dates the fair value was determined.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include assumptions used in assigning value to identifiable intangible assets at the acquisition date, the assessment for impairment of goodwill, the assessment for impairment of other intangible assets, the allowance for doubtful accounts, share-based compensation expense, residual value of the lease fleet and deferred tax assets and liabilities. Assumptions and factors used in the estimates are evaluated on an annual basis or whenever events or changes in circumstances indicate that the previous assumptions and factors have changed. The results of the analysis could result in adjustments to estimates.

Inventories

Inventories

Inventories are stated at the lower of cost or fair value (net realizable value). Net realizable value is the estimated selling price in the ordinary course of business. Expenses of marketing, selling and distribution to customers, as well as costs of completion are estimated and are deducted from the estimated selling price to establish net realizable value. Costs are assigned to individual items of inventory on the basis of specific identification and include expenditures incurred in acquiring the inventories and bringing them to their existing condition and location. Inventories consist of containers, modular buildings and mobile offices held for sale or lease, as well as manufactured portable liquid storage tank containers held for sale, and are comprised of the following (in thousands):

	June 30,		March 31,
	2012		2013
Finished goods	$	30,053	$	31,835
Work in progress		1,153		2,043
Raw materials		—		3,217
	$	31,206	$	37,095

Property, plant and equipment consist of the following (in thousands):

	Estimated Useful Life		June 30,			March 31,
			2012			2013
Land		—	$	2,016		$	2,326
Building and improvements		10 — 40 years		1,020			3,393
Transportation and plant equipment (including capital lease assets)		3 — 20 years		18,196			22,902
Furniture, fixtures and office equipment		3 — 10 years		3,589			5,033
Construction in-process				—			241
				24,821			33,895
Less accumulated depreciation and amortization				(12,089	)		(14,618	)
			$	12,732		$	19,277

Lease Fleet

Lease Fleet

The Company has a fleet of storage, portable building, office and portable liquid storage tank containers, mobile offices, modular buildings and steps that it primarily leases to customers under operating lease agreements with varying terms. The value of the lease fleet (or lease or rental equipment) is recorded at cost and depreciated on the straight-line basis over the estimated useful life (5 - 20 years), after the date the units are put in service, down to their estimated residual values (up to 70% of cost). In the opinion of management, estimated residual values are at or below net realizable values. The Company periodically reviews these depreciation policies in light of various factors, including the practices of the larger competitors in the industry, and its own historical experience. Costs incurred on lease fleet units subsequent to initial acquisition are capitalized when it is probable that future economic benefits in excess of the originally assessed performance will result; otherwise, they are expensed as incurred. At June 30, 2012 and March 31, 2013, the gross cost of the lease fleet was $294,258,000 and $344,166,000, respectively.

Units in the lease fleet are also available for sale. The cost of sales of a unit in the lease fleet is recognized at the carrying amount at the date of sale.

Income Taxes

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities at the balance sheet date multiplied by the applicable tax rates. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is recorded for the amount of income tax payable or refundable for the period increased or decreased by the change in deferred tax assets and liabilities during the period. The Company files U.S. Federal tax returns, multiple U.S. state (and state franchise) tax returns and Australian, New Zealand and Canadian tax returns. For U.S. Federal tax purposes, all periods subsequent to June 30, 2008 are subject to examination by the U.S. Internal Revenue Service. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company does not anticipate that the total amount of unrecognized tax benefit related to any particular tax position will change significantly within the next 12 months.

The Company’s policy for recording interest and penalties, if any, will be to record such items as a component of income taxes.

Net Income per Common Share

Net Income per Common Share

Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the periods. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential dilutive securities the Company has outstanding are warrants and stock options. The following is a reconciliation of weighted average shares outstanding used in calculating earnings per common share:

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Basic		22,013,299		22,127,042		22,013,299		22,059,072
Assumed exercise of warrants		—		224,652		—		224,652
Assumed exercise of stock options		259,874		469,870		258,248		469,870
Diluted		22,273,173		22,821,564		22,271,547		22,753,594

Potential common stock equivalents totaling 3,423,579 and 3,425,205 for the quarter ended March 31, 2012 and FY 2012, respectively, and 3,234,344 for both the quarter ended March 31, 2013 and FY 2013 have been excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In August 2010, the FASB, as result of a joint project with the International Accounting Standards Board (“IASB”) to simplify lease accounting and improve the quality of and comparability of financial information for users, published a proposed standard that would change the accounting and financial reporting for both lessee and lessor under ASC Topic 840, Leases. The proposed standard would effectively eliminate off-balance sheet accounting for most of the operating leases of lessees and would require lessors to apply a receivable and residual accounting approach. Subsequent to June 30, 2011, the FASB and IASB announced their intention to re-expose the common leasing standard exposure draft for revised proposals since August 2010 and, through June 30, 2012, continue to redeliberate issues and concerns raised in response to the proposed standard. The Company believes that the final standards, if issued in substantially the same form as the published proposal, would have a material effect in the presentation of its consolidated financial position and results of operations.

In February 2013, the FASB updated the guidance within ASC 220, Comprehensive Income. The update requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (“AOCI”) and changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under U.S. GAAP is required. The above information must be presented in one place, either parenthetically on the face of the financial statements by income statement line item, or in a note. The updated guidance is to be applied prospectively, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012, with early adoption permitted. The Company intends to adopt the new provisions of this accounting standard at the beginning of its fiscal year ending June 30, 2014, but its adoption is not expected to have a material impact on the consolidated financial statements.

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Commitments and Contingencies

9 Months Ended

Mar. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

The Company is not involved in any material lawsuits or claims arising out of the normal course of business. The nature of its business is such that disputes can occasionally arise with employees, vendors (including suppliers and subcontractors) and customers over warranties, contract specifications and contract interpretations among other things. The Company assesses these matters on a case-by-case basis as they arise. Reserves are established, as required, based on its assessment of its exposure. The Company has insurance policies to cover general liability and workers compensation related claims. In the opinion of management, the ultimate amount of liability not covered by insurance under pending litigation and claims, if any, will not have a material adverse effect on our financial position, operating results or cash flows.

