Celadon posts fiscal Q1 earnings of US$4.4M, up from US$0.6M a year ago on cost controls, improved operating efficiency; revenue climbs 9.8% to US$140.3M
October 26, 2010
– Celadon Group Inc. (NYSE:CGI - News) today reported its financial and operating results for the three months ended September 30, 2010, the first fiscal quarter of the Company’s fiscal year ending June 30, 2011.
Revenue for the quarter increased 9.8% to $140.3 million in the 2010 quarter from $127.8 million in the 2009 quarter. Revenue before fuel surcharge increased 8.0% to $119.5 million in the 2010 quarter from $110.7 million in the 2009 quarter. Net income increased to $4.4 million in the 2010 quarter from $0.6 million for the same quarter last year. Earnings per diluted share increased to $0.20 in the 2010 quarter from $0.03 for the same quarter last year.
Chairman and CEO Steve Russell commented on the results of the September 2010 quarter. "Earnings per share of twenty cents in the quarter compared with three cents in the September 2009 quarter. Our average rate per mile improved to $1.47, up about six cents per mile from the September 2009 level, or 4.5%, and about eight cents below the peak level of December 2006. Cost controls also continued to positively impact results. We have continued to improve our operating efficiency which has resulted in the reduction of 455 trailers and 159 tractors in our quarter end numbers, while maintaining approximately the same number of total miles for both quarters. As we continue to focus on expanding our margins and improving our returns on invested capital, we have also increased our non-asset based business revenues over 20% in the current quarter, compared with the prior year. These improvements and enhancements to our operating model resulted in a reduction in our operating ratio to 93.2, or 430 basis points compared with the 97.5 level achieved in the September 2009 quarter."
“Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At September 30, 2010, we had $159.6 million of stockholders' equity, $10.9 million in cash and $27.7 million of total balance sheet borrowing with no outstanding bank borrowings.”
Conference Call Information
An investor conference call is scheduled for Wednesday, October 27, at 11:00 a.m. EDT. Steve Russell and other members of management will discuss the results of the quarter. To listen and participate in a questions-and-answers exchange, simply dial 866-804-6926 (international calls 857-350-1672) pin number 42835261 a few minutes prior to the start time. A replay will be available through November 3 by dialing 888-286-8010 (international calls 617-801-6888) and entering call back code 37645634.
This call is being Web cast by Thomson/CCBN and can be accessed via Celadon's Web site at www.celadongroup.com.
Celadon Group Inc. (www.celadongroup.com), through its subsidiaries, primarily provides long-haul, full-truckload freight service across the United States, Canada and Mexico. The company also owns TruckersB2B Inc. (www.truckersb2b.com) which provides cost savings to member fleets; Celadon Dedicated Services, which provides supply chain management solutions, such as warehousing and dedicated fleet services; and Celadon Brokerage Services.
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