Celadon’s 1Q Income Drops
Truckload carrier Celadon Group said late Wednesday its fiscal first-quarter profit plunged 64.8% and that it had authorized a buyback of two million shares of its stock.
Net income fell to $2.5 million or 11 cents a share, from $7.1 million or 30 cents a year ago.
Revenue for the fiscal quarter ended Sept. 30 rose 4.8% to $133.8 million.
The period “featured perhaps the most difficult industry operating environment in many years” and Celadon is “strengthening and re-aligning our sales force,” Chief Executive Officer Steve Russell said in a statement.
Celadon said its board authorized a stock repurchase program under which it will be able to purchase up to two million shares of its stock through Oct. 31, 2008.
Celadon is ranked No. 56 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