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Senior and Other Debt

9 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Senior and Other Debt

Note 5. Senior and Other Debt

Royal Wolf Senior Credit Facility

Royal Wolf has an approximately $128,867,000 (AUS$100,000,000 and NZ$29,400,000) senior credit facility with Australia and New Zealand Banking Group Limited (“ANZ”), which is secured by substantially all of the assets of the Company’s Australian and New Zealand subsidiaries. The facility matures on June 30, 2014, except for a $15,635,000 (AUS$15,000,000) revolving sub-facility that matures on November 14, 2014. The ANZ senior credit facility, as amended, is comprised of a working capital sub-facility (primarily for receivable financing) and revolving sub-facilities (primarily for lease fleet purchases and acquisitions) in both Australia and New Zealand. As of March 31, 2013, based upon the exchange rate of one Australian dollar to $1.0423 U.S. dollar and one New Zealand dollar to $0.8040 Australian dollar, total borrowings and availability under the ANZ credit facility totaled $108,147,000 (AUS$103,758,000) and $20,720,000 (AUS$19,879,000), respectively. At March 31, 2013, borrowings under the working capital and revolving sub-facilities totaled $2,782,000 (AUS$2,669,000) and $105,365,000 (AUS$101,089,000), respectively, and bear interest at the bank bill swap interest rate in Australia (BBSY) or New Zealand (BKBM), plus 1.85% - 2.05% per annum. At March 31, 2013, the BBSY and BKBM were 3.0842% and 2.735%, respectively.

Royal Wolf also has a $3,127,000 (AUS$3,000,000) sub-facility with ANZ to, among other things, facilitate direct and global payments using electronic banking services and a bank guarantee sub-facility of $1,042,000 (AUS$1,000,000).

The ANZ senior credit facility, as amended, is subject to certain financial and other customary covenants, including, among other things, compliance with specified consolidated interest coverage and total debt ratios based on earnings before interest, income taxes, amortization and depreciation and other non-operating costs (“EBITDA”) and the payment of dividends are not to exceed 60% of net profits (adding back amortization), plus any dividend surplus from the previous year, as defined.

Pac-Van Senior Credit Facility

Pac-Van had an $85,000,000 senior secured revolving credit facility with a syndicate led by PNC Bank, National Association (“PNC”) that included Wells Fargo Bank, National Association (“Wells Fargo”) and Union Bank, N.A. (the “PNC Credit Facility”). The PNC Credit Facility was scheduled to mature on January 16, 2013, but on September 7, 2012, Pac-Van entered into a new five-year, senior secured revolving credit facility with a syndicate led by Wells Fargo, that also includes HSBC Bank USA, NA (“HSBC”), and the Private Bank and Trust Company (the “Wells Fargo Credit Facility”). Under the Wells Fargo Credit Facility, Pac-Van may borrow up to $110,000,000, subject to the terms of a borrowing base, as defined, and provides for the issuance of irrevocable standby letters of credit in amounts totaling up to $5,000,000. Borrowings will accrue interest, at Pac-Van’s option, either at the base rate plus 1.75% to 2.25% or the LIBOR plus 2.75% to 3.25%. The Wells Fargo Credit Facility contains, among other things, certain financial covenants, including fixed charge coverage ratios and utilization ratios, and provides that at any time prior to September 7, 2016, Pac-Van, subject to certain conditions, may increase the amount that may be borrowed under the Credit Facility by $10,000,000 to a maximum of $120,000,000. In connection with the initial funding of the Wells Fargo Credit Facility, all outstanding amounts due under the PNC Credit Facility and the $15,000,000 senior subordinated note with Laminar Direct Capital, L.L.C. (“Laminar Note”) were fully repaid and, in addition, the limited guaranty by Ronald F. Valenta and Lydia D. Valenta was terminated.

At March 31, 2013, borrowings and availability under the Wells Fargo Credit Facility totaled $96,166,000 and $12,964,000, respectively.

Southern Frac Senior Credit Facility

The Wells Fargo SF Credit Facility provides Southern Frac with (i) a senior secured revolving line of credit under which Southern Frac may borrow, subject to the terms of a borrowing base, as defined, up to $12,000,000 with a three-year maturity; (ii) a $500,000 equipment term loan (the “Equipment Term Loan”), which fully amortizes over 36 months; (iii) a $1,500,000 term loan (the “Term Loan B” and, collectively with the Equipment Term Loan, the “Term Loans”), which fully amortizes over 24 months; and (iv) up to $1,000,000 of capital expenditure loans (the “CapEx Loans”) which fully amortize over 36 months. The Wells Fargo SF Credit Facility contains, among other things, certain financial covenants, including excess availability and fixed charge coverage ratios, and other covenants, representations, warranties, indemnification provisions, and events of default that are customary for senior secured credit facilities; including events of default relating to a change of control of GFN, GFNMC and Southern Frac. Borrowings under the Wells Fargo SF Credit Facility will accrue interest based on the three-month LIBOR, plus a margin equal to 3.5% for the revolving line of credit, 4.0% for the Equipment Term Loan, 7.0% for the Term Loan B and 4.0% for the CapEx Loans.

At March 31, 2013, borrowings and availability under the Wells Fargo SF Credit Facility totaled $5,142,000 and $3,214,000, respectively.

Other

Other debt, including redeemable preferred stock (see Note 3) and a seller note payable in connection with the Southern Frac acquisition (see Note 4) totaled $3,463,000 at March 31, 2013.

