Celadon Group Inc. (NYSE: CGI) today reported its financial and operating results for the three months ended December 30, 2013, the second fiscal quarter of the Company’s fiscal year ending June 30, 2014.
Revenue for the quarter increased 30.7% to $193.6 million in the December 2013 quarter from $148.1 million in the December 2012 quarter. Freight revenue, which excludes fuel surcharges, increased 34.6% to $157.2 million in the December 2013 quarter from $116.8 million in the December 2012 quarter. Net income decreased 30.5% to $5.1 million in the 2013 quarter from $7.4 million for the same quarter last year. Earnings per diluted share decreased to $0.22 in the December 2013 period from $0.32 for the same quarter last year.
For the six months ended December 31, 2013, revenue increased 22.3% to $368.7 million in 2013 from $301.4 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 25.2% to $299.2 million in 2013 from $238.9 million for the same period last year. Net income decreased 25% to $11.7 million in the December 2013 period from $15.6 million for the same period last year. Earnings per diluted share decreased to $0.49 in the December 2013 period from $0.67 for the period last year.
Paul Will, President and Chief Executive Officer, made the following comments: “Operations, maintenance and fuel expenses increased primarily due to older equipment associated with our most recent acquisitions, which will be somewhat alleviated in future periods when those assets are refreshed in a similar fashion to the remaining Celadon fleet.“The average age of the Company’s tractor fleet was 1.7 years as of December 2013 and the average age of the trailer fleet was 2.4 years as of December 2013. Gains on sales of assets were $0.8 million in the December 2013 quarter compared with $4.0 million in the December 2012 quarter.
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