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Celadon Group Reports June Quarter And Full Fiscal Year Results And Declares Dividend

Stocks in this article: CGI

Celadon Group Inc. (NYSE: CGI) today reported its financial and operating results for the three months ended June 30, 2013, the fourth fiscal quarter of the Company’s fiscal year ending June 30, 2013.

Revenue for the quarter increased 3.2% to $162.6 million in the 2013 quarter from $157.5 million in the 2012 quarter. Freight revenue, which excludes fuel surcharges, increased 5.7% to $131.4 million in the 2013 quarter from $124.3 million in the 2012 quarter. Net income decreased 20.0% to $7.2 million in the 2013 quarter from $9.0 million for the same quarter last year. Earnings per diluted share decreased 20.5% to $0.31 in the 2013 quarter from $0.39 for the same quarter last year.

For the fiscal year ended June 30, 2013, revenue increased 2.4% to $613.6 million in 2013 from $599.0 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 2.9% to $489.0 million in 2013 from $475.1 million for the same period last year. Net income increased 7.1% to $27.3 million in 2013 from $25.5 million for the same period last year. Earnings per diluted share increased 4.5% to $1.17 in 2013 from $1.12 for the same period last year.

Paul Will, President and Chief Executive Officer, made the following comments: “We are pleased with our overall improvement in our operating statistics. The increase in average seated tractor count of 146, or 5.6%, to 2,770 in the June 2013 quarter compared with 2,624 in the March 2013 quarter was a significant operating metric improvement that resulted in increased revenue for the quarter. This increase was a result of expanding our recruiting efforts at terminal locations, having established a driving school and training program at our Indianapolis headquarters as well as the previously announced Hyndman acquisition which was completed in May 2013. Our average revenue per tractor per week increased $43, or 1.5%, to $2,941 in the June 2013 quarter, from $2,898 in the March 2013 quarter. In addition, our average revenue per loaded mile increased to $1.59 per mile in the June 2013 quarter from $1.55 in the June 2012 quarter.

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