The weighted-average interest rate in the Asia-Pacific area was 6.8% and 6.1% and 8.0% and 6.1% in the quarter ended March 31, 2012 and 2013 and in FY 2012 and FY 2013, respectively; which does not include the effect of translation, interest rate swap contracts and options and the amortization of deferred financing costs. The weighted-average interest rate in North America was 6.4% and 4.9% and 6.3% and 4.9% in the quarter ended March 31, 2012 and 2013 and in FY 2012 and FY 2013, respectively; which does not include the effect of the amortization of deferred financing costs and accretion of interest.

Loan Covenant Compliance

At March 31, 2013, the Company was in compliance with the financial covenants under its senior credit facilities.

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Equity Transactions

9 Months Ended

Mar. 31, 2013

Equity [Abstract]

Equity Transactions

Note 3. Equity Transactions

Rights Offering

On June 25, 2010, the Company completed a rights offering. The offering entitled holders of the rights to purchase units at $1.50 per unit, with each unit consisting of one share of GFN common stock and a three-year warrant to purchase 0.5 additional shares of GFN common stock at an exercise price of $4.00 per share. At March 31, 2013, the Company had outstanding a total of 4,043,737 warrants that would enable the holders to acquire an additional 2,021,868 shares of common stock at an exercise price of $4.00 per share.

Cumulative Preferred Stock

The Company conducted private placements of Series A 12.5% Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $50 per share (“Series A Preferred Stock”); and Series B 8% Cumulative Preferred Stock, par value of $0.0001 per share and liquidation value of $1,000 per share (“Series B Preferred Stock”). The Series B Preferred Stock is offered primarily in connection with business combinations. The Series A Preferred Stock and the Series B Preferred Stock are referred to collectively as the “Cumulative Preferred Stock.” Upon issuance of the Cumulative Preferred Stock, the Company recorded the liquidation value as the preferred equity in the consolidated balance sheet, with any issuance or offering costs as a reduction in additional paid-in capital. As of March 31, 2013, the Company had issued 25,900 shares and 100 shares of Series A Preferred Stock and Series B Preferred Stock for total proceeds of $1,295,000 and $100,000, respectively.

The Cumulative Preferred Stock is not convertible into GFN common stock, has no voting rights, except as required by Delaware law, and is not redeemable prior to February 1, 2014; at which time it may be redeemed at any time, in whole or in part, at the Company’s option. Holders of the Cumulative Preferred Stock are entitled to receive, when declared by the Company’s Board of Directors, annual dividends payable quarterly in arrears on the 31^st day of January, July and October and on the 30^th day of April of each year. In the event of any liquidation or winding up of the Company, the holders of the Cumulative Preferred Stock will have preference to holders of common stock; with the holders of the Series A Preferred Stock having preference over holders of the Series B Preferred Stock.

In connection with an acquisition during the year ended June 30, 2011, the Company issued 110 shares of Series B Preferred Stock with a liquidation value of $110,000 that is redeemable in three annual installments from the dates of issuance. As a result, these issuances, which total $37,000 (36.68 shares) at March 31, 2013, are classified as a liability in the condensed consolidated balance sheet under the caption “Senior and other debt.”

As of March 31, 2013, since issuance, dividends paid or payable totaled $665,000 and $49,000 for the Series A Preferred Stock and Series B Preferred Stock, respectively. The characterization of dividends to the recipients for Federal income tax purposes is made based upon the earnings and profits of the Company, as defined by the Internal Revenue Code.

In connection with the Southern Frac acquisition (see Note 4), the Company issued 750 shares of a new Series C Convertible Cumulative Preferred Stock, par value $0.0001 per share and liquidation preference of $1,000 per share (“Series C Preferred Stock”). Each share of Series C Preferred Stock will accrue no dividends unless declared by the Board of Directors of the Company. The Series C Preferred Stock is automatically convertible into 150,000 shares of GFN common stock at the date that the shares of GFN common stock have a closing price equal to or in excess of $5.00 per share on the NASDAQ Stock Market. On February 12, 2013, the closing price of the Company’s common stock was $5.06 per share, and the Series C Preferred Stock automatically converted to 150,000 shares of Company common stock.

Royal Wolf Dividends

On August 14, 2012, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on October 2, 2012 to shareholders of record on September 20, 2012.

On February 5, 2013, the Board of Directors of Royal Wolf declared a dividend of AUS$0.045 per RWH share payable on April 3, 2012 to shareholders of record on March 19, 2013.

The condensed consolidated financial statements reflect the amount of the dividends pertaining to the noncontrolling interest.

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Acquisitions

9 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Acquisitions

Note 4. Acquisitions

The Company can enhance its business and market share by entering into new markets in various ways, including starting up a new location or acquiring a business consisting of container, modular unit or mobile office assets of another entity. An acquisition generally provides the Company with operations that enables it to at least cover existing overhead costs and is preferable to a start-up or greenfield location. The businesses discussed below were acquired primarily to expand the Company’s container lease fleet.

On August 1, 2012, the Company, through Royal Wolf, purchased the business of Tassay Pty Ltd., d.b.a. “Rockhampton Container Sales,” for approximately $656,000 (AUS$624,000), which included a holdback amount of $32,000 (AUS$31,000) . Rockhampton Container Sales leases and sells containers and is based in Rockhampton, Queensland.

On August 17, 2012, the Company, through Pac-Van, purchased the business of Camelback Container Services, LLC (“Camelback”) for $178,000, which included a holdback amount of $16,000. Camelback performs, among other things, custom modifications of ground level offices and storage containers in Phoenix, Arizona.

On September 17, 2012, the Company, through Pac-Van, purchased the business of Container Connection, LLC (“Container Connection”) for $1,604,000, which included a non-interest-bearing holdback note of $207,000 (discounted to $172,000 at the date of acquisition). Container Connection leases and sells containers in Albany, Georgia and Orlando, Florida.

