Celadon’s 4Q, Full-Year Income Decline
Truckload carrier Celadon Group’s fiscal fourth-quarter net income fell to $2.16 million, or 10 cents per share, from $5.15 million, or 22 cents, in the same period last year.
Revenue for the quarter ended June 30 rose 17.4% to $154.6 million, while freight revenue, which excludes fuel surcharges, gained 3.5% to $116.7 million.
For the full fiscal year, Celadon’s profit plunged 70.4% to $6.6 million, or 29 cents a share, from $22.3 million, or 94 cents, a year ago.
Full-year revenue rose 12.6% to $565.9 million, and freight revenue gained 5.7% to $457.5 million, the company said.
The company’s average miles per week per tractor was the best since December 2006, and up about 2% from June 2007, Chairman and Chief Executive Officer Steve Russell said in a statement.
“We are clearly seeing the results of a meaningful reduction in capacity in the truckload industry. The shrinking of capacity is the result of a substantial number of fleet failures, reductions in the number of trucks run by many larger fleets, and the export of relatively young Class 8 tractors to eastern Europe and elsewhere,” Russell said.
Celadon Group is ranked No. 52 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
