Celadon Group Inc. (NYSE: CGI) today reported its financial and operating results for the three and six months ended December 31, 2012, the second fiscal quarter of the Company’s fiscal year ending June 30, 2013.
Revenue for the quarter increased 2.7% to $148.1 million in the 2012 quarter from $144.2 million in the 2011 quarter. Freight revenue, which excludes fuel surcharges, increased 1.5% to $116.8 million in the 2012 quarter from $115.1 million in the 2011 quarter. Net income increased 34.6% to $7.4 million in the 2012 quarter from $5.5 million for the same quarter last year. Earnings per diluted share increased to $0.32 in the 2012 quarter from $0.24 for the same quarter last year.
For the six months ended December 31, 2012, revenue increased 4.6% to $301.4 million in 2012 from $288.2 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 4.0% to $238.9 million in 2012 from $229.8 million for the same period last year. Net income increased 43.1% to $15.6 million in 2012 from $10.9 million for the same period last year. Earnings per diluted share increased to $0.67 in 2012 from $0.48 for the period last year.
President and Chief Executive Officer Paul Will commented on the December 2012 quarter. “Earnings per share was thirty two cents compared with twenty four cents in the December 2011 quarter. Our average rate per loaded mile improved to $1.56, increasing approximately three cents per mile from the December 2011 quarter, or approximately two percent. Cost controls and operating efficiencies continued to positively impact results. Operating ratio improved to 89.2 in the December 2012 quarter from 91.5 in the December 2011 quarter.“Our balance sheet remains solid and we retain significant liquidity to support the growth of our business. At December 31, 2012, we had $214.1 million of stockholders' equity, $8 million in cash and $237.9 million of total balance sheet borrowings. We had only $29.3 million in bank borrowings outstanding on our $100 million bank line at December 31, 2012.”
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