On October 1, 2012, the Company, through GFNMC, acquired 90% of the membership interests of Southern Frac for $6,969,000; which included a noninterest-bearing holdback note of $2,000,000 payable over three years and, therefore, discounted to $1,572,000 at the date of acquisition. Funding for this acquisition included $2,000,000 from borrowings under a new $15,000,000 senior credit facility with Wells Fargo Bank, National Association (“Wells Fargo SF Credit Facility” - see Note 5) and $750,000 from the issuance of 750 shares of Series C Preferred Stock (see Note 3). In conjunction with the acquisition of Southern Frac, GFNMC entered into an agreement with the 10% noncontrolling interest holder for a call option that provides that for the period commencing on April 1, 2013 through October 1, 2017, GFNMC may purchase the noncontrolling interest for an initial price of $1,500,000, with incremental increases of $250,000 for each of the subsequent seven six-month periods. Southern Frac manufactures portable liquid storage containers in Waxahachie, Texas.

On November 5, 2012, the Company, through Royal Wolf, purchased the businesses of Australian Container & Engineering Services Pty Limited, Container Engineering North Queensland Pty Limited and Australian Container Traders Pty Limited, collectively “Coral Seas Containers,” for approximately $5,618,000 (AUS$5,434,000), which included a holdback amount of $289,000 (AUS$280,000). Coral Seas Containers, among other things, leases and sells containers and is based in Queensland.

On November 22, 2012, the Company, through Royal Wolf, purchased the business of Cairns Containers Pty Limited (“Cairns Containers”) for approximately $845,000 (AUS$814,000), which included a holdback amount of $44,000 (AUS$43,000). Cairns Container leases and sells containers and is based in Cairns, Queensland.

On February 22, 2013, the Company, through Pac-Van, purchased the business of AMEXX Leasing, LLC (“AMEXX”) for $354,000, which included a holdback amount of $31,000. AMEXX leases and sells containers in Michigan and Illinois.

On March 1, 2013, the Company, through Pac-Van, purchased the business of Alberta Container Services, Inc. (“ACS”) for $1,788,000 (C$1,893,000), which included a holdback amount of $515,000 (discounted to $352,000 at the date of acquisition). ACS leases and sells containers in Alberta, Canada.

The accompanying condensed consolidated financial statements include the operations of the acquired businesses from the dates of acquisition. The allocations for the acquisitions in FY 2013 to tangible and intangible assets acquired and liabilities assumed based on their estimated fair market values were as follows (in thousands):

	Southern Frac October 1,  2012			Coral Seas Containers November 5, 2012			Other Acquisitions			Total
Fair value of the net tangible assets acquired and liabilities assumed:
Restricted cash	$	1,000		$	—		$	—		$	1,000
Trade and other receivables		3,203			14			210			3,427
Inventories		2,296			528			1,245			4,069
Prepaid expenses and other		152			—			4			156
Property, plant and equipment		2,892			107			358			3,357
Lease fleet		—			3,649			2,584			6,233
Accounts payables and accrued liabilities		(6,220	)		(177	)		(121	)		(6,518	)
Income taxes payable		—			—			—			—
Unearned revenue and advance payments		—			(8	)		(111	)		(119	)
Senior and other debt		(47	)		—			—			(47	)
Noncontrolling interest		(889	)		—			—			(889	)
Total net tangible assets acquired, liabilities assumed and noncontrolling interest		2,387			4,113			4,169			10,669
Fair value of intangible assets acquired:
Non-compete agreement		71			580			304			955
Customer lists		1,112			295			598			2,005
Trade name		387			—			—			387
Other		261			—			—			261
Goodwill		2,751			630			409			3,790
Total intangible assets acquired		4,582			1,505			1,311			7,398
Total purchase allocation	$	6,969		$	5,618		$	5,480		$	18,067

The estimated fair value of the tangible and intangible assets acquired and liabilities assumed exceeded the purchase prices of Rockhampton Container Sales and Container Connection resulting in estimated bargain purchase gains of $55,000 and $105,000, respectively. These gains have been recorded as non-operating income in the accompanying condensed consolidated statements of operations.

Transaction costs are expensed as incurred and included in selling and general expenses in the accompanying condensed consolidated statements of operations. Transaction costs associated with the Southern Frac acquisition totaled approximately $200,000 and were not material for the other acquisitions in FY 2013. Goodwill recorded in connection with the FY 2013 acquisitions will not be deductible for income tax reporting purposes.

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Financial Instruments

9 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 6. Financial Instruments

Fair Value Measurements

FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, as follows:

Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 - Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and

Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s swap contracts and options (caps) and forward-exchange contracts are not traded on a market exchange; therefore, the fair values are determined using valuation models that include assumptions about yield curve at the reporting dates as well as counter-party credit risk. The assumptions are generally derived from market-observable data. The Company has consistently applied these calculation techniques to all periods presented, which are considered Level 2.

Derivative instruments measured at fair value and their classification on the condensed consolidated balances sheets and condensed consolidated statements of operations are as follows (in thousands):

		Derivative - Fair Value (Level 2)
Type of Derivative Contract	Balance Sheet Classification	June 30, 2012			March 31, 2013
Swap Contracts and Options (Caps and Collars)	Trade payables and accrued liabilities	$	(1,539	)	$	(1,326	)
Forward-Exchange Contracts	Trade payables and accrued liabilities		(102	)		(54	)

		Quarter Ended March 31,				Nine Months Ended March  31,
Type of Derivative Contract	Statement of Operations Classification	2012		2013		2012			2013
Swap Contracts and Options (Caps and Collars)	Unrealized gain (loss) included in interest expense	$	259	$	—	$	(344	)	$	(80	)
Forward-Exchange Contracts	Unrealized foreign currency exchange gain (loss) and other		136		77		291			(14	)

Interest Rate Swap Contracts

The Company’s exposure to market risk for changes in interest rates relates primarily to its senior and other debt obligations. The Company’s policy is to manage its interest expense by using a mix of fixed and variable rate debt.

