Celadon’s 2Q Income Drops; Revenue Improves

Truckload carrier Celadon Group’s fiscal second-quarter income fell 41% to $1 million, or 5 cents per share, from $1.7 million, or 8 cents, from a year ago.

Revenue for the quarter ended Dec. 31 rose 6.4% to $127.2 million, from $119.6 million for the same period last year.

Freight revenue excluding fuel surcharges gained 10.8% to $109.1 million, the company said late Monday.

Celadon began trading its shares on the New York Stock Exchange in November under the symbol “CGI.” It had previously traded on the Nasdaq Stock Market under the “CLDN” symbol.

Chief Executive Officer Steve Russell said in a statement that despite a lagging freight environment “we did achieve more than a seasonal pickup in shipments progressively through the December quarter. The growth in business with customers added in the past year helped drive the improvement, with loaded miles increasing approximately 16.9% compared with the December 2008 quarter.”

Celadon Group is ranked No. 45 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.