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TheStreet Open House

Celadon Group Reports Second Fiscal Quarter Financial Results And Declares Dividend

Stock quotes in this article: CGI

Celadon Group Inc. (NYSE: CGI) today reported its financial and operating results for the three and six months ended December 31, 2011, the second fiscal quarter of the Company’s fiscal year ending June 30, 2012.

Revenue for the quarter increased 6.3% to $141.5 million in the 2011 quarter from $133.1 million in the 2010 quarter. Freight revenue, which excludes fuel surcharges, increased to $112.4 million in the 2011 quarter from $111.6 million in the 2010 quarter. Net income increased 86.2% to $5.4 million in the 2011 quarter from $2.9 million for the same quarter last year. Earnings per diluted share increased to $0.24 in the 2011 quarter from $0.13 for the same quarter last year.

For the six months ended December 31, 2011, revenue increased 3.5% to $283.0 million in 2011 from $273.4 million for the same period last year. Freight revenue, which excludes fuel surcharges, decreased 2.7% to $224.7 million in 2011 from $231.0 million for the same period last year. Net income increased 47.9% to $10.8 million in 2011 from $7.3 million for the same period last year. Earnings per diluted share increased to $0.48 in 2011 from $0.32 for the period last year.

Chairman and CEO Steve Russell commented on the December 2011 quarter. “Earnings per share of twenty four cents compared with thirteen cents in the December 2010 quarter. Our average rate per loaded mile improved to $1.53, up approximately five cents per mile from the December 2010 quarter, or approximately four percent. Cost controls and operating efficiencies continued to positively impact results. Operating ratio improved to 92.5 in the December 2011 quarter from 95.0 in the December 2010 quarter.

“The truckload industry has been experiencing a significant driver shortage. To address this situation, we completed two asset acquisitions in the December 2011 quarter, American Eagle, the non-refrigerated division of Frozen Food Express and USF Glen Moore, Inc. As a consequence, average seated count increased to 2,633 in the December 2011 quarter, up from 2,529 in the September 2011 quarter. We expect our seated count to increase in the March 2012 quarter as the USF Glen Moore, Inc. acquisition was completed at the end of December.

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