To manage its exposure to variable interest rates in a cost-efficient manner, the Company enters into interest rate swaps and interest rate options, in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps and options are designated to hedge changes in the interest rate of a portion of the ANZ outstanding borrowings. The Company believes that financial instruments designated as interest rate hedges were highly effective; however, prior to August 2012, documentation of such, as required by FASB ASC Topic 815, Derivatives and Hedging, did not exist. Therefore, all movements in the fair values of these hedges prior to August 2012 were reported in the consolidated statements of operations in the periods in which fair values change. In August 2012, the Company entered into an interest swap contract that met documentation requirements and, as such, it was designated as a cash flow hedge. This cash flow hedge was determined to be fully effective in FY 2013 and, therefore, changes in its fair value were recorded in accumulated other comprehensive income. The Company expects this derivative to remain fully effective during the remaining term of the swap and no amount of ineffectiveness has been recorded in the condensed consolidated statement of operations. However, should any portion of the hedge be considered ineffective, such amounts included in accumulated other comprehensive income would be reclassified to current earnings.

The Company’s interest rate swap and option (cap and collar) contracts are not traded on a market exchange; therefore, the fair values are determined using valuation models which include assumptions about the interest rate yield curve at the reporting dates (Level 2 fair value measurement). As of June 30, 2012, there was one open interest rate swap contract and one open interest rate option (collar) contract; and, as of March 31, 2013, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands):

	June 30, 2012						March 31, 2013
	Swap			Option (Collar)			Swap			Option (Collar)
Notional amounts	$	15,242		$	25,403		$	52,115		$	—
Fixed/Strike Rates		6.25	%		6.25	%		3.98	%		—	%
Floating Rates		5.47	%		5.47	%		3.08	%		—	%
Fair Value of Combined Contracts	$	(587	)	$	(952	)	$	(1,326	)	$	—

Foreign Currency Risk

The Company has transactional currency exposures. Such exposure arises from sales or purchases in currencies other than the functional currency. The currency giving rise to this risk is primarily U.S. dollars. Royal Wolf has a bank account denominated in U.S. dollars into which a small number of customers pay their debts. This is a natural hedge against fluctuations in the exchange rate. The funds are then used to pay suppliers, avoiding the need to convert to Australian dollars. Royal Wolf uses forward currency contracts and options to eliminate the currency exposures on the majority of its transactions denominated in foreign currencies, either by transaction if the amount is significant, or on a general cash flow hedge basis. The forward currency contracts and options are always in the same currency as the hedged item. The Company believes that financial instruments designated as foreign currency hedges are highly effective. However documentation of such as required by ASC Topic 815 does not exist. Therefore, all movements in the fair values of these hedges are reported in the statement of operations in the period in which fair values change. As of June 30, 2012, there were 12 open forward exchange contracts; and, as of March 31, 2013, there were 23 open forward exchange contracts that mature between April 2013 and August 2013, as follows (dollars in thousands):

	June 30, 2012					March 31, 2013
	Forward Exchange			Currency Option		Forward Exchange			Currency Option
Notional amounts	$	7,096		$	—	$	3,276		$	—
Exchange/Strike Rates (AUD to USD)		0.9702 – 1.0201			—		0.9973 – 1.0346			—
Fair Value of Combined Contracts	$	(102	)	$	—	$	(54	)	$	—

In FY 2012 and FY 2013, net unrealized and realized foreign exchange gains (losses) totaled $(384,000) and $866,000, and $163,000 and $194,000, respectively. For the quarter ended March 31, 2012 and 2013, net unrealized and realized foreign exchange gains (losses) totaled $(756,000) and $109,000, and $55,000 and $31,000, respectively.

Fair Value of Other Financial Instruments

The fair value of the Company’s borrowings under its senior credit facilities and Laminar Note was determined based on level 3 inputs including a search for debt issuances with maturities comparable to the Company’s debt (“Debt Issuances with Upcoming Call Dates”), a comparison to a group of comparable industry debt issuances (“Industry Comparable Debt Issuances”) and a study of credit (“Credit Spread Analysis”) as of June 30, 2012. Under the Debt Issuances with Upcoming Call Dates, the Company performed a Yield-to-Worse analysis on debt issuances with call dates that were comparable to the maturity dates of the Company’s borrowings. Under the Industry Comparable Debt Issuance method, the Company compared the debt facilities to several industry comparable debt issuances. This method consisted of an analysis of the offering yields compared to the current yields on publicly traded debt securities. Under the Credit Spread Analysis, the Company first examined the implied credit spreads of the United States Federal Reserve. Based on this analysis the Company was able to assess the credit market. The fair value of the Company’s senior credit facilities and Laminar Note as of June 30, 2012 was determined to be approximately $174,200,000. The Company also determined that the fair value of its other debt of $1,132,000 at June 30, 2012 approximated or would not vary significantly from their carrying values. Based on the refinancing at Pac-Van (see Note 5) and acquisition of Southern Frac (see Note 4), current market conditions and other factors, the Company has determined that the fair value of the Wells Fargo Credit Facility, Wells Fargo SF Credit Facility, ANZ senior credit facility and other debt at March 31, 2013 approximates or would not vary significantly from their carrying values.

Under the provisions of FASB ASC Topic 825, Financial Instruments, the carrying value of the Company’s other financial instruments (consisting primarily of cash and cash equivalents, net receivables, trade payables and accrued liabilities) approximate fair value.

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Summary of Significant Accounting Policies - Reconciliation of Weighted Average Shares Outstanding (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Accounting Policies [Abstract]
Basic	22,127,042	22,013,299	22,059,072	22,013,299
Assumed exercise of warrants	224,652		224,652
Assumed exercise of stock options	469,870	259,874	469,870	258,248
Diluted	22,821,564	22,273,173	22,753,594	22,271,547

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Subsequent Events - Additional Information (Detail) (USD $)	9 Months Ended		1 Months Ended
	Mar. 31, 2013	Mar. 31, 2013 Series C Preferred Stock [Member]	May 31, 2013 Subsequent Event [Member] Series C Preferred Stock [Member]	May 09, 2013 Subsequent Event [Member] Series C Preferred Stock [Member]	May 31, 2013 Subsequent Event [Member] Pac-Van [Member]
Subsequent Event [Line Items]
Percentage of underwritten public offering				9.00%
Initial underwritten public offering shares				300,000
Liquidation value of share		$ 1,000		$ 100
Additional shares granted				50,000
Initial underwritten public offering expected to closing date				May 17, 2013
Proceeds of primary offerings net underwriting fees				$ 33,250,000
Dividends paid equal to the lesser	$ 130,000		$ 4,000,000
Borrowing the credit facility					4000000
Percentage offering to pay down borrowings			80.00%

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Segment Reporting

9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

Note 11. Segment Reporting

The tables below represent the Company’s revenues from external customers, operating income, interest income and expense, share-based compensation expense, depreciation and amortization, expenditures for additions to long-lived assets (consisting of lease fleet and property, plant and equipment), long-lived assets and goodwill; as attributed to its two geographic segments (in thousands):

	Quarter Ended March 31,				Nine Months Ended March 31,
	2012		2013		2012		2013
Revenues from external customers
North America:
Sales	$	10,721	$	11,665	$	21,789	$	29,944
Leasing		10,305		12,303		30,676		35,934
		21,026		23,968		52,465		65,878
Asia-Pacific:
Sales		18,041		20,667		58,117		58,117
Leasing		17,087		19,200		46,472		56,581
		35,128		39,867		104,589		114,698
Total	$	56,154	$	63,835	$	157,054	$	180,576
Operating income
North America	$	852	$	27	$	2,283	$	2,503
Asia-Pacific		6,505		7,117		17,154		20,187
Total	$	7,357	$	7,144	$	19,437	$	22,690
Interest income
North America	$	2	$	—	$	6	$	2
Asia-Pacific		11		3		135		41
Total	$	13	$	3	$	141	$	43
Interest expense
North America	$	1,375	$	1,054	$	3,988	$	3,673
Asia-Pacific		1,235		1,695		4,912		4,931
Total	$	2,610	$	2,749	$	8,900	$	8,604
Share-based compensation
North America	$	148	$	157	$	454	$	538
Asia-Pacific		86		165		200		430
Total	$	234	$	322	$	654	$	968

Depreciation and amortization
North America	$	1,446	$	1,796	$	4,319	$	4,889
Asia-Pacific		3,458		3,914		9,825		11,517
Total	$	4,904	$	5,710	$	14,144	$	16,406
Additions to long-lived assets
North America					$	7,371	$	23,253
Asia-Pacific						47,209		38,589
Total					$	54,580	$	61,842

	At
	June 30, 2012		March 31, 2013
Long-lived assets
North America	$	112,867	$	133,495
Asia-Pacific		159,323		187,064
Total	$	272,190	$	320,559
Goodwill
North America	$	33,859	$	36,988
Asia-Pacific		34,590		36,217
Total	$	68,449	$	73,205

Intersegment net revenues totaled $3,000 during the quarter ended March 31, 2012 and $75,000 during FY 2012. There were no intersegment net revenues in FY 2013. However, intrasegment net revenues related to the sales of portable liquid storage containers from Southern Frac to Pac-Van in North America totaled $1,691,000 and $5,278,000 during the quarter ended March 31, 2013 and FY 2013.

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Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments at Fair Value, Classification on Condensed Consolidated Balances Sheets

Derivative instruments measured at fair value and their classification on the condensed consolidated balances sheets and condensed consolidated statements of operations are as follows (in thousands):

		Derivative -Fair Value (Level 2)
Type of Derivative Contract	Balance Sheet Classification	June 30, 2012			March 31, 2013
Swap Contracts and Options (Caps and Collars)	Trade payables and accrued liabilities	$	(1,539	)	$	(1,326	)
Forward-Exchange Contracts	Trade payables and accrued liabilities		(102	)		(54	)

Derivative Instruments at Fair Value, Consolidated Statements of Operations

		Quarter Ended March 31,				Nine Months Ended March  31,
Type of Derivative Contract	Statement of Operations Classification	2012		2013		2012			2013
Swap Contracts and Options (Caps and Collars)	Unrealized gain (loss) included in interest expense	$	259	$	—	$	(344	)	$	(80	)
Forward-Exchange Contracts	Unrealized foreign currency exchange gain (loss) and other		136		77		291			(14	)

Open Interest Rate Swap Contract

As of June 30, 2012, there was one open interest rate swap contract and one open interest rate option (collar) contract; and, as of March 31, 2013, there was one open interest rate swap contract that was designated as a cash flow hedge and matures in June 2017, as follows (dollars in thousands):

	June 30, 2012						March 31, 2013
	Swap			Option (Collar)			Swap			Option (Collar)
Notional amounts	$	15,242		$	25,403		$	52,115		$	—
Fixed/Strike Rates		6.25	%		6.25	%		3.98	%		—	%
Floating Rates		5.47	%		5.47	%		3.08	%		—	%
Fair Value of Combined Contracts	$	(587	)	$	(952	)	$	(1,326	)	$	—

Open Forward Exchange Contracts

As of June 30, 2012, there were 12 open forward exchange contracts; and, as of March 31, 2013, there were 23 open forward exchange contracts that mature between April 2013 and August 2013, as follows (dollars in thousands):

	June 30, 2012					March 31, 2013
	Forward Exchange			Currency Option		Forward Exchange			Currency Option
Notional amounts	$	7,096		$	—	$	3,276		$	—
Exchange/Strike Rates (AUD to USD)		0.9702 – 1.0201			—		0.9973 – 1.0346			—
Fair Value of Combined Contracts	$	(102	)	$	—	$	(54	)	$	—

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Segment Reporting - Summary of Segment Reporting Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012
Revenues from external customers
Leasing	$ 31,503	$ 27,392	$ 92,515	$ 77,148
Total Revenues	63,835	56,154	180,576	157,054
Operating income
Operating income, Total	7,144	7,357	22,690	19,437
Interest income
Interest income, Total	3	13	43	141
Interest expense
Interest expense, Total	2,749	2,610	8,604	8,900
Share-based compensation
Share-based compensation, Total	322	234	968	654
Depreciation and amortization
Depreciation and amortization, Total	5,568	4,904	16,155	14,144
Additions to long-lived assets
Additions to long-lived assets, Total			61,842	54,580
Long-lived assets
Long-lived assets, Total	320,559		320,559		272,190
Goodwill
Goodwill, Total	73,205		73,205		68,449
North America [Member]
Revenues from external customers
Sales	11,665	10,721	29,944	21,789
Leasing	12,303	10,305	35,934	30,676
Total Revenues	23,968	21,026	65,878	52,465
Operating income
Operating income, Total	27	852	2,503	2,283
Interest income
Interest income, Total		2	2	6
Interest expense
Interest expense, Total	1,054	1,375	3,673	3,988
Share-based compensation
Share-based compensation, Total	157	148	538	454
Depreciation and amortization
Depreciation and amortization, Total	1,796	1,446	4,889	4,319
Additions to long-lived assets
Additions to long-lived assets, Total			23,253	7,371
Long-lived assets
Long-lived assets, Total	133,495		133,495		112,867
Goodwill
Goodwill, Total	36,988		36,988		33,859
Asia-Pacific [Member]
Revenues from external customers
Sales	20,667	18,041	58,117	58,117
Leasing	19,200	17,087	56,581	46,472
Total Revenues	39,867	35,128	114,698	104,589
Operating income
Operating income, Total	7,117	6,505	20,187	17,154
Interest income
Interest income, Total	3	11	41	135
Interest expense
Interest expense, Total	1,695	1,235	4,931	4,912
Share-based compensation
Share-based compensation, Total	165	86	430	200
Depreciation and amortization
Depreciation and amortization, Total	3,914	3,458	11,517	9,825
Additions to long-lived assets
Additions to long-lived assets, Total			38,589	47,209
Long-lived assets
Long-lived assets, Total	187,064		187,064		159,323
Goodwill
Goodwill, Total	$ 36,217		$ 36,217		$ 34,590

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Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended				3 Months Ended					9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012 Senior Credit Facilities And Laminar Note [Member] Fair Value, Inputs, Level 3 [Member]	Jun. 30, 2012 Other debt [Member] Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2013 Interest rate swap contract [Member] Contract	Jun. 30, 2012 Interest rate swap contract [Member] Contract	Jun. 30, 2012 Interest rate option (Collar) [Member] Contract	Mar. 31, 2013 Forward-Exchange Contracts [Member] Contract	Jun. 30, 2012 Forward-Exchange Contracts [Member] Contract	Mar. 31, 2013 Forward-Exchange Contracts [Member] Minimum [Member]	Mar. 31, 2013 Forward-Exchange Contracts [Member] Maximum [Member]
Derivative [Line Items]
Number of derivative contract							1	1	1	23	12
Interest rate swap contract, maturity date							June 2017
Forward exchange contracts, maturity date												April 2013	August 2013
Unrealized foreign exchange gains (losses)	$ 55,000	$ (756,000)	$ (163,000)	$ 384,000
Realized foreign exchange gains (losses)	31,000	109,000	194,000	866,000
Fair value of borrowings					$ 174,200,000	$ 1,132,000

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,798	$ 3,307	$ 9,121	$ 7,176
Other comprehensive income:
Fair value change in derivative, net of income tax provision of $196 and $100 for the quarter and nine months ended March 31, 2013, respectively	457		233
Cumulative translation adjustment	557	2,806	3,487	(2,570)
Total comprehensive income	3,812	6,113	12,841	4,606
Comprehensive loss (gain) allocated to noncontrolling interests	(2,667)	(2,265)	(7,579)	199
Comprehensive income allocable to General Finance Corporation stockholders	$ 1,145	$ 3,848	$ 5,262	$ 4,805

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Condensed Consolidated Statements of Cash Flows (Parenthetical) In Thousands, except Per Share data, unless otherwise specified	1 Months Ended	9 Months Ended
	Feb. 05, 2013 AUD	Mar. 31, 2013 USD ($)	Mar. 31, 2013 AUD	Sep. 30, 2012 USD ($)
Statement Of Cash Flows [Abstract]
Convertible cumulative preferred stock issued related to consideration for business acquisition				$ 750
Business acquisition cost holdback				2,000
Dividend to noncontrolling interest		$ 2,333	2,258
Dividend declared	0.045

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Stock Option Plans (Tables)

9 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Fair Value of Stock Options Granted

Since inception, the range of the fair value of the stock options granted (other than to non-employee consultants) and the assumptions used are as follows:

Fair value of stock option	$0.81 - $3.94
Assumptions used:
Risk-free interest rate	1.19% - 4.8%
Expected life (in years)	7.5
Expected volatility	26.5% - 84.6%
Expected dividends	—

Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for FY 2013 follows:

	Number of Options (Shares)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Outstanding at June 30, 2012		1,843,664		$	4.96
Granted		70,000			4.95
Exercised		(6,666	)		1.22
Forfeited or expired		—			—
Outstanding at March 31, 2013		1,906,998		$	4.97		6.5
Vested and expected to vest at March 31, 2013		1,906,998		$	4.97		6.5
Exercisable at March 31, 2013		916,924		$	7.18		4.9

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Senior and Other Debt - Additional Information (Detail)			9 Months Ended													9 Months Ended												9 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2013 Wells Fargo SF Credit Facility [Member] USD ($)	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] USD ($)	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] AUD	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] NZD	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Working Capital Sub Facility [Member] USD ($)	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Working Capital Sub Facility [Member] AUD	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Revolving Credit Facility [Member] USD ($)	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Revolving Credit Facility [Member] AUD	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Sub Facility [Member] USD ($)	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Sub Facility [Member] AUD	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Minimum [Member] Revolving Credit Facility [Member]	Mar. 31, 2013 Australia and New Zealand Banking Group Limited [Member] Maximum [Member] Revolving Credit Facility [Member]	Mar. 31, 2013 Australia Banking Group Limited [Member]	Mar. 31, 2013 New Zealand Banking Group Limited [Member]	Mar. 31, 2013 Pac-Van [Member] PNC Credit Facility [Member] USD ($)	Mar. 31, 2013 Pac-Van [Member] Wells Fargo Credit Facility [Member] USD ($)	Mar. 31, 2013 Pac-Van [Member] Equipment Term Loan [Member] USD ($)	Mar. 31, 2013 Pac-Van [Member] Term Loan B [Member] USD ($)	Mar. 31, 2013 Pac-Van [Member] CapEx Loans [Member] USD ($)	Mar. 31, 2013 Pac-Van [Member] Minimum [Member] Wells Fargo Credit Facility [Member]	Mar. 31, 2013 Pac-Van [Member] Maximum [Member] Wells Fargo Credit Facility [Member]	Mar. 31, 2013 Pac-Van [Member] LIBOR rate [Member] Wells Fargo SF Credit Facility [Member]	Mar. 31, 2013 Pac-Van [Member] LIBOR rate [Member] Equipment Term Loan [Member]	Mar. 31, 2013 Pac-Van [Member] LIBOR rate [Member] Term Loan B [Member]	Mar. 31, 2013 Pac-Van [Member] LIBOR rate [Member] CapEx Loans [Member]	Mar. 31, 2013 Pac-Van [Member] Standby Letters of Credit [Member] Wells Fargo Credit Facility [Member] USD ($)	Mar. 31, 2013 Laminar Direct Capital Llc [Member] Secured Senior Subordinated Promissory Note [Member] USD ($)	Mar. 31, 2013 Southern Frac [Member] Wells Fargo SF Credit Facility [Member] USD ($)	Sep. 30, 2012 Southern Frac [Member] Wells Fargo SF Credit Facility [Member] USD ($)	Mar. 31, 2013 Australia [Member] Australia and New Zealand Banking Group Limited [Member]	Mar. 31, 2013 New Zealand [Member] Australia and New Zealand Banking Group Limited [Member]	Mar. 31, 2013 Asia-Pacific [Member] Other [Member]	Jun. 30, 2012 Asia-Pacific [Member] Other [Member]	Mar. 31, 2012 Asia-Pacific [Member] Other [Member]	Mar. 31, 2013 North America [Member] Other [Member]	Jun. 30, 2012 North America [Member] Other [Member]	Mar. 31, 2012 North America [Member] Other [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity			$ 128,867,000	100,000,000	29,400,000	$ 15,635,000	15,000,000			$ 3,127,000	3,000,000						$ 110,000,000	$ 500,000	$ 1,500,000	$ 1,000,000									$ 12,000,000	$ 15,000,000
Line of credit facility, maturity date			June 30, 2014	June 30, 2014	June 30, 2014	November 14, 2014	November 14, 2014									January 16, 2013
Foreign currency exchange rate, translation																															1.0423	0.8040
Borrowings and availability under the credit facility		5,142,000	108,147,000	103,758,000		2,782,000	2,669,000	105,365,000	101,089,000							85,000,000	96,166,000													2,000,000
Availability under ANZ credit facility		3,214,000	20,720,000	19,879,000													12,964,000
Bank bill swap interest rate												1.85%	2.05%	3.0842%	0.02735%								3.50%	4.00%	7.00%	4.00%
Bank guarantee sub-facility										1,042,000	1,000,000
Payment of dividends	60.00%
Principal amount																											5,000,000
Borrowings accrue interest at the base rate																					1.75%	2.25%
Borrowings accrue interest at the LIBOR rate																					2.75%	3.25%
Increase in borrowings under the credit facility																	10,000,000
Increase in maximum borrowing capacity under the credit facility																	120,000,000
Repayment of borrowings																												15,000,000
Line of credit facility, maturity period																													3 years
Line of credit facility, amortization Period																		36 months	24 months	36 months
Other debt	$ 3,463,000
Weighted-average interest rate																																	6.10%	8.00%	6.80%	4.90%	6.30%	6.40%

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Cash Flows from Operating Activities and Other Financial Information

9 Months Ended

Mar. 31, 2013

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Cash Flows from Operating Activities and Other Financial Information

Note 10. Cash Flows from Operating Activities and Other Financial Information

The following table provides a detail of cash flows from operating activities (in thousands):

	Nine Months Ended March 31,
	2012			2013
Cash flows from operating activities
Net income	$	7,176		$	9,121
Adjustments to reconcile net income to cash flows from operating activities:
Gain on sales and disposals of property, plant and equipment		(141	)		(106	)
Gain on sales of lease fleet		(5,696	)		(5,248	)
Gain on bargain purchase of businesses		—			(160	)
Unrealized foreign exchange loss (gain)		384			(163	)
Unrealized loss (gain) on forward exchange contracts		(291	)		14
Unrealized loss on interest rate swaps and options		344			80
Depreciation and amortization		14,144			16,406
Amortization of deferred financing costs and accretion of interest		518			388
Share-based compensation expense		654			968
Deferred income taxes		3,858			4,905
Changes in operating assets and liabilities:
Trade and other receivables, net		(9,325	)		4,393
Inventories		(15,874	)		(1,149	)
Prepaid expenses and other		(136	)		(1,170	)
Trade payables, accrued liabilities and unearned revenues		5,857			(7,083	)
Income taxes		(123	)		(221	)
Net cash provided by operating activities	$	1,349		$	20,975